Bajaj Auto reported strong Q2 FY27 results for the quarter ended 30 September 2026, with standalone revenue from operations rising 34.1% year-on-year (YoY) to a record Rs 20,003.4 crore. Standalone net profit increased 35.2% to Rs 3,353.8 crore, while EBITDA grew 36.7% to Rs 4,170.8 crore, supported by record exports, electric vehicle (EV) growth and improved operating efficiency.
The Bajaj Auto Q2 FY27 Results also exceeded market expectations, with total vehicle sales increasing 20% to 15.49 lakh units. Exports grew 41%, EV volumes more than doubled, and the EBITDA margin improved to 20.85% despite rising input costs.
This Bajaj Auto Q2 FY27 Results Analysis examines the company's financial performance, export recovery, EV business, domestic sales, profitability, market reaction, valuation and key risks investors should monitor.
Table of Contents
- Bajaj Auto Q2 FY27 Results Highlights
- Bajaj Auto Q2 FY27 Financial Performance
- Standalone vs Consolidated Results
- Bajaj Auto Q2 FY27 Vehicle Sales
- Export Growth: Africa and Latin America
- Electric Vehicle Business Performance
- Domestic Motorcycle and Premium Segment
- EBITDA Margin and Profitability Analysis
- Why Bajaj Auto Beat Market Expectations
- Bajaj Auto Share Price Reaction and Brokerage Views
- Balance Sheet, Cash Flow and Dividends
- Key Risks for Bajaj Auto Investors
- What Investors Should Track Next
- Bajaj Auto Q2 FY27 Results Review
Bajaj Auto's September-quarter performance was driven by higher vehicle volumes, stronger export realisations, an improving product mix and the rapid expansion of its electric vehicle portfolio.
The key highlights of the Bajaj Auto Q2 FY27 Report are:
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Revenue: Standalone revenue increased 34.1% YoY to Rs 20,003.4 crore, crossing Rs 20,000 crore for the first time.
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Net profit: Standalone PAT rose 35.2% YoY to Rs 3,353.8 crore.
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EBITDA: Operating earnings increased 36.7% to Rs 4,170.8 crore.
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EBITDA margin: Improved by 40 basis points to 20.85% from 20.45%.
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Vehicle sales: Total volumes grew 20% to 15,48,884 units.
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Exports: Overseas shipments increased 41% to 7,78,528 units.
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EV business: Electric vehicle volumes approached 2 lakh units, more than doubling YoY.
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Premium motorcycles: Domestic KTM and Triumph revenue increased 45%.
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Consolidated PAT: Profit attributable to owners increased 61.9% to Rs 3,436.1 crore.
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Market expectations: Revenue, EBITDA and net profit exceeded the Bloomberg consensus estimates provided.
The most important development was the contribution from exports and EVs. Together, these businesses helped Bajaj Auto deliver faster earnings growth even as domestic two-wheeler volumes increased only 2%.
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To assess Bajaj Auto’s stock performance alongside its strong revenue and profit growth, check the Bajaj Auto share price, historical charts and key valuation ratios.
Bajaj Auto's Q2 earnings FY27 showed strong growth across revenue, EBITDA and net profit. The company benefited from higher vehicle sales, improved product mix, export incentives and operating leverage.
Bajaj Auto Q2 FY27 Standalone Financial Results
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Financial metric
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Q2 FY27 vs Q2 FY26
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Revenue from operations
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Rs 20,003.4 crore vs Rs 14,922.1 crore
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Revenue growth
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+34.1% YoY
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EBITDA
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Rs 4,170.8 crore vs Rs 3,051.7 crore
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EBITDA growth
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+36.7% YoY
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EBITDA margin
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20.85% vs 20.45%
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Margin change
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+40 basis points
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Net profit (PAT)
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Rs 3,353.8 crore vs Rs 2,480 crore
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PAT growth
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+35.2% YoY
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Revenue Growth: 34.1% YoY
Bajaj Auto's standalone revenue increased by approximately Rs 5,081 crore compared with Q2 FY26.
Revenue growth was significantly higher than the 20% increase in total vehicle volumes. This indicates that the company's revenue expansion was supported by more than just additional vehicle sales.
The major contributing factors included:
- Higher export revenue and foreign-currency realisations.
- Increased contribution from electric scooters and electric three-wheelers.
- Stronger premium motorcycle sales.
- Improved product and geographic mix.
- Higher revenue realisation per vehicle.
The difference between volume growth and revenue growth suggests a favourable overall revenue mix, although the available data does not separately quantify the contribution of pricing, currency and product mix.
Bajaj Auto Q2 FY27 Net Profit Rises 35.2%
Bajaj Auto's standalone net profit increased to Rs 3,353.8 crore from Rs 2,480 crore in the corresponding quarter last year.
The Rs 873.8 crore increase in profit was supported by higher operating earnings and stronger revenue.
Importantly, EBITDA grew faster than revenue, indicating that the company managed operating costs effectively despite inflation in commodities and other manufacturing inputs.
However, the sustainability of this profit growth will depend on whether export momentum, EV volumes and operating margins remain strong in subsequent quarters.
Bajaj Auto reported significantly higher growth in consolidated financials compared with its standalone results.
Standalone financials primarily reflect the company's vehicle manufacturing and sales operations, while consolidated financials incorporate the broader group, including relevant subsidiaries and consolidation adjustments.
Bajaj Auto Q2 FY27 Consolidated Results
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Metric
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Q2 FY27 vs Q2 FY26
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Consolidated revenue
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Rs 25,125.6 crore vs Rs 15,734.7 crore
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Revenue growth
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+59.7% YoY
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Consolidated PAT attributable to owners
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Rs 3,436.1 crore vs Rs 2,122 crore
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PAT growth
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+61.9% YoY
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Consolidated revenue increased by approximately Rs 9,391 crore, while profit attributable to owners rose by Rs 1,314 crore.
The consolidated performance reflects a broader business base, including financial-services activities such as Bajaj Auto Credit and overseas entities, subject to their applicable consolidation treatment.
For investors, the distinction is important:
- Standalone revenue and EBITDA provide a clearer picture of the core automotive business.
- Consolidated financials capture the wider group's reported performance.
- Subsidiary contribution should be examined separately to understand the drivers of consolidated growth.
- Profit attributable to owners should not be confused with standalone PAT.
Investors should avoid comparing standalone margins with consolidated revenue or mixing the two reporting bases when calculating growth rates.
Bajaj Auto sold 15,48,884 vehicles during Q2 FY27, representing approximately 20% YoY growth from 12,94,120 units.
The strongest contribution came from exports, while domestic sales grew at a comparatively slower pace.
Bajaj Auto Q2 FY27 Sales Breakdown
| Segment |
Q2 FY27 Sales and YoY Growth |
| Total vehicle sales |
15,48,884 (+20% YoY) |
| Domestic sales |
7,70,356 (+4% YoY) |
| Exports |
7,78,528 (+41% YoY) |
| Total two-wheelers |
12,83,961 (+20% YoY) |
| Total commercial vehicles |
2,64,923 (+18% YoY) |
| Domestic two-wheelers |
6,07,416 (+2% YoY) |
| Two-wheeler exports |
6,76,545 (+43% YoY) |
| Domestic commercial vehicles |
1,62,940 (+13% YoY) |
| Commercial-vehicle exports |
1,01,983 (+26% YoY) |
Exports accounted for approximately 50.3% of total vehicle volumes during the quarter.
This is important because Bajaj Auto's performance is increasingly influenced by international motorcycle demand and export realisations.
Want to understand how Bajaj Auto’s monthly sales trends compare with its quarterly performance? Read the Bajaj Auto September 2026 Sales Analysis for a closer look at export momentum, domestic demand and vehicle volumes.
Domestic Sales Growth Remains Uneven
Domestic sales increased 4% to 7.70 lakh units, significantly below the 41% growth in exports.
Within the domestic business:
- Two-wheeler sales increased only 2%.
- Commercial-vehicle sales grew 13%.
- Electric scooters and electric three-wheelers delivered strong growth.
- Premium motorcycles performed better than the broader domestic two-wheeler portfolio.
The divergence suggests that Bajaj Auto's domestic growth is being driven more by selected categories than by a broad-based recovery across its motorcycle portfolio.
Exports were the largest volume growth driver in Bajaj Auto's Q2 FY27 results.
Overseas shipments increased 41% YoY to 7,78,528 units, supported by stronger demand and market-share gains in Africa and Latin America.
The company generated nearly $800 million in quarterly export revenue, representing approximately 40% of its revenue.
Africa: Motorcycle Exports Rise 83%
Africa delivered one of the strongest performances during the quarter.
Bajaj Auto's motorcycle exports to the region increased 83% YoY, significantly exceeding the approximately 35% growth reported for the regional motorcycle industry.
The company's Africa billings nearly doubled and surpassed its previous quarterly peak recorded around FY21.
Several factors contributed to this performance:
- Recovery in motorcycle demand across key African markets.
- Market-share gains relative to regional industry growth.
- Strong demand for affordable, durable commuter motorcycles.
- Better logistics execution despite intermittent disruptions.
- Continued traction for the Boxer motorcycle portfolio.
The Boxer 125 Heavy Duty, introduced in Africa during FY26, was among the products supporting growth, with exports rising more than 50%.
The significant gap between Bajaj Auto's growth and regional industry growth indicates that the company benefited from both market recovery and improved competitive positioning.
Latin America: Record Sales and Market-Share Gains
Latin America, including Brazil, also delivered record quarterly sales.
Bajaj Auto reported approximately 44% growth in the region compared with around 12% growth for the broader industry.
This performance suggests that the company expanded its market presence faster than overall regional demand.
Latin America is important because it provides geographic diversification and supports the company's international growth strategy.
Why Export Growth Matters for Profitability
Exports contribute more than vehicle volumes to Bajaj Auto's earnings performance.
Management indicated that exports generate higher profitability than domestic sales, making international demand an important driver of operating margins.
The financial benefits include:
- Higher contribution from profitable export markets.
- Foreign-currency earnings from international sales.
- Better utilisation of manufacturing capacity.
- Improved fixed-cost absorption as volumes increase.
- Geographic diversification beyond the Indian motorcycle market.
These factors helped offset input-cost inflation during the quarter.
However, foreign-currency exposure can work in both directions. Currency appreciation, weaker overseas demand or higher shipping costs could reduce export profitability.
Bajaj Auto Export Outlook for H2 FY27
Management expects exports to remain strong in the second half of FY27.
The company is targeting a monthly export run-rate exceeding 2.5 lakh units, equivalent to approximately 7.5 lakh units per quarter.
Management's outlook implies around 23% YoY export growth during H2 FY27, supported by demand across Africa, Latin America and parts of Southeast Asia.
For investors, the important factor is whether the company can maintain this run-rate without sacrificing pricing or profitability.
Electric vehicles emerged as another major growth driver in Bajaj Auto's Q2 FY27 earnings.
The company's EV portfolio, comprising Chetak electric scooters and electric three-wheelers, recorded nearly 2 lakh units during the quarter compared with approximately 82,000 units a year earlier.
This represents more than a doubling of EV volumes.
Electric vehicles also contributed approximately one-third of domestic sales revenue, demonstrating their growing financial importance.
Chetak Electric Scooter Records Strongest Quarter
Bajaj Auto's Chetak electric scooter business recorded its highest-ever quarterly performance.
Key developments included:
- Chetak volumes more than doubled YoY.
- Quarterly Chetak revenue crossed Rs 2,000 crore.
- Demand exceeded available production capacity.
- Supply constraints limited the company's ability to fulfil demand.
- Management indicated plans to increase production for domestic and export markets.
The revenue milestone indicates that Chetak has become a meaningful contributor to Bajaj Auto's domestic business.
However, strong demand does not automatically translate into equivalent sales growth when production remains constrained.
Electric Three-Wheelers Support EV Expansion
Electric three-wheelers also contributed to the company's expanding EV portfolio.
The broader EV business benefits from Bajaj Auto's presence in both personal mobility and commercial mobility.
This provides two distinct growth opportunities:
- Electric scooters serve individual urban mobility demand.
- Electric three-wheelers address passenger and commercial transportation requirements.
The combination reduces dependence on a single EV category, although both businesses remain exposed to battery costs, competition and execution risks.
What EV Growth Means for Investors
Bajaj Auto's EV business is becoming increasingly important to its revenue mix and long-term operating performance.
However, investors should distinguish between volume growth and profitability.
The key indicators are production capacity, market share, revenue growth, operating contribution and the company's ability to manage battery and component costs.
Continued investment in manufacturing, distribution and product development will also influence future returns.
Bajaj Auto's domestic motorcycle performance remained mixed during Q2 FY27.
While premium motorcycles delivered strong growth, domestic two-wheeler volumes increased only 2%.
This indicates that the company's overall domestic motorcycle recovery was less impressive than its export and EV performance.
KTM and Triumph Revenue Grows 45%
Combined domestic revenue from KTM and Triumph motorcycles increased 45% YoY.
Quarterly volumes exceeded 40,000 units, while the premium motorcycle business recorded its highest-ever quarterly revenue.
This performance reflects strong demand for higher-capacity and premium motorcycles.
Premiumisation is important because higher-priced motorcycles generally support stronger revenue realisations per unit.
However, higher selling prices do not necessarily guarantee higher operating margins, as profitability also depends on manufacturing costs, product development expenses and commercial arrangements.
Domestic Motorcycle Market Share Remains a Concern
Despite premium motorcycle growth, Bajaj Auto's domestic two-wheeler volumes increased only 2%.
Jefferies highlighted continued pressure on the company's domestic motorcycle market share.
This remains an important weakness because the domestic motorcycle business is a major component of Bajaj Auto's overall operations.
The company plans two new brand launches in the 125cc to 200cc motorcycle category during FY27.
These launches could support its competitive position, but their contribution will depend on product acceptance, pricing and execution.
Investors should monitor whether the new models help improve domestic motorcycle volume growth and market share.
Bajaj Auto's EBITDA margin increased to 20.85% in Q2 FY27 from 20.45% in Q2 FY26, an improvement of 40 basis points.
The margin expansion was particularly important because input costs increased during the quarter.
Management indicated that commodity, electronics and polymer costs rose approximately 7% sequentially.
What Supported Bajaj Auto's EBITDA Margin?
Several factors helped protect operating profitability:
- Export mix: Higher export volumes contributed to stronger profitability.
- Premium products: Growth in KTM, Triumph and other higher-realisation products supported revenue mix.
- Operating leverage: Higher revenue improved the absorption of fixed operating costs.
- PLI benefits: Production-linked incentive income supported earnings.
- Export incentives: Additional incentives contributed to operating profitability.
- Cost management: Pricing and operational efficiency helped offset input-cost inflation.
The combined impact allowed EBITDA growth of 36.7% to exceed revenue growth of 34.1%.
Sequential Margin Performance
Bajaj Auto's EBITDA margin remained broadly stable at approximately 20.9% compared with the preceding quarter.
This indicates that the company maintained profitability despite sequential input-cost pressure.
However, the stable quarter-on-quarter margin also suggests that further expansion may become difficult if commodity costs continue rising.
Bajaj Auto Margin Outlook
Brokerages have expressed differing views on future profitability.
Jefferies expects EBITDA margins to remain around 20% to 21% through FY27 to FY29.
Nomura reduced its FY27 EBITDA-margin forecast from 21.1% to 20.3%, reflecting concerns about cost pressures.
The main risks to margins include higher commodity prices, unfavourable currency movements and changes in product mix.
For investors, maintaining margins near current levels while scaling exports and EVs will be an important measure of operating performance.
Bajaj Auto's Q2 FY27 results exceeded the Bloomberg consensus estimates for revenue, EBITDA and net profit.
Actual Results vs Market Estimates
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Metric
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Actual vs Bloomberg estimate
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Revenue
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Rs 20,003.4 crore vs Rs 18,918 crore
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EBITDA
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Rs 4,170.8 crore vs Rs 3,909 crore
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Net profit
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Rs 3,353.8 crore vs Rs 3,152 crore
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Revenue exceeded expectations by approximately 5.7%, EBITDA by 6.7% and net profit by 6.4%.
The earnings beat was driven by several operating factors rather than a single business segment.
Major Drivers of the Earnings Beat
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Export recovery: International shipments increased 41%, supported by market-share gains in Africa and Latin America.
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EV scale-up: Electric vehicle volumes more than doubled, while Chetak revenue exceeded Rs 2,000 crore.
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Premium motorcycle growth: KTM and Triumph domestic revenue increased 45%, supporting overall revenue mix.
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Operating leverage: Revenue growth of 34.1% translated into EBITDA growth of 36.7%.
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Government incentives: Higher PLI income and export incentives contributed to profitability.
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Commercial-vehicle demand: Domestic commercial-vehicle sales increased 13%, providing additional volume support.
Motilal Oswal also highlighted the contribution of PLI income and export incentives to the stronger-than-expected earnings.
However, investors should assess whether operating growth can remain strong without relying on unusually favourable incentives or currency realisations.
Bajaj Auto shares rose approximately 3% to 4% following the results, reflecting the earnings beat and positive commentary on exports and electric vehicles.
Brokerages generally acknowledged the company's strong operational performance, although their views differed on valuation, domestic motorcycle demand and future margins.
Bajaj Auto Brokerage Ratings and Target Prices
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Brokerage
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Rating and target price
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Implied upside*
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Jefferies
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Hold, Rs 11,500
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9.6%
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Nomura
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Buy, Rs 11,855
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13.0%
|
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Motilal Oswal
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Buy, Rs 12,600
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20.1%
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*Indicative upside calculated against the Rs 10,490 reference share price provided in the brokerage data. These are brokerage estimates, not guaranteed returns or current-price upside calculations.
Jefferies: Strong Growth but Margin Caution
Jefferies acknowledged Bajaj Auto's export recovery and EV progress but maintained a cautious stance on profitability.
Its concerns included pressure on domestic motorcycle market share and the possibility of margin compression from rising input costs.
Nomura: Export and EV Growth Remain Important
Nomura maintained a positive view of the company's export and EV businesses.
However, it reduced its FY27 EBITDA-margin estimate to 20.3% from 21.1%.
The brokerage also identified upcoming motorcycle launches as important for improving domestic performance.
Motilal Oswal: Valuation and Earnings Growth
Motilal Oswal highlighted Bajaj Auto's return ratios, dividend payouts and earnings outlook.
Its valuation estimates included:
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FY27 estimated P/E ratio of 21.8 times.
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FY28 estimated P/E ratio of 18.9 times.
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Target price of Rs 12,600.
The decline in estimated forward P/E from FY27 to FY28 reflects the brokerage's projected earnings growth, assuming the reference share price remains unchanged.
Other reported brokerage developments included JPMorgan upgrading the stock to Overweight and CLSA indicating potential upside of up to 29%.
These assessments reflect brokerage expectations and should not be interpreted as confirmed future performance.
Bajaj Auto's strong earnings performance provides a positive indication of operating profitability, but net profit alone does not establish the company's cash-generation capacity.
The supplied Q2 FY27 information does not include a complete balance sheet or cash-flow statement.
Therefore, several important financial indicators remain to be verified from the company's official filings.
Important Financial Indicators to Review
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Net cash position: Cash, investments and borrowings to assess financial flexibility.
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Operating cash flow: Whether earnings are translating into cash generated from operations.
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Free cash flow: Cash available after capital expenditure.
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Capital expenditure: Investment required for EV production, manufacturing and new products.
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Inventory: Whether higher production and export volumes are increasing working-capital requirements.
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Receivables: Whether revenue growth is accompanied by efficient collections.
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Dividend declaration: Any formally announced payout and its relevant record dates.
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Bajaj Auto Credit: Growth, capital requirements and financial contribution from the lending business.
Motilal Oswal highlighted Bajaj Auto's healthy return ratios and dividend profile as investment positives.
However, the supplied information does not establish a new Q2 FY27 dividend declaration or provide enough data to calculate current free cash flow.
Investors should use the company's filed statements for these figures rather than treating earnings growth as a substitute for cash-flow analysis.
Despite strong quarterly performance, Bajaj Auto faces several risks that could influence future earnings growth and valuation.
1. Commodity Price Inflation
Input costs increased approximately 7% sequentially during Q2 FY27.
Further increases in metals, electronics, polymers and other components could reduce profitability if the company cannot fully offset them through pricing, incentives or product mix.
2. Export Market and Currency Risks
Exports contributed more than half of quarterly vehicle volumes.
This creates exposure to economic conditions in Africa and Latin America, foreign-exchange movements, political instability, financing conditions and shipping disruptions.
A slowdown in these markets could materially affect volume growth and profitability.
3. Weak Domestic Motorcycle Growth
Domestic two-wheeler volumes increased only 2%, significantly below overall company growth.
Continued market-share pressure could limit the recovery of Bajaj Auto's core domestic motorcycle business.
4. EV Production and Competitive Risks
Chetak demand exceeded available production during the quarter.
Although this indicates strong demand, production constraints can restrict sales and create opportunities for competitors.
Battery costs, product quality, pricing and distribution expansion also remain important.
5. Margin Sustainability
The EBITDA margin reached 20.85%, but maintaining this level could become challenging if commodity costs rise further or export realisations weaken.
Brokerage margin forecasts already indicate some caution.
6. Valuation Risk
Motilal Oswal's estimated valuation of 21.8 times FY27 earnings assumes continued business performance and earnings growth.
If exports, EV volumes or margins fall short of expectations, the stock's valuation could come under pressure.
7. Execution Risk in New Launches
Bajaj Auto plans two new motorcycle brand launches in the 125cc to 200cc category.
The success of these launches will depend on demand, pricing, distribution and competitive positioning.
New launches do not guarantee an immediate recovery in domestic motorcycle market share.
The next few quarters will be important in determining whether Bajaj Auto can sustain its export-led growth, expand EV production and improve its domestic motorcycle business.
Investors should monitor the following indicators:
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Export volumes: Whether Bajaj Auto sustains approximately 7.5 lakh export units per quarter and progresses towards its monthly target of more than 2.5 lakh units.
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Africa and Latin America: Whether market-share gains continue and regional demand remains supportive.
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Chetak production: Whether capacity expansion reduces supply constraints and supports higher deliveries.
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EV profitability: Whether rapid EV volume growth translates into stronger operating contribution.
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Domestic motorcycle sales: Whether volume growth improves from the current 2% YoY rate.
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New motorcycle launches: Market response to the planned 125cc to 200cc products.
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Premium motorcycle business: Sustainability of KTM and Triumph revenue growth.
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EBITDA margin: Whether margins remain near 20% to 21% despite input-cost inflation.
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Commodity prices and currency: Changes in raw-material costs and export realisations.
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Cash flow and capex: Whether earnings growth supports cash generation while the company invests in EV and manufacturing capacity.
The most important indicators are export sustainability, EV production growth, domestic motorcycle market share and operating-margin stability.
Bajaj Auto delivered a strong September-quarter performance, with standalone revenue rising 34.1% to Rs 20,003.4 crore and net profit increasing 35.2% to Rs 3,353.8 crore.
The results were supported by a 41% increase in exports, more than doubling of EV volumes, strong premium motorcycle demand and improved operating leverage.
The company's ability to expand its EBITDA margin despite input-cost inflation was another positive development.
However, the quarter also highlighted differences between its businesses. While exports and EVs recorded strong growth, domestic two-wheeler volumes increased only 2%, and commodity inflation remains a concern.
For investors, the central issue is whether Bajaj Auto can maintain export momentum, scale Chetak production and improve domestic motorcycle performance without sacrificing margins.
The Q2 FY27 results demonstrate strong current operating performance, but sustained earnings growth will depend on execution across these areas in the coming quarters.
Frequently Asked Questions
1. What are Bajaj Auto Q2 FY27 results?
Bajaj Auto reported standalone revenue of Rs 20,003.4 crore in Q2 FY27, up 34.1% YoY. Net profit increased 35.2% to Rs 3,353.8 crore, while EBITDA rose 36.7% to Rs 4,170.8 crore. The EBITDA margin improved to 20.85%, supported by exports, EV sales and operating leverage.
2. What is Bajaj Auto Q2 FY27 net profit?
Bajaj Auto's standalone net profit for the quarter ended 30 September 2026 was Rs 3,353.8 crore, compared with Rs 2,480 crore in Q2 FY26. This represents 35.2% YoY growth. Consolidated net profit attributable to owners increased 61.9% to Rs 3,436.1 crore.
3. Why did Bajaj Auto's profit increase in Q2 FY27?
Bajaj Auto's profit increased primarily because of 41% export volume growth, higher EV sales, stronger premium motorcycle revenue, improved operating leverage and support from PLI and export incentives. EBITDA increased 36.7%, exceeding revenue growth of 34.1%.
4. How did Bajaj Auto's EV and export businesses perform in Q2 FY27?
Bajaj Auto's exports increased 41% to 7,78,528 units, supported by Africa and Latin America. EV volumes approached 2 lakh units compared with approximately 82,000 units a year earlier. Chetak revenue crossed Rs 2,000 crore, although production constraints limited deliveries.
5. What should investors watch after Bajaj Auto Q2 FY27 results?
Investors should monitor export volumes, market-share gains in Africa and Latin America, Chetak production expansion, domestic motorcycle growth, commodity inflation and EBITDA-margin sustainability. The company's ability to maintain margins near 20% to 21% while expanding EV and export sales will be particularly important.