Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Bajaj Auto Limited (NSE: BAJAJ-AUTO) Q4 2026 Earnings Call dated May. 06, 2026
Corporate Participants:
Anand Newar — Head, Investor Relations
Rakesh Sharma — Executive Director
Dinesh Thapar — Chief Financial Officer
Analysts:
Gunjan Prithyani — Analyst
Chandramouli Muthiah — Analyst
Presentation:
Operator
Ladies and gentlemen. Good evening and welcome to Q4 and FY 2026 results conference call of Bajaj Auto Limited. My name is Yashishree and I will be your coordinator. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the initial remarks from management. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Anand Niwar Head Investor Relations from Bajaj Auto Limited. Thank you. And over to you sir.
Anand Newar — Head, Investor Relations
Thank you. Yashashini. Good evening everyone and thank you for joining us for the call today. Apologies for a slight delay today. Welcome to Bajaj Auto’s Q4 and FY26 earnings call. On today’s call we have with us Mr. Rakesh Sharma, Joint Managing Director and Mr. Dinesh Thapa, Chief Financial Officer. We will begin the call with our opening remarks from Rakesh from the business and operational performance for the quarter. Followed
Rakesh Sharma — Executive Director
By Dinesh who will take you through the financial highlights. We will then open the forum for Q and A over to you sir. Thank you Anand. Good evening ladies and gentlemen and our apologies for the late timing of the call. So extra thanks to all of you for joining in. I’ll keep the remarks quick so which means I’ll do some speed talking and allow more Time for Q and a FY26 has been a defining year as you can see for Bajaj Auto. Record performances through the year delivering a best every year driven by growth across all business units combined with robust operational management and this against the backdrop of uncertainty and volatility.
Record revenues at 58,000 plus growth, record EBITDA crossing 12,000 crores for the first time with margins at 20.5% and record fact which was 9,800 plus crores, also a new peak. Quarter four was a standout quarter with revenues crossing 16,000 crores, EBITDA at 3,300 crores and margins at 20.8%. Total volumes reached a new high of 13.7 lakh units growing 24% year on year. Given that we engage on a quarterly basis, I’ll focus on the highlights of Q4 FY26 and not dwell much on on the full FY26 exports business unit.
Starting off with that, the BU crossed the 600,000 units mark for the second consecutive quarter clocking 25% growth year on year. This has resulted in the highest ever quarterly revenue from exports. In FY26 we recorded our second highest ever performance in volume term, but at USD 2.2 billion it was the highest ever performance in revenue terms. A special point to note is that this was achieved despite Nigeria, our largest volume market operating at 50% of its peak performance. Having said that, finally Nigeria reached some stability in Q4 with volumes crossing 1 lakh units to deliver a full year performance in FY26 which is equal to FY25.
While volumes remain below historical peaks, the recovery is encouraging. Our wide retail distribution footprint has given us a strong competitive edge enabling us to maintain an overwhelming market share of 50% in retail terms. Latin America continues to outperform, delivering sustained growth for 11 consecutive quarters now and reporting another all time high performance driven by strong growth in almost each and every country. The region remains a key driver of our export performance in terms of volume, revenue and ebitda.
Asia also recorded double digit growth particularly due to Sri Lanka, Philippines and Nepal. This enabled Pulsar brand to deliver record export volume for the quarter of the top 30 markets which account for almost 80% of the emerging markets industry. We grew at almost twice the rate of the industry growth in Q4 KTM. Motorcycle exports from India have revived after the disruption of the past several quarters. In quarter four, KTM exports from India touched nearly 17,500 units compared to nearly nil a year ago.
A quick word on Brazil sales crossed 10,000 units during the quarter supported by expanded manufacturing capacity which has now increased to 60,000 units per annum. Successful new product introductions like the 400nm and wider market presence with almost 5070 top class stalls, the business reached the number five position in April in terms of share and I believe we are the youngest company there to break into the top five. The youngest company. You know that Bajaj Auto is 80 years old and in fact Bajaj Group is celebrating 100 years on 11th of May, but in Brazil we are only three years old.
Overall, the exports business has established a sustained growth momentum. We are looking at moving the Exports needed to 220,000 units per month this quarter up from the 200,000 levels and this despite the loss of business in the Gulf region. We are of course hoping that there will be no further disruptions due to the geopolitical issues in the Middle East. Domestic Motorcycles the industry had a split trajectory in FY26 with a muted first half followed by a strong recovery in the second half. This was driven by a strong festive season and its GST rate cut resulting in a growth of around 11% for the full year.
Growth continues to be driven by the upper half of the industry, with the 125cc plus segment going faster than the 100cc segment and in particular the 150cc plus segment being the fastest growing. We now see a clear turnaround in our performance in the sports segment which is a 150cc plus segment. Sequential gains in market share are being made month on month driven by the performance of our refreshed Pulsar portfolio. Ten new variants and upgrades have been introduced in the period of October to March and they now contribute to 50% of our sales.
It signals very good acceptance. The share gain over the course of the second half is remarkably secular. Each and every region, or let’s say each and every state from JNK to Tamil Nadu and northeast to Rajasthan has grown faster than the industry growth in their respective regions. This has been led by the N and NS series of Pulsar, which grew at over twice the rate of industry in Q4. We will continue to build on this momentum with further upgrades and interventions planned across the Pulsar portfolio in the 125 and 150 plus segments in the coming months and do so in time to capture the surge in the festive season.
Pro Biking, which houses KTM and Tram brands the business continued its steep growth trajectory during the quarter. The KTM and Tram brands delivered in combination a record domestic performance in quarter four with combined volumes of nearly 43,000 units registering a steep 43% year on year growth making it the highest ever quarterly performance for the business. KTM growth was led by strong demand across the Adventure and street portfolios with Duke 250 leading the charge in the street segment.
The Adventure portfolio was further strengthened with the launch of the KTM390 Adventure R in January, the most off road capable adventure motorcycle in India. The more tax friendly 350cc variants have now been introduced. Triumph 2 delivered its highest ever performance during the quarter driven by the speed 400 since inception. The brand has now crossed the 1 lakh unit milestone in a short span of 2 and a half years. We have now also expanded the portfolio with the introduction of the 350cc platform enabling customers to avail the benefit of the lower GST.
And we have also launched the Tracker 400 in quarter four. It is a model which as they say was born in the dirt but built for the street. We continue to invest in building the performance sports category with marquee events like the widely successful KTM cup, the Adventure Rally for ktm, an epic Ride and the world of Triumph exposed for the Triumph brand. Along with the Triumph Scramblers, the KTM and Triumph Adventure bikes achieved leadership share in the highly lucrative and growing Adventure segment during quarter four, the rollout of our joint KTM and Triumph showroom.
This progressed swiftly with 90 such showrooms already operational. The initiative is helping us drive reach while still maintaining a differentiated brand presence in Chethab, the electric scooter business. In quarter four Chetak crossed the 1 lakh retail mark for the very first time in a single quarter, the highest ever quarterly retails for the brand. March 26 was the largest month with retail touching 50,000 plus levels. Market share has moved up to almost 23%, a gain of 170 basis points. Sequentially consumer sentiment is again strongly shaping treasure for E scooters.
The E scooter Segment grew by 40% in Q4 and has continued to grow I think even higher rate of 60% plus in April, far outpacing the growth of ice scooters. A key contributor to the sequential share in Q4 has been the Chetak C25, our new variant launched to address specifically the needs of the youth of lighter, faster and easier last mile mobility. The C25 has been received very well combining everyday usability with the trusted durability and build quality that Chetak has become known for. In FY26 Chetak crossed the 5 life unit mark and 4000 crores in revenue.
The reach of Chetak today stands at 500 plus exclusive Chisek stores combined with almost 3000 plus motorcycle stores which are shared with Cheetah and this presence is expanded to over 850 cities. This gives our network a reach which is both wide and deep, but it continues to deliver the differentiated sales and service experience that the Bell brand is built around. And in Q4 Chetak also commenced its international journey with exports to Sri Lanka, Philippines and Nepal, the first step to what we believe can be a significant opportunity in due course.
Commercial Vehicles There has been a landmark year for the business unit. For the first time in our history, the commercial vehicle business crossed the 5 lakh unit mark for the full year, a milestone that reflects both our ICE leadership and the scaling up of our electric portfolio. In Q4 the business delivered its high highest ever quarterly volume growing 28% year on year. The Ice franchise remains rock solid. The share in the CNG segment is close to 90%. These strong positions signal a solid brand franchise and we are conscious of this equity of trust even as we leverage it to build our electric three wheeler business in the rapidly growing E segment.
We have maintained the number one position in Electric 3 dealers throughout Q4 and in April in terms of registration. Importantly, this scale up has been accompanied by healthy profitability making E3 dealers a strong contributor to both the top line and the bottom line. A highlight of Q4 has been the launch of Grigo 9018, the largest electric three wheeler in the industry. Powered by a 17.7 kilowatt hour battery with advanced BMS and regenerative braking, it delivers a MAHA range of 296 kilometers, the highest in its segment.
Mambriki are Eric. The journey is progressing steadily with presence now in 100 plus cities over Eric. Segment itself has slowed down due to enforcement of regulation on the streets which is actually helping consolidate this industry in favor of the larger and better OEs. Even so, at almost 30,000 units per month it still offers a very large new business opportunity for us to be seized by upgrading the segment on the basis of quality, reliability and a good ownership experience. In totality, our two wheeler and three wheeler electric business is actually now the largest in the auto industry accounting for almost 20% plus of our domestic revenues and contributing double digit EBITDA percentage.
Finally I must make a brief comment on our spares business and highlight its record sales of 1700 plus crore, registering a growth of 16% and delivering a record EBITDA margin as well. As you can see the FY26 was a benchmark year setting record in volumes, revenues and profits and business unit performance. Now we have to look forward in a change scenario with some new challenges in both by the war in the Middle east as their operating environment is experiencing significant change. The demand environment it has softened in April due to general inflation, increased prices of our vehicles, LPG shortages, manpower migration and the LPG shortage led effect on the consumer sentiment.
This is bound to slow down the motorcycle category from its 20% rocking 20% growth in Q4 to we estimate 7 to 9% in the near term. But having said that, the great thing from our point of view is that we expect this growth to come almost entirely from the 125cc plus segment and even more so from the 150cc plus segment which should grow at twice the industry rate. April outcomes actual outcomes point very clearly in this direction. Secondly, the electric category in both three wheelers and two wheelers will witness not just continuity of growth but perhaps further increase in growth.
Therefore, the 150cc segment and the electric segment segments which are the absolute epicenter of our focus, mitigate the overall softening of the demand supply chain. Difficulties in terms of the LPG shortage, manpower availability and outbound logistics to overseas markets have impaired availability to service demand by about 10 to 15%. Hopefully these will start to resolve themselves over a period of time. The cost environment is seeing a potential rise during the quarter of about 3% to 5% driven by the metal complex.
This has been partially addressed by taking up prices with effect from the 1st of April and of course the USD realization rate reaching 95 have been very helpful in us managing the cost side inflation. Keeping all the above in perspective as also our actual April outcomes, we expect our growth tempo to actually continue in Q1 basis. The strong competitive positions we enjoy in the key segments like the 150cc plus in domestic motorcycles, the EV business both in two wheelers and three wheelers, and the secure performance in large and stable territories like Latam and parts of Asia.
Through Q1 and rest of FY27, the team will remain absolutely focused on the areas which I have highlighted earlier. Gaining share in the 125cc segment, particularly in the 150cc segment, riding the continued industry growth and this will be done on the basis of new product launches and brand development in exports, pushing exports to the 220k plus level on the back of leadership in the sports segment in Latam and a more aggressive outreach in gaining shares in commercial bike, particularly from competitors originating in China Super Premium solar segment accelerate growth in both Triumph and KTM basis network expansion and the launch of the more tech friendly C50CC variants in electric business.
We will deepen our leadership position leveraging the wider product portfolio which is already there and some new launches plan and the expansion of an exclusive network KTM ag. We will continue to support the management there in the turnaround which is well underway to bring back KTM in due course of time to its original performance. A key area given this environment will be to balance growth and profitability in the most optimal way through robust operational management. And finally we will continue to build capability and now leverage scale in the DAZ Auto credit to deliver an industry class leading
Dinesh Thapar — Chief Financial Officer
Performance with this. Let me hand the session over now to Dinesh.
Rakesh Sharma — Executive Director
Thank you Rakesh Good evening everyone and thank you for joining us on the call and your patience with us this evening as we delayed it. Before I get in typically talking about the results commentary, let me inform you that the Board of Directors today, on the recommendation of the NRC approved the elevation of Rakesh to the Joint Managing Director of the company from 1st of June, so he will effectively speak to you the next time we get together as the Company’s Joint Managing Director. Congratulations Rakesh on awareness of delegation.
Let me now get into the financials. I want to at the very outset call out what has truly been an exceptional quarter. Revenue at its highest crossed 16,000 crores, EBITDA came in at 3,323 crores and margins at 20.8% sustained despite challenges in the operating environment. When you step back and look at the breadth of this delivery, it represents a strong year on year performance with volumes growing 24%, translating into a 32% increase in revenues and strengthening further as we move down the P and L with profits growing ahead at 36%, reflecting in many ways the underlying strength and quality of the business.
With that said, let me give you a quick sense of the context on commodities and currency and then walk you through the numbers in some detail. On commodities, the quarter was by and large characterized by inflationary pressures across the basket. Within this, noble metals, rhodium, palladium and platinum saw particularly sharp moves forming up in the range of between 20 25%, accompanied by broader inflation across copper, aluminum and lead as well. Commodities such as steel, ABS nickel and natural rubber were relatively benign or stable for the most part of the quarter, though these started to inflate and firm up towards the end of the period as well, and we’re now starting to see distinct Signs of very steep inflation carrying into the next quarter, which I will touch upon when I come to the outlook.
As indicated in the previous call, we were expecting cost inflation to be in the range of between 50 to 60 basis points and I then said that we would look to cover about half of it through pricing actions as the quarter progressed. Commodities came in line by and large within that range that we had indicated. It could have been much higher given that inflation had started to settle towards the latter part of the quarter. But some very good work done by our purchase team we were able to push that out and not let impact last quarter’s results and therefore net cost inflation came in at about 40 basis points.
This is after taking pricing, but a part of the pricing was also offset by the absorption of the full quarter’s impact of the phasing out of the PME drive for electric three wheelers. Many of you would remember that at the end of quarter three the budgetary outlay for PME drive on electric three wheelers had run out. And what we did was in the spirit of trying to push for competitive growth and market share gain. We absorbed the impact of that. It was felt for a brief period in quarter three and then we’ve absorbed the impact of that in its entirety in quarter four.
On currency front, the story was distinctly more favorable. The rupee depreciated through quarter four with our realized exchange rate coming in at 90.6 to the dollar for the quarter compared to 88.3 for quarter three and 86.5 same time last year. The sequential and year on year tailwind provided support to the margin situation amidst the inflation. Turning now to the financial performance for quarter four FY26 revenues. Building on the momentum of the previous quarter, the business continued to scale new highs with both volumes and revenues reaching their highest ever levels in a quarter.
The revenue from operations came in at 16,006 crores, translating into a very strong 32% year on year growth. But what I find particularly heartening is the fact that the growth and performance this quarter has been truly broad based across each of our three business segments, two wheelers, three wheelers and exports volumes grew 20% each and revenues 30% each across all three of them. That’s what as good as it gets in terms of it being as broad based. Revenue was further supported by a rich sales mix driven by a strong rebound in KTM exports, a higher contribution from commercial vehicles across both domestic and international markets, and continued traction in sports motorcycles, all of which, as you’d be aware, are spread Structurally revenue accretive.
This was further aided by favorable currency movements that I spoke about earlier. In addition, spares revenue, which has now been at a steady rate of between 17 to 1800 crores, provided a recurring support to overall revenues and profitability as well. Exports revenue for the quarter also reached a new high of nearly 600 million in this quarter. On EBITDA. The quarter delivered a new record of 3,323 crores, a robust growth of 36% year on year. Margins held steady at levels of 20.8%. And this marks yet another quarter of sustained delivery above 20% threshold.
Even as we navigate various challenges sequentially, we looked to hold margin flat, essentially supported by favorable currency richer mix and operating leverage. These tailwinds helped absorb the net commodity inflation that I just spoke about and higher discretionary spends, notably on marketing and R and D. And of course the absorption of the PME drives that I spoke about on electric three wheelers for the entirety of the quarter on a year on year basis. Operating leverage and currency tailwind led the way on delivering margin expansion of 60 basis points while managing cost inflation tracking revenue and EBITDA.
Profit after tax for the quarter stood at 2007, 46.0 crores, registering 34% year on year growth. The reported PAT includes an exceptional gain of about 35 crores arising on prepayment of deferral incentives and loans at the net present value. Looking ahead to quarter one, the commodity environment has moved to being sharply inflationary, almost hyper I would say, with the prospect of material availability on the aluminum alloys and polymer front also being very tight. That said, we are taking decisive actions to secure supplies.
Significant inflation is now visible across almost the entire basket. But not just noble metals, but also base metals like steel and aluminum participating more actively in this upswing that we are starting to see. Most of it of course event driven, leading to the supply shock that we are currently all aware of. The quantum of increases across key commodities has also stepped up materially compared to what we saw in the previous quarter. And to put that in some context, many of you would be aware from publicly disclosed numbers, steel is almost up 15%, copper 20%, aluminium and noble metals all up ranging from 35 to 45%.
So clearly very, very steep and almost unprecedented levels of inflation, but very volatile and dynamic without knowing how long this might last. Taken together, we are currently estimating a material cost inflation impact of approximately 3.5 to 4% of revenue. And this is from an overall portfolio perspective. It will of course vary across models and segments. But this is based on the current outlook and as you would imagine it is very volatile and dynamic and and the situation could change. So the 3.54% of revenue that I’m calling out at the moment is how we currently estimate it.
Once again, we have taken very judicious pricing actions to offset about 40% of this impact so far and given that the current situation is event driven, we are watching the developments very closely and will be acting dynamically to manage the P and L. You know, we’re doing what most businesses would do at this point of time time which is to accelerate cost programs, optimization opportunities, be very mindful and judicious about discretionary spend and choiceful about what we spend and where we spend and of course then decide if we need to look at pricing after that as well.
But we’re also very conscious about the fact that currency is continuing to merge as a tailwind and providing some cushion to this context. Since this is the time of the annual financial close as well. Let me now spend a couple of minutes wrapping up what has truly been a landmark year for Bajaj Auto. Starting with volumes, FY26 closed with the highest ever annual volumes for the company at over 5 million units. Only the second time that we’ve delivered. The last time was in FY 2019. This was achieved across both domestic and exports and you may recall on the domestic side the year saw a relative the subdued first half with growth accelerating in the second half aided by the impact of gst, rate rationalization and a very buoyant festive season.
Commercial vehicles 125cc/Segment, KTM, Triumph and JP all registered new highs in billing and retails export volumes ex Nigeria reached an all time high as well and seaweed Exports grew nearly 50% for the year. It was by the numbers as the numbers would suggest the most comprehensive volume performance that we have delivered in recent times. Revenue followed through at nearly 59,000 crores, up 17% year on year. FY26 represented the new annual benchmark for the business and importantly as you would have seen in our press release, across every segment cut, whether it was domestic exports, two wheelers or three wheelers, ice or electric, each one scaled to a new high.
The revenue growth was primarily volume lit with a meaningful contribution from a richer sales mix, higher share of sports, motorcycles and domestic, a sharp step up in KTM and seaweed within exports and a growing contribution from the electric portfolio across two and three wheelers. Currency with a higher average dollar realization for the year added a further fillip on EBITDA we closed the year at a new high of 12,000 upwards crores growing 19% year on year with margins at 20.5%, an improvement of 30 basis points over last year.
Currency was favorable, mix was accretive and operating leverage came through on a substantially larger revenue base. This more than offset the price versus cost equation that reflected commodity inflation through the year, most particularly in the back half of it as well as the focused pricing interventions that we took and investments that we took to drive competitive growth. Underpinning the margin delivery was a significant development that we had made on our electric portfolio which hit double digit EBITDA margin in its entirety for the very first time in the course of this year.
The improvements came on the back of rising scale of the very popular and profitable electric solutions Wheelers and the improving unit economics of Chetak which have now reached EBITDA neutral as a portfolio. Profit after tax came in at 9,825 crores, nearly 10,000 crores with a growth of 21% year on year. Yet another record two exceptional items. The first was a charge of 58 crores that we took in our quarter three numbers arising from the reassessment of employee benefit obligations given the revised definition of wages under the labor code and the second is a gain of 35 crores this quarter from the prepayment of the sales tax deferral that I just spoke of.
These two as you would have noticed by and large offset each other in the full year’s numbers. Overall it just wasn’t the headline financial numbers. As you would have heard from Rakesh right now, across all businesses the year was marked by a range of records in stellar performances moving quickly to consolidated results on a consolidated basis our reported revenue came in at nearly 63,000 crores up 23% year on year while consolidating profit after taxed the 10,000 crore mark for the year reflecting a growth of nearly 50%.
Let me now spend a quick minute on BACL and ktm. Bacl the business has had an excellent year. It has scaled up rapidly. The customer base now stands at approximately approximately 1.8 million customers and is supported by a very wide distribution across almost 6,200 outlets covering nearly the entirety of the Bajaj Auto retail network. On the lending side, the two wheeler business delivered robust growth with continued strength in corn, motorcycles and strong traction in electric vehicles and the premium segment notably KTM and triumph.
The three wheeler portfolio was a standout recording nearly 49% volume growth from the AC led by the significant expansion in the EV segment and the introduction of new business and refinancing models. Total income For BACL crossed 3000 crores and PAT for the year came in at 665 crores compared to 58 crores in the preceding year, a near 12x increase and the business now starts to hit meaningful scale. To give you attention numbers, AUR must reach nearly 19,000 crores, roughly doubling in the course of the year and disbursements for the year were a tad under 15,000 crores.
The last year the business onboarded over a million customers and asset quality remains healthy. Capital adequacy ratio remained healthy at 19.5% and the business is delivering industry leading returns on equity of about 23% for this last past year. BACL has now moved to being a material earnings contributor within the group in a span of two years and is now firmly positioned to be a strategic enabler within the Bajaj Auto ecosystem. As you would recall from our last earnings call, Bajaj Auto, through its wholly owned subsidiary in the Netherlands, BIHBV completed the acquisition of 100% stake in Bajaj Auto Holdings AG, which was formerly called which in turn held 75% stake in the now named Bajaj Mobility AG, the listed holding entity for KTM.
With the transaction completed on 18th of November, Bajaj moved from being a minority position to a controlling state and BMH and KTM are now stepped on subsidiaries of the group. Before I get into the numbers, let me spend a moment on the accounting structure. There are a few moving parts here and I just want to make sure that the context is clear. BAH ag, including the BMAG and KTM AG Group, publishes its results on a half yearly basis in line with stock exchange regulations that are applicable to listed entities in Europe.
What this meant in practice is that quarterly financial information was simply not available to us in prior periods. We could only access results as per that publishing calendar in Europe. As a result, in the Current quarter ended 31st March 2026, the group has accounted for its share of consolidated results of BMAG KTMAG for the period of 1 July to 18 November, which is really the date of the acquisition of the controlling interest. To put this in context, the last time we accounted for KTM in our Results was in Quarter 2 FY26 numbers published in November that we published in November covering the period 1st January 30th of June 2025.
Prior to the acquisition, KTM through BIHAG was accounted for as an associate under the equity method and we recognized our share of profit or loss. Accordingly, post the acquisition which is essentially from November onwards, BMAG and KTMAG has been consolidated on a line by line basis from that date through to 31st of December 2025. Going forward, it is our intention to move BMHG KTMAG to quarterly reporting as a voluntary action to align with Bajaj Auto’s reporting calendar and as a measure of good governance and transparency.
Accordingly, the results of BMAG and KTM will be consolidated into Bajaj Auto’s numbers on a quarterly basis but with a 1/4 lag. Now for the numbers in the current quarter, the group has recognized a net share of profit from the associate of 1194 crores that you will see appearing on the body of our results. This is essentially made up of four components. A share of the loss of 413 crores of KTM recognized it was just about starting up operations after the restructuring phase and so our share of loss that we had to consolidate then was 413crores for the period from 1st July to the date of acquisition.
The second component is that we’ve accounted for a gain of 953 crores on remeasurement of the investments at fair value on the acquisition date, essentially representing the fair valuation of the 49.9% stake that we had already held in PBAG. The third element was a reclassification of 646 crores of the accumulated foreign currency translation gains from the FTR reserve into the P and L as is typical in the course of accounting for such transactions. And the fourth element is a share of profit of 9 crores from the associates of bait 80 from the date of acquisition to 31st December 2025 net net.
These results translate into a share of profit from the associate of 561 crores for the period of 1st January through to the date of acquisition. And this is what is reflected in our consolidated profit to loss account. The acquisition has been accounted for in accordance with India’s 103 on Business Combinations and with the excess of fair value over net assets and purchase consideration recognized as a capital reserve in the other equity line. We provided a detailed note on the transaction structure this time and the accounting treatment in the press release for those of you who would like to go deeper into the specifics.
I am conscious it is a very complex transaction and the accounting may need some level of understanding and therefore Anand the team have been suitably brief and they would be happy to provide any additional clarity if you need on this offline. As for KTM, the focus in 2026 continues to be to drive along with the Executive Board and through them the broad based turnaround plan covering work streams on portfolio priorities, product development, go to market supply chain including sourcing, organizational and structure simplification with a view to rationalizing fixed costs.
I expect the results of this to start showing up in the Latter part of 2026 itself. Quickly, a word on Cash we closed the year with surplus funds of over 18,000 crores after deploying capital on multiple fronts during the year reflecting a strong and consistent cash generation. Capex for the year was approximately 500 crores split equally between ICE and EV investments. We invested over 2,300 crores between BACL and Baihbv, the former to support the scaling of the lending book and the latter in furtherance of the KTM transaction.
Free cash flow for the year was more than 8000 crores, a reflection of the very robust cash conversion on profit and we returned about 5,900 crores to shareholders through dividends last year in July which pertain to the previous financial year consistent with our intention of rewarding the shareholders. Lastly, the Board of Directors at its meeting earlier today approved a payout of 100% of the profits that we have made last year in recognition of the 100 years milestone of the Bajaj family in India and with Bajaj Auto being the flagship company that started it.
Toll this will be split as follows. A final dividend of 150 rupees per share that will aggregate to 4192 crores and the balance of about 5633 crores will be towards a buyback under the tender route at a buyback price of 12,000 rupees per share. Overall, this reflects our continued commitment to delivering healthy and consistent returns to shareholders commensurate with the growth and performance of that company. With that let me hand the call back to Anand. Thank you. Over to you Anand.
Anand Newar — Head, Investor Relations
Good evening Yashashree. With this we can open the floor for Q and A.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Please limit yourself to one question at a time so that everyone has an opportunity to participate. If you have follow up questions you may rejoin the queue. Take our first question from the line of Kapil Singh from Nomora. Please go ahead.
Dinesh Thapar
Good evening. First of all, many congratulations to Mr. Sharma. We hope to see even better performance as you assume the new role. Best wishes, sir.
Rakesh Sharma
Thank you very much. Kapil, this is a very, very big challenge which you have posed. I hope we can. I can deal with it.
Dinesh Thapar
I just want to go back to the comments you mentioned about the price hike and related impact on demand. Just articulated a bit. Have you seen some impact of the price hikes and the 7 to 9% growth is only for motorcycles? What do you expect for scooters in that case? And whether the price hikes are happening in exports? And there also we could see similar impact because exports have been on a tearing growth. So is it the market doing well or is it Bajaj Auto gaining share across the board?
Rakesh Sharma
Well, there has been a decline in the motorcycle industry’s growth between quarter four and April. And there is of course first of April onwards price hike being taken in different measures by almost all companies. We had also taken a price hike of price hike on 1st of April. What this means is that depending on the product group, the benefit which the GST rate cut has given to the customer, almost 30 to 40% of that could get rolled back. So obviously it will have some impact on the demand. Secondly, there is already some sentiment, adverse sentiment which is set in.
People have become cautious. All SPG shortages brought this crisis into the homes of each customer. And in such times people then tend to postpone purchase. And already we have seen, like I said, the 20% coming down to 9%. But when we unbundle this 9%, we find that the upper half, particularly the upper half of the upper half is maintaining very strong growth. It just indicates that still the people with stronger wallets are coming in. And we’ve had a very, very good start to the mini season which is led by marriages in the northern parts of the country.
And we are seeing a fair amount of upgrading. Now we have to wait and see what happens to the fuel prices, what happens to our own material costs and how these play out in the market to see how the demand environment will get shaped. But of course the rocking growth which we were seeing October onwards to now, that has sort of really come down. This is the domestic in the domestic motorcycles in the 3 litre segment, actually the ice segment has come down. But the electric segment has seen very, very fast growth.
Because you see LPG shortage has been there, there is a CNG issue there, there is a petrol price hike imminent. You know, all these things are sort of creating A consumer sentiment which is really favoring the adoption of the electric segment so that its growth has actually strengthened in for example April. So the three wheeler segment is still growing very, very strongly internationally despite the environment. What has happened, what we’re seeing is that the currency led devaluation, led inflation which is there in India to some extent, in many, many emerging markets.
It has not yet appeared. Now we don’t know how that will play out but demand has remained very healthy, particularly in Latam. So the rapid growth which you are seeing in the case of Barrado across is because you know we hold a very strong position in Latam and that has really helped us because Latam has done well and within that the sports segment has done well. We’ve got great competitive positions over there and we are seeing very, very strong growth. In addition in Africa, like I said, Nigeria has finally come to even Stevens.
It was on a declined trajectory. It has come back to come back not, I would not say growth, but it is equaling last year and we hold a 50% market share there which is unlike our other competitors. This 50% is the outcome of a very widespread presence over there through almost 800 retail level stores. A lot of the competitors do wholesale business but we for us majorly it is retail business. So Nigeria doing well, expected to continue to do well and some good advancement against, you know, the 125cc bikes which come from China and other sources has done well.
So in Asia, Sri Lanka, Philippines, good markets for us continuing to hold strong. So therefore the near term outlook of the quarter we feel bullish about exports but beyond that let’s see how you know, how the geopolitics sort of plays out.
Dinesh Thapar
Thanks sir. Thank you very much for the detailed answer. Just a quick one for Dinesh, Sir. So can you remind us how are we placed on the currency hedging? Will we be able to realize the full tailwinds of the currency which may help offset the balance impact of the commodities for the next quarter?
Rakesh Sharma
Yes, short answer to that, that we’re not hedged and therefore we are realizing a pocket.
Dinesh Thapar
Okay, thank you, that’s all, thank
Operator
You. Take our next question from the line of Binay from Morgan Stanley. Please go ahead.
Dinesh Thapar
Hi Rakesh, congratulations on the joint MD roll and also for very stellar earnings. In fact, I think your comment is interesting. So is it broadly fair to assume that for FY27 standing where we are, exports will actually do much better than domestic?
Rakesh Sharma
First of all, thanks a lot. You know, see most of the analysts and media people have failed to predict what is going to happen in the Bengal elections and all that. Very difficult. There is a similar situation, very difficult right now to do some crystal ball gazing and say that this is how the whole year is going to pan out. Because there are so many variables over there. There is a logistics issue, there’s a currency issue in so many emerging markets. There is, you know, there’s a demand issue, therefore.
But I can say one thing, that exports is on a very strong wicket because we are capturing a disproportionate share of the growth because of our retail presence, because of all the worst has gone in key markets and luckily these key markets are bucking the trend. I mean, Mexico is doing very well and I’m hoping if the US Mexico FTA in June, July gets signed, I think we see a superb growth in Mexico. And with our plant over there, which is only 3% duty, and with our 300 odd stores over there, which is double that of any other competitor, including Japanese, I think we’re in strong position.
And so the situation is, for example, in Colombia, in Argentina, in Peru, we are recording highest level sales over there. So it’s a combination of these markets doing well, we fortuitously being present in these markets and having done some solid heavy lifting work in terms of building the brand channel system over there. And so it is in some markets in Asia as well. So therefore I think exports will continue to do well. Like I said in quarter one, we definitely see it pushing the needle beyond 200 and hopefully beyond to 20,000 units per month also.
And domestic business, it remains whether exports will do better than domestic or not, I cannot say that, but I think if the current pattern of growth continues, which is the top half sort of getting almost being a little bit insulated right now from all the adversities which are there, then it’s very good news for us. Because if this continues, particularly because our play in the last six months in the 150cc plus segment in the N&NS range has been very rewarding and if that sort of continues like that, I think we are in for a good ride.
But how exactly the chips fall between exports and domestic motorcycles is difficult to say. But we are optimistic that it’s because of these reasons in both areas.
Dinesh Thapar
That is very encouraging to know. And then lastly, just on the Chetak, you know, we’ve been around the 30,000 run rate for a few months now. How are we looking at what steps are we taking to sort of take it to the next level? Could you talk a little bit about capacity, product action or any other plans to take it up from here.
Rakesh Sharma
Yeah, Chetak is actually, you know, we’ve not been able to fulfill the demand which has been there for one reason or the other. Sometimes we also get exasperated that everything is not working in every department and every month and therefore we have not been able to reach our potential which I think is much higher in terms of share. But things did come together to some extent towards the end of the quarter four and we are looking at we have now a capacity of 50,000 units per month. I think we will max that.
I’m only hoping that all this labor issue and the availability of fuel etc. In the tier 1, tier 2 vendors doesn’t play a spoiler and we achieve 100% utilization. We are taking steps. There is some serious work going on to see how and where we should expand capacity in a quantum manner. And once we are done with that exercise we will be happy to talk to you guys about it. But yet we have now reached a position where we think a substantive increase in capacity in Chetak is needed.
Dinesh Thapar
Great. Thanks team. Thanks.
Operator
Thank you. Next question is from the line of Raghun Nandan from Nuama Research. Please go ahead.
Dinesh Thapar
Thank you for the opportunity. Congratulations Rakesh sir on joint MT rolls and best wishes on that happy note. Can you provide some thoughts on the upcoming models? Can we expect the 125cc affordable motorcycle this year?
Rakesh Sharma
That’s a good try Raghunandan. But you know I’m. I’m elated by the appointment but not elated enough to bring the beat. But now that you have said that I’ll tell you that there’s going to be a stream of new products and we are trying to
Anand Newar
Advance
Rakesh Sharma
Their introduction so that we have got some good new refreshed portfolio in time for the season. We will have a new range in both the 125cc and the 150cc. Plus there will be hopefully I think we will see these new introductions hitting the market as early as July. In the Pulsar brand itself.
Dinesh Thapar
In the Pulsar brand the new 125cc will come out. And what about the other ones, the 125cc affordable one? You are not yet disclosing the dates for that.
Rakesh Sharma
Yes, that was very much in the car. But have a look at these new ones. They’re really looking stunning and we hope to change the game with this. In both the 150cc and the 125cc segment NS ranges, you know there have been introductions of the NS 400 upgrades and some variants which have been hugely accepted in even you know, markets which we don’t enjoy a good competitive ratio like up and all. We’re getting very good traction over there. And that is why like I said, the NNS range is growing twice the rate of the S1, twice the rate of this 4 segment growth.
So yeah, both these ranges will make their appearance in July.
Dinesh Thapar
Well noted sir. Lastly to Dinesar, is the understanding correct that on ev revenue of 8,000 crore Ebitda margin is in double digits and this is despite being EBITDA neutral for two wheeler and also can you share the CLI incentive for the year?
Rakesh Sharma
Yeah, so I think the first piece is, I mentioned Rahu that we’ve got to a stage of double digit EBITDA margin which has been true for the last two quarters on our electric business. But remember when I talk about this it’s always electric two wheelers plus three wheelers put together in which the JT is EBITDA neutral. So in many ways the rising proportion of electric three wheelers is leading to that PLI claim for the year. We still aggregating it but it is in the whereabouts of about 900 crores.
Dinesh Thapar
Thank you very much, very helpful.
Operator
Thank you. We’ll take our next question from the line of Kunjan Pratyani from Bank of America. Please go ahead.
Gunjan Prithyani
Thanks for taking my questions and congratulations I wish on the expanded role. Just two questions for me. Firstly I think a bit of a follow up on the export when you said that Nigeria is almost there at last year’s level. How, I mean can you give us a little bit more color on you know you usually talked about the monthly run rate of 25k there versus the peak of 50k where we are and do you think that we are on the scale of that to at least higher levels there? And Brazil again, you know, bit more color, it’s been clearly a big positive surprise market for the last two years.
How much more upside do you see? Where are we on market share in Brazil which is these two markets?
Rakesh Sharma
We’re not talking a steady 35,000 plus last two, three months and a 5,000 plus in three wheelers. So that’s very, very healthy and hopefully we will continue to grow. But you know I’m just sort of keeping a watch on Nigeria because in Nigeria fuel prices have increased substantially so almost by 30%. You know though there of course the higher oil prices have helps them because they get, you know, they’re a net exporter of Crude but they don’t have refining and therefore the real prices which affect the common man has increased.
So these two things have to balance out. But for the moment we are seeing very good traction in Nigeria and we are in readiness for the season. We have stock on the ground, we have seen people who have got, you know, very strong engagement with the 800 plus retailers all across. So that’s I think a positive going forward. What was the second point? Sorry, I. On
Gunjan Prithyani
The. Brazil.
Rakesh Sharma
Yeah, Brazil has done quite well. You know, at this point of time we are really not, we are so small. Brazil is a very big opportunity and you know, it’s a big, very large country. And he has taken a top down approach. Our approach has been to keep the brand forward rather than volume forward. And the way it’s manifesting is that we have launched our highest end models over there first. Secondly, we have gone in for very exclusive high end stores over there because we feel that the store experience and the whole imagery around the store is essential for brand development.
And in the first phase, at least for first five years, we will really want to build our brands of pulsar and dominance and establish a very strong customer franchise. And I think on that score we are moving very, very well. We also get limited by the manufacturing capacities which have to go through step changes because for every step the localization requirements are very different. They’re different for 20,000, then they change up to 50, 60,000 and then beyond that if you go, they again change and beyond 100,000 they again change.
So it’s a step change which occurs. And right now, like I said, our capacity is closer to 60, let’s say it’s 50,000 usable. So we are seeing in the next 12 months hoping to hit that kind of thing. And as we move forward and hit it by middle of the year, we will start looking at further enhancing our capacity in the year 27, 28.
Gunjan Prithyani
Got it. And before I move to the second question, just clarifying, no container availability issues because that’s something that’s been flagged.
Rakesh Sharma
Yeah, that’s a big nightmare. But you know, this is where years of experience of the logistics team and the excellent work between the plant and the logistics team is really paying out. You know, we export one container every 10 minutes. That’s the scale of our operations. And we have to catch four ships every day. And with all the chaos which is going all around, a lot of out of the box thinking has been done to find alternate routes, ensure container supply. And I can tell you that despite all these Disruptions just on the basis of logistics in export we have not lost any sale of course we have lost sale in the Middle east because there’s nothing going over there to the gulf country but that’s 5,6000 units per month out of the overall 200 plus.
But the team has managed the whole logistics complexity and volatility quite well. I think they are on top of this situation.
Gunjan Prithyani
Second question is to you around some of the comments you made around CMI up to 4% rn impact and the mitigating factors being price hikes and currency but there’s still a reasonable gap to cover in terms of the cost headwinds we are seeing in the business. So any thoughts on our appetite to take more price hikes and what is really the tolerance level when you think about the range of margin? I mean is there a range of margin we sort of anchored around to manage the growth versus profitability? So some thoughts around how do we think about the net impact in the business and most from a full year basis?
Not really. I’m not trying to understand 1Q because of course it’s going to be a painful quarter
Rakesh Sharma
Of course once we get to full year basis and what I mean full year essentially once we get to steady state the obviously the intention will be to continue to hold margins and drive margins the way we have. But I think you know this point of time I must tell you that even though I’m telling you and I know that there aren’t many which have put out numbers as yet because it is truly volatile when I tell you 3 and a half to 4% of turnover as commodity inflation today that’s our view here and now but we’ve had three refreshes in the last four weeks on this front itself and so it’s quite a dynamic situation.
Also I’m you know we’re playing wait and watch because as I mentioned my comments a lot of people the inflation is clearly event led supply shocks right and so don’t know how the turn of events will play out for the rest of this quarter. A lot of negotiation and rate locking in with on supplies is now also moved to shorter frequency and not really to quarterly rates that might have been in the past. So it’s quite a dynamic situation. We are playing it truly month by month. Like I said we’ve taken pricing to cover 40% of the inflation from 1st of April.
We are taking a very very hard look at all costs that we are spending in this quarter and typical of really saying is it really needed being very choiceful about all discretionary spends and that’s clearly going to be able to mitigate some part of the inflation challenge. And then of course there is the currency as well because the currency has moved from if you see last quarter we averaged out at close to 91.90.6. The currency is hovering between 94, 95 as it were. So let’s see how that moves as well.
But we’re clearly playing it month by month and the intention will be to try and see how do we bridge pretty much as much of the material exposure inflation through a mix of the pricing that we’ve taken. I think next round of pricing will probably be the last of the recourses that we will take if at all required, being very watchful of it. We want to also protect competitive growth, but in the meantime we want to be sure that we are using out all cost opportunities, cost savings opportunities and pulling back of discretionary spends.
And then after considering whatever is the currency tailwind, then see how do we need to manage that last bit. So very dynamic situation. Like I mentioned, refreshes that are coming in far more frequently than they have ever in the past, rate settlements and negotiations now happening at much shorter frequency than longer frequency. So therefore that means that tomorrow, if things settle down, possibly some benefit of that can start transforming into costs in the nearer term than much later on. But let me leave it as saying that quite dynamic.
We are playing it dynamically. Our intention is to try and bridge as much of the impact as it currently stands.
Operator
Thank you. Next question is from the line of Amin Tirani from JP Morgan. Please go ahead.
Dinesh Thapar
Thanks for the opportunity. And yet another congratulations going your way. Rakesh, I have two questions. The first one is on your comment on the moderation in the motorcycle growth. So just to clarify, when you say 7 to 9%, are you talking about say what you’re seeing for the next few months or is it for the full year? Because this year we also have the problem of first year and first half, second half looking very different in terms of growth. So just wanted to clarify on this comment of yours.
Rakesh Sharma
It’s I would say in the next few months at this point of time I won’t wager a full year. And you’re very right, there’ll be a base effect which will start kicking in. We had a lower base in the first half last year and the second half, you know, so there will be a base effect to contend with in the second half. So it all really a lot depends on on how inflation and pricing impact how much of The GST benefits will start to reverse. A lot will depend on that.
Dinesh Thapar
Sure. And my second question was on three wheelers. If we just take a step back, obviously we’ve talked about how ice growth has been stable to slowing, but EVs has driven the growth. But if you look at the aggregate, you know, I mean three wheeler growth has actually surprised most of us. In fact I think post Covid it has been the best performing category within autos as a whole. And this is not something that you would have thought, you know, pre Covid. So is there anything structural happening there?
How should we think about, you know, the size of the category over the next few years? Because the growth overall, you know, we can, we may say ev, non ev, but overall growth has been quite surprising.
Rakesh Sharma
Well, you know, please go back and read my comments. For the last two three quarters some of you have asked that where do you see growth coming for Bajar Auto? And I have been saying, even though it’s a humble vehicle, I’ve been saying that we are sitting on the threshold of very large growth in three wheelers. And let me give you some numbers. The industry growth in three wheelers in quarter four total was 25% plus.
Dinesh Thapar
In
Rakesh Sharma
April it was 25% plus again. And you are very right, a lot of this was because of the EVs which are growing but consolidated. This is being driven by the expense loading requirements in the country, particularly in non metro locations. In smaller towns this is being driven by the huge spread of the road network. And this is being driven by people now wanting to travel between towns even for work to escape the rental requirements. You know, it is now very possible for a person to stay in his hometown and work in the neighboring town and take a three wheeler and you know, a shared three wheeler and commute, or to go to the main road in a three wheeler and take a bus and commute.
They find it much better to do this rather than take a house on rental in the place of work. These things, the women coming out and travelling, these things are exploding the requirements of mobility and there is simply not enough public transport systems. This is a phenomenon which we have been witnessing for a few quarters now. And this is another area where we are now getting capacity limited and we are working to expand the capacity, particularly the larger cwheelers, the larger format. And if you see the way we have expanded our electric portfolio, we first started with the small three wheelers and some of our competitors are only the small three wheelers.
But quite rapidly we’ve gone into the 7 and the 9 series which are larger three wheelers because all the growth is coming from not contracting market where people hire a full three wheeler but ticketing market which means people share a three wheeler. So they will go from the railway station or bus station to another point in a shared manner and there the larger format three wheelers work. So I think this will continue. This will continue. It’s not stoppable. And also I must mention in this the role played by retail finance.
Again retail finance is enabling the people to acquire the asset and enhance their income.
Dinesh Thapar
Great, thanks. Thanks for the color. And just one follow up from Dinesh. Just a bookkeeping question on your revenue line. The other operating income has seen a sharp jump in the last two quarters. Is there anything to call out there? Is it mainly related to export related incentives or is something else going on there?
Rakesh Sharma
That line typically is driven by three pieces by the scale up of electric and therefore resultant pli. You recall I mentioned this the last quarter as well towards it you start to move towards, you know, the higher slabs. So that’s the first one. The second is obviously with scale up of exports there is clearly export incentives which come in which get reported onto that line. And the third is of course a fairly robust growth that we are seeing on our BGO or oils business and the royalty that we earn on that.
These are really the three reasons why that line inflates. There’s nothing else which is of material significance that sits in those numbers.
Dinesh Thapar
Okay, great. Thanks a lot. I’ll come back in the queue.
Operator
Thank you. Next question is from the line of Chandramoli Muthaya from Goldman Sachs. Please go ahead.
Chandramouli Muthiah
Hi, good evening and thank you for taking my questions. Congratulations rakesh. I have two questions. The first question is just a clarification on the 400 basis points potential impact as a percentage of sales that you’d mentioned. Is this sort of. From 1st Jan onwards, 1st April onwards. Just want to understand what the timeframe is for this observation of 400 basis points potential impact on margin gross from commodity inflation. And the second question is just around the prepared remarks that Rakesh had made that you’d hope to grow faster than the 7 to 9% broader motorcycle industry growth outlook.
Just related that you’d mentioned that There is a 10 to 15% impact on ability to service demand because of the LPG factors and the manpower factors and the shipping factors. So just want to understand is that something that we were able to manage through and potentially grow beyond that 79% that you guided for the broader market? I Just want to understand that in better context as well.
Rakesh Sharma
Yes, I’ll get the first one quickly out of the way. Chandru. I think when I mentioned that commodity cost impact on of about 3.5 to 4% of revenue, I’m fundamentally talking quarter one over quarter four. Yep. So effective April onwards.
Chandramouli Muthiah
Got it. And the quantum of price hike, that’s 40% of that 400 bids. Is that what we consider?
Rakesh Sharma
40% of that impact has been taken so far starting April.
Chandramouli Muthiah
Got it, Got it. Yes,
Rakesh Sharma
We are definitely looking at, I mean if the industry grows at 7 to 9% which is what our current estimate is and this estimate is really based on the April out outcomes. It’s not that no one has anything, we tend to just take the most recent and try and extrapolate that. So it’s on that basis. And like I said, within that the segments we operate in are growing at almost one and a half times twice that 7 to 9%. And there we are outperforming the industry for the last five, six months. This is the 150cc plus segment.
So that in that way it’s good news for us. The April performance I would say was impaired by 10 to 15% largely because of the availability of vehicles because you know the vendor system did face a lot of, and continues to face a lot of difficulties, manpower migration and fuel availability and stuff like that. So but hopefully the manpower migration would be, would sort of resolve itself now and you know, people will come back to work. Fuel availability, you know, the alternates like PNG etc. The realignment of vendors which is taking place.
So hopefully this will resolve itself over a period of time. So that should be out of the way. But yet if this 10 to 15% impairment wasn’t there our performance would have been that much better because we’ve got a lot of spillover from unserviced demand of March and April.
Chandramouli Muthiah
Got it. That’s helpful. And just a quick follow up question on the buyback. So I just want to understand at this stage what are the milestones that need to be caused and what is the timeframe that you have in mind to execute the buyback.
Rakesh Sharma
So today’s when we’ve announced, you know, the quantum I mentioned, the underlying spirit was to try and ensure that we pay out 100% of last year’s profit of 9,825. So the buyback therefore translates to 5,633. We get started straight away for a buyback of this order of magnitude. We need to go to seek shareholder approval. Because you might be aware that any buyback which is in excess of 10% of free reserves needs to go to the shareholders. That threshold for us would have been 3450 crores. 3500 crores.
So given that the buyback is now 5600 crores, we will get started straight away with the process of seeking shareholder approval and then this. Essentially this is a process which will run right now, starting now and likely culminate by the end of July with the SEBI filing. I would expect that. I would expect that. You know, looking at the fresh timelines, I would expect that payouts would essentially happen sometime in the second week of July. Likely.
Chandramouli Muthiah
Makes sense. That’s helpful. Thank you very much.
Rakesh Sharma
And gets paid off second week July. And then of course dividend gets paid out after the agm.
Chandramouli Muthiah
Thank you.
Operator
Thank you ladies and gentlemen. We’ll take that as the last question for today. I would now like to hand the conference over to Mr. Anand Mewar, head investor relations for closing commerce. Over to you.
Anand Newar
Thank you, Yashashi. And thank you everyone for joining the call. Good night. Thank you.
Rakesh Sharma
Thank
Anand Newar
You all
Operator
On behalf of Bajaj Auto limited. That concludes this conference. Thank you for joining us. And you may now disconnect your line.