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Bajaj Auto’s domestic sales fall 9% in September as exports lift overall volumes
Our read
Exports are likely to keep cushioning Bajaj Auto’s domestic weakness, while a prolonged home-market slump could bring stronger retail offers and more cautious dealer shipments.
For operators
Prioritize domestic dealer sell-through and inventory checks as Bajaj Auto’s home-market sales fall 9%, with two-wheeler volumes down 12%.
Watch
Domestic two-wheeler sales versus the reported 12% decline.
Ask next
The report,
Bajaj Auto reported 5% sales growth to 5.38 lakh units in September 2026, as exports rose 32% and domestic sales fell 9%. Domestic two-wheeler sales declined 12%. April-September 2026 total sales grew 24% to 29.87 lakh units.
- September 2026 domestic sales2.94 lakh units
- September 2026 exports2.44 lakh units
Reported figures
From the report. Source details below
| September 2026 domestic sales: | 2.94 lakh units |
|---|---|
| September 2026 exports: | 2.44 lakh units |
Why it matters to operators
Evaluate export-distribution partnerships to build on Bajaj Auto’s 32% export growth, while scrutinizing domestic channel investments amid the 9% home-market decline.
What to watch next
- Export growth versus the reported 32% increase.
- Announcements of domestic discounts or dealer incentives.
- Dealer inventory and retail-registration trends.
- Overall volume growth versus the reported 5% increase.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Bajaj Auto is likely to prioritize export fulfilment while overseas shipments remain its main source of volume growth.
- Bajaj Auto may introduce targeted domestic retail offers if two-wheeler sales remain weak, potentially putting pressure on per-unit realisations.
- Bajaj Auto may moderate domestic dealer shipments if retail sell-through fails to improve, limiting inventory accumulation but prolonging reported sales weakness.
The counter-case
The case against this reading — not reported by the source.
Export growth masks weakening domestic volumes: the 12% drop in domestic two-wheelers could signal demand pressure or market-share losses. Overall volume growth may not translate into stronger earnings if discounting rises or export growth comes from less profitable markets.
The source
Published
Also reported by NDTV Profit, Business Today, ET Auto Retail, Mint, The Hindu BusinessLine, Financial Express
First seen