External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.</li><li>The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.</li><li>LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

<ul><li>International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.</li><li>As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).</li><li>Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

<ul><li>The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.</li><li>Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.</li><li>In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Event-Driven

<ul>
<li>We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.</li>
<li>This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.</li>
</ul>


We cover the multiple factors which led to the operational and financial mess at Pierer Mobility AG, the holding company of KTM.
This insight highlights the past not so great track record of Indian companies acquiring European businesses due to cultural, operational integration and higher restructuring costs.

Bajaj Auto Ltd (BJAUT IN) remains strong domestically, but KTM's losses, debt, and integration hurdles risk compressing margins and return ratios at the consolidated level. We recommend Shorting Bajaj Auto.


KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.</li>
<li>The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.</li>
<li>Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.</li>
</ul>


Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.


Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing...

Axis Direct

Axis Punch: Bajaj Auto - 24th June, 2025

The e2W network stands at 310 Chetak Experience Centres and over 3,000 sales points. Further product line expansion is planned for FY26 to capture...

Axis Direct

KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing...

Axis Direct

Axis Punch: Bajaj Auto - 24th June, 2025

The e2W network stands at 310 Chetak Experience Centres and over 3,000 sales points. Further product line expansion is planned for FY26 to capture...

Axis Direct

KTM Saga, Short Bajaj Auto – There's a Lot to Chew On

Bajaj Auto International Holdings B.V. (BAIH), a wholly owned subsidiary of Bajaj Auto, has exercised its call option to acquire 26,000 shares of...

Sreemant Dudhoria,CFA

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

​Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.

Nimish Maheshwari

Bajaj Auto to take majority control of KTM AG, injecting €800 million to rescue the brand, secure technology, and expand into premium-sport segment.