Bajaj Auto Limited reported total sales of 4,45,377 units in March 2026, a 20% increase from 3,69,823 units in March 2025. The performance caps a fiscal year marked by accelerating export momentum and a domestic market recovery that, while measured over the full year, showed sharper improvement in the second half.

The March print is notable for the consistency of its growth profile: domestic sales, two-wheeler volumes, and commercial vehicle dispatches each registered exactly 20% year-on-year improvement, while exports marginally outperformed at 21%.

Domestic sales reached 2,66,290 units against 2,21,474 units in March 2025. Within this, domestic two-wheelers accounted for 2,21,021 units — a 20% increase on a base that was essentially flat in March 2025, when domestic two-wheeler sales held at 1,83,659 units with minimal year-on-year movement.

The sharp reacceleration from near-zero growth in March 2025 to 20% in March 2026 indicates a meaningful improvement in underlying retail demand, particularly in rural and semi-urban markets where two-wheeler penetration is a primary indicator of economic sentiment.

Commercial vehicles on the domestic side contributed 45,269 units, also up 20% year-on-year, consistent with the segment's trajectory throughout the fiscal year. Bajaj's three-wheeler franchise — the dominant component of its commercial vehicle portfolio — has benefited from continued fleet replacement cycles and last-mile logistics demand in Tier 2 and Tier 3 urban centres.

Export dispatches totalled 1,79,087 units, up 21% from 1,48,349 units in March 2025. That compares to a more modest export performance in the year-ago period, when international volumes rose only incrementally. The acceleration reflects sustained demand across Bajaj's core export geographies — sub-Saharan Africa, Latin America, and South and Southeast Asia — as well as the company's expanding footprint in premium and mid-displacement segments internationally through its Pulsar and Dominar platforms.

Aggregate two-wheeler volumes — domestic and export combined — stood at 3,80,473 units, up 21% from 3,15,732 units in March 2025. Commercial vehicle segment totals reached 64,904 units, a 20% gain.

The two-wheeler segment's 21% consolidated growth, driven in part by exports outpacing domestic dispatches in absolute terms, reinforces a dynamic that has characterised FY26: international demand providing the primary volume lever while domestic recovery has been more gradual.

Placed against the eleven-month cumulative data through February 2026 — when Bajaj reported 46,72,290 units year-to-date, up 9% — the March result implies full-year FY26 volumes in the vicinity of 51 lakh units, pending finalisation. Export volumes for April–February had already reached 20,71,096 units, up 21% year-to-date, with domestic two-wheeler volumes nearly flat over that stretch at 21,28,019 units.

The March data confirms that the domestic segment's growth rate improved materially in the final quarter of FY26, closing the gap with export performance and presenting a more balanced demand profile as the company enters FY27.

For comparison, February 2026 had delivered 27% year-on-year growth — a higher rate attributable partly to a softer base — making March's 20% gain a more normalised but still operationally significant result. The sequential volume decline from February's 4,48,259 units to March's 4,45,377 units is marginal and not indicative of demand softening.

Bajaj Auto's commercial vehicle export sub-segment had been the standout performer through most of FY26, recording 52% year-to-date growth through February. The March commercial vehicle export contribution, embedded within the 64,904-unit total, will be a metric to watch in the final filing for signals on whether that outperformance was sustained into fiscal year-end.