Bajaj Auto's Domestic Sales Fall 9% in September as Exports Jump 32%

Bajaj Auto's September numbers tell two very different stories depending on where you look. Overseas, the Pune-based manufacturer is having one of its strongest runs in years. At home, its two-wheeler business went into reverse just weeks before the festive buying season that usually defines the year for India's motorcycle makers.

The company reported total sales of 5,38,443 units for September 2026, up 5% from 5,10,504 units a year earlier. That headline growth was carried almost entirely by exports, which rose 32% to 2,43,987 units. Domestic sales, by contrast, fell 9% to 2,94,456 units.

Two-wheelers weaken at home

The sharpest decline came in the company's core business. Total two-wheeler sales rose 5% to 4,51,494 units, but that figure hides a 12% drop in domestic two-wheeler dispatches, offset by a 34% jump in two-wheeler exports.

The commercial vehicle segment, which for Bajaj means mainly three-wheelers, was steadier. Total CV sales rose 9% to 86,949 units, with domestic volumes up 5% and exports up 17%.

The swing in the domestic trend is notable. In August, Bajaj's home-market sales had grown about 10% year-on-year, and overall volumes were up 28% that month. September's total of 5,38,443 units was only marginally higher than August's 5,35,764 units, suggesting momentum has flattened rather than collapsed.

Missing the street's number

The bigger issue for investors was the gap with expectations. Analysts had pencilled in roughly 5.7 lakh units for the month, implying growth closer to 13%. Bajaj's actual 5% growth fell well short, and the stock reacted accordingly: it was among the top losers on the Nifty in early trade on Thursday, down about 3.4% shortly after the open, as the wider Nifty Auto index also came under pressure.

Exports now make up about 45% of Bajaj's monthly volumes. That mix has advantages, since overseas markets in Africa, Latin America and parts of Asia have been recovering and tend to support margins. But it also leaves the company more exposed to currency swings and economic shocks in those regions, and it cannot fully mask a slowdown in India, which remains its single largest market.

Why dispatches matter right now

September figures reflect wholesale dispatches to dealers, not retail sales to customers. A drop in dispatches just before Navratri and Dussehra could mean dealers already hold enough stock, or that the company is being cautious about pushing inventory into a softer market. Either way, October retail registrations will show whether demand has truly weakened or whether September was a timing blip.

The half-year picture remains healthy. For April to September 2026, Bajaj's total sales rose 24% to 29,87,135 units, with exports up 47% to 15,10,701 units and domestic sales up 7% to 14,76,434 units.

The contrast with the four-wheeler side of the industry is striking. Mahindra & Mahindra reported a 15% rise in September auto sales to 1,14,874 vehicles, including 64,092 SUVs, up 14%. For two-wheeler makers like Bajaj, the festive weeks ahead will decide whether September was an early warning or a pause.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.