Bajaj Auto - Is the company back on growth track?

Report from Nirmal Bang:-

19Feb2022 Nirmal Bang.pdf (407.8 KB)

Honda Activa EV

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Bajaj Auto is planning to tap the big opportunity to sell its electric scooters in the south east Asian market given that countries in the region have announced ambitious targets for conversion of ICE vehicles to electric.


Two-wheeler EV sales cross 75,000 units in November 2022

A total of 76,163 electric two-wheelers were sold in November 2022, up from the 68,324 units retailed in October.

Ola Electric sales Nov 16000 &
Bajaj 3000

Bajaj is at 6th number

Why Bajaj is not focusing in EV

In my opinion Customers are in dilemma that whether they should wait for some time to get a good EV or buy ICE 2 wheeler now and may be postponing their replacement purchase. At least ,I am facing the same dilemma.

Who is stopping Bajaj to capture Indian Market… they should focus first on Indian Market and then internationally.

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After good results, management outlined a few potential steps for FY 2023-24 in their investor call,

  1. Launch of electric 3W by March / April 2023.

  2. Setting up of exclusive Chetak showrooms from 2023-24 onwards and compliment this with a portfolio of EVs in next 2 to 3 years. They want to make their EV business sustainability independent of govt subsidies and are taking EV business as a marathon. Expect slow and gradual pick up. Not anything aggressive.

  3. New Pulser launch is accepted well. KTM is going strong and Triumph launch is near but no firm dates yet on Triumph.

  4. Export related challenges are expected to linger on for a couple of more quarters, however no major concerns in long run. They are consolidating on their market share in major markets. But challenges to persist and might impact CY 2023 business numbers.

Overall looks like that slowly multiple levers are coming together. Haziness to persist for next two quarters. However, next three years look very positive and will determine fate of the company and of its shareholders.


TVS is emerging leader now. I think TVS will trump others in 2 wheeler EVs. OLA has product issues.