March 2026 highlights a company in the middle of a structural shift—from a legacy ICE-heavy portfolio to a more future-ready mix led by EVs and refreshed motorcycles. Growth is strong, but uneven.
Here is a modelwise breakup of March’26 volumes:
Overall Performance: Strong Headline, Uneven Core
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Total dispatches: 2,21,021 units
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YoY growth: +20%
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MoM growth: +19%
This is a solid finish to FY26, but the growth is concentrated in specific pockets, not broad-based across the portfolio.
EV Scooters: The New Growth Engine
Under the Bajaj Chetak Electric umbrella:
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34,416 units
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+19% YoY | +23% MoM
The shared mobility-focused Yulu Ver 3.0 posted +324% YoY growth
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EVs are no longer experimental—they’re central to Bajaj’s growth story
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Growth is coming from:
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Retail adoption (Chetak)
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Institutional demand (Yulu partnership)
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Key shift: Bajaj is building a dual-channel EV strategy (retail + B2B)
Commuter Motorcycles: Stable, Not Scaling
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Bajaj Platina: +7% YoY | +35% MoM
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Bajaj CT 100: +5% YoY
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Rural demand remains resilient but not accelerating
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March spike likely reflects:
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Inventory push
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Seasonal demand
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This segment is defensive, not a growth driver
Pulsar Portfolio: Divergence Within the Core
The Bajaj Pulsar range shows clear internal fragmentation
Winners:
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Pulsar 160 / 200 NS: +153% YoY
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Pulsar 220: +160% YoY
Under Pressure:
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Pulsar 150: -27% YoY
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Pulsar NS400z: -96% YoY
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Pulsar 125: Flat YoY, but MoM recovery
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Demand is shifting toward newer, sportier, higher-displacement variants
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Legacy, high-volume models are rapidly losing relevance
Bajaj is undergoing “portfolio migration within Pulsar”
Premium Motorcycles: Promise, But Volatile
KTM Partnership
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KTM Duke 200: +35% YoY
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KTM Duke 250: +116% YoY
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KTM Duke 390: -41% YoY
Triumph Partnership
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Triumph Speed 400: -27% YoY | -41% MoM
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Triumph 350: Stable (no YoY base)
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Entry-premium is gaining traction (200–250cc)
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Higher displacement demand is volatile and price-sensitive
Premium is strategically important, but execution still inconsistent
Cruiser Segment: Structural Decline
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Bajaj Avenger 180: Zero sales vs 1,113 last year
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Bajaj Avenger 220: YoY growth, slight MoM dip
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Consumer preference is shifting toward:
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Sporty motorcycles
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Multi-purpose bikes
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Cruiser segment is losing long-term relevance
Key Takeaways
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EVs (Chetak) are now the primary growth driver
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Mid-capacity Pulsars are replacing legacy models
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Premium segment has potential but lacks consistency
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Commuter bikes remain stable but low-growth
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Cruiser category is structurally shrinking
March 2026 reinforces that Bajaj Auto is in the middle of a strategic shift—balancing its legacy ICE strength with an aggressive EV push. The transition is underway, but execution consistency across segments will determine how well Bajaj sustains this growth trajectory.
