The company’s PAT was reported after adjusting for a one-time exceptional impact arising from the reassessment of employee benefit obligations, following the revised definition of wages under the new Labour Codes notified in November 2025.
The company’s revenue growth was driven by record quarterly volumes and a richer product mix, underpinned by double-digit growth across all businesses—domestic motorcycles, electric two-wheelers, three-wheelers and exports. This performance was supported by buoyant festive demand and GST-led momentum in the domestic market, alongside a sustained resurgence in exports.
Profit before tax was at Rs 3,326.64 crore in Q3 FY26, registering a growth of 18.74% from Rs 2,801.45 crore posted in Q3 FY25.
In Q3 FY26, EBITDA rose to Rs 3,161 crore, up 22% year-on-year, scaling a new peak as margins expanded to 20.8%, reflecting dynamic P&L management. Margins improved by 30 bps sequentially, with currency tailwinds and PU benefits more than offsetting the decision to absorb cost inflation during a strong festive season, as well as the margin drag from the highest-ever quarterly sales of electric two-wheelers.
The firm added that domestic motorcycles turned in its biggest quarter on 125cc+ with double-digit revenue growth YoY, buoyed by sports segment. "Improved traction on the Pulsar portfolio, led by product refreshes/upgrades and amplified by impactful activation which drove quarterly retail volumes to a historic high and the competitive performance of the strategically important 125cc+ segment," it added.
Domestic volumes rose 3% to 7,31,037 units in Q3 FY26 as compared with 7,07,105 units sold in the corresponding quarter last year.
Export volumes jumped 18% to 6,10,215 units in Q3 FY26 as compared with 5,17,367 units sold in the corresponding quarter last year.
Commercial vehicles posted record retails, crossing 100,000 units for the tenth straight quarter, while electric three-wheelers achieved peak billings and retails, exiting the quarter in a leadership position.
Chetak delivered a strong rebound, with volumes up 70% QoQ, aided by resolution of sourcing constraints, rapid production ramp-up and a 500 bps QoQ market-share gain.
The company approved an additional investment of up to Rs 12 crore in the equity share capital of Clean Max Godavari for an open-access group captive power purchase arrangement for its Akurdi and Chakan (Plant 2) manufacturing facilities in Pune.