Bajaj Auto Shares Fall 8% Despite 5% Sep Sales Growth As Exports Fail To Offset Impact Of Weaker Domestic Demand

Bajaj Auto shares came under heavy selling pressure on Thursday despite the automaker reporting a 5% year-on-year increase in total sales for September 2026, driven primarily by a sharp rise in exports.

The stock fell as much as 7.91% to ₹10,000 on the BSE in early trade. At 10:55 am, it was trading 7.8% lower at ₹10,019.

Bajaj Auto sold 5,38,443 vehicles during September, compared with 5,10,504 units in the corresponding month last year. However, the growth was below market expectations of around 11-12%.

Exports drive sales as domestic market weakens

Exports increased 32% year on year to 2.43 lakh units from 1.85 lakh units in September 2025. Domestic sales, however, declined 9% to 2.94 lakh units from 3.25 lakh units.

Two-wheeler sales rose 5% to 4.51 lakh units. Exports in the segment surged 34% to 2.11 lakh units, while domestic two-wheeler sales fell 12% to 2.39 lakh units.

Commercial vehicle and three-wheeler sales increased 9% to 86,949 units. Domestic dispatches in this category grew 5% to 54,685 units, while exports climbed 17% to 32,264 units.

The September numbers were weaker than analysts had anticipated. Market estimates had pegged overall sales growth at 11-12%, with two-wheeler sales expected to be around 4.8 lakh units.

Six-month sales show stronger growth

Bajaj Auto's performance during the first six months of FY27 was considerably stronger. Total sales between April and September rose 24% year on year to 29.87 lakh units from 24.05 lakh units during the same period a year earlier.

Exports during the six-month period jumped 47% to 15.11 lakh units, while domestic sales increased 7% to 14.76 lakh units.

The stock has nevertheless remained under pressure over the past month, declining about 18%. Despite the recent weakness, Bajaj Auto shares have gained 14% over six months and delivered an 18% return over the past year.