Synopsis: Bajaj Auto became India’s top electric two-wheeler maker in October 2025 with 21.9% market share, surpassing TVS. The company restored full Chetak scooter production after supply issues eased.
Renowned for its two-wheelers and innovation in electric mobility, the company has achieved a major milestone by surpassing popular rivals in the EV space this October. This article explores the factors behind its impressive performance, market share gains, and what this could mean for investors going forward.
Bajaj Auto Limited’s stock, with a market capitalisation of Rs. 2,48,539 crores, fell to Rs. 8,802, hitting a low of up 1.35 percent from its previous closing price of Rs. 8,923. Furthermore, the stock over the past year has given a negative return of 9.52 percent.
E2W Ranking
India’s electric two-wheeler market gained strong momentum in October 2025, boosted by festive season sales. VAHAN data shows Bajaj Auto led the market with 29,567 registrations, capturing 21.9% share, followed closely by TVS Motor with 28,008 units (20.7%). Ather Energy held third place, recording 26,713 sales and a 19.6% market share.
Ather Energy achieved its highest-ever monthly sales in October, doubling its volumes since April 2025. The company credited this growth to robust festive demand and the popularity of its Rizta model. Ola Electric dropped to fourth with 15,481 units (11.6%), and Hero MotoCorp’s Vida brand took fifth with 15,064 units (11%).
Ampere secured a 5% share with 6,976 units, ahead of Bgauss (2%), Pure EV (1.3%), and River (1%). Other brands together accounted for 8,309 units and a 5.9% share. October’s strong performance follows a weaker September, when total registrations dropped to 96,031 units from 104,453 in August.
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What led to this change
Bajaj Auto became the top electric two-wheeler manufacturer in India in October 2025 primarily by surpassing TVS Motor in EV sales with a 21%+ market share. This was driven by Bajaj’s restoration of full production capacity, particularly for its popular Chetak electric scooter, and resolving supply chain issues such as those related to rare earth magnets.
Bajaj sold 29,567 EV units in October, up significantly from about 19,687 units in September, edging out TVS which sold around 28,008 units. Bajaj’s strategic push during the festive season, combined with renewed consumer demand and production recovery, helped it secure a narrow lead over TVS and others in the competitive electric two-wheeler market.
Q1 Financial Highlight
The company reported revenue of Rs. 13,133 crore in Q1FY26, rising 3.8% QoQ from Rs. 12,646 crore in Q4FY25 and 10% YoY from Rs. 11,932 crore in Q1FY25. The consistent sales growth aligns with its 3-year sales CAGR of 15%, reflecting steady business expansion across segments.
Net profit stood at Rs. 2,210 crore in Q1FY26, up 22.6% QoQ from Rs. 1,802 crore and 13.8% YoY from Rs. 1,942 crore. The improvement in profitability mirrors efficiency gains and strong operational execution, supported by a 3-year profit CAGR of 10% and ROE CAGR of 23%.
Written By Fazal Ul Vahab C H
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