Bajaj Auto Directs 60% of FY26 Capex to EV Expansion

Bajaj Auto will invest 60% of its ₹700 crore FY26 capex in electric vehicles. The company focuses sharply on electric three-wheelers, led by the GoGo brand. These vehicles drive a large part of the firm’s EV success. In FY25, EVs contributed ₹5,500 crore in revenue—about 20% of Bajaj Auto’s total income. Electric three-wheelers account for most of this gain. Bajaj Auto, in fact, now earns profits from its EV unit. The shift marks a turnaround from earlier losses.

“A marginal profit this year is only because of the scale-up of a profitable electric three-wheeler business, which in many ways has also helped offset the dilution that comes in from Chetak (e2W),” said Dinesh Thapar, CFO, Bajaj Auto, during the Q4FY25 post-earnings call.

Mr. Thapar added, “We would spend about ₹700 crore in the course of the current financial year (FY26), and 60 percent of that would be towards EV capex.”

That money will go into research and development and product launches, mainly for commercial electric vehicles. The company wants to sustain its momentum in the GoGo range. It’s been in the electric three-wheeler space for about two years. In the last 15 to 18 months, its market share has grown. Leadership has strengthened.

“Electric three-wheelers and commercial vehicles have continued to grow well, and it's driven double-digit growth in that part of the business,” Mr. Thapar noted.

This segment now anchors Bajaj Auto’s EV journey. The company also claims its EV revenues are the largest ever among three-wheeler firms. This signals rising demand and growing trust in green mobility, especially for intra-city cargo and shared rides. Electric three-wheelers are no longer just an experiment. For Bajaj Auto, they’re a core business driver. And FY26’s spending plan makes that clear.

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