StandNote39

39   Disclosure of transactions with related parties as required by the Indian Accounting Standard 24

Related party where control exists

Subsidiaries:

Sr. No

Name of the Entity

Sr. No

Name of the Entity

     

1

Bajaj Auto International Holdings BV

39

KTM Australia Pty Ltd.

2

PT Bajaj Auto Indonesia

40

HQVA Pty Ltd.

3

Bajaj Auto (Thailand) Limited

41

KTM Motorcycles Distributers NZ Limited

4

Bajaj Do Brasil Comercio De Motocicletas Ltda

42

KTM do Brasil Ltda

5

Bajaj Auto Spain, SL

43

KTM (SHANGHAI) MOTO CO. LTD.

6

Bajaj Auto Technology Limited (BATL), earlier known as Chetak Technology Ltd.

44

Husqvarna Mobility GmbH

7

Bajaj Auto Credit Limited

45

KTM Informatics GmbH

8

Bajaj Auto International Holdings AG earlier known as Pierer Bajaj AG

46

KTM Racing GmbH

9

Bajaj Mobility AG earlier known as PIERER Mobility AG

47

KTM MotoGP Racing GmbH

10

KTM AG

48

KTM Offroad Racing GmbH

11

KTM Sportmotorcycle GmbH

49

KTM Racing North America, Inc.

12

KTM North America Inc.

50

PIERER Produktion GmbH

13

Husqvarna Mobility North America, Inc. earlier known as Husqvarna Motorcycles North America, Inc.

51

KTM Beteiligungs GmbH

14

Husqvarna Motorsports Inc.

52

KTM Immobilien GmbH

15

KTM Motorsports Inc.

53

KTM Logistikzentrum GmbH

16

WP Suspension North America Inc

54

KTM Sportmotorcycle India Private Limited (Company is under liquidation)

17

KTM Canada Inc

55

KTM Motohall GmbH

18

PIERER IMMOREAL NORTH AMERICA LLC

56

WP Immobilien GmbH

19

KTM Japan K.K.

57

KTM Components GmbH

20

KTM Motorcycles S.A. Pty. Ltd.

58

KTM Forschungs & Entwicklungs GmbH

21

KTM Sportmotorcycle Mexico C.V. de S.A.

59

Cero Design Studio S.L.

22

KTM Sportmotorcycle Deutschland GmbH

60

CFMOTO Motorcycles Distributions GmbH

23

KTM Switzerland Ltd.

61

WP Suspension GmbH

24

KTM Sportmotorcycle UK Ltd.

62

GASGAS GmbH

25

KTM-Sportmotorcycle Espana S.L.

63

GASGAS Motorcycles Espana SLU

26

KTM Sportmotorcycle France SAS

64

Avocodo GmbH

27

KTM Sportmotorcycle Italia S.r.l.

65

PIERER New Mobility GmbH

28

KTM-Sportmotorcycle Nederland B.V.

66

PIERER New Mobility Deutschland GmbH

29

KTM Sportmotorcycle Scandinavia AB

67

PIERER New Mobility North America Inc

30

KTM Sportmotorcycle Benelux S.A.

68

PIERER NEW MOBILITY AUSTRALIA PTY LTD

31

KTM Sportmotorcycle Hungaria Kft.

69

PIERER New Mobility Bulgaria OOD

32

KTM Central East Europe s.r.o.

70

PIERER New Mobility S.A. Pty Ltd.

33

KTM Osterreich GmbH

71

Felt Bicycles GmbH

34

KTM Nordic Oy

72

PIERER E-Commerce GmbH

35

KTM Sportmotorcycle d.o.o.

73

PIERER E-Commerce North America Inc

36

KTM Czech Republic s.r.o.

74

Platin 1483. GmbH (Company is under liquidation)

37

KTM Sportmotorcycle SEA PTE. Ltd.

75

PIERER & MAXCOM MOBILITY OOD

38

KTM Australia Holding Pty Ltd.

    

Related parties listed from Sr. No. 8 to 75 were associates in the previous year and became subsidiaries with effect from 18 November 2025. Accordingly, transactions disclosed for the previous year pertain to the period when they were associates, while current year disclosures include transactions for periods when they were both associates and subsidiaries.

    

(₹ In Crore)

Name of related party and Nature of relationship

Nature of transaction

2025–26

2024–25

Transaction value

Outstanding amounts carried in the Balance Sheet

Transaction value

Outstanding amounts carried in the Balance Sheet

    

A

Subsidiaries:

PT.Bajaj Auto Indonesia

Contribution to equity (411,875 shares of USD 3 each)

–

6.17

–

6.17

(99.25% shares held by Bajaj Auto Ltd.)

Provision for diminution in value of investment

–

(2.17)

–

(2.17)

Bajaj Auto International Holdings BV (Fully owned subsidiary)

Contribution to equity (3,230,000 shares of Euro 100 each)

1,201.94

2,420.66

–

1,218.72

Contribution to capital and/or Loan Amount*

323.54

1,366.56

1,043.02

1,043.02

Interest income on loan

103.24

26.18

7.07

7.07

Bajaj Auto (Thailand) Ltd. (Fully owned subsidiary)

Contribution to equity (449,997 shares of THB 100 each)

–

10.54

–

10.54

Services received

–

–

13.78

(4.23)

Bajaj Auto Technology Ltd. (Fully owned subsidiary)

Contribution to equity (470,000,000 shares of ₹ 10 each)

–

470.00

–

470.00

Services received (including royalty, reimbursement of expenses etc)

- Billed

217.46

–

76.96

(20.13)

- Unbilled

74.98

(74.98)

10.66

(10.66)

Services rendered (including reimbursement of expenses)

- Billed

23.48

–

25.12

–

- Unbilled

–

–

7.82

7.82

Advance given

–

37.35

–

–

Purchases

0.03

–

0.65

–

Purchase of intangible assets

27.01

(7.94)

–

–

Bajaj Auto Credit Ltd. (Fully owned subsidiary)

Contribution to capital (2,700,000,000 shares of ₹ 10 each)

300.00

2,700.00

2,105.00

2,400.00

Investment in Subordinated Debentures

500.00

500.00

–

–

Interest on Subordinated Debentures

19.29

19.29

–

–

Service received (including reimbursement of expenses)

20.70

–

0.11

–

Service rendered (including reimbursement of expenses)

33.31

4.94

15.81

–

Bajaj Do Brasil Comercio De Motocicletas Ltda (Fully owned subsidiary)

Contribution to equity (57,500,000 shares of Reais 1 each)

–

93.52

8.53

93.52

Sale of material

492.21

316.47

327.03

200.05

Bajaj Auto Spain S.L.U. (Fully owned subsidiary)

Contribution to equity (6,000 shares of Euro 100 each)

–

5.16

–

5.16

Services received

0.48

–

15.37

(0.59)

KTM AG

Sale of vehicles and material

129.67

55.88

102.22

(91.15)

Services rendered and other debits

0.57

–

9.46

–

Purchases (including purchase of accessories and other capital items), merchant purchase and other credits

1.06

–

1.76

–

KTM Sportmotorcycle GmbH

Sale of vehicles and material

1,368.71

160.64

452.60

59.37

Royalty paid and payable

-    Billed

33.28

–

24.43

–

-    Unbilled

15.97

(15.97)

11.10

(11.10)

Services rendered and other debits

14.35

–

0.24

–

Purchases (including purchase of accessories and other capital items), merchant purchase and other credits

1.43

–

2.83

–

KTM Sportmotorcycle India Pvt. Ltd.

Royalty paid and payable

-    Billed

10.80

–

6.23

–

-    Unbilled

–

–

2.79

(2.79)

Services rendered and other debits

-    Billed

7.91

–

4.98

(0.42)

-    Unbilled

–

–

1.65

1.65

Purchases (including purchase of accessories and other capital items), merchant purchase and other credits

0.02

–

–

–

KTM Forschungs & Entwicklungs Gmbh

Sale of vehicles and material

0.07

0.21

2.13

0.11

KTM Australia PTY

Sale of vehicles and material

0.17

–

–

–

Husqvarna Motorcycles GmbH

Sale of vehicles and material

16.50

(0.02)

89.43

(0.20)

Royalty paid and payable

-    Billed

0.09

–

0.47

–

-    Unbilled

–

–

0.05

(0.05)

Purchase of accessories and other credits

–

–

0.02

–

KTM North America

Sale of vehicles and material

62.09

0.78

–

–

     

B

Associates, joint ventures and investing parties:

Bajaj Holdings & Investment Ltd.

Investment in shares by BHIL [95,547,251 shares of ₹. 10 each]

–

(95.55)

–

(95.55)

(Investing party – holds 34.21% shares of Bajaj Auto Ltd.)

Purchase of shares by BAL [3,500,000 shares of ₹. 10 each]

–

1,111.49

–

1,111.49

Dividend paid

2,006.49

–

764.38

–

Dividend received

32.55

–

30.10

–

Business support service received

30.74

–

33.54

–

Business support service rendered

2.67

–

1.28

–

    

C

Key management personnel and their relatives:

Rajiv Bajaj (Managing Director)

Short-term employee benefits (including Commission)

55.14

(35.21)

54.85

(35.21)

Post-employment benefits

3.73

–

3.73

–

Rent paid for premises

3.40

–

3.24

–

Deposit paid against premises taken on lease

–

1.92

–

1.92

Pradeep Shrivastava (Executive Director)

Short-term employee benefits

20.03

–

27.34

–

Post-employment benefits

1.07

–

0.99

–

Equity shares issued pursuant to stock option scheme

4.29

–

10.53

–

Fair value of stock options granted

2.88

–

2.62

–

Rakesh Sharma (Executive Director)

Short-term employee benefits

14.35

–

15.94

–

Post-employment benefits

0.95

–

0.87

–

Equity shares issued pursuant to stock option scheme

–

–

1.20

–

Fair value of stock options granted

2.88

–

2.62

–

Sanjiv Bajaj

Sitting fees

0.06

–

0.08

–

Commission

0.19

(0.19)

0.25

(0.25)

Niraj Bajaj (Chairman)

Sitting Fees

0.11

–

0.13

–

Commission

0.35

(0.35)

0.41

(0.41)

Rishabnayan Bajaj

Renumeration including perquisites

0.57

–

0.44

–

    

D

Other entities/persons: (Employee benefit plans, independent directors, and entities where persons under Ind AS 24 para 9(a) hold significant influence, control, joint control, or acts as KMP)

Bajaj Finserv Ltd.

Business support service rendered

0.04

–

0.11

–

Bajaj Finance Ltd.

Investment in shares by BFL (150 shares of ₹ 10 each) – ₹ 1,500

–

–

–

–

Service rendered

31.69

(0.08)

30.30

(0.06)

Service received

6.93

0.03

1.68

(0.33)

Security deposit received

–

(0.21)

–

(0.21)

Investment in fixed deposit

745.00

745.00

–

280.00

(Redemption) of fixed deposit

(280.00)

–

(220.00)

–

Interest income/(reversal) on fixed deposit

31.33

22.30

29.76

15.39

Dividend paid

–

–

–

–

Bajaj General Insurance Co. Ltd. (earlier known as Bajaj Allianz General Insurance Co. Ltd.)

Insurance premiums paid

24.80

4.97

26.21

12.66

Claims received/receivable

2.89

–

0.26

–

Bajaj Life Insurance Co. Ltd. (earlier known as Bajaj Allianz Life Insurance Co. Ltd.)

Investment in shares by BALIC (125,000 shares of ₹ 10 each)

–

(0.13)

–

(0.13)

Insurance premiums paid/(refunded)

0.98

–

1.26

–

Dividend paid

2.63

–

1.00

–

Bajaj Housing Finance Ltd.

Services rendered

3.04

–

2.38

–

Security deposit received

–

(0.03)

–

(0.03)

Bajaj Electricals Ltd.

Purchases (including services received)

–

(0.11)

–

(0.11)

Hind Musafir Agency Ltd.

Services received

–

–

12.36

(0.02)

Hindustan Housing Co. Ltd.

Maintenance charges paid

0.26

–

0.23

0.03

Maharashtra Scooters Ltd.

Investment in shares by MSL (6,927,794 shares of ₹ 10 each)

–

(6.93)

–

(6.88)

Dividend paid

144.47

–

55.03

–

Purchases

–

–

0.18

–

Services rendered

0.01

–

0.03

–

Rishabh Family Trust

Rent paid for premises

1.14

–

0.36

(0.32)

Security deposit paid

0.25

0.25

–

–

Bajaj Auto Holdings Ltd.

Business Support Services Rendered

0.01

–

–

–

Forbes Marshall Pvt Ltd.

Purchases of spare, accessories and others

–

–

0.06

–

Bajaj Auto Employees Group Gratuity Fund

Gratuity contribution

14.32

–

3.70

–

Bajaj Auto Senior Staff Group Gratuity Fund

Gratuity contribution

6.00

–

1.00

–

Bajaj Auto Employees Superannuation Fund

Superannuation contribution

8.33

–

8.37

–

Bajaj Auto Limited Provident Fund

Provident fund contribution (Employer's share)

47.98

(3.29)

45.85

(1.15)

Kiska GmbH

Services received

–

–

1.90

–

Naushad D Forbes

Sitting fees

0.18

–

0.18

–

Commission

0.57

(0.57)

0.57

(0.57)

Anami N. Roy

Sitting fees

0.15

–

0.16

(0.01)

Commission

0.47

(0.47)

0.50

(0.50)

Pradip Shah

Sitting fees

0.16

–

0.17

(0.01)

Commission

0.50

(0.50)

0.54

(0.54)

Vinita Bali

Sitting fees

0.15

–

0.11

–

Commission

0.47

(0.47)

0.35

(0.35)

Abhinav Bindra

Sitting fees

0.13

–

0.15

–

Commission

0.41

(0.41)

0.47

(0.47)

Sangita Reddy

Sitting fees

0.05

–

0.04

–

Commission

0.16

(0.16)

0.13

(0.13)

Indian School of Business

Services received

0.11

–

–

–

Transaction values are excluding taxes and duties.

Transactions where the Company act as an intermediary and passed through Company’s books of accounts are not in nature of related party transaction and hence are not disclosed.

Name of the related party and nature of the related party relationship where control exists have been disclosed irrespective of whether or not there have been transactions between the related parties. In other cases, disclosure has been made only when there have been transactions with those parties.

Related parties as defined under clause 9 of the Indian Accounting Standard – 24 ‘Related Party Disclosures’ have been identified based on representations made by key managerial personnel and information available with the Company.

All above transactions are in the ordinary course of business and on arms’ length basis. All outstanding balances are unsecured, repayable in cash, and no impairment or provision has been recorded against such balances.

Outstanding balances denominated in foreign currency are disclosed based on the amounts recorded at the date of the underlying transaction. These disclosures do not include the impact of subsequent foreign exchange remeasurement/revaluation, if any, as at the reporting date.

Short-term employee benefits, including remuneration to directors, key managerial personnel and other related parties, are disclosed in accordance with the Companies Act,2013.

*The loan has been/will be utilised by Bajaj Auto International Holdings BV (BAIHBV) for the purpose for which it was obtained (refer footnote to note 6 of standalone financial statements for details, terms, and conditions). The outstanding amount does not reflect the impact of forex mark-to-market (MTM) changes.