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“Even if I fail, I’ll fail gloriously—but not by trying to be everything to everyone,” says Anupam Thareja, Co-Founder of Classic Legends, as the company prepares to turn the corner financially after years of strategic resets and market volatility.
Nearly five years since its high-decibel relaunch of iconic brands like Jawa, Yezdi, and BSA, Classic Legends now expects to report a marginal profit in FY26, recovering from a challenging period marked by COVID disruptions, uneven product-market fit, and export delays.
A Hard-Fought Path to Profitability
The company, which had earlier projected bolder targets, has moderated its FY26 ambitions while aiming for 100% growth in volumes—albeit from a low base of 30,000 to 35,000 units. It has even set a more realistic export goal of 20,000 units, down from earlier estimates of 40,000.
The recovery is underpinned by four upcoming product launches, expansion into seven new international markets, and a sharp focus on building a 500-dealer domestic network by the festive season.
“We are going to be profitable at the PAT level—not for the first time, but after a long gap,” Thareja confirmed during a candid interaction, adding, “We were profitable before COVID, and now we’re aiming to get back there.”
Still, Thareja warned against interpreting this as a celebratory moment. “Please don’t take that as the headline. Talk about invention. Profit will come if we do the right things,” he said, urging a more measured reading of the turnaround.
Subpar Market Performance Despite Heritage Brands
Despite entering the mid-size motorcycle segment with high emotional equity and the backing of the Mahindra Group, Classic Legends has significantly underperformed relative to initial expectations. At launch in late 2018, the company had internally targeted sales of 1 lakh units annually within the first few years. However, cumulative domestic sales over five years have just crossed the 2.2 lakh mark, translating to less than 50,000 units annually.
In contrast, Royal Enfield continues to dominate the segment with over 9 lakh units sold annually, while new entrants like Triumph-Bajaj and Harley-Davidson-Hero are offering incremental global options for buyers.
Despite Classic Legends’ first-mover advantage in reviving legacy badges, poor quality issues in the initial phases, inconsistent distribution, and delayed model cycles dented its brand perception and dealer confidence.
Backed by Mahindra, Fueled by Capital
Crucially, the Mahindra Group—Classic Legends’ principal shareholder—remains committed to the venture. Positioned internally as a “Growth Gem” within Mahindra’s diversified mobility portfolio, Classic Legends is set to receive a ₹1,000 crore capital infusion to scale operations, deepen R&D, and expand its global footprint.
“That ₹1,000 crore investment is core to everything we needed to fix—from plant upgradation to engineering enhancements. And the output is finally validating our efforts,” Thareja said, pointing to the recent improvement in product quality, seamless finishes, and low complaint ratios.
“We are going to add performance to the classics—that’s who we are,” Thareja underlined, signalling the brand’s sharper focus on blending retro appeal with modern engineering.
Yezdi Adventure Returns with Renewed Firepower
At the center of Classic Legends’ FY26 product push is the all-new Yezdi Adventure. This model now features significantly enhanced technology, improved suspension, and options such as switchable ABS and traction control, all offered at a compelling price point.
With Hero MotoCorp’s XPulse 200 and XPulse 210 at the entry level and Royal Enfield’s Himalayan 450 anchoring the premium end of the segment, the Yezdi Adventure is now positioned squarely in the middle, aiming to offer a balanced blend of capability, performance, and affordability.
This mid-positioning allows Classic Legends to target aspiring adventurers who seek more power and features than the XPulse offers but aren’t ready to stretch their budget for the Himalayan. Dealers expect this bike to drive much stronger volumes than its predecessor, particularly in tier-1 and tier-2 cities where adventure touring is gaining traction.
Four New Models in FY26, New Engine Platform on the Horizon
In addition to the refreshed Adventure, Classic Legends has lined up four more model launches for FY26 across the Jawa, Yezdi, and BSA portfolios. These will include segment-specific enhancements and limited-edition variants designed to expand the brand’s reach. More significantly, the company has confirmed that development is underway on a new engine platform, expected to be around 450cc, slated for rollout in FY27.
This powertrain will underpin a new wave of models with higher performance credentials, giving Classic Legends a broader portfolio to go deep and carve a space for itself in a market dominated by Royal Enfield.
Lessons from Setbacks and a Leaner Playbook
While the brand was once seen as a challenger to Royal Enfield’s dominance in the retro segment, it struggled with early quality issues, misaligned dealer expectations, and a rushed multi-brand rollout. The management now admits some tactical overreach.
“Yes, we made mistakes,” Thareja admitted. “COVID wiped out our momentum. We tried to run before we could walk—rushing multiple brands, global ambitions, and product launches.”
Segmented Focus, Psychographic Targeting
Rather than chasing mass-market metrics, Classic Legends now claims to be focusing on psychographic riders—those who identify with heritage, aesthetic purity, and analog riding experiences. It has consciously stayed out of high-volume, price-driven competitive battles with Japanese and Indian original equipment manufacturers (OEMs) in the commuter segment.
“This is not a demographic play. It’s psychographic. The rider is in Bandra and in a village—same mindset,” said Thareja, explaining why distribution and dealer emotion are just as critical as product quality.
Classic Legends claims to lead the Bobber segment in India and recently found success with its adventure range, highlighting models with low complaint rates and strong customer reception. Thareja highlighted improvements in product quality, engineering refinement, and reduced post-launch complaints, calling recent launches “bulletproof.”
Global Markets: A Calculated Gamble
Even as Classic Legends has yet to establish deep dominance in India, it’s entering seven new global markets in FY26—including the US, Australia, New Zealand, Japan, Mexico, and Argentina. But the company acknowledges that geopolitical volatility and tariff uncertainty have delayed launches and created inventory overhang in some regions.
“We had to delay the US launch by four months due to pricing disruptions and existing inventory from older players. We just had to stop,” Thareja noted. “It’s frustrating, but we’ve decided to stay the course.”
With a retail-first approach, the company aims to make inroads in profitable niches globally while keeping its manufacturing base rooted in India.
The rationale behind Classic Legends’ global play is strategic rather than opportunistic. As Thareja explains, several international markets—particularly the UK, Australia, and Japan—already have brand familiarity with Jawa, Yezdi, and BSA.
These legacy associations offer Classic Legends a cultural head start in the mid-capacity motorcycle segment, where demand for neo-retro and accessible performance bikes continues to grow. The company is targeting focused markets with high-margin potential rather than chasing volumes across geographies.
“There will be segments and markets where we lead, even if our overall volumes remain modest,” Thareja said, citing the company’s surprising leadership in the UK’s retro 650cc category.
Cautious Optimism, Not Overconfidence
While Thareja remains passionate about the brand’s purpose—delivering modern classics with tech and performance—he is mindful of past overextensions.
“This is not about being cheap and best. It’s about delivering a ride that is emotionally honest and mechanically sound,” he says. “I’m glad we are not a listed company. We don’t have to chase quarterly numbers—we can afford to build it right.”
Still, the challenges are far from over. Dealer consolidation, re-earning customer trust, building aftersales support, and staying competitive on pricing remain key hurdles.
Classic Legends’ ambitious plan to double sales, enter seven new export markets, launch four new models, and ready a next-gen engine platform in FY27 will need precise execution, especially in a segment where even legendary brands like Harley and Triumph have struggled to crack India.
Classic Legends may be closer than ever to crossing the profitability milestone, but its founders know this is not a destination, but a checkpoint—one that must be backed by design conviction, product quality, and operational discipline if it wants to avoid the missteps of the past, even as it rides forward with the weight of ₹1,000 crore, a stronger product pipeline, and Mahindra’s strategic backing behind it.
The auto industry is riddled with stories of ambitious products that failed to resonate with the market. In such a high-cost, high-capital sector, one product can make or break a company’s direction. Classic Legends, too, is chasing that elusive breakout—an inflection point product that can both define the brand and deliver sustained pull.
As Thareja candidly acknowledged, “Even Toyota needed 20 products to find that one global hit. Auto works like that. Until that one bike hits the sweet spot, we keep improving and running the machine.”
This article first appeared on Autocar
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