Bajaj Auto share price: Targets by CLSA, Morgan Stanley, UBS, Citi, Jefferies, Bernstein
Bajaj Auto share price targets: Morgan Stanley has the lowest target price on Bajaj Auto at Rs 9,259, while Investec has the highest target of Rs 13,185, so far.
- Jul 22, 2026,
- Updated Jul 22, 2026 9:11 AM IST
Bajaj Auto Ltd reported a strong June quarter performance, sustaining robust margins despite a sharp rise in input costs. Following its Q1 results, the stock has received 'Buy' or 'Outperform' ratings from Goldman Sachs, Bernstein and Nomura; 'Hold' or 'Neutral' ratings from HSBC, Jefferies and BNP Paribas; and 'Sell' or 'Underweight' ratings from UBS, Citi and Morgan Stanley. Including the latest target prices from 21 analysts, the consensus target for the two-wheeler stock stands at Rs 11,324, implying an upside of 8.8 per cent from the current market price.
Morgan Stanley has the lowest target price on Bajaj Auto at Rs 9,259, while Investec has the highest target of Rs 13,185, so far.
Bernstein said other auto companies benefited primarily from GST cuts and supportive domestic policies, but Bajaj's performance was driven largely by its own execution, as it suggested a target of Rs 11,500, as per Bloomberg data compiled by Business Today.
Among other foreign brokerages, Nomura assigned a target price of Rs 12,220 to Bajaj Auto, followed by CLSA at Rs 12,068, Goldman Sachs at Rs 12,000, HSBC at Rs 11,700, Jefferies at Rs 11,500, Macquarie at Rs 10,900, BNP Paribas at Rs 10,600 and Citi at Rs 10,000 and UBS at Rs 9,530.
Among domestic brokerages, Nirmal Bang has the highest target at Rs 12,941, followed by ICICI Securities at Rs 12,650, Antique Stock Broking at Rs 12,275, IIFL Securities, and Choice Broking at Rs 12,000 each. Ambit Capital has a target of Rs 10,190, while JM Financial has the lowest domestic target at Rs 9,850.
Bajaj Auto logged what analyst said was a resilient Q1, with revenue up 37 per cent year-on-year (YoY) led by 29 per cent YoY growth in volumes and 2.8 per cent sequential increase in average selling price. Ebitda was stable quarter-on-on-quarter at 20.9 per cent, as the 100 basis point QoQ gross-margin drop was offset by lower other expenses.
Emkay Global said Bajaj Auto highlighted a strong demand outlook for Q2 and FY27 across the domestic and exports markets despite the volatile environment and geo-political headwinds.
"The company saw a 4.5 per cent hit from commodity inflation in 1Q which was offset by calibrated pricing actions and tight cost controls. Bajaj Auto will continue its calibrated pricing actions as well as focus on value engineering and productivity improvement," Emkay said while revising its target on the stock to Rs 13,700 from Rs 13,000 earlier.
MOFSL said export outlook continued to be healthy, with management targeting 2,50,000 units of exports per month in Q2. Bajaj Auto continued to outperform even in EVs, both 2Ws and 3Ws.
"Given the strong earnings forecast, healthy return ratios, among-the-best dividend payouts and a resilient business model, valuations at 23 times/19.6 times FY27E/FY28E EPS appear attractive. We upgrade Bajaj Auto to BUY (from Neutral) with a revised target of Rs 12,096 per share, based on 24 times FY28E core EPS," MOFSL said.
Net-net, Bajaj Auto has 30 'Buy' calls, eight 'Hold' and eight 'Sell' post Q1 results.
Bajaj Auto Ltd reported a strong June quarter performance, sustaining robust margins despite a sharp rise in input costs. Following its Q1 results, the stock has received 'Buy' or 'Outperform' ratings from Goldman Sachs, Bernstein and Nomura; 'Hold' or 'Neutral' ratings from HSBC, Jefferies and BNP Paribas; and 'Sell' or 'Underweight' ratings from UBS, Citi and Morgan Stanley. Including the latest target prices from 21 analysts, the consensus target for the two-wheeler stock stands at Rs 11,324, implying an upside of 8.8 per cent from the current market price.
Morgan Stanley has the lowest target price on Bajaj Auto at Rs 9,259, while Investec has the highest target of Rs 13,185, so far.
Bernstein said other auto companies benefited primarily from GST cuts and supportive domestic policies, but Bajaj's performance was driven largely by its own execution, as it suggested a target of Rs 11,500, as per Bloomberg data compiled by Business Today.
Among other foreign brokerages, Nomura assigned a target price of Rs 12,220 to Bajaj Auto, followed by CLSA at Rs 12,068, Goldman Sachs at Rs 12,000, HSBC at Rs 11,700, Jefferies at Rs 11,500, Macquarie at Rs 10,900, BNP Paribas at Rs 10,600 and Citi at Rs 10,000 and UBS at Rs 9,530.
Among domestic brokerages, Nirmal Bang has the highest target at Rs 12,941, followed by ICICI Securities at Rs 12,650, Antique Stock Broking at Rs 12,275, IIFL Securities, and Choice Broking at Rs 12,000 each. Ambit Capital has a target of Rs 10,190, while JM Financial has the lowest domestic target at Rs 9,850.
Bajaj Auto logged what analyst said was a resilient Q1, with revenue up 37 per cent year-on-year (YoY) led by 29 per cent YoY growth in volumes and 2.8 per cent sequential increase in average selling price. Ebitda was stable quarter-on-on-quarter at 20.9 per cent, as the 100 basis point QoQ gross-margin drop was offset by lower other expenses.
Emkay Global said Bajaj Auto highlighted a strong demand outlook for Q2 and FY27 across the domestic and exports markets despite the volatile environment and geo-political headwinds.
"The company saw a 4.5 per cent hit from commodity inflation in 1Q which was offset by calibrated pricing actions and tight cost controls. Bajaj Auto will continue its calibrated pricing actions as well as focus on value engineering and productivity improvement," Emkay said while revising its target on the stock to Rs 13,700 from Rs 13,000 earlier.
MOFSL said export outlook continued to be healthy, with management targeting 2,50,000 units of exports per month in Q2. Bajaj Auto continued to outperform even in EVs, both 2Ws and 3Ws.
"Given the strong earnings forecast, healthy return ratios, among-the-best dividend payouts and a resilient business model, valuations at 23 times/19.6 times FY27E/FY28E EPS appear attractive. We upgrade Bajaj Auto to BUY (from Neutral) with a revised target of Rs 12,096 per share, based on 24 times FY28E core EPS," MOFSL said.
Net-net, Bajaj Auto has 30 'Buy' calls, eight 'Hold' and eight 'Sell' post Q1 results.