Share price targets of auto stocks ahead of Q4 earnings: Bajaj Auto, Eicher Motors, Hero MotoCorp
PL Capital said FY26 ended on a strong note as March 2026 wholesale volumes saw a sustained momentum across segments amid geopolitical tensions.
- Apr 9, 2026,
- Updated Apr 9, 2026 6:03 PM IST
With the commencement of Q4 earnings season today, all eyes are set on the results of auto sector firms. PL Capital is overweight on the auto sector after the announcement of March sales.
PL Capital said FY26 ended on a strong note as Mar’26 wholesale volumes saw a sustained momentum across segments amid geopolitical tensions. However, continued gas and supply chain constraints are likely to result in production cuts and cost pressure as the short-term sentiment remains cautiously optimistic.
Bajaj Auto
The brokerage has a 'hold' call and a price target of Rs 9,500 on the Bajaj Auto stock.
It said the auto firm logged a strong growth both in domestic and export markets.
Sales rose 20.4% YoY to 445.4k units led by both domestic and export sales. Two wheeler volumes rose 20.5% YoY to 380.5k units. Of these, domestic volumes rose 20.3% (221.0k units) and exports grew 20.7% YoY (159.5k units).
In FY26 overall sales grew 10% (5.12 mn units) led by exports (20.8%) on a year on year basis, while domestic sales grew slower (2.9% to 2.87 mn units).
Eicher Motors
The brokerage has a hold call on Eicher Motors with a price target of Rs 7,650.
March 2026 was the 6th consecutive month of double-digit growth for Royal Enfield, with 350cc plus segment recording growth for the first time post GST 2.0 reforms.
The management is focused on high-potential international businesses such as Brazil. Overall, volumes increased by 11.2% YoY (112.3k units), with domestic sales rising 14% (100.4k units), and international business (IB) declining (-8.0% YoY). Sub-350cc models grew +12.2% YoY (97.9k units), while 350cc+ models increased +5.0% YoY.
Hero MotoCorp
PL Capital has an accumulate call on the stock with a price target of Rs 6300.
It said the two wheeler maker logged a decent growth in March 2026 (although slower than expected). Demand was led by 100-125cc, exports, EVs and ICE scooters (early festive tailwinds in rural segment).
Volumes for the firm grew 8.8% YoY to 598.2k units with domestic 8.3% (552.5k units) and exports up 15.6% (driven by premium portfolio). Motorcycle sales rose 5.1% YoY to 532.4k units. Scooter sales kept surging (53.2% YoY). Overall, Vahan registrations were 542.4k units (+24% YoY) and VIDA registrations stood at 21,434 units (~70% growth MoM).
With the commencement of Q4 earnings season today, all eyes are set on the results of auto sector firms. PL Capital is overweight on the auto sector after the announcement of March sales.
PL Capital said FY26 ended on a strong note as Mar’26 wholesale volumes saw a sustained momentum across segments amid geopolitical tensions. However, continued gas and supply chain constraints are likely to result in production cuts and cost pressure as the short-term sentiment remains cautiously optimistic.
Bajaj Auto
The brokerage has a 'hold' call and a price target of Rs 9,500 on the Bajaj Auto stock.
It said the auto firm logged a strong growth both in domestic and export markets.
Sales rose 20.4% YoY to 445.4k units led by both domestic and export sales. Two wheeler volumes rose 20.5% YoY to 380.5k units. Of these, domestic volumes rose 20.3% (221.0k units) and exports grew 20.7% YoY (159.5k units).
In FY26 overall sales grew 10% (5.12 mn units) led by exports (20.8%) on a year on year basis, while domestic sales grew slower (2.9% to 2.87 mn units).
Eicher Motors
The brokerage has a hold call on Eicher Motors with a price target of Rs 7,650.
March 2026 was the 6th consecutive month of double-digit growth for Royal Enfield, with 350cc plus segment recording growth for the first time post GST 2.0 reforms.
The management is focused on high-potential international businesses such as Brazil. Overall, volumes increased by 11.2% YoY (112.3k units), with domestic sales rising 14% (100.4k units), and international business (IB) declining (-8.0% YoY). Sub-350cc models grew +12.2% YoY (97.9k units), while 350cc+ models increased +5.0% YoY.
Hero MotoCorp
PL Capital has an accumulate call on the stock with a price target of Rs 6300.
It said the two wheeler maker logged a decent growth in March 2026 (although slower than expected). Demand was led by 100-125cc, exports, EVs and ICE scooters (early festive tailwinds in rural segment).
Volumes for the firm grew 8.8% YoY to 598.2k units with domestic 8.3% (552.5k units) and exports up 15.6% (driven by premium portfolio). Motorcycle sales rose 5.1% YoY to 532.4k units. Scooter sales kept surging (53.2% YoY). Overall, Vahan registrations were 542.4k units (+24% YoY) and VIDA registrations stood at 21,434 units (~70% growth MoM).