CLSA has a price target of ₹10,149 per share for Bajaj Auto, indicating a potential upside of up to 20% from current levels.
The Hong Kong-based brokerage firm, in its note, highlighted multiple growth drivers for the company. It said that Bajaj Auto is targeting growth in the 125cc+ segment through a refreshed Pulsar lineup or potentially a new brand.
The company plans to launch a new Chetak electric scooter equipped with a 3kWh battery, which could strengthen its share in the electric two-wheeler (e2W) market.
CLSA expects export growth of 15–20% in FY26, led by robust demand from Latin America and Africa.
A turnaround in KTM is anticipated by 2026, following restructuring and Bajaj gaining greater control.
Bajaj also plans to introduce a lithium-ion e-rickshaw, complementing its existing electric three-wheeler (e3W) portfolio.
For the March quarter, Bajaj Auto reported a steady set of earnings. It saw an in-line revenue and EBITDA performance, led by a 3% volume growth in the March quarter. Margin stood at over 20% for the sixth straight quarter.
Of the 44 analysts that have coverage on Bajaj Auto, 24 of them have a ‘Buy’ rating on the stock, 13 say ‘Hold’, while seven have a ‘Sell’ rating.
Bernstein has the highest price target on the Street at ₹11,000, while Kotak Institutional Equities has the lowest target at ₹7,250.
Shares of Bajaj Auto are trading with gains of 0.26% on Friday at ₹8,579.50. The stock has tumbled 33% from its 52-week high of ₹12,774, which it had hit on September 27 last year.
