Bajaj Auto shares hit 52-week high as Emkay raises target on attractive risk-reward
Published on 06/01/2026 11:30 AM
Bajaj Auto shares hit 52-week high as Emkay raises target on attractive risk-rewardEmkay said Bajaj Auto offers an attractive risk-reward at current levels, led by strong export trends and the planned launch of a refreshed Pulsar range in CY26.By Sudarshan Kumar January 6, 2026, 11:30:30 AM IST (Published)2 Min ReadShares of Bajaj Auto Ltd. gained as much as 3% to hit a 52-week high of ₹9,783.50 on Tuesday, January 6, after the automaker’s December sales came in largely in line with expectations.
Total volumes rose 14.4% year-on-year, marginally below estimates of around 15%.
Domestic demand remained a drag, with domestic sales up just 4% YoY, while exports continued to drive growth. Export volumes crossed the 2 lakh unit mark for the third consecutive month, highlighting sustained momentum in overseas markets.
In December, total sales including two-wheelers and three-wheelers increased 14% to 3.70 lakh units from 3.23 lakh units a year ago. Domestic sales rose 4% to 1.69 lakh units, while exports jumped 25% to 2 lakh units.
Two-wheeler sales grew 14% YoY to 3.10 lakh units, with domestic volumes up 3% and exports rising 24% to 1.78 lakh units. Three-wheeler sales increased 17% YoY to 59,456 units.
For the April to December period, total sales rose 6% YoY to 37.47 lakh units. Domestic sales declined 3% to 21.06 lakh units, while exports climbed 19% to 16.40 lakh units.
Following the December sales update, Emkay Global upgraded Bajaj Auto to ‘Buy’ from ‘Add’ and raised its price target to ₹11,100 per share from ₹9,500, implying an upside of around 17%.
The brokerage said the upgrade was driven by EPS upgrades of around 4% for FY27 and 9% for FY28.
Emkay said Bajaj Auto offers an attractive risk-reward at current levels, led by strong export trends and the planned launch of a refreshed Pulsar range in CY26. It expects a healthy 14% EPS CAGR over FY26 to FY28.
The brokerage added that Bajaj Auto’s overall domestic two-wheeler market share appears to have bottomed out, with early signs of a pickup. Export momentum remains strong, led by Latin America and Asia, while currency depreciation-led tailwinds are expected to support margins.
Emkay also said that Bajaj Auto’s electric three-wheeler portfolio has scaled up meaningfully, overtaking Mahindra and Mahindra to become the market leader, with EBITDA breakeven already achieved. A gradual turnaround in KTM could provide incremental upside over the medium term.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.TagsBajaj AutoBajaj Auto Share