Hold Bajaj Auto target of Rs 3400: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Bajaj Auto

Lower channel inventory coupled with highest share of exports (45% contribution which is immune to BS6 emission) makes BAL better placed in transitory phase of BS6. BAL also has a relatively higher share of premium bikes (40% contribution) where the price increase due to BS6 norms is relatively less as compared to entry level bikes which further reduces impact. BAL is likely to outpace the industry volume growth given the lower impact of BS 6 transition and healthy growth in exports. We expect mid single digit growth in FY21 for BAL as against flattish volumes for the industry. We introduce FY2022 earnings estimates in this note and rollover our target multiple on average of FY2021 and FY2022 earnings.

Outlook

We upgrade our recommendation on Bajaj Auto Ltd (BAL) to “Hold” from “Reduce” with a revised price target of Rs 3,400.

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