ICICI Securities's research report on Bajaj Auto
Bajaj Auto’s (BJAUT) Q2FY26 operational performance was broadly in line with our estimate. Domestic 2W industry growth is expected to pick-up pace (~6-8% volume growth) going ahead led by the benefit of GST rationalisation and strong festive season. BJAUT plans multiple product/variant launches and aims to regain market share in 125cc+ motorcycle segment. Demand momentum in international markets also remains strong for both 2Ws and 3Ws. Outlook for domestic 3W volume remains healthy led by rising EV penetration.
Outlook
Margins in medium-term are likely to draw support from a) favourable mix, b) higher operating leverage and c) improving profitability for EVs. Maintain BUY with TP of INR 11,250 (unchanged), based on 25x FY28E EPS.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Bajaj Auto _10112025_ICICI Securities