shares declined nearly 3 per cent in early trade on Friday after the company reported to ₹1,801.85 crore for the quarter ended March 2025.
Brokerages’ stance were dividend, despite the auto major delivering in-line revenue and EBITDA performance, aided by recovery in exports and growth in .
Should you buy, sell or hold?
Global brokerages Bernstein and CLSA maintained ‘outperform’ ratings with target prices of ₹11,000 and ₹10,149, respectively. Goldman Sachs maintained a ‘buy’ rating, raising its target price to ₹9,600 from ₹9,300. On the other hand, Jefferies assigned a ‘hold’ call with a target price of ₹8,000 per share.
Nuvama Institutional Equities maintained a ‘buy’ rating at an unchanged target price of ₹10,700, adding that a healthy product pipeline — including affordable electric (e2Ws), entry-level 125cc motorcycles, e-rickshaws, and new e-2Ws — is likely to aid volumes going forward.
Axis Securities retained its ‘buy’ call, revising the target price from ₹9,380 to ₹9,890 per share.
Yes Securities analysts maintained a ‘neutral’ rating with an increased target price of ₹9,789, up from ₹9,163 earlier. The brokerage expects margins to remain range-bound, given the positive impact of a favourable mix, exports, and operating leverage — offset by increased marketing spends and a higher share of EVs. Yes Securities also expects Bajaj Auto’s entry into the e-rickshaw segment to dilute margins in the near term, given the fragmented and price-sensitive customer base.
Motilal Oswal also retained its ‘neutral’ rating, with a target price of ₹8,688. The brokerage cited a recovery in exports and a healthy ramp-up of Chetak and three-wheelers (3Ws) as key positives, while highlighting market share loss in domestic motorcycles and the 125cc+ segment as a key concern.
HDFC Securities maintained its ‘reduce’ call with a target price of ₹8,184, expressing a cautious tone on increasing competition in the EV segment, growth challenges in the CNG bike segment, and a gradual export recovery.
The stock traded 2.50 per cent lower at ₹8,651.50 on the BSE as of 2:24 pm, having hit an intraday low of ₹8,617.