Bajaj Auto share price surged 3% to hit a 52-week high of ₹9,783.50 on the NSE in Tuesday’s trading session (January 6), as the domestic brokerage Emkay Global upgraded the Nifty 50 stock amid robust growth prospectus.
The company’s December auto sales came in largely in line with expectations. Emkay said that Bajaj Auto is seeing a revival in the domestic 2W market share along with strong growth momentum.
According to the exchange filing, the automaker recorded a 14% year-on-year (YoY) surge in its December sales, rising to 3.6 lakh units in December 2025, as compared to 3.2 lakh units in December 2024.
Domestic sales increased 4% to 1.69 lakh units, while exports surged 25% to 2 lakh units.
Two-wheeler volumes rose 14% YoY to 3.10 lakh units, driven by a 3% rise in domestic sales and a sharp 24% jump in exports to 1.78 lakh units. Three-wheeler sales also recorded healthy growth, climbing 17% YoY to 59,456 units.
During the April–December period, overall sales grew 6% YoY to 37.47 lakh units. While domestic volumes fell 3% to 21.06 lakh units, exports showed strong momentum, rising 19% to 16.40 lakh units.
Emkay upgrades the Bajaj Auto stock
Against this backdrop, Emkay Global has upgraded the Bajaj Auto stock from ‘buy’ to ‘add’.
The brokerage firm also increased the target price to ₹11,100, from ₹9,500, seeing an upside potential of up to 17% from the last closing price.
“We upgrade BJAUT to BUY from Add and roll forward our TP to Dec-27E, hoisting it ~17% to Rs11,100 (from Rs9,500). This implies an upside of ~17% (+2.7% dividend yield in Dec-27E) on account of FY27E/28E EPS upgrade by ~4/9% and incorporating Bajaj Auto Credit at ₹300/sh, basis 2x FY28E P/B, given the meaningful ramp-up in operations (H1FY26 PAT at ₹2.3bn vs ₹0.6bn in FY25),” the brokerage firm said in a note.
The firm further went on to say that the auto stock offers an attractive risk-reward at the current level, with strong export trends coupled with the launch of a refreshed Pulsar range in CY26 translating into a healthy 14% EPS CAGR over FY26E-28E.
“BJAUT’s overall domestic 2W market share has bottomed out, with a slight pick-up, driven by market share of both premium motorcycles and e-scooters in Q3FY26TD. Export momentum remains strong, led by LatAm/Asia, which, coupled with currency depreciation-led tailwinds, should aid the overall margin trajectory given its strong exports volume mix (~44% mix as of FY26YTD vs 39% in FY25YTD),” the brokerage added.
Bajaj Auto share price trend
Bajaj Auto share price has been on a bull run in the near term, despite volatility in the Indian stock market. The multibagger auto stock has risen 4% in the past five sessions.
The stock gave a return of 14.57% in six months and 10% in a year. The scrip has also delivered multibagger returns of 175% in the last five years.
Bajaj Auto share price is listed on both the BSE and NSE. The multibagger auto stock hit a 52-week low of ₹7,088.25 on April 7, 2025.
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