28-Oct-2026 07:53:02
JPMORGAN ON BAJAJ AUTO ; UPGRADE TO OVERWEIGHT | TP ₹12,500 (CMP ₹10,390)
• Upgrades Bajaj Auto to OVERWEIGHT, citing stronger EV volumes and improving profitability. • Positive outlook supported by accelerating EV sales and profitability ramp-up. • Export growth expected to benefit from geographical diversification and entry into new markets. • Two new motorcycle platforms expected to launch in CY27 across the 125–250cc segments. • Bajaj Auto remains among the few automobile manufacturers to deliver earnings upgrades over the past 12 months despite commodity cost pressures. • FY27–FY29 EPS estimates raised by 5–8%, reflecting improved earnings expectations. • Stock trades at 19x FY28 estimated P/E, below its five-year average of 22x. • Expects EPS CAGR of 17% over FY26–FY29. • Revised target price of ₹12,500 implies approximately 20.3% upside from CMP of ₹10,390.
BAJAJ AUTO LIMITED