Bajaj Auto Gets Rs 11,500 Target from Bernstein Amid Robust Export and 3W Growth

Bajaj Auto Ltd. shares are expected to remain in focus after global brokerage Bernstein issued a bullish note on the company, citing strong demand trends and a favourable valuation outlook. The brokerage maintained its “Outperform” rating on the automaker and raised its target price to ₹11,500 from ₹11,000, pointing to improving fundamentals and renewed momentum across key segments.

In its assessment, Bernstein said Bajaj Auto is currently in a strong position as multiple core growth drivers are performing well, while areas that were earlier under pressure are showing signs of recovery. The brokerage highlighted the company’s earnings growth trajectory and attractive valuation as factors that could support further upside in the stock.

Exports were identified as the main growth engine in recent quarters. Bernstein noted that Bajaj Auto’s overseas performance has been supported by improving demand in key international markets as well as favourable currency movements. Exports account for a significant share of the company’s two-wheeler volumes, and the brokerage expects this recovery to remain broad-based in the near term.

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Three-wheeler exports have also emerged as a key positive, with Bernstein pointing to a rebound and return to positive growth. This trend, the brokerage said, has helped Bajaj Auto diversify its growth beyond the domestic market and strengthen its leadership position in the three-wheeler segment, where demand is showing notable resilience.

On the electric vehicle front, Bernstein said volumes of electric scooters continue to grow at a robust pace, adding another layer of growth potential to the company’s overall portfolio. The brokerage views this as an important long-term driver as adoption of electric mobility gains traction.

Bajaj Auto reported a 10 percent year-on-year rise in consolidated net profit for the third quarter of FY26, driven by higher sales volumes across markets. Net profit stood at ₹2,196 crore, while revenue from operations rose to ₹16,204 crore. Total sales volumes increased to 13.4 lakh units, with domestic sales up 3 percent and exports rising 18 percent during the quarter.

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