Street View: Exports, strong volumes to help India's Bajaj Auto offset commodity inflation

Bajaj Auto

22/07/2026 05:05

** Bajaj Auto BAJA.NS said on Tuesday it expects to launch electric motorcycles in fiscal 2028 and expand production of its Chetak EV scooter as it seeks to strengthen its position in India's competitive two-wheeler market
** Shares up 4% at 10,800 rupees

STRONG MARGINS, EXPORT MOMENTUM LIFT OUTLOOK 
** Citi ("Sell," PT: 10,000 rupees) says Q1 beat estimates on better realizations and cost control, positive demand outlook and exports, but remains cautious on rising costs, market share erosion in motorcycles and sustainability of margin gains
** CLSA ("Outperform," PT: 12,068 rupees) says EBITDA margin beat expectations despite 4.5% commodity inflation, helped by pricing, forex tailwind, richer mix and cost controls; sees strong growth from exports, EVs and upcoming launches
** Investec ("Buy," PT: 13,185 rupees) says Q1 earnings topped estimates on margins; expects earnings upgrade cycle to continue on export strength, product refreshes, EV momentum and 25% capacity expansion
** Jefferies ("Hold," PT: 11,500 rupees) says Bajaj delivered strong margin defense despite commodity headwinds; raises EPS estimates on stronger exports and profitability but flags domestic motorcycle market share loss as a key concern
     


($1 = 96.3050 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com; 8800437922))