The stock was trading 1.5 per cent higher at ₹9,744 on the NSE around 9:40 am after hitting an intraday high of ₹9,855 compared to the previous close of ₹9,597.50.
The company posted a 25 per cent rise in consolidated net profit to ₹2,750 crore in Q3 FY26, helped by continued momentum in the domestic market and improving sales abroad.
However, brokers’ opinions on the stock remained divided, despite the earnings decline. Morgan Stanley maintained its underweight rating on Bajaj Auto, while raising its price target to ₹8,782 per share. Nomura reiterated a neutral call, with a target of ₹10,446 per share.
Goldman Sachs struck a more bullish tone, maintaining a buy rating and raising its price target to ₹11,500 per share. The brokerage highlighted steady quarterly performance, recovery in domestic demand, stronger exports supported by depreciation of rupee, and improvement in traction in the company’s electric vehicle business post affordable Chetak launch.
Jefferies remained cautious and maintained its hold rating with a target of ₹9,100 per share, while UBS continued with a sell call and a price target of ₹9,015 per share.
Market participants would now be keeping an eye on the auto sector-related updates of the Union Budget, looking for clues for policy support, incentives and regulatory changes that could impact demand prospects and cost structures for manufacturers.
Published on February 1, 2026
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