Geojit Financial Services has upgraded Bajaj Auto to a buy rating with a target price of ₹11,735 in its research report dated June 01, 2026. According to the report, the upgrade is based on 26x FY28E adjusted EPS valuation, reflecting the brokerage's bullish outlook on the company's performance trajectory.
Bajaj Auto delivered robust sales growth in May 2026, with total vehicle sales reaching 461,257 units, representing a 20% year-on-year increase from 384,621 units in May 2025. As reported by the company, total domestic sales stood at 248,031 vehicles with 10% YoY growth, while exports surged 34% to 213,226 units compared to 158,888 vehicles in the previous year. Total two-wheeler sales reached 393,204 units, up 18% from 332,370 units in May 2025, with domestic two-wheeler sales growing 9% to 209,528 units and exports increasing 30% to 183,676 units.
In Q4FY26, Bajaj Auto delivered exceptional financial results with standalone revenue growing 31.8% YoY to ₹16,006 crore, driven by strong volume expansion, sustained export momentum and favourable product mix. As reported by Geojit Financial Services, total sales volume rose 24.3% YoY to 1,371,058 units, with domestic volume growing 24.1% YoY to 760,846 units and export volume increasing 24.7% YoY to 610,212 units. EBITDA surged 35.6% YoY to ₹3,323 crore, with margin expanding 60 basis points YoY to 20.8%.
The company's commercial vehicle segment also demonstrated strong momentum, with total commercial vehicle sales growing 30% year-on-year to 68,053 units in May 2026. According to the company statement, this robust performance across multiple vehicle categories reinforces Bajaj Auto's diversified portfolio strength and market positioning across different segments.
