Whalesbook
Exports Ne Bachaya Bajaj Auto Ka FY26!
Bhai log, Bajaj Auto ke liye FY26 aakhir mein kaafi zabardast raha, total sales 10% jump karke 51.17 lakh units par aa gayi. Aur yeh growth primarily kahan se aaya? Apne exports se! International markets mein Bajaj Auto ke sales 21% phaile hain, aur commercial vehicles (CV) exports ne toh kamaal hi kar diya, 49% tak ka zoom dikhaya hai. Month of March 2026 mein bhi company ne 4,45,377 units bechi hain, jo pichhle saal se 20% zyada hain. Lekin, yeh export ka jalwa domestic market ke slow growth ko cover kar paya, jahan two-wheelers sirf 2% hi badhe hain.
Valuation Kya Kehta Hai? Peers Se Kaise Hai Bajaj?
Ab valuations ki baat karte hain. Bajaj Auto ka trailing twelve months (TTM) Price-to-Earnings (P/E) ratio lagbhag 27.89 hai. Yeh Hero MotoCorp ke 17.5 ke P/E se kaafi zyada hai. Iska matlab hai ki investors Bajaj Auto ke earnings ke liye zyada paisa dene ko taiyaar hain. Par, yeh TVS Motor Company ke 58.6 se 67.3 ke P/E se kam hai. Bajaj Auto ki market cap ₹2.45 lakh crore ke aas paas hai, jo TVS Motor (₹1.66 lakh crore) se badi hai par Hero MotoCorp (₹1 lakh crore) se kaafi zyada. Toh overall, Bajaj Auto investors ki nazar mein ek strong player hai.
Domestic Market Ka Tension Aur Export Pe Bharosa
Headline numbers toh acche hain, par kuch andar ki baat bhi jaan lo. Domestic two-wheeler segment mein FY26 mein sirf 2% ka growth hua hai, total 23,49,040 units bikane par. Yeh export mein hue 18% ke growth se bohot alag hai. Isse lagta hai ki company ka home ground par position thoda kamzor ho raha hai, jabki competitors domestic buyers ko zyada attract kar rahe hain. Aur ek aur badi chinta hai export par bohot zyada depend karna. Currency fluctuations, global politics, ya alag-alag countries ke economic halaat – yeh sab Bajaj Auto ke business par seedha asar daal sakte hain. Pichhle saal March 2025 mein bhi domestic sales flat thi, toh yeh trend chal raha hai.
Analysts Kya Bol Rahe Hain Aur Aage Kya?
Analysts generally Bajaj Auto par cautiously positive hain, ratings aksar 'Moderate Buy' ya 'Neutral' category mein rehti hain. Unke average 12-month price targets ₹10,088 se ₹11,420 ke beech mein hain, matlab abhi stock price se upar jaane ki potential dikh rahi hai. Ab company ko apna export performance barkarar rakhte hue, domestic market, khaas kar two-wheeler segment mein apni share badhani hogi taaki yeh valuation justify ho sake aur future growth stable rahe.