Hero MotoCorp, Bajaj Auto jump up to 6% on Q4 results

Market reaction after March-quarter results

Shares of Hero MotoCorp Ltd and Bajaj Auto Ltd rose as much as 6% in Thursday’s trade after the two-wheeler makers reported their March-quarter results. The move pushed both stocks into the list of active gainers within the auto pack during the session. Hero MotoCorp climbed 5.57% to an intraday high of Rs 5,458 per share on the BSE. Bajaj Auto advanced 4.10% to an intraday high of Rs 10,738.40 per share. The sharp reaction underlined how closely the market is tracking demand, pricing, exports and profitability in the two-wheeler space. It also set up a fresh round of brokerage target revisions for both names.

Hero MotoCorp and Bajaj Auto: what the tape showed

Intraday gains came alongside broader positivity in equities in some of the market snapshots cited. In one live market update, Hero MotoCorp was quoted at Rs 5,172, up 2.05% on the day as of 12:49 IST on the NSE, while the NIFTY was up around 1.36% and the Sensex was up 1.39%. Another update showed Hero MotoCorp at Rs 5,438.5, up 1.56% at 12:49 IST, with the NIFTY up around 0.87% and the Sensex up 0.94%. Separate price data in the supplied notes also stated the Hero MotoCorp share price as on 6 May 2026 as Rs 5,170. These data points, taken together, indicate volatility across sessions, while keeping the focus on post-results positioning and fresh target-setting.

Brokerage targets for Bajaj Auto move higher

Brokerages highlighted multiple drivers while revising Bajaj Auto targets. Axis Direct raised its target price to Rs 11,410 from Rs 10,790 and retained a ‘Buy’ rating. The brokerage cited multi-cylinder growth triggers in domestic premium motorcycles, an export rebound, a disciplined three-wheeler business and EV scale-up, and improving financial services performance through BACL. Emkay said it raised FY27E and FY28E EPS by 2.5-4%, driven by higher average selling prices and higher growth in electric two-wheelers and premium motorcycle volumes. Emkay retained ‘Buy’ and raised its target by 5% to Rs 12,600 from Rs 12,000, citing a valuation approach of 26x FY28E core EPS.

More views on Bajaj Auto: exports, KTM and valuation debate

ICICI Securities said Bajaj Auto’s operational performance surpassed its estimate and added that robust export momentum would anchor growth going ahead. The brokerage raised its target on Bajaj Auto to Rs 12,000 from Rs 11,150. Another brokerage note flagged that an effective turnaround of KTM operations remained a key monitorable to turn constructive, while improved profitability of EVs and BACL was seen as positive. That note also said the stock’s valuations partially reflect the challenges but lack a re-rating catalyst, and suggested targets of Rs 11,626 and Rs 11,500. In a separate, earlier-dated item (updated April 9, 2026), a brokerage had a ‘Hold’ call on Bajaj Auto with a price target of Rs 9,500.

Hero MotoCorp: margin guidance and what it did not say

On Hero MotoCorp, the supplied notes said the company stuck to its 14-16% EBITDA margin guidance for the medium term. However, it refrained from assuring even a minimum of 14% margin for FY27. That nuance became important for analysts modelling near-term profitability and deciding how much operating leverage to build into estimates. HDFC Institutional Equities maintained a ‘Buy’ rating and set a target of Rs 6,657.

YES Securities, Nuvama and other target updates on Hero

YES Securities projected that Hero MotoCorp would deliver 7% volume growth over FY26-28, driven by new launches, product acceptance in scooters and premium motorcycles, and a ramp-up in exports. It also cited a gradual rural recovery and said the stock was trading at 17.4x and 16.6x FY27 and FY28E EPS, respectively. YES Securities maintained ‘ADD’ and revised its target to Rs 5,915 from Rs 5,880. Nuvama retained ‘Buy’ with an unchanged target of Rs 6,000.

Consensus target churn: multiple revisions cited

The supplied material also included several references to price-target revisions for Hero MotoCorp based on changes in discount rate, revenue growth assumptions, profit margins and future P/E multiples. These included mentions of targets moving slightly lower to around Rs 4,341 from about Rs 4,372, and fair value being placed at approximately Rs 4,372 versus around Rs 4,214. Other cited revisions included a steady Rs 7,500 target, an increase from Rs 6,287 to Rs 7,500, and fair value being revised to Rs 4,235.55 from Rs 3,785.65. There were also smaller upward revisions such as Rs 5,370 to Rs 5,775, Rs 5,333.71 to Rs 5,369.71, Rs 5,253 to Rs 5,334, and Rs 5,193.91 to Rs 5,253.34.

Key snapshot: Hero MotoCorp levels and longer-term context

One snapshot in the supplied text pegged Hero MotoCorp’s spot price around Rs 6,215-6,220, down about 2.1% on the day, with market capitalisation around Rs 1.24-1.25 lakh crore. It cited a 52-week range of Rs 3,344 to Rs 6,388.50, with the high printed on 5 December 2025. It also cited returns of about +35% over the past year, +125% over three years, and +96% over five years, and pointed to strong short-term momentum in some live-blog tracking (19.2% one-month and 18.4% three-month). As background, the notes also referenced multiple brokerage calls in late 2025, including targets such as Rs 7,190 (Nirmal Bang), Rs 6,850 (JPMorgan), and Rs 6,650 (JM Financial).

Table: what moved and where it traded

Table: brokerage targets and ratings highlighted

Market impact: what investors are reacting to

The immediate market reaction centred on the March-quarter results and follow-through brokerage commentary. For Bajaj Auto, targets moved higher alongside repeated emphasis on exports, premium motorcycles, EV scale-up and the contribution from BACL. For Hero MotoCorp, analysts focused on the company holding to medium-term EBITDA margin guidance of 14-16%, while also noting the absence of a firm floor for FY27 margins. The variety of Hero target revisions cited in the supplied material shows how sensitive valuation models can be to discount rates, margin assumptions and terminal multiples. In the near term, the presence of multiple active targets, ranging from the mid-Rs 5,000s to Rs 7,500 in the cited notes, indicates a wide band of expectations across analysts.

Analysis: why these revisions matter for two-wheeler stocks

Two-wheeler companies sit at the intersection of rural demand, competitive pricing, export cycles and product mix shifts toward premium and electric. The Bajaj Auto notes leaned heavily on mix and geography, with export momentum repeatedly referenced as an anchor for growth, while also flagging execution monitorables such as KTM. The Hero MotoCorp notes leaned on margins, new launches, scooters and premium motorcycles, exports and the rural recovery narrative. The valuation references provided, including forward EPS multiples cited by YES Securities for FY27 and FY28E, reinforce that the market is pricing these names on forward earnings and confidence in medium-term margins. Against that backdrop, the post-results share moves up to 6% show that incremental changes in guidance, mix and brokerage conviction can quickly translate into price action.

Conclusion

Hero MotoCorp and Bajaj Auto extended gains after their March-quarter results, with intraday moves of up to 5.57% and 4.10%, respectively. Brokerages responded with a fresh round of target revisions, especially for Bajaj Auto, while Hero MotoCorp’s margin commentary remained a focal point. The next set of cues will come from how exports, premium segments and EV profitability trends play out, alongside any further updates from brokerages as models incorporate new assumptions.