Bajaj Auto is considering expanding production of its Chetak electric scooter outside Maharashtra as it plans to scale up its EV manufacturing capacity. The move comes amid uncertainty over incentives under the Maharashtra government’s EV policy, with the state owing the company over ₹60 crore in unpaid subsidies.

 Currently, Chetak scooters are produced at the Akurdi plant in Pune, while electric three-wheelers are made at the Waluj plant in Aurangabad. The company is evaluating options including its Pantnagar facility in Uttarakhand or a new greenfield plant in southern India, with a final decision on the location expected by June, said people aware of the discussions.

Financial Performance

The company reported steady financial performance over the last five quarters. Revenue declined slightly from 13,169 in Q3FY25 to 12,646 in Q4FY25 but recovered to 13,133 in Q1FY26. Growth strengthened further in the following quarters, with revenue rising to 15,735 in Q2FY26 and 16,204 in Q3FY26. EBITDA also showed fluctuations, falling to 2,358 in Q4FY25 before improving to 2,793 in Q1FY26 and 2,829 in Q2FY26.

In Q3FY26, EBITDA increased sharply to 3,730. Net profit followed a similar trend, dropping in Q4FY25 but gradually improving afterwards, reaching 2,750 in Q3FY26, the highest level in the period. Overall, the data shows gradual recovery and growth.

Share Performance
Shares of Bajaj Auto Ltd have shown mixed performance across different time periods based on recent market data. The stock is currently trading at ₹9,208 on BAJAJ-AUTO on the National Stock Exchange of India. In the short term, the share declined 5.70% in the past 5 days and 6.42% over the past month, indicating recent weakness.

Over the six-month period, the stock gained 2.32%, showing moderate recovery. On a year-to-date basis, the share is down 3.66%. However, the one-year performance remains strong, with the stock rising 22.53%, reflecting overall positive long-term movement despite recent volatility.

Broker Consensus
According to Refinitiv data as of 12 March 2026 analysts maintain a positive outlook on Bajaj Auto Ltd, with the broker consensus standing at 2.49 (BUY). The average target price of INR 10,214.7 indicates a potential upside of around 11.13% from the current level.

The company’s long-term growth (LTG) estimates of 13.0% reflects expectations of steady earnings expansion, supported by strong motorcycle exports, a premium product portfolio, improving demand in emerging markets, and continued focus on operational efficiency and innovation in the two-wheeler and three-wheeler segments.

Technical summary

From a technical perspective, Bajaj Auto Limited (NSE:BAJAJ-AUTO) is trading around ₹9,174.00 after declining about 1.65% on March 12, 2026. The stock is currently positioned below its 50-day Simple Moving Average near ₹9,622.44, which is now acting as a resistance level. The recent price movement reflects a pullback following the earlier upward phase, with the chart indicating weakening short-term momentum.

Meanwhile, the 14-day RSI near 37.72 suggests relatively subdued momentum conditions. On the downside, support is placed around the ₹8,600–₹8,300 zone, while resistance may remain near ₹9,800–₹10,200 in the near term.

Conclusion
Bajaj Auto faces short-term resistance near ₹9,622 as recent weakness has pulled the stock below its 50-day SMA. Despite this, long-term fundamentals remain strong, driven by steady revenue growth, rising EBITDA, and robust net profit trends. Expansion plans for Chetak electric scooters outside Maharashtra signal strategic growth amid subsidy uncertainties. Analyst consensus remains positive with an average target of ₹10,215, reflecting potential upside of ~11%. Technical indicators suggest subdued momentum, with support around ₹8,600–₹8,300 and resistance near ₹9,800–₹10,200, indicating cautious optimism for investors.