HDFC Securities has updated its ratings and target prices for several Indian companies following their first-quarter results, with Bajaj Auto and TVS Motor among the most closely watched in the auto sector.
Bajaj Auto remains a top pick with strong growth outlook
The brokerage maintained a Buy rating on Bajaj Auto, setting a target price of ₹12,146—nearly 20% above its current trading levels. The brokerage cited a strong launch pipeline of 10 new models, growing traction in electric vehicles, improving export demand and better performance from subsidiaries as key growth drivers.
TVS Motor’s growth across segments keeps it in focus
HDFC Securities retained an Add rating on TVS Motor, revising its target price to ₹4,084. The brokerage highlighted the company’s industry-leading growth across domestic, export and EV segments, supported by capacity expansion and upcoming Norton motorcycle launches.
Mixed signals in financials, real estate, and digital marketplaces
Beyond autos, HDFC Securities adjusted its stance on other companies. Mahindra & Mahindra Financial Services saw its target price raised to ₹385 due to improving asset quality and lower credit costs, though the brokerage did not upgrade its rating to Buy.
Bandhan Bank remained a laggard. The brokerage kept a Reduce rating and cut its target price to ₹155, citing higher funding costs and a gradual path toward improving profitability despite stable loan growth and improving asset quality.
In real estate, Sobha held its Buy rating with a target of ₹1,930, driven by robust pre-sales growth, a strong launch pipeline and expectations of margin improvement in the second half of FY27. Meanwhile, IndiaMART maintained its Buy rating at ₹2,375, with the brokerage citing the platform’s strong market position, healthy ARPU growth and substantial cash reserves.
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The ratings arrive as India’s auto sector balances electrification with traditional combustion models, which still generate most revenue.
For Bajaj Auto and TVS Motor, the next few quarters will show whether their growth plans withstand real-world pressures.
Investors will track how these targets translate into performance, both in stock prices and execution of strategies.
