ICICI Securities's research report on Bajaj Auto
Bajaj Auto’s (BJAUT) EBITDA margin at 19.7% was in-line with I-Sec estimate. Demand in international market has been driving the growth momentum and the company has guided for 15-20% YoY volume growth in exports in nearto- medium term. The company expects 2W domestic sales to grow by 5-6% in FY26 led by premium segment (125cc+). Outlook for domestic 3W volume remains healthy led by rising EV penetration. The company’s EV portfolio is close to double-digit margins, led by improving profitability in its e2W portfolio.
Outlook
We estimate 16% EPS CAGR over FY25-27E. Maintain BUY with target price of INR 9,850 (earlier: 9,900) based on 25x FY27E EPS.
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