Sharekhan's research report on Bajaj Auto
Improved motorcycle sales mix and gross margin (+190 bps YoY) resulted in 4.8%/2.7% beat in EBITDA and APAT estimates. Initial response to CNG motorcycles has been positive, while exports to African markets have yet to recover fully.
Outlook
We retain our BUY rating on the stock with a revised PT of Rs. 11,400 on its superior profitability, play on premiumisation, and expectation of a gradual recovery in exports. The stock trades at a P/E multiple of 26.2x and EV/EBITDA multiple of 19.4x its FY2026E estimates.
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