Sharekhan's research report on Bajaj Auto
APAT stood at Rs 2216 crore (against estimate of Rs 2228 crore) on a 21.8% growth in revenue and 40 bps expansion in EBITDA margin on y-o-y basis. Green portfolios comprising EVs and CNG products constituted 40% of domestic revenue in Q2FY25.
Outlook
While we remain constructive on BAL’s structural growth prospects on account of its superior profitability, play on premiumisation, and expectation of a gradual recovery in exports but we change our rating to Hold with an unchanged PT of Rs 12,584 from Buy, as valuations have to catch up considering the management’s subdued commentary on ongoing festive season. Stock trades at a P/E multiple of 28.4x and EV/EBITDA multiple of 21.2x its FY2027E estimates.
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