Hold Bajaj Corp; target of Rs 520: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Bajaj Corp

Bajaj Corp’s Q1FY19 revenue/EBITDA, up 12.1%/14.0% YoY, is in line with expectations while PAT came in slightly below estimate due to lower other income owing to an MTM loss. Overall volumes grew 8.7% YoY (in line with our estimate on a base of -7.8%) largely aided by domestic volume growth of 13.9% YoY. The almond drops hair oil (ADHO) category revived on the back of decent volume growth of 11.2% YoY on a base of -6.6%. After declining for five quarters, Nomarks finally began moving up with growth of 3.8% YoY, albeit on a base of -14.9%. In spite of LLP and vegetable prices spurting 20.3% YoY and 14% YoY, respectively, gross margin (GM) expanded by 145bps YoY.

Outlook

Launches/relaunches and success of the new Nomarks strategy remain critical. Maintain ‘HOLD’.

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