Hold Bajaj Electricals; target of Rs 1050: ICICI Direct

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ICICI Direct's research report on Bajaj Electricals

Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~78% to topline. Its premium brands include Morphy Richards and Nirlep. The company has over 2.3 lakh retail touch points across India • The company has been reducing exposure in the EPC business with maximum on executing high margin business.

Outlook

We maintain HOLD rating on the stock. We value Bajaj Electrical at Rs 1050 using SOTP i.e.38x and 6x PE for CP and EPC respectively on FY24E EPS each.

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