Motilal Oswal's research report on Bajaj Auto
BJAUT reported an in-line performance in 3QFY24. The company reported its highest ever EBITDA margin of 20.1%, up 100bp YoY, supported by healthy volume growth in the domestic market, better realizations, and cost control. We maintain our FY24/FY25 estimates.
Outlook
We now value BJAUT at ~20x Dec’25E EPS (vs. 18x Dec’25E EPS earlier) to factor in a healthy recovery in domestic 2W volumes, a gradual pickup in exports, and its growth in the growing e2W market through products and channel expansion. Reiterate Neutral rating with a TP of INR6,775.
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