2025-01-17 09:57:06 am | Source: Motilal Oswal Financial Services Ltd
Neutral Bajaj Auto Ltd For Target Rs. 9,015 by Motilal Oswal Financial Services Ltd
* 2W volumes grew ~1% YoY as domestic 2W volumes declined 10% YoY. On the other hand, 3W volumes grew 6% YoY. Exports grew ~22% YoY, indicating sustained recovery in the global markets.
* We expect the impact of a weaker mix (within domestic and exports + lower 3W domestic mix) to impact EBITDA margin by 40bp sequentially to 19.8%.
* We cut FY26E EPS by 13% to factor in weaker domestic demand, KTM woes and lower margins.
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