Bajaj Auto Q2 Review: Fairly Valued; Motilal Oswal Maintains 'Neutral' On The Stock — Check Target Price

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Motilal Oswal Report

While a recovery in exports and a healthy ramp-up of Chetak and three-wheelers are key positives, market share losses in domestic motorcycles, particularly in its crucial 125cc+ segment, remains the key concern.

While Bajaj Auto Ltd. has acquired a controlling stake in KTM under a lucrative deal, its effectiveness depends on how quickly it is able to turn around its operations, which will remain a key monitorable moving forward.

At ~25.7x/23.5x FY26E/27E EPS, Bajaj Auto appears fairly valued. We reiterate a Neutral rating with a target price of Rs 9,070, based on 24x Sep27E core EPS.

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