Bajaj Electricals Shares: Nirmal Bang Maintains 'Buy' Post Subdued Q2 Results, Trims Target Price

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Nirmal Bang Report

We maintain our Hold rating for Bajaj Electricals Ltd. with a revised target price of Rs 504, valuing the stock at 27x Sep-27E EPS, at a ~60% discount to its five-year historical average.

While we acknowledge the company's ongoing efforts in premiumization and cost optimization, we remain cautious given persistent near-to-medium term headwinds, particularly price erosion in the consumer lighting segment and high exposure to non-premium segments like fans.

These factors warrant a measured approach, despite encouraging long-term initiatives.

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