'Hold' Bajaj Auto Shares Says Nirmal Bang, Sees Current Valuations Limits Upside

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Nirmal Bang Report

We remain concerned on Bajaj Auto Ltd.'s muted domestic demand and the uncertainty of rare earth magnet supply in the short term. Although exports are coming back strongly, supply constraint and muted domestic demand is a concern.

Furthermore, we believe that the current valuation of 23x FY27E limits the upside. We have a Hold rating and assign a target price of Rs 9,179, valuing the core business at 24x FY27E earnings per share.

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