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Axis Securities Report
Bajaj Auto Ltd.'s focus on the 125cc+ segment is in line with the changing industry dynamics, where the share of commuter motorcycles is declining (~60% of total domestic sales in FY16, coming down to 50% in FY23).
Bajaj Auto through its exclusive dealership networks for KTM, Bajaj Motorcycles, Chetak Electric, and three-wheelers offers differentiated customer experience and preserves brand value.
The recent Triumph launch will also be marketed through the exclusive Triumph network, and we expect it to plug the gap in the portfolio.
Bajaj Auto has robust domestic IC engine franchise, however, export pickup, and establishing market share through successful electric vehicle-two-wheeler/three-wheeler launches will be the key monitorable for the stock.
We maintain our 'Buy' rating on the stock and continue to value the stock using 17 times price/earning on core June-25E earnings per share plus Pierer Mobility AG stake and cash reserves at one time book value.
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