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Nirmal Bang Report
Nirmal Bang has upgraded Bajaj Auto Ltd. to Buy and revised its valuation multiple to 26.5x (from 24.75x) Dec'27E earnings per share, and values the company's core business at 23.75x Dec'27E EPS, translating into a target price of RS 11,178.
According to Nirmal Bang, the upgrade is driven by a sharp rebound in Bajaj Auto's electric vehicle volumes, which had earlier been impacted by supply disruptions. The recovery has helped the automaker regain leadership in both the electric two‑wheeler and electric three‑wheeler segments during Q3.
Further, aggressive product upgrades and marketing initiatives are driving a recovery in market share within the highly competitive and faster-growing 125cc+ domestic segment.
Exports remain resilient, with volumes close to peak levels despite a lower contribution from the Nigeria market.
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Also Read: Bharat Electronics In Focus: Morgan Stanley Hikes BEL Target Price On Higher Earnings Estimates
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