While Bajaj Auto 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 the key monitorable going forward.
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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 loss in domestic motorcycles, particularly in the crucial 125cc+ segment, remains the key concern.
While Bajaj Auto 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 the key monitorable going forward.
At ~24.1x/21.9x FY27E/28E, Bajaj Auto appears fairly valued. We reiterate our Neutral rating with a target price of Rs 9,070, based on 24x Sep27E core earnings per share.
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