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HDFC Securities Institutional Equities
Domestic brokerage firm HDFC Securities has maintained a ‘Reduce' rating on Bajaj Electricals Ltd. with an unchanged target price of Rs 315, citing ongoing challenges from intense competition and cost pressures despite improving demand trends.
The brokerage noted that industry demand in Q1 FY27 remains healthy, supported by strong momentum in the southern region and a pickup in northern markets with the onset of summer. The company has also implemented price hikes to offset cost inflation, particularly amid global supply disruptions linked to geopolitical tensions.
Under its new leadership, Bajaj Electricals is undertaking turnaround initiatives, including clearing excess channel inventory, optimizing costs, and sharply reducing capital expenditure. Additionally, the company is looking to expand its total addressable market (TAM) by entering adjacent segments such as switchgears, solar solutions, and wires & cables.
HDFC Securities highlighted that the wires segment, launched in Q4 FY26, has seen encouraging initial traction and could emerge as a key growth driver going forward. However, the company continues to face competitive intensity and margin pressures, particularly in its core consumer products segment.
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