Bajaj Electricals reported a subdued performance in Q2 FY26 with revenue at Rs 11 billion, reflecting a marginal ~1% YoY decline, largely due to unseasonal rains that dampened demand for seasonal products. The consumer products segment witnessed a ~4.1% YoY decline, impacted by weakness in the fans category and a double-digit drop in air coolers; however, ceiling fans stood out with strong double digit value growth, driven by premiumization and a richer product mix.
NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Nirmal Bang Report
We maintain our Hold rating for Bajaj Electricals Ltd. with a revised target price of Rs 504, valuing the stock at 27x Sep-27E EPS, at a ~60% discount to its five-year historical average.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
While we acknowledge the company's ongoing efforts in premiumization and cost optimization, we remain cautious given persistent near-to-medium term headwinds, particularly price erosion in the consumer lighting segment and high exposure to non-premium segments like fans.
These factors warrant a measured approach, despite encouraging long-term initiatives.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
