'Add' Bajaj Electricals Shares Maintains PL Capital — Check Target Price

Due to continued losses at Nirlep factories, Bajaj Electricals is planning to restructure this business. Channel filling for the festive season has begun, and with GST 2.0, demand is expected to increase in the coming quarters..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..PL Capital Report.We upward revise our FY26/FY27E earnings estimate by 2.4%/2.6% factoring in lower non-operating cost and reduction in fixed overheads and maintain our ‘Accumulate’ rating. We recently met the management of Bajaj Electricals Ltd. to gain insights into the consumer products and lighting solutions segments, focusing on channel inventory levels, festive demand outlook, and cost-optimization initiatives aimed at improving plant utilization. The management highlighted that new product development is expected to contribute ~40% to total revenue by FY26, supported by research and development spends of ~2% of revenue. .Bajaj Electricals is also reviewing its entire SCM strategy including manufacturing, and procurement to optimize associated direct cost and reduce outsourcing.Due to continued losses at Nirlep factories, the company is planning to restructure this business. Channel filling for the festive season has begun, and with GST 2.0, demand is expected to increase in the coming quarters.We estimate FY25-27E revenue/Ebitda/PAT CAGR at 9.2%/18.4%/39.7%. We value stock at 35x FY27 EPS and arrive at target price of Rs 664 (earlier Rs 656). Maintain ‘Accumulate’..Click on the attachment to read the full report:.Tariff Headwinds Dampen Benefits Of GST Cuts — Read Motilal Oswal's Report.DISCLAIMERThis 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.

'Add' Bajaj Electricals Shares Maintains PL Capital — Check Target Price

PL Capital upward revises FY26/FY27E earnings estimate of Bajaj Electricals by 2.4%/2.6% factoring in lower non-operating cost and reduction in fixed overheads and maintain our ‘Accumulate’ rating.

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