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Bajaj Auto Q4 Review: Motilal Oswal Maintains 'Neutral', Says KTM Turnaround To Be Among The Key Monitorables

At ~26.9x/24x FY26E/27E EPS, Bajaj Auto appears fairly valued, hence Motilal Oswal maintains a Neutral rating.

Bajaj Auto Q2 results today
Bajaj Auto's Q4 evenue grew 6% YoY to Rs 121.5 billion and was in line with our estimate. (Photo source: Bajaj Auto/Facebook)
While a recovery in exports and a healthy ramp-up of Chetak and three-wheelers are key positives, its market share loss in domestic motorcycles, that too in its bread and butter 125cc+ segment, remains the key concern. Further, the ramp-up of its CNG bike Freedom has been slower than expected. 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 a...
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