Bajaj Auto Q3 Results Review - Inline; Demand Recovers Across Segments: Motilal Oswal

Motilal Oswal Report

Bajaj Auto Ltd. reported an in-line performance in Q3 FY24. The company reported its highest ever Ebitda margin of 20.1%, up 100 basis points YoY, supported by healthy volume growth in the domestic market, better realizations, and cost control.

We maintain our FY24/FY25 estimates. We now value Bajaj Auto at ~20 times December-2025E earnings per share (versus 18 times Dec-25E EPS earlier) to factor in a healthy recovery in domestic two-wheeler volumes, a gradual pickup in exports, and its growth in the growing e-two-wheeler market through products and channel expansion.

Reiterate 'Neutral' rating with a target price of Rs 6,775.

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