Bajaj Electricals (BEL), a well-known brand in the consumer durable (CD) segment, witnessed a muted performance in the last three years. This was led by various company and macro level developments such as elimination of wholesale chain (through RREP model), demonetisation and implementation of GST. However, we believe a) completion of RREP coupled with implementation of GST (to favour organised players) by Q4FY18 and b) given lower penetration and rising income of the Indian middle class and rural household (owing to good monsoon), would help...