Maintain BUY with a SOTP-based TP of Rs 3771 (18x 20E Core EPS + cash + 30% discount for KTM stake) vs 3598 earlier. Bajaj Autos (BJAUT) 3Q EBITDA at Rs. 12.3bn (+18% YoY) with margin at 19.3% (-127 bps YoY/-40 bps QoQ) was below estimates owing to adverse 2W mix (higher share of CT and Platina). Net revenue at Rs 63.7bn (+26% YoY) driven by 18% volume growth and 7% increase in net realization (higher 3W and export).