During 4QFY18, Bajaj Auto (BJAUT) reported EBITDA margin of 19.4% (+90bps YoY, +10bps QoQ) due to positive operating leverage accruing from 33% volume growth (despite a 160bps YoY drop in gross margin). With the upswing witnessed in oil price and ramp-up in newly added markets, export volume witnessed second successive quarter of 25%+ YoY growth. However, domestic 2W segment growth of 20.3% YoY in 4QFY18 was lower than the industry's 24.8%. The company is confident of regaining market share in FY19 with CT100 and the new Pulsar (with twin discs) acting as the primary growth drivers. BJAUT has taken a price hike of 1-1.5% during Mar'18 and May'18, to offset the impact of commodity...