Bajaj Auto (BAL) delivered decent Q3FY16 performance with operating margins and EBIDTA coming in line with our estimates. Its revenues/EBIDTA/adj PAT rose -1.6%/2%/6.3% YoY, but fell 8.7%/11.1%/7.5% QoQ to Rs 56.6bn/11.7bn/8.6bn as against our estimate of Rs 55.8bn/11.7bn/8.8bn respectively.