Bajaj Auto (BAL) delivered muted Q4FY15 performance with operating margins and net profit coming below our as well as street's estimates. Its revenues/EBIDTA/PAT declined 4%/14%/22% YoY and 16%/28%/23% QoQ to Rs 47.4bn/8.3bn/6.2bn as against our estimate of Rs 45.3bn/8.6bn/6.9bn respectively.