BJAUT's strategy to gain market share in the domestic motorcycle segment might have provided the company and its dealers much needed volumes but at the cost of profitability and margins. Management expects to continue with this aggressive pricing strategy and consumer offers in the low margin domestic M1 motorcycle segment. Given no incremental growth expected in continue to be under pressure. We reduce our margin estimates for FY19/20E by 20/20bps, respectively. We value the stock at 15.5x Sep20 (earlier 16x Mar'20) core EPS plus Rs100 as value of investments (KTM) and maintain...