Bajaj Auto's (BJAUT) 1QFY20 EBITDA was ` 12bn (-6.5% YoY) and margins was 15.4% (-182 bps YoY/-27bps QoQ), broadly in line with our estimates. The management expects 2W industry volume to remain subdued in the near-term, due to challenging macro conditions, we however expect BJAUT to outperform the industry's growth rate. We maintain our positive stance, given its 1) wide product portfolio and diversified geographical mix, 2) continued boost of distribution network, and 3) strong cash balance (22% of current market cap). However, margin recovery is unlikely in the...