Bajaj Auto (BJAUT) Q3FY20 result was above our and above consensus estimates at operating level. EBITDA margin for the quarter stood at 17.9% vs our and consensus estimates of 16.6%. We maintain our FY20/FY21 volume estimates and increase realisation on account of BSVI transition. We expect two-wheeler industry volumes to be weak for next 6 months, as cost increases (BSIV to BSVI transition) would hurt 2W industry demand. We increased our revenue and earnings estimates for FY20/FY21 by 3% and 6%/2% respectively. We expect our revenue/earnings CAGR of 6%/8% over FY19-21E with ROE of ~21% and average free cash flow of ~Rs40bn. We maintain our...