Bajaj Auto (BJAUT) Q4FY20 result was above our and consensus estimates at operating level. EBITDA margin for the quarter stood at 18.4% vs our and consensus estimates of 16.3% and 15.8% respectively. We expect 2W industry to see a double digit decline in FY21 driven primarily by adverse impact of the COVID-19 outbreak on economic growth and discretionary spending. The challenges for the 2W segment are likely to get aggravated as consumer spending will be severely impacted by the outbreak resulting in lower spending power both in urban and rural markets. We believe BJAUT being a major player in 250cc segment could see muted sales for Pulser/Avenger/KTM etc. We...