Despite 3.4% yoy decline in volumes, Bajaj Auto Limited (BAL) maintained its EBIDTA margin in excess of 20.0% range, which in our view is largely supported by better product-mix reflected in 1.8% yoy increase in realization. Hereon, we make a note that it is imperative for BAL to maintain better product-mix than to realize increase in volumes, given better product mix delivers healthy profitability than plain vanilla volume growth. Post healthy customer response, the management plans to expand manufacturing capacity of the Avenger to 30k / month by March 2016, given BAL sold more than 20k Avengers in Dec 2015 compared to earlier run...