Bajaj Corp reported revenue of Rs2.1bn for the quarter ended September 2015 vs. our estimate of Rs2.13bn. EBITDA was higher by 24.2% yoy to Rs647mn in-line with our estimate while net profit increased 25% to Rs468mn, ahead of our estimate by 4%. Volume growth came in at 8.3%, lower than our estimate of 10%. However, benign input costs resulted in sharp operating margin improvement of 340bps to 31.1%. The stock is trading at 25.8x FY16E and 22x FY17E earnings....