Bajaj Electricals (BJE IN) Q3FY26 Result Update Weak quarter with normalization in inventory Downgrade to Accumulate'
We downward revise our FY27/28 earnings estimate by 17%/11% with contraction in volume and margin due to increase in commodity prices, and downgrade the rating to Accumulate'. Consumer Products (CP) segment declined 25.2% YoY, driven by de-growth across categories due to channel stock normalization; water heaters, however, reported flattish growth. GP margin contracted by 80bps YoY, due to lower volume across high-margin categories and CP EBIT margin contracted due to lower volumes and operating...