Downgrades

BJAUT’s 1QFY26 earnings at INR20.6b beat our estimate of INR19.8b, aided by higher-than-expected other income even as margins were in line with our estimate at 19.7%.

We recommend a BUY rating on the stock with a TP of Rs 9,115/share, implying an upside of 10% from the CMP

*over or under performance to benchmark index Bajaj Auto Ltd (BAL) is India's second-largest and the world's sixth-largest motorcycle manufacturer. It is also the world's largest three-wheeler maker. The company is...

BJAUT's Q4FY25 revenue growth was muted at 6% YoY (down 5% QoQ) to Rs 128bn on account of slow volume growth offset by realisations

EBITDA increased 4.1% YoY to Rs. 1,416cr, driven by a favourable product mix. However, margin contracted 10bps YoY to 14.2%. Notably, the EBITDA margin for the internal combustion engine (ICE) business stood at 16.1%, benefitting from an...

Eicher Motors’ (EIM) Q4FY25 standalone EBITDAM came in at 24.7%, 130bps below I-Sec estimate. Elevated marketing / brand-building efforts and regular product interventions have been driving growth for RE in domestic market.

Hero MotoCorp’s (HMCL) 4QFY25 margins remained stable YoY and were also in line with our estimates. Reported EBITDA margin came in at 14.2%, while ICE margins stood at 16.1%, adjusted for the INR1.43b loss in EV business.

We recommend our HOLD rating on the stock.

We recommend a HOLD rating on the stock.

We maintain our BUY rating on the stock.

HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat. Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.

After a recent correction in stock prices, we upgraded from HOLD to BUY rating.

We maintain our BUY rating on the stock.