Sabse pehle baat karte hain Q4 results ki, jo kafi mast aaye hain. Company ka revenue 31.8% badh kar ₹160.1 billion ho gaya hai. Margins bhi acche rahe kyuki forex rates favorable the, product mix sahi tha aur operating leverage ka bhi fayda mila. Raw material costs badhne ya EV incentives khatam hone ka zyada asar nahi pada.
Aage kya hai aur market share ka kya scene?
Aage ki baat karein toh Bajaj Auto industry se aage nikalne ki ummeed kar raha hai. Ye hoga 150cc+ bikes mein growth, Electric Vehicles (EVs) mein expansion aur exports ki wajah se. Lekin ek risk hai, jo Prabhudas Lilladher ne highlight kiya hai - woh hai 75-125cc domestic motorcycle segment mein market share ka kam hona. FY26 mein ye segment company ke total 2-wheeler volumes ka 53% tha.
Toh phir 'HOLD' kyun?
Sab achhe results aur future outlook ke bawajood, Prabhudas Lilladher ne rating ko 'Accumulate' se 'HOLD' kar diya hai. Iska reason hai stock price ka buyback ke baad kaafi bhagna aur West Asia conflict se supply chain aur demand par padne wale uncertainties ka risk. Brokerage ne price target ko ₹10,000 se badha kar ₹10,400 kar diya hai, jo FY28 ke projected EPS ka 23 times hai, pehle ye 22 times multiple tha.
