Consumer Durables · BJE
Domestic Appliances
from 371 today
Bajaj Electricals reported a modest start to FY27, with revenue growth remaining subdued but profitability improving meaningfully, driven by cost discipline, premiumisation and operating leverage. We cut FY27-28 earnings estimates by 9.5-19.2% to factor in steep inflation and additional investments to protect/gain market shares.
Consumer Products revenue grew by 1.7% YoY while Lighting Solutions grew 4.4%. We value the stock at 25x Mar'28 EPS and arrive at a revised TP of INR403, maintaining 'Accumulate'.
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