Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline. Project Aarohan (expand urban direct distribution and village reach) being expanded to rest of India (after implementation in MP and UP) augurs well growth in ADHO portfolio. However, overall revenue growth has not seen any improvement and demand environment for category is crucial for improved results. We cut our earnings estimates by ~11/6% for FY25E/26E, modelling revenue / EBITDA / PAT CAGR of 5% / 5% over FY24-27E, respectively. Maintain BUY with DCFbased revised target price of INR 220 (was INR 240 earlier). At our target price, the stock will trade at 18x P/E Sep’26E. For all recommendations report, click here. Buy Trade Watchlist Portfolio Message Set Alert live bselive nselive Volume Todays L/H More.
Bajaj Consumer (BaCo) had another disappointing print with a….
