Hold Bajaj Electricals; target of Rs 1275: ICICI Direct

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ICICI Direct's research report on Bajaj Electricals

Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~78% to topline. Its premium brands include Morphy Richards and Nirlep. The company has over 2.3 lakh retail touch points across India • The company has been reducing exposure to the EPC business with maximum focus on executing high margin business.

Outlook

We maintain HOLD rating on the stock. We roll over valuation on FY25E and maintain our target price at Rs 1275. We value BEL using SOTP i.e. 35x and 8x PE for CP & lightings and EPC segments, respectively, on FY25E EPS each.

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Bajaj Electricals - 06 -02 - 2023 - ic