“Maintained a 'Hold' rating on Bajaj Auto with a target of ₹11,500, implying a 10% upside from Tuesday's closing. Q1 EBITDA and PAT were 5-7% above estimates, driven by better-than-expected margins despite commodity cost headwinds. Domestic two-wheeler demand remains resilient, and exports are growing strongly. Management's plans for new Pulsar models by September and two new motorcycle brands in FY27 led to a 6-8% increase in FY27-FY29 EPS estimates.”