In today’s briefing:
- Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM
- JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang
Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM
- Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
- The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
- Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.
JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang
- JSW Steel has guided for 10% volume growth in FY26, with operating leverage and cost efficiencies poised to drive significant margin expansion.
- The Supreme Court ruling on BPSL has created new challenges, the issue is not expected to derail JSW’s growth trajectory or cash flows and production.
- Earnings could surge over 85% in FY26, supported by higher steel prices, lower input costs, and ramp-up of new capacities like JVML and Dolvi.
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