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ICICI Securities research report on TVS Motor Company

TVS Motor Company (TVSL) continued to move up the profitability curve in Q4FY25. Excluding PLI benefit of previous quarters, Q4 EBITDA margin stood at 12.5%, up ~120bps/60bps. TVSL expects growth momentum to continue; it expects to outperform industry in both ICE and EV segments in FY26. We believe despite e2W scaling up, TVSL has the capability to deliver ~13% EBITDAM over FY26–27E, with 9% CAGR in overall volume in FY25–27E; accounting of PLI benefits should also support margins.

Outlook

We maintain BUY, with DCF-based TP of INR 3,150 (vs INR 2,900 earlier), implying 35x FY27E standalone EPS. Change in TP is led by ~20bps/60bps higher EBITDA margin in FY26/27E to account for accrual of PLI benefits and strong margin performance.

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TVS Motor Company - 29042025 - icici

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