News

Emkay Global Financial's research report on TVS Motor

TVSL reported a strong Q4 with ~4.6% QoQ ASP growth and reported EBITDA margin of 14%, aided by recognition of PLI benefit for the full year; margins excl 9M PLI stood at 12.5% vs 11.9% in Q3 (2.3% ASP growth at ~Rs76,800 without considering 9M PLI). TVSL expects domestic 2W industry to grow similarly to FY25 (ICE industry grew ~7% in FY25), with exports to benefit from demand in key African markets near bottoming out. We continue to like TVSL amid its ongoing market share gains across growth categories (premium motorcycles, scooters, exports, and EVs), with portfolio actions (eg recent Jupiter 110cc scooter, E-3W and other E2W launches, per industry checks) seen aiding further outperformance and driving 6.6%/5.9% EPS upgrade in FY26E/27E (27% CAGR over FY25-27E).

Outlook

We maintain BUY with revised SoTPbased TP of Rs 3,100 (30x FY27E core PER + Rs186 for captive finance arm).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

TVS Motor - 29042025 - emkay

Discover the latest Business News, Budget 2025 News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Sensex Today Jammu Kashmir News Live Canada Election Results Q4 Results 2025 Live Ather Energy IPO GMP India at UN Gold Price HDFC Bank Market Cap Paytm First Games IPL Points Table 2025

Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups

Home Currencies Commodities Pre-Market IPO Global Market Bonds

Home Loans up to 50 Lakhs Credit Cards Lifetime Free Finance TrackerNew Fixed Deposits Fixed Deposit Comparison Fixed Income

Home MC 30 Top Ranked Funds ETFs Mutual Fund Screener

Income Tax Calculator EMI Calculator Retirement Planning Gratuity Calculator

Stock Markets

News18 Firstpost CNBC TV18 News18 Hindi Cricketnext Overdrive Topper Learning

About Us Contact Us Advisory Alert Advertise with Us SupportDisclaimer Privacy Policy Cookie Policy Terms & Conditions Financial Terms (Glossary) Sitemap Investors

You are already a Moneycontrol Pro user.