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Motilal Oswal's research report on TVS Motor Company

TVS Motor (TVSL) delivered an in-line operating performance, excluding the PLI benefit. Adjusted PAT grew 42% YoY to INR6.9b, broadly in line with our estimate of INR6.75b. For FY25, the company posted a strong 30% YoY growth in PAT to INR27.1b. While TVSL is expected to continue outperforming in the scooters segment, its underperformance in the motorcycles segment remains a concern. Additionally, 2W industry demand has weakened following the festive season. At ~42x/35.8x FY26E/FY27E EPS, we believe most of the positives are already priced in.

Outlook

We maintain our FY25E/26E EPS estimates. Reiterate Neutral with a TP of ~INR 2,720 (based on ~32x FY27E EPS and INR212/sh for the NBFC).

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TVS Motor Company - 29042025 - moti

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