Buy TVS Motor Company; target of Rs 4461: Motilal Oswal

Motilal Oswal is bullish on TVS Motor Company has recommended buy rating on the stock with a target price of Rs 4461 in its research report dated January 28, 2026.

Broker Research

January 30, 2026 / 21:03 IST

Buy

Motilal Oswal's research report on TVS Motor Company

TVS Motor Company (TVS)’s 3QFY26 PAT stood at INR9.7b, in line with our estimate of INR10b. EBITDA margin expanded 120bp YoY to 13.1% (slightly above our estimate of 12.9%). TVS remains confident of outperforming industry growth in the coming quarters as well. We factor in a revenue/EBITDA/PAT CAGR of 21%/26%/29% over FY25-28E. TVS’s consistent market share gains across key domestic and export segments, along with a gradual improvement in margins, have driven healthy returns over the years. This strong track record is likely to help sustain its premium valuations in the long run. We reiterate our BUY rating and value the stock at 36x Dec’27 EPS to arrive at our TP of INR4,461.

Outlook

With a gradual improvement in margins, have driven healthy returns over the years. This strong track record is likely to help sustain its premium valuations in the long run. We reiterate our BUY rating and value the stock at 36x Dec’27 EPS to arrive at our TP of INR4,461.

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