Buy TVS Motor Company; target of Rs 4500: Motilal Oswal

Motilal Oswal is bullish on TVS Motor Company has recommended buy rating on the stock with a target price of Rs 4500 in its research report dated January 15, 2026.

Broker Research

January 19, 2026 / 21:11 IST

Buy

Motilal Oswal's research report on TVS Motor Company

TVS Motor Company (TVS) has been the only two-wheeler player in India to showcase consistent market share gains across its key segments over the past decade and has delivered this with earnings CAGR of 23% and RoCE improvement to 36% (from 22%). TVS continues to have multiple product gaps that provide huge long term growth opportunities. To address some of these, it has recently launched products including an upgraded Raider, Orbiter EV, Apache 310S, and Ntorq 150. Further, TVS launches at least one product every year. Beyond this, they are set to launch three new products from the Norton platform in FY27. The display of its new products at EICMA highlights TVS’ global aspirations as well as its tech capabilities. These factors lead us to believe that TVS is well placed to continue its outperformance in the coming years as well.

Outlook

We reiterate our BUY rating on the stock with a TP of INR4,500; we value the stock at 36x Dec27E EPS.

For all recommendations report, click here