Accumulate TVS Motor Company; target of Rs 736: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on TVS Motor Company

TVS Motors (TVS) is the third largest two-wheeler manufacturer in India with a domestic market share of 14.3% in FY21. Q3FY22 revenue growth came at 6% YoY (largely in-line with our estimate) due to improved product mix, The growth was largely driven by robust export demand of 13%YoY. Despite adverse commodity price, Strong cost control initiatives and price hike aided margin upbeat. Gained 50bps YoY. We expect confidence in the domestic market to recover gradually with the pick-up in the economic activity & pandemic relaxations. However, near term impact is likely due to elevated RM cost. Higher export, stability in exchange rate are currently driving the international numbers. However, the long term plan for the EV and its investment of Rs1000 cr. capex is on track.

Outlook

We rollover and value TVS on a SOTP basis, standalone business at 20x FY24E EPS (Rs.707/share) and TVS Credit Services at 1.0x trailing BV (Rs.29/share) to arrive at a target price of Rs.736/share and recommend Accumulate rating at CMP.

More Info

At 15:29 hrs TVS Motor Company was quoting at Rs 653.15, down Rs 9.10, or 1.37 percent.

It has touched an intraday high of Rs 671.65 and an intraday low of Rs 648.90.

It was trading with volumes of 81,182 shares, compared to its thirty day average of 464,946 shares, a decrease of -82.54 percent.

In the previous trading session, the share closed up 0.63 percent or Rs 4.15 at Rs 662.25.

The share touched its 52-week high Rs 793.45 and 52-week low Rs 495.00 on 09 November, 2021 and 24 August, 2021, respectively.

Currently, it is trading 17.68 percent below its 52-week high and 31.95 percent above its 52-week low.

Market capitalisation stands at Rs 31,030.31 crore.

For all recommendations report, click here

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