Buy TVS Motor Company: target of Rs 803: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on TVS Motor Company

Aggressive product launches, forays into new markets and investments in newer and cleaner technologies would be the key growth drivers. Earnings growth was robust at a 51.9% CAGR during FY21-23E, led by a 22% revenue growth and a 170 bps expansion in EBITDA margin, with ROE to remain sustainable over 20%. Stock trades below historical average at a P/E multiple of 22.8x and EV/EBITDA multiple of 12.6x its FY2023 estimates.

Outlook

We maintain a Buy on TVS Motor (TVSM) with a revised price target of Rs. 803, factoring in higher volume growth led by exports, product launches and better operational performance.

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