Hold TVS Motor; target of Rs 481: Axis Direct

Zydus Wellness | Brokerage: Sharekhan | Rating: Buy | Target: Rs 1,472 | Return: 18 percent

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26 Aug, 2025 12:21

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Axis Direct's research report on TVS Motor

The company hopes to gain 150 bps market share in India 2Ws backed by new launches and success of existing strong brands (Jupiter and Apache). Management reiterated its target EBITDA margin of 10% in FY18.

Outlook

Further, mopeds (the cash-cow) seem structurally weak and facing competition from entry level motorcycles. Despite a 32% FY17-19 earnings CAGR, we maintain HOLD with TP of Rs 481 (20x FY19 PE + Rs 28/sh for BMW).

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