Motilal Oswal's research report on TVS Motor Company
TVS Motor (TVSL) posted an operationally in-line performance in 3QFY24. The company posted its highest-ever EBITDA margin at 11.2% (+1,10bp QoQ). We believe TVSL is well placed to outperform the 2W industry, led by its multiple successful products in key categories, expansion in global geographies, and success in EVs. However, we believe strong earnings growth driven by recovery in underlying segments and margin improvement is fairly captured in the current valuations at ~45x/37x FY24E/FY25E EPS.
Outlook
We retain our FY24E/FY25E EPS. Reiterate Neutral with a TP of ~INR1,880 based on ~27x Dec’25E EPS (vs. ~25x earlier) and INR176/sh for NBFC.
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