Motilal Oswal's research report on TVS Motor Company
TVS Motor (TVSL) delivered an in-line operating performance, excluding the PLI benefit. Adjusted PAT grew 42% YoY to INR6.9b, broadly in line with our estimate of INR6.75b. For FY25, the company posted a strong 30% YoY growth in PAT to INR27.1b. While TVSL is expected to continue outperforming in the scooters segment, its underperformance in the motorcycles segment remains a concern. Additionally, 2W industry demand has weakened following the festive season. At ~42x/35.8x FY26E/FY27E EPS, we believe most of the positives are already priced in.
Outlook
We maintain our FY25E/26E EPS estimates. Reiterate Neutral with a TP of ~INR 2,720 (based on ~32x FY27E EPS and INR212/sh for the NBFC).
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
