TVS Motor Q4 Results Review: Motilal Oswal Maintains 'Neutral' Stance On The Stock — Here's Why

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Motilal Oswal Report

The recently launched Jupiter 110 has been well-received by customers and is likely to support TVS Motor Company Ltd. in gaining market share in scooters over the coming quarters.

However, in motorcycles, for the first time in many years, TVS Motor has underperformed the industry in FY25. More importantly, it has underperformed in the 125cc segment, which has been a key growth driver in recent years.

Further, the demand outlook in domestic markets has remained weak following the festive season, while the exports outlook also continues to be uncertain.

Given these factors, we believe TVS Motor at 42x/35.8x FY26E/FY27E EPS appears fairly valued.

Reiterate Neutral with a target price of ~Rs 2,720 (based on ~32x FY27E EPS and Rs 212/share for the NBFC).

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