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Dolat Capital Report
TVS Motor Company Ltd. printed a strong operating performance in Q2, Margins remain sustainable and expected to expand in the coming quarter amid premiumisation with ramp up in sales Apache, Ronin, Ntorq and Raider.
TVS Motor's Ebitda margin stood at 11% led by product mix optimisation and cost control initiative. Expect rural growth would outperformed urban growth.
At current market price stock is trading at 31/25 times for FY25/26E which looks fully priced in.
We core business Rs 1621 (25 times FY26E earnings per share) and of TVS Credit Services at Rs 73/share. Recommend 'Reduce' with target price Rs 1694.
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