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ICICI Securities Report
TVS Motor Company Ltd. continued to move up the profitability curve, delivering yet another quarter of record margin at 11.5%, 20 basis points higher than consensus and up 90 bps/10 bps YoY/QoQ despite the electric vehicle mix increasing 70 bps/10 bps in Q1 FY25.
TVS expects rural demand to recover, and with expectation of normal monsoon, it expects to see strong growth in Q2. We believe TVS has the capability to deliver 12–12.5% Ebitdam in FY25–26E, despite e2W scaling in excess of ~30,000 units/month with 10% CAGR in overall volume in FY24–26E.
Maintain Add on TVS, with DCF based revised target price of Rs 2,596 (earlier Rs 2,245), implying 30 times FY26E standalone earnings per share; target price change is largely driven by valuation rollover.
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