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Motilal Oswal Report
TVS Motor Company Ltd. posted an operationally in-line performance in Q4 FY24. It was yet another quarter, where TVS Motor recorded the highest-ever Ebitda margin of 11.3% (estimate: 11.2%).
We believe TVS Motor is well placed to outperform the two-wheeler industry, led by new product launches.
However, we believe strong earnings growth, driven by recovery in underlying segments and margin improvement, is fairly captured in the current valuations at ~36 times/31 times FY25E/FY26E earnings per share.
We retain our FY25E/FY26E EPS. Reiterate Neutral with a target price of ~Rs 1,930 based on ~27 times Mar'26E earnings per share and Rs 171/share for NBFC.
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