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TVS Motor Q3 Results Review - Yes Securities Reiterates As Preferred Pick Among 2Ws, Revises Target Price
Sustained market share gains led by aggressive product pipeline, success in to electric vehicles three-wheelers, scope of external investments in to EV vertical are re-rating triggers.
29 Jan 2025, 10:06 AM IST 
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TVS Motor's margins continue to be resilient at 11.0%.
(Photo Source: Company website)
TVS Motors currently trades at 34.5 times/28.8 times of FY26/FY27 EPS (versus Hero MotoCorp / Bajaj Auto of 15-19x on FY27 EPS). We believe, it should continue to trade at premium as we expect EPS CAGR of ~22.7% over FY24-27E.
