Nuvama Institutional Equities has reiterated its ‘buy’ rating on TVS Motors, raising the target price to ₹3200 from ₹3100 earlier. The revised target implies a potential upside of approximately 15.1% from the current market price (CMP) of ₹2778.20.
The brokerage highlighted that TVS Motors remains fully charged on the PLI scheme, with its outlook staying intact. For the quarter, factoring in PLI only, the company’s revenue grew 15% year-on-year (YoY) to ₹94 billion, which was broadly in line with expectations.
Nuvama noted that TVS is gaining share in both domestic and overseas markets, and expects this trend to persist going forward. It also forecasts margin expansion ahead, driven by better scale and product mix, higher PLI benefits, and cost-saving initiatives.
Additionally, the brokerage has increased its FY26–27 earnings per share (EPS) estimates by around 3% each, led by higher assumptions for revenue and margins. Over the period FY25–27, it reckons that TVS Motors’ revenue and EPS CAGR could be around 12% and 24%, respectively.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
