Goldman Sachs has maintained its neutral rating on TVS Motor Company while raising the target price to ₹3,430, noting that upcoming launches are expected to strengthen the company’s positioning in both internal combustion engine (ICE) and electric scooter segments. The company is set to launch the NTORQ 150 and a new electric scooter between August 28 and September 1, which the brokerage believes will help consolidate its leadership in two-wheeler scooters.
Goldman Sachs also noted that the shortage of rare-earth metals, which had constrained electric vehicle production, is now easing for Indian EV makers, providing a supportive backdrop for growth. However, it flagged that there is no immediate upside from GST cuts as policy changes are still awaited. While acknowledging the product pipeline as a positive, the brokerage said valuations already capture much of the growth, keeping its stance at neutral.
Disclaimer: The views and recommendations made in this article are those of Goldman Sachs. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
