Nomura has reiterated its buy rating on TVS Motor Company with a target price of ₹3,949 after the launch of the NTorq 150 and Orbiter electric scooter, which it said underscore the company’s intent to scale rapidly in the two-wheeler EV space while also strengthening its premium ICE scooter franchise.
The brokerage estimates that TVS’s EV volumes will grow 42% and 24% year-on-year to 387,000 and 480,000 units in FY26 and FY27 respectively, supported by the Orbiter launch. ICE scooter volumes are also forecast to expand 15% and 10% year-on-year to 1.77 million and 1.94 million units in FY26 and FY27. Nomura said the dual strategy of building leadership in both premium ICE and EV categories provides TVS with a differentiated growth trajectory, supported by strong consumer demand trends in urban mobility.
Disclaimer: The views and recommendations made in this article are those of Nomura. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
