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HDFC Securities Institutional Equities
TVS Motor -Margin expansion continues to impress
TVS Motor India Ltd.s’ Q3 FY26 Ebitda margin came in at 13.1%, including the PLI benefit of ~0.7% (up from 20 basis points both YoY and QoQ). This was above brokerage and Bloomberg consensus estimate of 12.7%. The brokerage expects the company to continue to gain market share in both the domestic and exports market, and benefit from favorable forex and improving cost structure of the EV business.
However, concern remains on capital allocation, as higher investments continue towards its subsidiaries, which include investments for development of the Norton bike portfolio (which it expects to launch in CY26) as well as e-bikes.
The brokerage values the company’s core business at 35x Dec-27 EPS (vs 34x earlier), leading to a target price of Rs 4,006, and maintain our Add rating.
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Hdfc Securities Tvs Motor Maruti Suzuki Lt More Q3 Results.pdf
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