2025-04-12 11:53:45 am | Source: Motilal Oswal Financial Services Ltd
Neutral TVS Motor Company Ltd For Target Rs. 2,645 by Motilal Oswal Financial Services Ltd
* TVS continued to outperform 2W peers having posted 14% YoY growth in the segment in 4QFY25 led by strong growth in the scooter segment. Overall volume growth stood at ~15% YoY. We expect TVS to post ~13% YoY revenue growth.
* We expect EBITDA margin to expand 70bp YoY to 12% led by favorable product mix and cost control. We have not factored any PLI benefits into our numbers yet as we await clarity from the management on the same.
* Overall, we expect TVSL to post 39% YoY growth in earnings in 4Q.
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