Sharekhan has given Buy recommendation for TVS Motor Company with a target price of Rs. 688 in its research report issued on Feb 18, 2021

Sharekhan’s research report on TVS Motor Company

TVS Motor (TVSM) would benefit from a sharp recovery in domestic two-wheeler demand in FY2022E, driven by strong rural sentiments and rising preference for personal transport. Moreover, TVSM’s strong foothold in export markets is likely to keep overall sales robust. Q3FY2021 results witnessed all round strong operational performance. The stock trades at a P/E multiple of 24.4x and EV/EBITDA multiple of 13.0x its FY2023 estimates.


We maintain a Buy rating on TVSM with a revised PT of Rs. 688, factoring improved demand in both domestic as well as exports.