TVS Motor Company (TVSL IN) – Q4FY26 Result Update – Strong Quarter with Margins Improving – Accumulate
Published on 14 May 2026
TVSL reported a mixed set of Q4 numbers with in-line revenue, beat on margins (that expanded), and miss on PAT. The management aims to outperform industry in the scooter segment, in e2Ws, and in exports which it expects to drive FY27 growth. TVSL continues to invest in technology, R&D, innovation and brand building and is taking risk-calibrated growth measures across categories amid geopolitical uncertainties. We estimate volume/realization CAGR of 10.3%/4.6% over FY26-28E translating to revenue/EBITDA/adj. EPS CAGR of 15.4%/16.0%/20.4%. Retain ‘ACCUMULATE’ rating with TP of INR3,950 (previously INR4,150), valuing the stock at 35x P/E based on FY28E EPS, and INR87 for TVS Credit Services Ltd.
