Broker’s call: TVS Motor (Buy)

TVS Motor Company's FY26 annual report showcases impressive growth driven by strategic priorities and investments. The company became the world's third-largest 2W manufacturer in FY26, marking a record year with sales of 5.9 million units. AR emphasizes premiumization as the core focus, with Norton entering its monetization phase.

The multi-brand portfolio, including Jupiter, Apache, Raider, iQube, and Ntorq, strengthens TVS Motor's market position. Partnerships like HMIL for next-gen E-3Ws and commercial mobility expansion are expected to fuel future market share gains. Management remains optimistic about the future, describing the journey as "unpredictable, complex, and exciting."

TVS Motor anticipates consumer preferences and new categories, contributing to sustained market share growth. Analysts project FY26-29E revenue/EBITDA/PAT CAGR of 19/22/26 percent and maintain a Buy rating with a TP of ₹5,300 at 35x Jun-28E EPS.