Target: ₹5,300
CMP: ₹4,367.50
TVS Motor Company’s FY26 annual report highlights accelerated execution across 5 strategic priorities—premiumization, EV leadership, commercial mobility, sustainability, and global expansion—supported by sustained R&D (5x over 10Y to ₹1,250 crore, 2.7 per cent of FY26 revenue) and brand investments (4 per cent of revenue).
This has helped TVS Motor become the world’s third-largest 2W manufacturer in FY26 (5th in FY21; #2 in FY27TD; #1 in Jul-26), marking what management considers its strongest year on record (sold 5.9 million units).
The AR positions premiumisation as the centerpiece, with Norton entering its monetisation phase; its multi-brand portfolio (Jupiter, Apache, Raider, iQube, Ntorq) strengthens positioning across segments.
Coupled with the HMIL partnership for next-gen E-3Ws and continued expansion in commercial mobility (including financing tie-ups), these initiatives are expected to drive the next leg of market share gains as the ecosystem matures beyond early scale.
The Chairman describes the road ahead as “unpredictable, complex and exciting”, while emphasising TVSL’s approach of measured optimism. TVS Motor’s ability to anticipate consumer preferences and incubate new categories should support sustained market share gains, alongside benefits from India’s accelerating EV transition.
We build in FY26-29E revenue/EBITDA/PAT CAGR of 19/22/26 per cent and reiterate Buy, with an unchanged TP of ₹5,300 at 35x Jun-28E EPS.
Published on August 21, 2026
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