TVS Motor Company Ltd. received a target price hike and ratings upgrade from Goldman Sachs as the brokerage upgraded the stock to ‘Buy’ from ‘Neutral’ and raised its target price to Rs 4,100 from Rs 3,830, implying an upside of about 21 per cent from current levels. The brokerage flagged the company as a top‑quartile volume growth beneficiary within its auto coverage universe, citing stronger visibility from premium launches, improved resilience to raw‑material inflation, and margin tailwinds from the PLI scheme over the medium term.
Volume growth expectation vs industry growth:
Overall, two-wheeler and three-wheeler sales, including international business, grew by 27 per cent, registering the highest-ever quarterly sales of 15.44 lakh units in the third quarter, as against 12.12 lakh units in the year-ago period.
Motorcycle sales grew by 31 per cent at 7.26 lakh units in the third quarter, as against 5.56 lakh units in the year-ago period, it added. Scooter sales for the quarter under review stood at 6.14 lakh units, up 25 per cent from 4.93 lakh units in the third quarter of 2024-25.
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