Motilal Oswal Recommends 'BUY' on TVS Motor, Sets Target at INR 4461

• TVS Motor Company's Q3 FY26 PAT was INR 9.7 billion, aligning with Motilal Oswal's estimate.
• EBITDA margin expanded by 120 basis points year-over-year to 13.1%, slightly exceeding estimates.
• TVS expects to outperform industry growth in upcoming quarters, driven by consistent market share gains.
• Motilal Oswal projects a revenue/EBITDA/PAT CAGR of 21%/26%/29% over FY25-28E for TVS Motor.
• The brokerage reiterates a 'BUY' rating with a target price of INR 4,461, valuing the stock at 36x Dec’27 EPS.

Why It Matters: Motilal Oswal recommends buying TVS Motor Company, citing strong performance and future growth potential.