Emkay Global Financial has joined Jefferies in maintaining bullish sentiment on TVS Motor Company Ltd., recommending a buy rating with a target price of ₹5,300 in its research report dated August 18, 2026. Emkay's target price of ₹5,300 at 35x Jun-28E EPS aligns with Jefferies' ₹5,425 target, both maintaining strong buy ratings on the stock. The dual analyst support reflects growing confidence in TVS's strategic execution and market positioning, with the latest report published on August 21, 2026, reinforcing the positive outlook.
TVS Motor delivered exceptional results for the June quarter, with net profit rising 51.3% year-on-year to ₹1,174 crore from ₹776 crore. As reported by Jefferies, revenue from operations increased 37.8% to ₹13,896 crore from ₹10,081 crore a year ago. The company's EBITDA grew 41.2% to ₹1,780 crore from ₹1,260 crore, while EBITDA margin improved to 12.8% from 12.5% in the corresponding quarter last year.
According to Emkay's research, TVS Motor has achieved remarkable strategic progress, becoming the world's third-largest 2W manufacturer in FY26 after ranking fifth in FY21 and second in FY27TD. The company sold 5.9 million units in FY26, marking what management considers its strongest year on record. This transformation is supported by accelerated execution across five strategic priorities: premiumization, EV leadership, commercial mobility, sustainability, and global expansion. The company's multi-brand portfolio including Jupiter, Apache, Raider, iQube, and Ntorq strengthens positioning across segments, with the Norton brand entering its monetisation phase as highlighted in the latest FY26 annual report.
Emkay Global Financial projects robust growth trajectory for TVS Motor, building in FY26-29E revenue/EBITDA/PAT CAGR of 19%/22%/26% respectively. The brokerage maintains its buy rating with an unchanged target price of ₹5,300, citing the company's ability to anticipate consumer preferences and incubate new categories. TVS's sustained R&D investments of ₹1,250 crore (5x over 10 years) and brand investments of 4% of revenue support this optimistic outlook, positioning the company well for sustained market share gains alongside benefits from India's accelerating EV transition. The company's HMIL partnership for next-gen E-3Ws and continued expansion in commercial mobility including financing tie-ups are expected to drive the next leg of market share gains as the ecosystem matures beyond early scale.
