TVS Motor Share Price: Jefferies bullish, Citi bearish! Mixed brokerage views after 42% profit jump in Q2FY26

TVS Motor Share Price: TVS Motor Company reported a strong set of numbers for the quarter ended September 30, 2025 (Q2 FY26), with consolidated net profit rising 42 per cent year-on-year to Rs 832.76 crore, driven by robust growth across vehicle segments.

The company had posted a profit of Rs 588.13 crore in the same quarter last year.

Consolidated revenue from operations grew 26 per cent to Rs 14,051.22 crore, compared with Rs 11,197.19 crore a year earlier, supported by healthy domestic and export demand.

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Total expenses rose to Rs 12,801.67 crore from Rs 10,332.19 crore in the corresponding period last year.

Record Sales and Segment Growth

TVS achieved its highest-ever quarterly sales, with overall two-wheeler and three-wheeler volumes rising 23 per cent to 15.07 lakh units, up from 12.28 lakh units last year.

Motorcycle sales grew 20 per cent year-on-year to 6.73 lakh units, while scooter sales jumped 30 per cent to 6.39 lakh units, reflecting strong demand for the company’s popular models in the premium and urban segments.

Exports also performed well, two-wheeler international sales surged 31 per cent to 3.63 lakh units, showing recovery in overseas markets.

Three-wheeler sales rose sharply by 41 per cent to 53,000 units compared with 38,000 units a year ago.

Electric vehicles (EVs) continued their upward trend, with sales rising 7 per cent to 80,000 units, marking the company’s highest-ever quarterly EV sales.

Brokerages Maintain Positive Outlook

Brokerages largely maintained a positive stance on TVS Motor, citing strong fundamentals, improving margins, and rising market share.

Jefferies maintained a Buy rating and raised the target price to Rs 4,300 from Rs 4,250, noting that Q2 EBITDA and PAT grew 40–44 per cent YoY, in line with estimates.

The brokerage expects industry volumes to grow at a 10 per cent CAGR over FY25–28 and forecasts 16 per cent volume and 27 per cent EPS CAGR for TVS during this period.

Morgan Stanley also remained Overweight, lifting its target to Rs 4,022 and describing TVS as “best placed to benefit from the two-wheeler up-cycle.” The firm expects scooterization and premiumization trends to drive growth.

CLSA maintained an Accumulate rating, increasing its target to Rs 4,057, while Goldman Sachs and JP Morgan retained Neutral calls with targets of Rs 3,750 and Rs 3,737, respectively.

Citi, however, stayed cautious, maintaining a Sell rating and cutting its target to Rs 2,750, citing slightly weaker EBITDA performance and rising competition.

Despite mixed views, analysts agree that TVS Motor’s strong market positioning, improving exports, and expanding EV portfolio position it well to sustain growth in the coming quarters.