29-Oct-2026 07:51:22

MACQUARIE ON TVS MOTOR ; OUTPERFORM | TP ₹4,325

• Q2 Performance: EBITDA UP 47% YoY to ₹2,220 Cr, beating estimates by 5%. • EBITDA Margin: Expanded to 13% despite commodity cost pressures. • Demerger: Consumer finance business demerger expected to unlock value. • Capacity Expansion: Additional capacity expected to support future growth. • Impact: Positive 🟢

TVS MOTOR COMPANY LTD

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