JEFFERIES ON TVS MOTOR ; BUY | TP ₹5,425

• Q2 Performance: EBITDA and PAT UP 47–48% YoY, beating estimates. • Sales Growth: Volumes UP 27% YoY. • EBITDA Margin: Improved to 13%. • Market Share: Domestic two-wheeler market share reached a 23-year high of 20%. • Exports: Strong export momentum continues. • Impact: Positive 🟢

TVS MOTOR COMPANY LTD

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