KOTAK SECURITIES ON TVS MOTOR ; ADD | TP ₹4,400 (EARLIER ₹4,350)

• Target Upgrade: Kotak Securities raises target price to ₹4,400 from ₹4,350, maintaining Add rating. • Q2 Revenue: UP 44% YoY, supported by strong sales growth. • Q2 EBITDA: UP 47% YoY, beating estimates. • Sales Volumes: UP 27% YoY, reflecting strong demand. • EBITDA Margin: Improved to 13%. • Market Share: Expects market share gains across scooters, premium motorcycles and electric vehicles. • Impact: Positive 🟢

TVS MOTOR COMPANY LTD

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