GOLDMAN SACHS ON TVS MOTOR ; BUY | TP ₹5,290 (EARLIER ₹4,950)

• Goldman Sachs maintains Buy rating on TVS Motor and raises target price to ₹5,290 from ₹4,950. • Q2 revenue grew 44% YoY, while EBITDA rose 47% YoY, beating estimates. • Expects further market share gains during H2 FY27. • EBITDA margins expected to improve in H2 FY27, supported by stronger operating performance. • Consumer finance business demerger aimed at unlocking shareholder value.

TVS MOTOR COMPANY LTD

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