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Investing.com - Nomura/Instinet has upgraded TVS Motor Co Ltd (NSE:TVSL) from Neutral to Buy, while raising its price target to INR3,231.00 from INR2,915.00.
The upgrade comes as Nomura expects TVS to outperform the two-wheeler industry, driven by successful recent product launches, increasing scooter market share, and healthy traction in export markets.
Nomura has raised its volume estimates for TVS by approximately 2%, while revenue projections are up by about 5% due to an improved product mix with higher three-wheeler and electric vehicle contributions.
The firm trimmed its FY26 EBITDA margin forecast to 13.1% from 13.5% previously, noting that the entire electric vehicle portfolio is not yet accruing production-linked incentives (PLI), while maintaining its FY27 margin estimate at 14.2%.
Nomura’s earnings per share estimates for TVS Motor are 12-19% ahead of consensus forecasts for FY27-28, with the firm introducing FY28 estimates that project 9% volume growth and 18% EPS growth.
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