Kotak Institutional Equities has retained its 'Add' rating on TVS Motor , citing multiple demand and execution levers expected to sustain the company's growth momentum over the medium term. The brokerage has revised its fair value to ₹3,950.00, rolling forward its valuation to March 2028.

Kotak expects TVS Motor to continue outperforming the broader two-wheeler industry, driven by a combination of domestic recovery, electric vehicle leadership, network expansion, and strong export momentum. Reflecting higher volume assumptions, the brokerage has raised its FY2026–28 EBITDA estimates by 4–6%.

Domestic Two-Wheeler Market Recovery

The domestic two-wheeler segment has shown strong recovery momentum, with retail volumes growing 9% year-on-year in FY26 to date. This growth has been supported by strong momentum in ICE scooters and motorcycles above 125cc, while improved vehicle financing conditions and GST rate cuts post-September have further aided demand.

TVS Motor has significantly outperformed the domestic ICE market, registering 18% year-on-year growth in FY26 to date. This outperformance has been driven by continued market share gains in scooters and premium motorcycles—segments that are growing faster than the industry average and carry a higher mix for TVS Motor.

Electric Vehicle Leadership and Market Expansion

TVS Motor continues to maintain its leadership position in the electric two-wheeler space, with market share consistently above 20%. The company has sustained momentum through new launches such as the Orbiter, along with continued traction in the iQube portfolio, despite some moderation following GST changes.

The brokerage highlighted TVS Motor's successful entry into the EV three-wheeler segment, where it has already achieved around 20,000 unit sales in FY26 to date and captured over 10% market share in the sub-5 tonne category within months of launch.

Strong Export Performance

Export operations remain a significant growth pillar for TVS Motor, with the company demonstrating exceptional performance in international markets. Export volumes rose 34% year-on-year in FY26 to date, significantly outperforming the industry growth of 24%.

Kotak believes export demand remains robust, driven by a favourable base in Africa, steady performance in Latin America, and expansion into Sri Lanka, Nepal, and Bangladesh, though growth is expected to moderate beyond FY27.

Analyst Consensus and Outlook

While input cost inflation remains a key risk to monitor, Kotak believes the balance of drivers supports sustained growth, justifying its continued 'Add' stance on the stock. The brokerage expects the company to maintain its outperformance, supported by a strong brand presence in scooters and premium motorcycles, along with efforts to address gaps in the premium 125cc motorcycle segment.

Of the 43 analysts covering the stock tracked by Bloomberg, 26 have a 'buy' rating, 10 have a 'hold' call, and seven have a 'sell' rating, indicating predominantly positive sentiment among the analyst community.

TVS motors has announced a conference call to discuss its financial performance for the quarter ended December 31, 2025. The earnings call is scheduled for January 28, 2026, providing investors and analysts an opportunity to gain insights into the company's Q3FY26 results.

Conference Call Details

The earnings call will be conducted in partnership with Batlivala & Karani Securities India Pvt Ltd and is set to commence at 3:30 PM IST on Wednesday, January 28, 2026. This timing allows for comprehensive discussion of the company's quarterly financial performance with key stakeholders.

Management Participation

The conference call will feature senior management representatives who will provide detailed insights into the company's quarterly performance. Key participants include:

• Mr K N Radhakrishnan – Director and Chief Executive Officer
• Mr K Gopala Desikan – Chief Financial Officer

The presence of both the CEO and CFO ensures comprehensive coverage of operational and financial aspects of the company's performance during the quarter.

Access Information

TVS Motor Company has provided multiple access options to accommodate participants from different regions. The dial-in details include:

Regulatory Compliance

This announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was formally communicated to both BSE Limited and National Stock Exchange of India Ltd on January 13, 2026, demonstrating the company's adherence to regulatory requirements and commitment to transparent investor communication.

For additional information regarding the conference call, participants can contact Mr. Annamalai Jayaraj at Batlivala & Karani Securities India Pvt. Ltd. at +91-99401 89718 / +91-90046 69843 or via email at annamalai.jayaraj@bksec.com .