Goldman Sachs upgrades TVS Motor to Buy with 21% upside potential. The brokerage set a target price of Rs 4,100, citing robust growth prospects driven by premium product launches like RR 300, RTX 450, and Norton. TVS Motor shares surged 3.3% following the upgrade from Neutral. Goldman Sachs expects volume growth of 14%, 11%, and 10% for FY27E, FY28E, and FY29E respectively, outpacing industry growth estimates. The company benefits from superior pricing power on raw material inflation and an anticipated margin tailwind of 35 basis points from the PLI scheme. EPS revisions for FY26E through FY28E reached up to 8%, with FY28 estimates 3% above consensus. TVS Motor is positioned as a top quartile volume growth beneficiary in India's auto sector, supported by strong March sales showing 25% growth and electric vehicle sales climbing 44% year-over-year.
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