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TVS Motor Company Limited (TVSMOTOR) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹1.7T (≈ $18.2B) · ISIN INE494B01023

What is TVS Motor Company Limited really worth?

TM TVS Motor Company Limited TVSMOTOR · NSE
Price₹4,133
Fair Value₹1,398
Upside−66.2%
Quality46/100

Below-average quality, and trading another 196% above our fair value of ₹1,398.

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Risks

!Expensive Growth (revenue 5y +23.6 %/yr)
!Thin margins · 5.4% net margin
!Moderate debt · negative free cash flow
!Trails peers (5/13)
!Moderate moat 60/100
!Weak on dividend: 6 out of 100

For context

·0.29% dividend yield
Evidence: High Range ₹994.82 – ₹1,748

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 22 days ago

Share price −7.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹1,748). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

₹4,466 ₹491.25 Fair Value ₹1,398 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹491.25 – ₹4,466 · fair‑value band ₹994.82 – ₹1,748 · the ₹4,133 price screens above the ₹1,398 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TVS Motor Company Limited (TVSMOTOR) currently trades at ₹4,133, while our model-based Fair Value estimate is ₹1,398, implying the stock looks roughly 195.6% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of ₹1,678 per share, and 0 of the 17 models we run sit above the ₹4,133 price. Bear case: the Dividend Discount group reads lowest at ₹206.48, and 17 of the 17 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, TVS Motor Company Limited generated revenue of ₹561B at a net margin of 5.4%. Revenue grew 31.3% year over year. It earns a return on equity of 31.6%. Net debt stands at ₹283B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹994.82 (bear case) to ₹1,748 (bull case); at ₹4,133, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 56% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at −66%, TVSMOTOR screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹22.33 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV best evidence ₹986.79 ₹1,191 ₹1,372 74
ROIC Compounder ₹1,236 ₹1,835 ₹2,665 70
Owner Earnings ₹187.65 ₹629.11 ₹1,564 67
All 17 models by family
DCF Models
Owner Earnings ₹187.65 ₹629.11 ₹1,564 67
Earnings-Based
Graham-Dodd ₹432.13 ₹2,817 ₹3,942 63
Lynch FV ₹819.40 ₹1,171 ₹1,522 61
PEG = 1.0 ₹819.40 ₹1,171 ₹1,522 57
EPV best evidence ₹986.79 ₹1,191 ₹1,372 74
Dividend Discount
Gordon GGM ₹115.46 ₹252.07 ₹424.11 65
DDM Multi-Stage ₹115.46 ₹206.48 ₹262.69 66
Multiples
P/E Multiple ₹1,049 ₹1,398 ₹1,748 63
P/S Multiple ₹810.25 ₹1,080 ₹1,350 58
P/B Multiple ₹604.11 ₹805.48 ₹1,007 55
EV/EBIT ₹1,856 ₹2,530 ₹3,205 66
EV/EBITDA ₹1,422 ₹1,952 ₹2,483 67
EV/Revenue ₹823.51 ₹1,248 ₹1,673 53
Asset-Based
NCAV (Graham) ₹100.68 ₹134.92 ₹201.37 54
Economic Profit
Residual Income ₹504.74 ₹745.62 ₹8,084 64
ROIC Compounder ₹1,236 ₹1,835 ₹2,665 70
Growth Earnings
Growth-Adj P/E ₹1,175 ₹1,678 ₹2,182 67

Widest divergence: Growth Earnings (₹1,678) versus Asset-Based (₹134.92). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 64.9
P/S ratio 3.50 P/E × margin
EPS (TTM) ₹63.62 price ÷ EPS = P/E 64.9
Dividend yield 0.3% payout 18.9%
Net margin 5.4% FY2026
Return on equity 31.6% TTM
More key figures
Profitability
Return on assets (EBIT) 20.2% avg 5y
Operating margin 12.5% TTM
Growth
Revenue (TTM) ₹561B TTM
Revenue growth (YoY) +31.3% 3y avg +20.4%
EPS growth (YoY) +19.1%
Balance sheet & cash flow
Free cash flow −₹15.8B FY2026
Net debt ₹283B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 43 · Market factors (momentum, volatility) 76

Profitability 60
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

TVS Motor Company Limited, together with its subsidiaries, engages in the manufacture and sale of automotive vehicles and components, spare parts, and accessories in India and South Africa. It operates through Automotive Vehicles & Parts and Related Investments; and Investment Held in Financial Services segments.

Full company description

TVS Motor Company Limited, together with its subsidiaries, engages in the manufacture and sale of automotive vehicles and components, spare parts, and accessories in India and South Africa. It operates through Automotive Vehicles & Parts and Related Investments; and Investment Held in Financial Services segments. The company offers motorcycles under the Apache RTR, Apache RR, Ronin, Raider, Radeon, StaR City+, and Sport brand names; scooters under the Jupiter, Jupiter 1255, Ntorq, and Zest 110 brands; electric vehicles under the TVS X and iQUBE brands; mopeds under the XL 100 brand name; and three wheelers under the TVS King brand name. It also provides e-bikes under the Cilo, Simpel, and Allegro brands; e-cargo bikes and accessories; electric mobility, predictive analytics, and industrial IoT solutions; and financing services for two-wheelers. In addition, the company is involved procurement, refurbishment, and retailing of the pre-owned multi-brand two-wheeler motorcycles and scooters; and development, design, manufacture, sale and distribution of high-tech products and components in the field of personal e-mobility. The company was incorporated in 1992 and is headquartered in Chennai, India. TVS Motor Company Limited operates as a subsidiary of TVS Holdings Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

TVS Motor Company Limited reported revenue of ₹561B in FY2026 versus ₹244B in FY2022, a compound +23.2%/yr. Reported net income was ₹30.2B in FY2026, compounding +41.3%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹561B
Latest YoY
+27.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.6%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.1%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.0% (11.7 + 0.3)
Revenue +23.2%/yr
FY22 ₹244B
FY23 ₹321B
FY24 ₹389B
FY25 ₹441B
FY26 ₹561B
Net income +41.3%/yr
FY22 ₹7.6B
FY23 ₹13.3B
FY24 ₹16.9B
FY25 ₹22.4B
FY26 ₹30.2B
Character of growth · EPS growth decomposed (2015-2026) +21.6 % p.a.
Revenue per share +16.9 %

of which total revenue +16.9 % · buybacks/dilution +0.0 %

EBIT margin +2.5 %
Tax rate −1.4 %
Residual (interest, one-offs) +2.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

TVSMOTOR screens 196% overvalued. Compare with Toyota Motor Corporation →

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Cite: Fair Value Calculator (2026). "TVS Motor Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TVSMOTOR

Peer Group

Auto Manufacturers · 115 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 46 · Below median
Fair Value upside −66% · Bottom 25%
Return on equity (TTM) 32% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 12% · Top 25%
Revenue growth 31% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 1.31× · Higher than 75% of peers

Valuation Multiples vs Auto Manufacturers median · lower = cheaper

P/E (TTM) 64.9× · Pricier than 75% of peers
P/B 17.95× · Pricier than 75% of peers
P/S (TTM) 3.06× · Pricier than 75% of peers
EV/EBITDA 22.9× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 24
FUTURE100 · sector 27
PAST100 · sector 22
HEALTH35 · sector 94
DIVIDEND6 · sector 51

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Manufacturers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Toyota Motor Corporation TM $191.84 $247.83 +29%
BYD Company 81211 HK$76.90 HK$48.59 −37%
Hyundai Motor Company 005380 418,500 KRW 567,393 KRW +36%
Ferrari N.V RACE €355.50 €167.67 −53%
General Motors Company GM $86.27 $52.69 −39%
Ford Motor Company F $13.88 $11.51 −17%
Mercedes-Benz Group MBG €46.95 €106.16 +126%
Dr. Ing. h.c. F. Porsche AG P911 €43.91 €17.34 −61%
Maruti Suzuki India Limited MARUTI ₹12,694 ₹8,236 −35%
Volkswagen AG VOW3 €77.42 €248.34 +221%

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Frequently asked questions

Is TVS Motor Company Limited (TVSMOTOR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹1,398 versus a price of ₹4,133, about −66% upside (overvalued).
What is the fair value of TVSMOTOR?
Our model-based fair value for TVS Motor Company Limited is ₹1,398 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹4,133.
What is the quality score of TVSMOTOR?
TVS Motor Company Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TVS Motor Company Limited (TVSMOTOR)?
TVS Motor Company Limited reported trailing-twelve-month revenue of about ₹561B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TVSMOTOR?
The net profit margin of TVS Motor Company Limited is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does TVS Motor Company Limited pay a dividend?
TVS Motor Company Limited currently shows a dividend yield of about 0.29% relative to its recent price (as of Aug 13, 2026).
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