External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26.</li><li>Africa is stabilising, Sri Lanka/Nepal are improving, and LATAM is a major white space for market share expansion.</li><li>Export contribution to overall volumes and revenue continues to rise. Revenue from exports for Q2FY26 was Rs 2,885 Cr.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26.Africa is stabilising, Sri Lanka/Nepal are improving, and LATAM is a major white space for market share expansion.Export contribution to overall volumes and revenue continues to rise. Revenue from exports for Q2FY26 was Rs 2,885 Cr.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.</li>
<li>The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.</li>
<li>Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.</li>
</ul>


Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.
The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.
Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.


Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.</li>
<li>Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.</li>
<li>But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.</li>
</ul>



TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.


TVS Motor (TVSL) – The Juggernaut; Solid Outlook

<ul>
<li>
Robust Operating Performance:<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> reported 17% YoY revenue growth in Q4FY25 with EBITDA margins at 12.5% (ex-PLI) — stable despite input cost pressures. </li>
<li>
EV Momentum &amp; Premium Product Strength: EV sales rose 54% YoY, and TVS continued to gain traction in the premium segment through its Apache and Ntorq models.</li>
<li>
Valuation Demands Flawless Execution:At 58x P/E TTM EPS,TVS commands a steep premium over peers.Justifying this requires sustained outperformance in EV adoption, export monetization, and premium product cycles without margin erosion.</li>
</ul>



Robust Operating Performance:TVS Motor (TVSL IN) reported 17% YoY revenue growth in Q4FY25 with EBITDA margins at 12.5% (ex-PLI) — stable despite input cost pressures. 

EV Momentum &amp; Premium Product Strength: EV sales rose 54% YoY, and TVS continued to gain traction in the premium segment through its Apache and Ntorq models.

Valuation Demands Flawless Execution:At 58x P/E TTM EPS,TVS commands a steep premium over peers.Justifying this requires sustained outperformance in EV adoption, export monetization, and premium product cycles without margin erosion.


TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

<ul><li>Profitability and Margins: TVSMotors has demonstrated consistent improvement in its EBITDA margins over the past decade.</li><li>From an EBITDA margin of 6% in FY15, the company reported a margin of 12.5% in Q4FY25 (including a 0.5% contribution from the PLI scheme).</li><li>The EBITDA margin improved by 120 basis YoY to 12.3% in FY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Profitability and Margins: TVSMotors has demonstrated consistent improvement in its EBITDA margins over the past decade.From an EBITDA margin of 6% in FY15, the company reported a margin of 12.5% in Q4FY25 (including a 0.5% contribution from the PLI scheme).The EBITDA margin improved by 120 basis YoY to 12.3% in FY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TVS Motor Co Ltd - Adj. EBITDA Beats Estimates

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TVS Motor (TVSL IN)

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26. Africa is stabilising, Sri...

Axis Direct

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...

Sreemant Dudhoria,CFA

TVS Motor Co Ltd - Adj. EBITDA Beats Estimates

Profitability and Margins: TVSMotors has demonstrated consistent improvement in its EBITDA margins over the past decade.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26. Africa is stabilising, Sri...

Axis Direct

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

​Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

​TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

​TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...

Sreemant Dudhoria,CFA

TVS Motor Co Ltd - Adj. EBITDA Beats Estimates

Profitability and Margins: TVSMotors has demonstrated consistent improvement in its EBITDA margins over the past decade.

Axis Direct

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...