Whalesbook
April mein TVS Motor ki sales 7% badhkar 4,73,970 units tak pahunch gayi, jo ki demand ke hisaab se achha hai. Lekin yahan asli drama hua supply chain ka. Company kehti hai ki workforce ki kami, raw material ka short supply aur containers na milne ke karan jitni production ho sakti thi, utni dispatches nahi ho paayi.
Apne core two-wheeler segment mein sales 6% badhkar 4,55,333 units hui, jisme domestic sales 8% up rahi. Scooter segment toh ekdum josh mein tha, 24% badhkar 2,11,158 units bik gaye. Motorcycle sales thoda neeche (2,00,039 units se) gayi, par electric vehicles mein toofani 36% ka jump dekhne ko mila, 37,771 units bechi gayi. Three-wheelers bhi 37% badhe aur international business 3% upar gaya.
Stock market mein, TVS Motor ka share April ke end mein ₹3,490-₹3,500 ke beech chal raha tha. Pichhle saal bhar mein isne S&P BSE 100 Index ko 34% se bhi zyada outperform kiya hai. Lekin bhai, iska P/E ratio 57-63 ke aas-paas hai, jo competitors jaise Bajaj Auto (~31) aur Hero MotoCorp (~20) se kaafi zyada hai. Iska matlab investors ko future se bahut umeed hai. Analysts bhi 'Buy' rating de rahe hain, target ₹3,957 ke aas-paas hai. CLSA ne ise September 2025 mein 'Outperform' kiya tha aur Goldman Sachs ne April 2026 mein 'Buy' rating dekar ₹4,100 ka target diya hai. Company ne ₹12 per share ka interim dividend bhi diya tha, jo financial health dikhata hai.
Par sab kuch itna bhi rose-rose nahi hai. Ye supply chain ke issues agar continue rahe toh profit margins par pressure aa sakta hai. Aur ye jo valuation (P/E 57-63) hai, agar supply problems badhi toh overvalued bhi lag sakta hai. Dusri taraf, TVS Motor ka debt-to-equity ratio 2.08 times hai, jo competitors se zyada hai. Haalanki, ROCE 27.4% achha hai, par debt zyada hone se future mein problem ho sakti hai agar interest rates badhe.
Management ne kaha hai ki woh in problems ko solve kar rahe hain aur May 2026 tak production pehle jaisa hone ki umeed hai. Company ka focus EVs aur naye premium products par hai, jisse aage growth ki kaafi chances hain.