NSE · India · Auto Manufacturers

TVS Motor Company Limited TVSMOTOR.NS

Price ₹4,195Mkt cap 1,99,309 croreReports in INRData 1 Nov 2026

Value estimate · peers only₹1,990-52.6%-52.6% vs ₹4,195

DCF (base)–not meaningful with these inputs

Peers₹1,9936 peers · median EV/EBITDA 14.7x

Price implies–revenue growth a year; your case 12.4%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 20.4%
EBIT marginFY23–FY26 avg -0.6%
Tax rateFY23–FY26 avg 33.4%
D&A % of revenueFY23–FY26 avg 2.9%
Capex % of revenueFY23–FY26 avg 5.5%
Working capital % of revenue changeFY23–FY26 avg 37.6%

No usable consensus estimate: the first years start from history. The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 1.60 (R² 0.51)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 16.76%
Weight of equity: 85.9%
After-tax cost of debt: 5.93%
WACC: 15.23%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisYahoo's consensus revenue growth (34%) looks inconsistent with the reported history, so the forecast starts from history instead.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

The DCF can't value it with these inputs

Context
Your base case doesn't give a usable DCF value: the WACC must stay above terminal growth and the value must come out positive.
Caution
FY26 operating profit after tax, held flat for ever, doesn't cover the debt and other claims, so the whole price rests on growth or a recovery.
Context
Business health grade C (57 out of 100): shows a mixed picture and shows signs of financial distress, with 4 strengths and 5 red flags (top concern: balance sheet under strain).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	-₹1,026	-₹1,020	-₹958
DCF sensitivity (WACC and g ±1 point)	-₹1,072	-₹1,020	-₹984
Monte Carlo (middle 80% of 2,000 runs)	-₹1,296	-₹1,015	-₹789
EV/EBITDA comps (25th to 75th percentile)	₹1,697	₹2,234	₹2,633
P/E comps (25th to 75th percentile)	₹1,487	₹1,752	₹2,146
Analyst targets (39 analysts, low to high)	₹2,470	₹4,644	₹5,630
52-week share price (trading range)	₹3,228	–	₹4,485

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeC57 / 100

Grade C (57/100): shows a mixed picture and shows signs of financial distress, with 4 strengths and 5 red flags (top concern: balance sheet under strain).

Piotroski F-score6 / 9nine tests of strength

Altman Z''0.75Distress zone · safe above 2.60

Beneish M-score−1.95No flag · cut-off −1.78

Red flags 5

Balance sheet under strain: Altman Z'' is 0.75, in the distress zone (below 1.10).
Profit leans on items outside the core business: net profit of ₹3,018 crore was 228% above operating profit in FY26; check for one-off gains.
Profit isn't turning into cash: operations produced −3% of reported profit over 4 years.
Interest is a heavy burden: operating profit covers interest only 0.4x in FY26.
Debt is high: net debt is 12.9x EBITDA in FY26. Carmakers and conglomerates often carry a lending arm's debt here, which overstates the burden.

Strengths 4

High return for shareholders: ROE was 33.4% in FY26.
Steady growth: revenue rose in each of the last 3 years.
Margins are widening: EBIT margin rose 3.9 points from FY23 to FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −1.95, below the −1.78 cut-off.

Cash conversion Weak−3%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Weak3.8%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong. A lending arm's loan book inflates capital employed and pulls this down.

Return on equity Good33.4%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover Weak0.4xEBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA Weak12.9x(Borrowings − cash) ÷ (EBIT + D&A), FY26. 1.5x or less is comfortable; above 3.5x is heavy. Carmakers and conglomerates often carry a lending arm's debt here, which overstates the burden.

Receivable days Good20 daysReceivables ÷ revenue × 365. Up from 17 days in FY23; a rise of more than 20 days is a warning.

Share count change Good0.0% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info21.9%Dividends and buybacks ÷ net profit, FY23–FY26. Neither high nor low is good on its own: it depends on how well the company could reinvest.

Stock-based pay Good0.0%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Good+3.9 ptsFrom −2.0% in FY23 to 1.9% in FY26.

Piotroski's tests, one by one (6 passed of 9)

PASS
Made a profit Return on assets 6.3% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow ₹1,867 crore in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved 6.3% vs FY25's 5.3%
Rising profitability is one of the clearest signs a business is getting stronger.
FAIL
Cash from operations beat profit Cash ₹1,867 crore vs profit ₹3,018 crore
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 23.9% of average assets vs FY25's 30.9%
More debt leaves less room for error when business slows.
FAIL
Short-term liquidity improved Current ratio 0.98 vs FY25's 1.12
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
PASS
No new shares issued Diluted shares 0.0% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
FAIL
Gross margin improved Gross margin 26.7% vs FY25's 27.4%
A higher gross margin points to pricing power or falling costs.
PASS
Assets worked harder (turnover up) Revenue ÷ assets 0.99x vs FY25's 0.87x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 5/9 · FY25 8/9

How the Altman and Beneish scores are built

Altman Z'' = 0.75 (distress)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	-0.011	6.56	-0.07
Retained earnings ÷ total assets	0.150	3.26	0.49
Operating profit (EBIT) ÷ total assets	0.016	6.72	0.11
Book equity ÷ total liabilities	0.209	1.05	0.22

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 0.08 · FY24 0.61 · FY25 1.07

Beneish M = -1.95
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	1.197	1.465	1.031
Gross margin slipping (GMI)	1.027	1.193	1.014
More hard-to-value assets (AQI)	0.946	1.254	1.039
Sales growth (SGI)	1.292	1.607	1.134
Depreciation slowing (DEPI)	0.989	1.077	1.001
Overheads vs sales (SGAI)	0.960	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	0.020	0.031	0.018
Leverage rising (LVGI)	1.019	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

39 analysts' average 12-month target is ₹4,644, +10.7% against today's ₹4,195 (median ₹4,725). The range runs from ₹2,470 to ₹5,630.

Ratings this month: 30 buy, 4 hold, 5 sell; the average works out to "Buy" (1.9 on a 1 to 5 scale, 1 = strong buy).

Your value estimate of ₹1,990 is 57% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year–Your base case averages 12.4%. No growth rate between −60% and +100% matches the price.

Implied EBIT margin53.5%Your base case averages 1.9%; the last reported year was 1.9%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Context

No expected return: the DCF does not give a usable value with these inputs.

Expected returnif your base case comes trueNot available–
Required return (WACC)what the model discounts at15.2%
Government bondwhat the INR 10-year government bond pays7.4%

What the price pays for

Today's business, no growth0%₹0.00 a share: earnings power value

Future growth100%₹4,195 a share

Earnings yield1.9%₹80.55 trailing EPS ÷ price

Free cash flow yield-2.2%FY27E forecast ÷ market value

10-year bond7.4%interest a year

Cost of equity16.8%what shareholders require

Context

Every ₹100 of share price buys ₹1.92 of today's profit a year, less than the ₹7.44 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 5.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY26 operating profit (EBIT), ₹ crore: 920
After tax at 33.4%: 613
Held flat for ever: ÷ WACC of 15.2%: 4,022
+ Cash − debt, leases, minorities and dividends since the balance sheet: -29,474
÷ Shares, per share: -₹535.74

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	–
Required return (WACC)	15.2%
Expected minus required	–
Cost of equity	16.8%
10-year government bond	7.4%
Earnings power value per share	-₹535.74
Share of price paying for growth	100%
Earnings yield	1.9%
Free cash flow yield	-2.2%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%-₹1,026-124.4% vs price

Base · 50%-₹1,020-124.3% vs price

Bull · 25%-₹957.76-122.8% vs price

Probability-weighted-₹1,006-124.0% vs price

ReportedBearBaseBull

Show as table

Revenue, ₹ crore	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	27,434	32,668	36,887	47,652
Bear					55,943	61,929	67,193	71,359	74,213
Base					57,373	65,233	72,734	79,426	84,986
Bull					58,802	68,622	78,572	88,158	96,974

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above ₹4,195

Median outcome-₹1,015-124.2% vs price

Downside (10th pct)-₹1,2961 run in 10 is lower

Upside (90th pct)-₹788.861 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

₹ crore	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	57,373	65,233	72,734	79,426	84,986
EBIT	1,090	1,239	1,382	1,509	1,615
NOPAT = EBIT × (1 − tax)	726	825	920	1,005	1,075
+ D&A	1,664	1,892	2,109	2,303	2,465
− Capex	3,155	3,262	3,200	3,098	2,805
− Increase in working capital	3,694	2,987	2,851	2,543	2,113
Free cash flow	-4,460	-3,531	-3,021	-2,332	-1,377
Present value	-4,209	-2,891	-2,147	-1,438	-737
Years to year end (t)	0.41	1.41	2.41	3.41	4.41

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: -11,422
Present value of terminal value: -7,566
Enterprise value: -18,987
+ Cash and short-term investments (31 Mar 2026): 4,465
− Borrowings: 31,624
− Lease liabilities: 1,167
− Minority interests: 1,149
− Dividends since the balance sheet: 0.00
Equity value: -48,461
÷ Shares outstanding: 47.51 crore
Value per share: -₹1,020

All amounts in ₹ crore. No dividends with ex-dates after 2026-03-31.

Terminal value share of enterprise value39.8%The forecast years carry a good share of the value.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	14.23%	14.73%	15.23%	15.73%	16.23%
4.0%	-₹1,028	-₹1,016	-₹1,004	-₹994	-₹984
4.5%	-₹1,038	-₹1,024	-₹1,012	-₹1,001	-₹990
5.0%	-₹1,048	-₹1,033	-₹1,020	-₹1,008	-₹997
5.5%	-₹1,059	-₹1,043	-₹1,029	-₹1,016	-₹1,004
6.0%	-₹1,072	-₹1,055	-₹1,039	-₹1,025	-₹1,012

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Bajaj Auto Limited BAJAJ-AUTO.NS Auto Manufacturers		16.4x	21.8x	3.7x	7.8x	19.6%	57.4%
Hero MotoCorp Limited HEROMOTOCO.NS Auto Manufacturers		13.0x	17.2x	1.8x	4.4x	11.8%	22.5%
Mahindra & Mahindra Limited M&M.NS Auto Manufacturers		10.7x	18.5x	2.0x	3.4x	17.0%	27.5%
Eicher Motors Limited EICHERMOT.NS Auto Manufacturers		33.4x	34.3x	7.7x	7.9x	19.8%	31.5%
Maruti Suzuki India Limited MARUTI.NS Auto Manufacturers		16.9x	26.6x	1.7x	3.3x	5.3%	26.0%
Tata Motors Passenger Vehicles Limited TMPV.NS Auto Manufacturers		11.6x	–	0.4x	0.9x	2.7%	-8.2%
Median of included	6	14.7x	21.8x	1.9x	3.9x
TVS Motor Company Limited	–	24.8x	52.1x	3.5x	20.8x	1.9%	29.2%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	₹1,697 (11.9x)	₹2,234 (14.7x)	₹2,633 (16.8x)
P/E × earnings per share	₹1,487 (18.5x)	₹1,752 (21.8x)	₹2,146 (26.6x)
P/B × book value per share	₹668 (3.3x)	₹788 (3.9x)	₹1,400 (7.0x)
EV/Sales × revenue + net cash (check only)	₹1,751 (1.7x)	₹1,984 (1.9x)	₹3,880 (3.3x)
Peer value (average of median EV/EBITDA and median P/E prices)		₹1,993

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins-3 bpsEBIT margin change from the last reported year (1.9%) to FY31E (1.9%)

2 · Valuation vs peers+68.7%TVS Motor Company Limited EV/EBITDA against the peer median; negative means cheaper

3 · Cash-2.2%FCF yield: FY27E free cash flow ÷ market value at today's price

TVS Motor Company Limited (TVSMOTOR.NS), valuation summary, 1 Nov 2026
Value estimate ₹1,990 (-52.6% vs today's price of ₹4,195).

• DCF (base case): not meaningful with these inputs per share. WACC 15.23%, terminal growth 5.0%; terminal value is 40% of enterprise value.
• Peers: ₹1,993 per share (average of median EV/EBITDA and median P/E prices; 6 peers).
• Scenarios: bear -₹1,026, base -₹1,020, bull -₹957.76; probability-weighted -₹1,006.
• What the price implies: outside the range tested for FY27E–FY31E, against 12.4% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹1,296 to -₹788.86.
• Key assumptions (base): revenue growth 20.4% → 13.7% → 11.5% → 9.2% → 7.0%; EBIT margin 1.9% to 1.9%; tax 33.4%.
• Checks: to review: The DCF gives a positive value per share.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

6 pass, 1 to review.

PASSWACC is above terminal growth g
CHECKThe DCF gives a positive value per shareA negative value usually means capex or working capital stays too high for ever, or the bridge holds a finance arm's debt. Until fixed, the price target uses peer multiples only.
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 20.4%
EBIT (operating profit)					margin -0.6%
D&A					2.9%
Profit before tax
Tax					rate 33.4%
Capex					5.5%
Increase in working capital					37.6% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 475,087,114. Price ₹4,195 at Fri, 30 Oct 2026 09:58:16 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 20.4%

EBIT marginFY23–FY26 avg -0.6%

Tax rateFY23–FY26 avg 33.4%

D&A % of revenueFY23–FY26 avg 2.9%

Capex % of revenueFY23–FY26 avg 5.5%

Working capital % of revenue changeFY23–FY26 avg 37.6%

Range

Low

Mid

High

DCF scenarios (bear to bull)

-₹1,026

-₹1,020

-₹958

DCF sensitivity (WACC and g ±1 point)

-₹1,072

-₹1,020

-₹984

Monte Carlo (middle 80% of 2,000 runs)

-₹1,296

-₹1,015

-₹789

EV/EBITDA comps (25th to 75th percentile)

₹1,697

₹2,234

₹2,633

P/E comps (25th to 75th percentile)

₹1,487

₹1,752

₹2,146

Analyst targets (39 analysts, low to high)

₹2,470

₹4,644

₹5,630

52-week share price (trading range)

₹3,228

–

₹4,485

Altman Z'' = 0.75 (distress)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

-0.011

6.56

-0.07

Retained earnings ÷ total assets

0.150

3.26

0.49

Operating profit (EBIT) ÷ total assets

0.016

6.72

0.11

Book equity ÷ total liabilities

0.209

1.05

0.22

Beneish M = -1.95

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

1.197

1.465

1.031

Gross margin slipping (GMI)

1.027

1.193

1.014

More hard-to-value assets (AQI)

0.946

1.254

1.039

Sales growth (SGI)

1.292

1.607

1.134

Depreciation slowing (DEPI)

0.989

1.077

1.001

Overheads vs sales (SGAI)

0.960

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

0.020

0.031

0.018

Leverage rising (LVGI)

1.019

1.111

1.037

Measure

Value

Expected return (IRR), base case

–

Required return (WACC)

15.2%

Expected minus required

–

Cost of equity

16.8%

10-year government bond

7.4%

Earnings power value per share

-₹535.74

Share of price paying for growth

100%

Earnings yield

1.9%

Free cash flow yield

-2.2%

Revenue, ₹ crore

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

27,434

32,668

36,887

47,652

Bear

55,943

61,929

67,193

71,359

74,213

Base

57,373

65,233

72,734

79,426

84,986

Bull

58,802

68,622

78,572

88,158

96,974

₹ crore

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

57,373

65,233

72,734

79,426

84,986

EBIT

1,090

1,239

1,382

1,509

1,615

NOPAT = EBIT × (1 − tax)

726

825

920

1,005

1,075

+ D&A

1,664

1,892

2,109

2,303

2,465

− Capex

3,155

3,262

3,200

3,098

2,805

− Increase in working capital

3,694

2,987

2,851

2,543

2,113

Free cash flow

-4,460

-3,531

-3,021

-2,332

-1,377

Present value

-4,209

-2,891

-2,147

-1,438

-737

Years to year end (t)

0.41

1.41

2.41

3.41

4.41

g ↓ · WACC →

14.23%

14.73%

15.23%

15.73%

16.23%

4.0%

-₹1,028

-₹1,016

-₹1,004

-₹994

-₹984

4.5%

-₹1,038

-₹1,024

-₹1,012

-₹1,001

-₹990

5.0%

-₹1,048

-₹1,033

-₹1,020

-₹1,008

-₹997

5.5%

-₹1,059

-₹1,043

-₹1,029

-₹1,016

-₹1,004

6.0%

-₹1,072

-₹1,055

-₹1,039

-₹1,025

-₹1,012

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Bajaj Auto Limited BAJAJ-AUTO.NS

Auto Manufacturers

16.4x

21.8x

3.7x

7.8x

19.6%

57.4%

Hero MotoCorp Limited HEROMOTOCO.NS

Auto Manufacturers

13.0x

17.2x

1.8x

4.4x

11.8%

22.5%

Mahindra & Mahindra Limited M&M.NS

Auto Manufacturers

10.7x

18.5x

2.0x

3.4x

17.0%

27.5%

Eicher Motors Limited EICHERMOT.NS

Auto Manufacturers

33.4x

34.3x

7.7x

7.9x

19.8%

31.5%

Maruti Suzuki India Limited MARUTI.NS

Auto Manufacturers

16.9x

26.6x

1.7x

3.3x

5.3%

26.0%

Tata Motors Passenger Vehicles Limited TMPV.NS

Auto Manufacturers

11.6x

–

0.4x

0.9x

2.7%

-8.2%

Median of included

14.7x

21.8x

1.9x

3.9x

TVS Motor Company Limited

–

24.8x

52.1x

3.5x

20.8x

1.9%

29.2%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

₹1,697 (11.9x)

₹2,234 (14.7x)

₹2,633 (16.8x)

P/E × earnings per share

₹1,487 (18.5x)

₹1,752 (21.8x)

₹2,146 (26.6x)

P/B × book value per share

₹668 (3.3x)

₹788 (3.9x)

₹1,400 (7.0x)

EV/Sales × revenue + net cash (check only)

₹1,751 (1.7x)

₹1,984 (1.9x)

₹3,880 (3.3x)

Peer value (average of median EV/EBITDA and median P/E prices)

₹1,993

TVS Motor Company Limited (TVSMOTOR.NS), valuation summary, 1 Nov 2026 Value estimate ₹1,990 (-52.6% vs today's price of ₹4,195). • DCF (base case): not meaningful with these inputs per share. WACC 15.23%, terminal growth 5.0%; terminal value is 40% of enterprise value. • Peers: ₹1,993 per share (average of median EV/EBITDA and median P/E prices; 6 peers). • Scenarios: bear -₹1,026, base -₹1,020, bull -₹957.76; probability-weighted -₹1,006. • What the price implies: outside the range tested for FY27E–FY31E, against 12.4% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹1,296 to -₹788.86. • Key assumptions (base): revenue growth 20.4% → 13.7% → 11.5% → 9.2% → 7.0%; EBIT margin 1.9% to 1.9%; tax 33.4%. • Checks: to review: The DCF gives a positive value per share. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 20.4%

EBIT (operating profit)

margin -0.6%

D&A

2.9%

Profit before tax

Tax

rate 33.4%

Capex

5.5%

Increase in working capital

37.6% of Δrev