Brokerage Views: Citi On TVS Motor, Nuvama On JTL Industries And More

Maintains a 'sell' rating on the stock and raises the target price to Rs 1,600 apiece from Rs 1,550 earlier, implying a potential downside of 35% from the previous close.

Results marginally above estimates.

Better gross margin was offset by higher selling, general and administrative expenses and employee costs.

Outlook remains positive on domestic industry demand with 10% volume growth for FY25.

New models expected to aid volumes.

Cost reduction, pricing and mix should support margins.

Competition in electronic vehicles is escalating further; could result in an adverse pricing environment.

Valuations stay elevated; continue to value at 29 times the FY25 price to earnings ratio.

Retains a 'buy' rating on the stock and raises target price to Rs 3,000 apiece from Rs 2,525 earlier, implying a potential upside of 20% from the previous close.

Should be a key beneficiary of two-wheeler demand revival in domestic and export markets.

Improving franchise should drive continuous margin expansion.

Three upcoming product launches in the second half of the year.

Norton bike launches are expected at the end of CY25.

Expects earnings per share to more than double between FY24 and FY27.

Downgrades to an 'add' rating on the stock and raises target price to Rs 2,600 apiece from Rs 2,250 earlier, implying a potential upside of 4% from the previous close.

Recent stock price run-up leaving limited upside

Expects the company to continue outperforming the two-wheeler industry.

Seeing acceleration in recovery along with improving margins.

Company expects domestic two wheelers to clock 10% growth this year, led by the rural sector.

Expects TVS Motor to sustain improvements in growth categories of premium motorcycles, scooters and exports.

Upgrades FY26E EPS by 6% and build-in 14/27% revenue/EPS compound annual growth rate in FY24–27E.

Retains a 'buy' rating on the stock and raises target price to Rs 2,870 apiece from Rs 2,840 earlier, implying a potential upside of 16% from the previous close.

Growth in earnings before interest, taxes, depreciation, and amortisation owing to a better gross margin.

In subsequent quarters, the company should accrue production-linked incentive-scheme benefits.

Sees strong growth on market-share gains in domestic and overseas markets and aggressive focus on EVs.

Factoring in better net pricing and PLI benefits, increases FY25–27E Ebitda by 1–3%.

Company to outpace peers; build in FY24–27 domestic and export two-wheeler volume CAGR by 7% and 12%.

Revenue/EPS CAGR shall be 11%/21% over FY24–27E.