Mumbai, April 6 -- The brokerage has set a target price of Rs 4,100, implying an upside potential of about 18% from current levels. It highlighted superior volume visibility for the company compared to peers, driven by upcoming premium product launches across motorcycles and global brands.

The brokerage expects TVS Motor to deliver volume growth of 14%, 11% and 10% over FY27 to FY29, outpacing broader industry growth estimates. It also pointed to the company's ability to pass on input cost pressures and benefit from margin tailwinds, including gains from the production-linked incentive (PLI) scheme.

Electric vehicle growth remains a key driver, with the company expected to see improving profitability in its EV segment. A strong pipeline...