INDIA 2WS 1Q27 TVS Beat and raise + Bajaj Auto in-line

研报英文原文证据摘录

INDIA 2WS 1Q27 TVS Beat and raise + Bajaj Auto in-line

Equity Research

22 July 2026 | 12:50AM IST

INDIA 2WS 1Q27

TVS Beat and raise + Bajaj Auto in-line

Indian 2W manufacturers who reported on July 21 (TVS Motor and Bajaj Auto) both Chandramouli Muthiah

+91(22)6616-9344 |

delivered better than expected margin in 1Q27 (better product mix, pricing pass chandramouli.muthiah@gs.com

Goldman Sachs India SPL

through, expense control). TVS Motor delivered a beat and raise with upbeat

Kota Yuzawacommentary on expected volume growth in domestic ICE models, E2Ws and exports. +81(3)4587-9863 |

Capacity addition to 8.3mn units by 4Q27E (+1.5mn units vs 4Q26) is on track kota.yuzawa@gs.comGoldman Sachs Japan Co., Ltd.

supporting the upcoming product pipeline. New Norton models are expected to Rishabh Rathi

enter UK, Europe, USA and India in this order. Following the lower than expected +91(22)6616-9388rishabh.rathi@gs.com|

impact to margin from RM inflation and the pickup in volume growth commentary, Goldman Sachs India SPL

we raise our FY27-FY29E EPS by upto +10%. Our 12-m TP rises to Rs4,650 (Rs4,300

prior).

Bajaj Auto reported an in-line 1Q27. Revenue/ EBITDA were -4% /-1% vs GSe. In a

difficult RM cost quarter, Bajaj cut discretionary SG&A expenses to maintain margin.

Going forward, management indicated that it is working towards more Pulsar

refreshes and 2 potential new name plate launches in the domestic 2W market by

FY27 end. That said, the softer than expected volume trajectory in the core Pulsar

125cc domestic franchise may need more active intervention in our view. Our revised

12-m TP is Rs12,000 (Rs11,500 prior).

TVS Motor (TVSM.BO): 1Q beat: Upbeat volume commentary with more

credibility on margin levers

TVS Motor reported a 1Q beat.