India's TVS Motor, Eicher Motors well-positioned in fast-growing two-wheeler category, Jefferies says

TVS Motor

19/10/2026 07:45

** Shift in two-wheeler demand from entry-level motorcycles to premium bikes, EV scooters benefits TVS Motor Co TVSM.NS and Royal Enfield-maker Eicher Motors EICH.NS, Jefferies says 
** Brokerage reiterates "buy" rating on both stocks, with PT of 9,300 rupees for EICH, 5,425 rupees for TVSM
** Early festive-season trends indicate strong demand for 2W with registrations in first seven days up 23% y/y, Jefferies says 
** Brokerage sees attractive buying opportunity in OEMs, with strong and improving franchises such as EICH, TVSM
** "While a high base starting October should result in moderation in growth rates ahead, we note that full year FY26 industry wholesales, despite the GST boost, were just 4% above the pre-Covid FY19 peak": Jefferies
** Thirty-five analysts, on average, rate EICH "buy", median TP of 8,469 rupees; 36 analysts on average rate TVSM "buy", median TP of 4,300 rupees, according to LSEG-compiled date
** Shares of EICH up 1.6% at 7,403 rupees, while TVSM trades flat at 4,096.9 rupees
** YTD, shares of EICH up 0.75%, TVSM up 7.95%



 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))