TVS Motor Company (TVSM) has reported dismal operating performance in 4QFY16. While the Company's reported PAT has surpassed our estimate by 9.8% owing to lower-than-expected tax rate and higher-than-expected other income, TVSM missed our EBITDA margin estimates by 70 bps. With dismal operating show in 4QFY16 and no change in earnings estimates, we downgrade our recommendation on the stock...