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TVS Motor Company (TVSL) continued to move up the profitability curve in Q4FY25. Excluding PLI benefit of previous quarters, Q4 EBITDA margin stood at 12.5%, up ~120bps/60bps. TVSL expects growth momentum to continue; it expects to outperform industry in both ICE and EV segments in FY26.

Cholamandalam Finance’s (Chola) Q4FY25 performance was broadly in line with highest quarterly PBT-ROTA at 3.6% driven by 30bps QoQ NIM expansion, 10bps QoQ each credit cost and operating expense moderation.

We maintain our HOLD recommendation on the stock.

We maintain our BUY recommendation on reasonable valuations.

We maintain our BUY recommendation on the stock

TCPL’s Q4FY25 consolidated revenue stood at INR 46,082 Mn up 17.3% YoY (+3.7% QoQ), which was above our estimates by 1.7%.
EBITDA came it at INR 6,210 Mn down1.4% YoY (+10.0% QoQ), which was below our estimates by 4.5% driven by higher-than-expected operating expenses.

PSYS revenue for Q4FY25 came in at INR 32,421 Mn, up 25.2% YoY (+5.9% QoQ), in line with our estimates (+1.2%). EBIT grew to INR 5,053 Mn, up 34.9% YoY (+10.9% QoQ), beating our estimates, due to lower-than-anticipated employee expense, partially offset by higher other expenses.