TVS Motor Company Limited

“TVS Motor is a disciplined, compounding franchise with a real premiumisation runway, a structurally improving ROIC profile, and family stewardship that is among the better-aligned in Indian manufacturing — but at 58x trailing earnings and 50x book, the price has already captured the next several years of compounding, leaving near-zero margin of safety and mid-single-digit expected returns in the base case; the investment case is 'right business, wrong price', and the correct action is to track for a correction toward 35–40x forward earnings before initiating a position.”