Goldman Sachs has upgraded its rating for TVS Motor Company to 'Buy' from 'Neutral', reflecting confidence in the company's strong volume growth driven by upcoming premium product launches. The brokerage has set a new 12-month target price of ₹4,100, up from ₹3,830, suggesting a potential upside of 21%. Analysts expect volume growth of 14% in FY27E and 11% in FY28E, significantly outpacing industry averages of 7% for both years. The firm's ability to manage raw material cost inflation, along with anticipated improvements in margins supported by the Production-Linked Incentive (PLI) scheme, further bolsters this optimistic outlook. However, Goldman Sachs also highlighted risks, including the impact of crude oil prices on demand, potential supply chain disruptions, and increasing competition in the two-wheeler market. Despite these challenges, the launch of new models, particularly in the electric two-wheeler segment, is seen as a key catalyst for growth.