Sharekhan's research report on Tata Motors
JLR has maintained its full-year guidance despite subdued performance in Q2FY2025. Domestic business is expected to follow industry trends in the near term. CV business is sustaining its double-digit EBITDA margin.
Outlook
We retain our BUY rating on TML with a revised PT of Rs. 1,099, based on expectations of continued improvement in JLR, PV, and CV businesses as well as reduced net automotive debt. The stock trades at a P/E multiple of 12.2x and EV/EBITDA multiple of 5.3x its FY2027E estimates.
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