Buy Tata Motors; target of Rs 301: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Tata Motors

Tata Motors (TML) reported stellar Q3FY21 results. Consolidated sales rose 5.5% YoY to Rs 75,654 crore (JLR sales down 6.5%, India sales up ~35%). Consolidated margins were at near six year high of 16.9% (JLR 15.8%, India 7.4%) on the back of sharp ~500 bps savings in other expenses on percentage of sales basis and softer than expected gross margin contraction. Consolidated PAT was at Rs 2,941 crore. Tata Sons holding, post conversion of warrants as of January 2021, was at 45.8%.

Outlook

We maintain BUY, valuing TML at Rs 301 on SOTP basis (10x, 3.25x FY23E EV/EBITDA to standalone business & JLR respectively; earlier target Rs 210).

For all recommendations report, click here

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