Emkay's research report on Tata Motors
TTMT’s Q4 results were muted with limited margin expansion across businesses despite higher volumes. Company remains cautiously optimistic across businesses, with H1 expected to be weaker and the premium luxury segment seen as resilient amid overall emerging demand concerns. While deleveraging progress continues, we believe the best may be behind for all businesses amid i) declining orderbook, normalizing mix, and higher customer acquisition costs at JLR, with FCF generation to normalize; ii) flattish growth outlook for domestic CV space; and iii) moderating India PV outlook (though TTMT to outperform on new launches).
Outlook
FY25E/26E EPS is largely unchanged (we buildin consol. revenue/EBITDA CAGR of 7/8% over FY24-26E); we retain our REDUCE rating, with unchanged SOTP-based TP of Rs950/share.
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