Sharekhan's research report on Tata Motors
Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis. It aims for an EBITDA breakeven in EV business in FY26. It expects a gradual improvement in market share in CV segment, while it plans to follow a product launch strategy to gain market share in PV segment.
Outlook
We maintain our Buy on Tata Motors Ltd (TML) with a SOTP-based unchanged PT of Rs 1235 on expecting continued improvement in JLR, PV and CV businesses and reduced net automotive debt.
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