Buy Tata Motors; target of Rs 1319: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Tata Motors

JLR reported a 10% y-o-y decline in volumes in Q2FY2025 due to production constraint. JLR has already guided for a production constraint in Q2FY2025 in advance and further guided for a strong recovery in production in H2FY2025. BMW has cut down EBIT margin guidance for CY2024, largely due to company-specific issues.

Outlook

Given JLR’s production constraint issue has already been guided and BMW’s guidance for EBIT margin cut in FY2025 was more of a company-specific issue, we maintain our BUY view on Tata Motors Limited (TML) with an unchanged PT of Rs. 1,319 based on expectations of continued improvement in JLR, PV, and CV businesses as well as reduced net automotive debt.

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Tata Motors - 14102024 - khan