Buy Tata Motors; target of Rs 165: 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 a healthy Q2FY21 performance. Consolidated net sales were at Rs 53,530 crore, down 18.2% YoY (India down 3.3%, JLR down 29%) tracking 32% YoY volume decline in JLR operations. EBITDA margins were at 12.5% amid savings in other expenses. JLR margin print returned to double digit territory (11.1%) while India PV business achieved EBITDA breakeven. Consequent consolidated loss after tax was at Rs 307 crore, with JLR PBT at £65 million and standalone loss at Rs 1,213 crore.

Outlook

We maintain BUY, valuing TML at Rs 165 on SOTP basis (10x, 4x FY22E EV/EBITDA to standalone business & JLR, respectively).

For all recommendations report, click here

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