Buy Tata Motors: target of Rs 430: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Tata Motors

We expect all-round improvement in Tata Motors’ business and expect earnings to turn positive in FY2022 and rise by 69.1% in FY2023E, driven by a 16.7% CAGR in revenue during FY2021-FY2023E and a 130 bps improvement in EBITDA margin. Management stated that shortage of semiconductor chips would be a near-term concern, but remained positive on product delivery, new launches and capex programs as planned earlier. Stock trades at an attractive P/E multiple of 9.6x and EV/EBITDA multiple of 2.9x its FY2023E estimates.

Outlook

We maintain a Buy on Tata Motors with an unchanged PT of Rs. 430, factoring improvement in operational performance across businesses and robust FCF generation, led by turnaround in domestic business and a positive outlook for JLR business.

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