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Buy Tata Motors; target of Rs 515: ICICI Direct

ICICI Direct is bullish on Tata Motors recommended buy rating on the stock with a target price of Rs 515 in its research report dated October 13, 2021.

October 13, 2021 / 02:08 PM IST
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ICICI Direct's research report on Tata Motors

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR) • JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) • FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%.


The transaction unlocks EV business value and demonstrates the future potential of the changing technology landscape in mobility. We value TML at a revised target price of Rs 515 on SOTP basis vs. Rs 450 earlier (15x, 3.3x FY23E EV/EBITDA on India, JLR businesses, respectively).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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first published: Oct 13, 2021 02:08 pm

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