Buy Tata Motors; target of Rs 570: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Tata Motors

JLR’s EBITDA margin at 14.5% positively surprised partly as hedging losses eased (GBP 315 mn vs. GBP 455 mn QoQ) and was on-par with the underlying operating exchange (overall net gain of GBP 10 mn). From a forex angle, margin is likely to remain at current levelsin FY18, and improve in FY19 as hedging losses start reducing.

Outlook

With relatively lower margin volatility expected, focus shifts to volumes which is positive going into the strong model cycle – Discovery ramp up, Velar, new RR/RR Sport, and E-Pace (over next 12-15 months). We largely maintain FY19 estimates; Upgrade to BUY (HOLD previously) with a TP of Rs 570 (vs. Rs 500 previously) as we roll forward to FY19.

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