Moneycontrol PRO
Open App

Buy Tata Motors: target of Rs 610: Sharekhan

Sharekhan is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 610 in its research report dated December 29, 2021.

December 30, 2021 / 11:31 AM IST
  • bselive
  • nselive
Todays L/H

Sharekhan's research report on Tata Motors

Tata Motors Limited (TAMO) to benefit from the CV upcycle and renewed focus on the PV segment in the domestic business, while easing of chips shortage to benefit JLR’s performance. TAMO’s aggressive plans of launching 10 EV products in India by 2026; likely to maintain its dominancy in the fastest growing EV segment. TAMO to become earnings positive in FY2022E with 64.8% y-o-y PAT growth in FY2023E, driven by a 16.7% revenue CAGR during FY2021E-FY2023E and a 120-bps improvement in EBITDA margin to 13.4% in FY2023E from 12.2% in FY2021.


We maintain Buy on TAMO with an unchanged PT of Rs. 610, driven by overall improvement in its operational performance. The stock trades at P/E multiple of 17.1x and EV/EBITDA multiple of 5.2x its FY2023E estimates.

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.

Broker Research
first published: Dec 30, 2021 11:31 am
ISO 27001 - BSI Assurance Mark