ICICI Securities research report on Tata Motors
We attended Tata Motors’ (TTMT) analyst meet. For its JLR business, the US continues to do well alongside recovery green shoots in the EU market. TTMT maintained its EBIT margin guidance of 10% for Q4FY25. In its India PV business, the company has planned multiple launches across powertrains, including Sierra and Harrier, and a repositioning of Curvv and Altroz. In its India CV business, TTMT is focusing on overhauling its SCV business by tending to key issues.
Outlook
With its recent stock price correction, we upgrade TTMT to BUY (from Add) with a SoTP-based unchanged TP of INR 831, implying 11x/2.4x FY27E India/JLR EV/EBITDA.
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