Buy Tata Motors; target of Rs 536: GEOJIT BNP PARIBAS Research

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26 Aug, 2025 12:21

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GEOJIT BNP PARIBAS Research research report on Tata Motors

Revenues of TAMO during Q4FY16 increased 19% YoY as standalone revenues grew 16.5% YoY while JLR revenues rose 13.2% YoY. Strong operational performance was witnessed driven by both JLR and standalone businesses. Sharp rise in JLR Adj EBIDTA margin to 16.2% (up 180 bps QoQ) on the backdrop of currency benefits (GBP depreciated 6% QoQ against USD) boosted average selling prices during Q4FY16. Similarly, India business swung into profits with EBIDTA margin at 7.1% (up 252 bps QoQ) led by strong M&HCV growth of 26% YoY. Likewise, China JV reported consecutive second quarter of strong performance with its profitability of GBP49mn in Q4FY16 (vs GBP20mn in Q3FY16). Hence, overall EBITDA for Q4 came in at Rs11,387cr (up 34.9% YoY) with EBITDA margin expanding to 14.1% (up 170 bps YoY).

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