Hold Tata Motors; target of Rs 465: ICICI Direct

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26 Aug, 2025 12:21

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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 that includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) • FY22 consolidated sales mix– JLR ~67%, India CV ~19%, India PV ~11%.

Outlook

We downgrade the stock from BUY to HOLD on back of muted volume, EBIT margin and FCF guidance at JLR for FY23E with fundamental levers in place for healthy growth in domestic operations (CV, PV as well as EV space). We now value TML at Rs 465 on SOTP basis (10x, 2.5x FY24E EV/EBITDA on India, JLR; Rs 158 value to Indian EV business; earlier TP Rs 530).

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Tata Motors - 10 -11-2022 - icici