Buy Tata Motors: target of Rs 430: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Tata Motors

Q1FY22 results were weak, as indicated by the management earlier this month, due to chips shortage impacting JLR business and lockdown restrictions, impacting CV and PV businesses. Stock trades at an attractive P/E multiple of 8.9x and EV/EBITDA multiple of 2.9x its FY2023E estimates. We expect all-round improvement in Tata Motors’business and expect earnings to turn positive in FY2022 and rise by 69.1% in FY2023E, driven by a 16.7% CAGR in revenue during FY2021-FY2023E and a 130 bps rise in EBITDA margin.

Outlook

We maintain a Buy on Tata Motors with an unchanged PT of Rs. 430, as we expect the company will deliver strong operational performance from H2FY22 onwards, across its business divisions.

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