Buy Tata Motors; target of Rs 748: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Tata Motors

JLR reported a robust EBITDA margin at 16.3% with an FCF of GBP 451 mn in Q1FY24 and guided for a steady demand outlook supported by an order book of 185,000 units. Despite 26% q-o-q decline in volumes, CV business reported an EBITDA margin at 9.4% in Q1Fy24 against 10.1% in Q4FY23. Net automotive debt decreased from Rs 43,700 crore in Q4FY23 to Rs 41,700 cr in Q1FY24.

Outlook

We maintain our Buy on Tata Mootors (TML) with a revised PT of Rs 748 on expecting continued improvement in JLR, PV and CV business and reduced net automotive debt from current levels.

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Tata Motors - 26 -07 - 2023 - khan