Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					476
Target					550
Reco					BUY
Net Sales	1,224,262	1,648,545	1,876,528	2,306,771	2,742,017
Growth (%)		35	14	23	19
EBIDTA	177,800	237,005	265,689	374,029	433,713
EBITDA Margin		14	14	16	16
Net Profit	92,736	135,165	98,926	139,910	180,577
Growth (%)		46	-27	41	29
EPS, Rs	29	42	31	44	57
PER, x	16.4	11.2	15.3	10.8	8.4
EV/EBIDTA, x	10	8	7	5	4
P/BV, x	8	5	4	3	2
ROE, %	48	41	26	26	25
Total debt/Equity (%)	111.6	85.9	80.8	64.5	54.6

Latest Reports
Date	Description	Country	Analyst	Download

12-May-2024	Tata Motors (TTMT IN) : TML India is now net debt free; JLR to follow in FY25 - BUY (Maintained)	India	Saksham Kaushal
04-Feb-2024	Tata Motors (TTMT IN) : Key JLR guidance maintained; FY25: net cash, FY26: 10%+ EBIT - BUY (Maintained)	India	Saksham Kaushal
02-Nov-2023	Tata Motors (TTMT IN) : JLR production to ramp up in H2FY24 - BUY (Maintained)	India	Saksham Kaushal
25-Jul-2023	Tata Motors (TTMT IN) : JLR EBIT margin of 7.5% is impressive - BUY (Maintain)	India	Saksham Kaushal
12-Jun-2023	Tata Motors (TTMT IN) : Set for profitable growth despite the gradual EV transition - BUY (Maintain)	India	Saksham Kaushal
07-Jun-2023	Tata Motors (TTMT IN) : Investor meet – focus on profitability and EV progress - BUY (Maintain)	India	Saksham Kaushal
14-May-2023	Tata Motors (TTMT IN) : Strong performance across businesses - BUY (Maintain)	India	Saksham Kaushal
25-Jan-2023	Tata Motors (TTMT IN) - Q3FY23 update - Improving profitability across businesses - Maintain Buy	India	Saksham Kaushal
09-Nov-2022	Tata Motors (TTMT IN) - Q2FY23 update - Improved outlook though macro risks remain - Maintain Buy	India	Saksham Kaushal
27-Jul-2022	Tata Motors (TTMT IN) - Q1FY23 update - Worst seems to be behind - Maintain Buy	India	Saksham Kaushal
12-May-2022	Tata Motors (TTMT IN) - Q4FY22 update - Solid performance, but China weakness a risk - Maintain Bu	India	Saksham Kaushal
31-Jan-2022	Tata Motors (TTMT IN) - Q3FY22 update - Performance to continue to improve - Maintain Buy	India	Saksham Kaushal
01-Nov-2021	Tata Motors (TTMT IN) - Q2FY22 update - Things beginning to fall in place - Maintain Buy	India	Saksham Kaushal
26-Jul-2021	Tata Motors (TTMT IN) - Q1FY22 - Traversing choppy seas - Maintain Buy	India	Saksham Kaushal
08-Jul-2021	Tata Motors (TTMT IN) - Some trouble in paradise - Maintain Buy	India	Saksham Kaushal
19-May-2021	Tata Motors (TTMT IN) - Q4FY21 Update - Strong quarter, improving prospects - Maintain Buy	India	Saksham Kaushal
27-Feb-2021	Tata Motors (TTMT IN) - JLR Investor day takeaways - Maintain Buy	India	Saksham Kaushal
31-Jan-2021	Tata Motors (TTMT IN) - Q3FY21 Update - Going from strength to strength - Maintain Buy	India	Saksham Kaushal
28-Oct-2020	Errata: Tata Motors (TTMT IN) - Q2FY21 update - Pieces look to be falling in place - Upgrade to Buy	India	Saksham Kaushal
03-Aug-2020	Tata Motors (TTMT IN) - Q1FY21 Update - Sometimes it gets worse before it gets better - Maintain Neutral	India	Saksham Kaushal
16-Jun-2020	Tata Motors (TTMT IN) - Q4FY20 update - It’s always something - Maintain Neutral	India	Saksham Kaushal
31-Jan-2020	Tata Motors (TTMT IN) - Q3FY20 update - Near term risks remain an overhang	India	Saksham Kaushal
25-Jul-2019	Tata Motors - The long wait just got longer. Downgrade to Neutral	India	Saksham Kaushal
07-Jun-2019	Tata Motors (TTMT IN): Turnaround in progress	India	Saksham Kaushal
21-May-2019	Tata Motors (BUY; TP:Rs237):Decent quarter, costs on a tight leash	India	Saksham Kaushal