TATA MOTORS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 985.6 INR | -0.78% |
|
-0.15% | +26.24% |
| 15/06 | Bound Hyundai India and its rivals in the world's third-biggest car market | RE |
| 10/06 | India's retail car sales drop in May as elections, weather delay purchases | RE |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,35,235 | 10,67,374 | 15,44,487 | 15,03,057 | 36,35,068 | 36,41,644 | - | - |
| Enterprise Value (EV) 1 | 7,40,267 | 17,47,205 | 25,34,566 | 23,89,506 | 42,49,626 | 40,43,836 | 38,53,776 | 34,13,585 |
| P/E ratio | -2.04 x | -8.16 x | -14.5 x | 66.9 x | 12.1 x | 15.1 x | 12.5 x | 10.5 x |
| Yield | - | - | - | - | 0.3% | 0.5% | 0.56% | 0.75% |
| Capitalization / Revenue | 0.09 x | 0.43 x | 0.55 x | 0.43 x | 0.83 x | 0.77 x | 0.71 x | 0.66 x |
| EV / Revenue | 0.28 x | 0.7 x | 0.91 x | 0.69 x | 0.97 x | 0.86 x | 0.75 x | 0.62 x |
| EV / EBITDA | 2.88 x | 5.72 x | 10.2 x | 7.15 x | 7.13 x | 5.98 x | 5.09 x | 4.15 x |
| EV / FCF | -24.1 x | 19.9 x | -286 x | 13.8 x | 11.6 x | 17.7 x | 12.2 x | 8.34 x |
| FCF Yield | -4.15% | 5.03% | -0.35% | 7.24% | 8.59% | 5.66% | 8.17% | 12% |
| Price to Book | 0.39 x | 2.09 x | 3.23 x | 3.55 x | 4.48 x | 3.55 x | 2.8 x | 2.07 x |
| Nbr of stocks (in thousands) | 35,97,474 | 38,28,811 | 38,29,165 | 38,29,847 | 38,32,242 | 38,32,482 | - | - |
| Reference price 2 | 71.05 | 301.8 | 433.5 | 420.6 | 993.0 | 993.4 | 993.4 | 993.4 |
| Announcement Date | 15/06/20 | 18/05/21 | 12/05/22 | 12/05/23 | 10/05/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 26,10,680 | 24,97,948 | 27,84,536 | 34,59,670 | 43,79,278 | 47,12,851 | 51,46,490 | 54,81,550 |
| EBITDA 1 | 2,56,721 | 3,05,573 | 2,47,988 | 3,34,063 | 5,95,622 | 6,76,302 | 7,57,126 | 8,23,053 |
| EBIT 1 | 42,467 | 70,086 | -369.2 | 85,460 | 3,22,920 | 3,71,266 | 4,26,485 | 4,82,659 |
| Operating Margin | 1.63% | 2.81% | -0.01% | 2.47% | 7.37% | 7.88% | 8.29% | 8.81% |
| Earnings before Tax (EBT) 1 | -1,05,800 | -1,04,743 | -70,034 | 30,576 | 2,79,551 | 3,32,241 | 3,94,146 | 4,41,446 |
| Net income 1 | -1,20,708 | -1,34,514 | -1,14,415 | 24,143 | 3,13,991 | 2,47,074 | 2,99,268 | 3,51,649 |
| Net margin | -4.62% | -5.38% | -4.11% | 0.7% | 7.17% | 5.24% | 5.81% | 6.42% |
| EPS 2 | -34.88 | -36.99 | -29.88 | 6.290 | 81.88 | 65.75 | 79.52 | 94.33 |
| Free Cash Flow 1 | -30,691 | 87,951 | -8,856 | 1,72,923 | 3,65,017 | 2,29,037 | 3,15,046 | 4,09,536 |
| FCF margin | -1.18% | 3.52% | -0.32% | 5% | 8.34% | 4.86% | 6.12% | 7.47% |
| FCF Conversion (EBITDA) | - | 28.78% | - | 51.76% | 61.28% | 33.87% | 41.61% | 49.76% |
| FCF Conversion (Net income) | - | - | - | 716.25% | 116.25% | 92.7% | 105.27% | 116.46% |
| Dividend per Share 2 | - | - | - | - | 3.000 | 4.962 | 5.534 | 7.403 |
| Announcement Date | 15/06/20 | 18/05/21 | 12/05/22 | 12/05/23 | 10/05/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,22,293 | 7,84,391 | 7,19,347 | 7,96,114 | 8,84,886 | 10,59,324 | 10,22,361 | 10,51,282 | 11,05,771 | 11,99,863 | 11,14,384 | 11,18,647 | 11,70,589 | 12,19,288 |
| EBITDA | 67,642 | 87,271 | 31,805 | 61,962 | 96,430 | 1,25,808 | 1,28,759 | 1,36,741 | 1,53,333 | 1,69,952 | - | - | - | - |
| EBIT 1 | 6,861 | 22,950 | -26,605 | 2,989 | 35,712 | 55,306 | 62,427 | 70,377 | 84,833 | 98,446 | 94,432 | 86,899 | 1,04,354 | 1,10,618 |
| Operating Margin | 0.95% | 2.93% | -3.7% | 0.38% | 4.04% | 5.22% | 6.11% | 6.69% | 7.67% | 8.2% | 8.47% | 7.77% | 8.91% | 9.07% |
| Earnings before Tax (EBT) | -6,121 | -3,411 | -34,680 | -14,612 | 32,026 | 47,841 | 46,527 | 59,859 | 74,940 | 93,693 | - | - | - | - |
| Net income | -15,161 | -10,328 | -50,066 | -9,446 | 29,577 | 54,078 | 32,028 | 37,640 | 70,251 | 1,74,072 | - | - | - | - |
| Net margin | -2.1% | -1.32% | -6.96% | -1.19% | 3.34% | 5.1% | 3.13% | 3.58% | 6.35% | 14.51% | - | - | - | - |
| EPS | -3.960 | -2.700 | -13.07 | -2.470 | - | 14.10 | 8.340 | 9.800 | 18.30 | 45.36 | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | 3.000 | - | - | - | - |
| Announcement Date | 31/01/22 | 12/05/22 | 27/07/22 | 09/11/22 | 25/01/23 | 12/05/23 | 25/07/23 | 02/11/23 | 02/02/24 | 10/05/24 | - | - | - | - |
1INR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 5,05,032 | 6,79,831 | 9,90,079 | 8,86,449 | 6,14,558 | 4,02,191 | 2,12,132 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 2,28,059 |
| Leverage (Debt/EBITDA) | 1.967 x | 2.225 x | 3.992 x | 2.654 x | 1.032 x | 0.5947 x | 0.2802 x | - |
| Free Cash Flow 1 | -30,691 | 87,951 | -8,856 | 1,72,923 | 3,65,017 | 2,28,451 | 3,15,046 | 4,09,536 |
| ROE (net income / shareholders' equity) | -7.46% | -22.7% | -22.9% | 5.37% | 48.2% | 25.5% | 24.3% | 21.9% |
| ROA (Net income/ Total Assets) | -1.46% | -4.04% | -3.4% | 0.72% | 8.89% | 6.74% | 7.99% | 7.8% |
| Assets 1 | 82,57,468 | 33,26,259 | 33,68,705 | 33,33,734 | 35,33,725 | 36,63,789 | 37,45,373 | 45,07,168 |
| Book Value Per Share 2 | 182.0 | 144.0 | 134.0 | 118.0 | 222.0 | 280.0 | 355.0 | 481.0 |
| Cash Flow per Share 2 | 77.00 | 75.70 | 43.00 | 92.40 | 177.0 | 137.0 | 169.0 | 209.0 |
| Capex 1 | 2,97,020 | 2,02,054 | 1,51,684 | 1,80,957 | 3,14,136 | 3,36,886 | 3,36,769 | 3,45,238 |
| Capex / Sales | 11.38% | 8.09% | 5.45% | 5.23% | 7.17% | 7.15% | 6.54% | 6.3% |
| Announcement Date | 15/06/20 | 18/05/21 | 12/05/22 | 12/05/23 | 10/05/24 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
31
Last Close Price
993.4
INR
Average target price
1,089
INR
Spread / Average Target
+9.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +26.24% | 4.36TCr | |
| +17.82% | 26TCr | |
| +1.77% | 6.82TCr | |
| -6.04% | 5.92TCr | |
| -12.72% | 5.94TCr | |
| +31.96% | 5.41TCr | |
| +13.92% | 5.02TCr | |
| -2.79% | 4.73TCr | |
| +36.86% | 4.37TCr | |
| +71.27% | 3.9TCr |
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