Financials Tata Motors Limited

Equities

TATAMOTORS

INE155A01022

Auto & Truck Manufacturers

Market Closed - Bombay S.E. 03:30:54 15/07/2024 pm IST 5-day change 1st Jan Change
1,024 INR +0.76% Intraday chart for Tata Motors Limited +3.08% +31.19%

Valuation

Fiscal Period: Marzo 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 37,60,526 - -
Enterprise Value (EV) 1 7,40,267 17,47,205 25,34,566 23,89,506 41,62,002 41,68,624 39,79,210 35,32,466
P/E ratio -2.04 x -8.16 x -14.5 x 66.9 x 12.1 x 15.6 x 12.9 x 11.2 x
Yield - - - - 0.3% 0.48% 0.54% 0.73%
Capitalization / Revenue 0.09 x 0.43 x 0.55 x 0.43 x 0.83 x 0.8 x 0.73 x 0.69 x
EV / Revenue 0.28 x 0.7 x 0.91 x 0.69 x 0.95 x 0.89 x 0.77 x 0.65 x
EV / EBITDA 2.88 x 5.72 x 10.2 x 7.15 x 6.99 x 6.19 x 5.27 x 4.37 x
EV / FCF -24.1 x 19.9 x -286 x 13.8 x 11.4 x 17.7 x 12.7 x 9.32 x
FCF Yield -4.15% 5.03% -0.35% 7.24% 8.77% 5.64% 7.86% 10.7%
Price to Book 0.39 x 2.09 x 3.23 x 3.55 x 4.48 x 3.67 x 2.89 x 2.14 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 1,024 1,024 1,024
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 47,07,531 51,42,153 54,48,464
EBITDA 1 2,56,721 3,05,573 2,47,988 3,34,063 5,95,622 6,73,896 7,55,078 8,08,232
EBIT 1 42,467 70,086 -369.2 85,460 3,22,920 3,72,589 4,30,234 4,73,693
Operating Margin 1.63% 2.81% -0.01% 2.47% 7.37% 7.91% 8.37% 8.69%
Earnings before Tax (EBT) 1 -1,05,800 -1,04,743 -70,034 30,576 2,79,551 3,30,384 3,94,812 4,34,239
Net income 1 -1,20,708 -1,34,514 -1,14,415 24,143 3,13,991 2,44,590 2,98,797 3,38,820
Net margin -4.62% -5.38% -4.11% 0.7% 7.17% 5.2% 5.81% 6.22%
EPS 2 -34.88 -36.99 -29.88 6.290 81.88 65.60 79.24 91.24
Free Cash Flow 1 -30,691 87,951 -8,856 1,72,923 3,65,017 2,34,915 3,12,702 3,79,152
FCF margin -1.18% 3.52% -0.32% 5% 8.34% 4.99% 6.08% 6.96%
FCF Conversion (EBITDA) - 28.78% - 51.76% 61.28% 34.86% 41.41% 46.91%
FCF Conversion (Net income) - - - 716.25% 116.25% 96.04% 104.65% 111.9%
Dividend per Share 2 - - - - 3.000 4.962 5.543 7.470
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 10,91,422 11,01,454 11,59,253 12,79,503
EBITDA 1 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 1,51,101 1,49,800 1,59,600 1,87,700
EBIT 1 6,861 22,950 -26,605 2,989 35,712 55,306 62,427 70,377 84,833 98,446 89,254 87,640 1,02,912 1,09,053
Operating Margin 0.95% 2.93% -3.7% 0.38% 4.04% 5.22% 6.11% 6.69% 7.67% 8.2% 8.18% 7.96% 8.88% 8.52%
Earnings before Tax (EBT) 1 -6,121 -3,411 -34,680 -14,612 32,026 47,841 46,527 59,859 74,940 93,693 66,938 64,200 72,600 94,900
Net income 1 -15,161 -10,328 -50,066 -9,446 29,577 54,078 32,028 37,640 70,251 1,74,072 50,641 48,100 54,500 70,000
Net margin -2.1% -1.32% -6.96% -1.19% 3.34% 5.1% 3.13% 3.58% 6.35% 14.51% 4.64% 4.37% 4.7% 5.47%
EPS 2 -3.960 -2.700 -13.07 -2.470 - 14.10 8.340 9.800 18.30 45.36 15.70 - - -
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 Million2INR
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 5,26,934 4,08,098 2,18,685 -
Net Cash position 1 - - - - - - - 2,28,059
Leverage (Debt/EBITDA) 1.967 x 2.225 x 3.992 x 2.654 x 0.8847 x 0.6056 x 0.2896 x -
Free Cash Flow 1 -30,691 87,951 -8,856 1,72,923 3,65,017 2,34,915 3,12,702 3,79,152
ROE (net income / shareholders' equity) -7.46% -22.7% -22.9% 5.37% 48.2% 25.3% 24.2% 21.6%
ROA (Net income/ Total Assets) -1.46% -4.04% -3.4% 0.72% 8.89% 6.72% 8% 7.8%
Assets 1 82,57,468 33,26,259 33,68,705 33,33,734 35,31,956 36,39,391 37,37,193 43,45,201
Book Value Per Share 2 182.0 144.0 134.0 118.0 222.0 279.0 354.0 478.0
Cash Flow per Share 2 77.00 75.70 43.00 92.40 166.0 136.0 167.0 204.0
Capex 1 2,97,020 2,02,054 1,51,684 1,80,957 3,14,136 3,39,540 3,40,716 3,50,419
Capex / Sales 11.38% 8.09% 5.45% 5.23% 7.17% 7.21% 6.63% 6.43%
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
32
Last Close Price
1,024 INR
Average target price
1,092 INR
Spread / Average Target
+6.62%
Consensus
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