Alpha | Tata Motors Ltd. – Equity Research Desk

August 8, 2022 . Equities Desk

Tata Motors Ltd. – Turnaround Story

Incorporated in 1945, Tata Motors Limited is India’s largest automobile company and the market leader in the domestic CV industry, and one of the top three manufacturers of PVs in India. Part of the illustrious multi-national conglomerate, the Tata group, offers a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses, and defence vehicles to the world. TML has six manufacturing plants in India at Pune (Maharashtra), Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pantnagar (Uttaranchal), Dharwad (Karnataka), and Sanand (Gujarat).


The Robust booking pipeline, strong market share, low channel inventory, upcoming launches, and the available capacity to ramp up EV act as growth triggers for Tata Motors. We recommend a BUY rating in the stock with the target price (TP) of Rs.574, 6x FY24E EV/EBITDA. 

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