Tata Motors Q4 Results Review - The Best Seems To Be Behind: Motilal Oswal

Motilal Oswal Report

Tata Motors Ltd.’s Q4 FY24 result was operationally in line with our estimate as Ebitda margin expanded 30 basis points QoQ to 14.2%. While there is no doubt that Tata Motors has delivered an extremely robust performance across its key segments in FY24, there are clear headwinds ahead that are likely to hurt its performance.

We have lowered our earnings per share estimates by 3%/5% for FY25/FY26. The stock trades at 18 times/15.6 times FY25E/FY26E consolidated earnings per share and 6.2 times /5.3 times enterprise value/Ebitda.

Reiterate Neutral with our FY26E SOTP-based target price of Rs 955 (from Rs 970 earlier).

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