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ICICI Securities Report

Tata Motors Ltd. reported in-line margin performance (vs consensus) in Q3 FY26. It continues to improve profitability on YoY basis led by a better net realisation and higher cost efficiencies. Ageing truck fleet, better TCO, pick-up in freight demand post GST rate cut and rising profitability for transporters augur well for domestic commercial vehicle demand.

Strong traction in exports and aftermarket spares continues to support profitable growth.

Management indicated that IVECO acquisition is on track with all regulatory approvals likely by Q1FY27.

The brokerage Initiate coverage with Add and sets a target price of Rs 515, valuing the company at 14x EV/Ebitda based on FY28E which is a 10% discount to Ashok Leyland Ltd.'s EV/Ebitda of ~16 times due to relatively lower profitability.

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South Indian Bank MD & CEO Steps Down; Shares Fall 18%

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