Tata Technologies' reported revenue of $178 million in Q2 FY27, up 1.9% QoQ in CC terms, came broadly in line with Motilal Oswal estimates of 1.8% QoQ in constant currency. Services segment's revenue was $142 million, up 4.3% QoQ in CC. Ebit margin was 12.9% (down 40bp QoQ), below brokerage's estimate of 13.5%. Adjusted PAT dipped 5.1% QoQ, but rose 3.6% YoY to Rs 171.4 crore, below brokerage's estimate of Rs 200.4 crore.
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Motilal Oswal Report
Tata Technologies Ltd.'s reported revenue of $178 million in Q2 FY27, up 1.9% QoQ in CC terms, broadly in line with Motilal Oswal estimates of 1.8% QoQ in constant currency.
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Services segment's revenue was $142 million, up 4.3% QoQ in CC. Ebit margin was 12.9% (down 40bp QoQ), below brokerage's estimate of 13.5%. Adjusted PAT dipped 5.1% QoQ, but rose 3.6% YoY to Rs 171.4 crore, below brokerage's estimate of Rs 200.4 crore.
For H1 FY27, Tata Technologies' revenue/EBIT/adj. PAT grew 31%/27.2%/4.9% YoY in INR terms.
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For H2 FY27, the brokerage expects its revenue/EBIT/adj. PAT to grow of 18.8%/ 42.6%/50.9% YoY.
At ~32 times 12 months forward P/E, Motilal Oswal views Tata Technologies' valuations as premium relative to its growth and peers; and has assigned a target price of Rs 630 and reiterate Sell rating.
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