'Sell' Tata Technologies Shares Maintains ICICI Securities Post Q2 Results; Sees 26% Downside

Tata Technologies reported QoQ USD growth of 3.9%, outperforming our optimistic estimate of 1.9%. This marks the company’s best growth since VinFast’s rampdown in FY24..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Tata Technologies Ltd.’s growth bounced back (3.9% QoQ USD) after nine consecutive quarters of sluggish growth, driven by technologies segment (up 7.6%) and aerospace and IHM led traction in services segment (up 2.8%). Growth in automotives turned slightly positive at 0.3%, post three quarters of sequential decline. Management pointed to early signs of demand returning in automotives, as clients adjust to the new normal, amid policy changes and impact from tariffs. However, management expects weakness in Q3 FY26, impacted by issues from the JLR account and weak seasonality. Margins are expected to be weak from upcoming wage hikes. Maintenance of this growth momentum, especially in the services segment, could instil confidence of a turnaround. Maintain Sell with an unchanged target P/E of 25x and an unchanged target price of Rs 510. We revise our FY26-27E EPS by -1.3%/-1.6% on lower margins. We have built in a full quarter consolidation of ES Tech with $10.4 million quarterly revenue leading to revenue growth..Click on the attachment to read the full report:.UltraTech Cement Q2 Review — Motilal Oswal Maintains 'Buy' Post Inline Earnings, Sees 17% Upside.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

'Sell' Tata Technologies Shares Maintains ICICI Securities Post Q2 Results; Sees 26% Downside

ICICI Securities maintain Sell with an unchanged target P/E of 25x and an unchanged target price of Rs 510.

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