Tata Motors, Tata Steel, SRF, Sagar Cements, Happiest Minds, Relaxo Q4 Results Review: HDFC Securities

Tata Motors' JLR’s Q4 FY25 Ebit margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launches. Management indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffs..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. .HDFC Securities Institutional Equities.Tata Motors - Management delays FY26 guidance on tariff uncertainity JLR’s Q4 FY25 Ebit margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launches. Management indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffs. Additionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1 FY26, on the back of higher tariffs. Hence, we expect Q1 volumes to be subdued. Management gave no guidance for FY26, postponing the same to the investor day event, which is almost a month away. This was due to nonclarity around the fine print of the US-UK deal and in anticipation of the USEU deal..Tata Steel - Ebitda margin recovery to continue We maintain Buy on Tata Steel with an unchanged target price of Rs 155/share (6.5x its FY27E consolidated Ebitda). The company delivered 4% YoY volume growth, mainly on ramp-up in the TSK unit. Lower costs led to consolidated unit Ebitda recovery by 3% QoQ to Rs 7,874/MT. Standalone Ebitda/metric tonne however fell 12% QoQ to Rs 12,463/MT. With improvement in steel prices in Q1 FY26 and lower coking coal costs and other ongoing cost takeouts, margin should recover in FY26. The company has guided for ~5% consolidated volume growth in FY26E, driven by TSK ramp-up. The ongoing expansions projects are on track..Click on the attachment to read the full report:.Tata Motors Q4 Results Review: Motilal Oswal Maintains 'Neutral' On Multiple Headwinds, Lack Of Triggers.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.

Tata Motors, Tata Steel, SRF, Sagar Cements, Happiest Minds, Relaxo Q4 Results Review: HDFC Securities

HDFC Securities recommends 'Buy' rating on Tata Steel, 'Add' rating on SRF, Sagar Cements, Happiest Minds, Relaxo Footwears and 'Reduce' call on Tata Motors - here's why

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Tata Motors, Tata Steel, SRF, Sagar Cements, Happiest Minds, Relaxo Q4 Results Review: HDFC Securities

HDFC Securities recommends 'Buy' rating on Tata Steel, 'Add' rating on SRF, Sagar Cements, Happiest Minds, Relaxo Footwears and 'Reduce' call on Tata Motors - here's why

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