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Tata Tech Q4 Review: A Muted Quarter Offset Partially By Traction In BMW JV, ICICI Securities Maintains 'Sell'

Though aerospace, battery engineering and BMW JV segments are panning out well, the brokerage expects a slow recovery from challenges in automotive segment.

<div class="paragraphs"><p>For FY25, Tata Tech reported a decline of 1.2% USD, with underperformance prevailing since the VinFast ramp-down.</p><p>(Photo Source: Company website)</p></div>
For FY25, Tata Tech reported a decline of 1.2% USD, with underperformance prevailing since the VinFast ramp-down.

(Photo Source: Company website)

Tata Technologies reported revenue decline of 4.7% QoQ USD versus our estimate of 3.1% QoQ decline. This is in line with performance of Cyient. While services segment saw an expected decline of 1.5% QoQ, the decline in technology solutions segment was much steeper (of 15.6% QoQ). Within services segment, auto subsegment declined by 2.7% while non-auto offset it partially with 4.7% QoQ uptick. The non-auto (includes aerospace) segment...
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