ICICI Direct has given Buy recommendation for Tata Motors recommended buy rating on the stock with a target price of Rs 450 in its research rep with a target price of Rs. 450 in its research report issued on Oct 09, 2021

ICICI Direct’s research report on Tata Motors

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR) • JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) • FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%.


Retaining our forward estimates, we now value TML at a revised target price of Rs 450 on SOTP basis (15x, 3.3x FY23E EV/EBITDA on India, JLR businesses, respectively). We revise upwards our target multiples for India business amid continued outperformance at TML India and is in line with its peers.

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