ICICI Direct has given Buy recommendation for Tata Motors recommended buy rating on the stock with a target price of Rs 515 in its research rep with a target price of Rs. 515 in its research report issued on Oct 13, 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%.


The transaction unlocks EV business value and demonstrates the future potential of the changing technology landscape in mobility. We value TML at a revised target price of Rs 515 on SOTP basis vs. Rs 450 earlier (15x, 3.3x FY23E EV/EBITDA on India, JLR businesses, respectively).

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