Name: Latest research reports of Tata Motors Passenger Vehicles Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: Tata Motors Passenger Vehicles Ltd.
Rating: 1
Author: Motilal Oswal

Tata Motors Passenger Vehicles Ltd.

16 Nov 2025

362.25

0.68%

JLR faces multiple headwinds across regions

Sell: Tata Motors Passenger Vehi...

Recommendation Target

Motilal Oswal

Tata Motors Passenger Vehicles Ltd (TMPV) delivered one of its worst financial performance in recent times recording a consolidated loss of INR 55b largely due to significantly weak performance at JLR (EBITDA margin at - 1.6% Vs our estimate of 7%) even as India PV business performance was largely in line.

Tata Motors Passenger Vehicles Ltd. has lost -47.47% in the last 3 Months

VIP Industries Ltd.

16 Nov 2025

379.85

-0.73%

Strategy reset leads to weak performance; turnaround in FY27

Buy: VIP Industries Ltd.

Motilal Oswal

VIP Industries’ 2QFY26 print was below our estimates. Consolidated revenue declined 25.3% YoY and the company reported losses at the EBITDA/PAT level.

VIP Industries Ltd. is trading below all available SMAs

Dreamfolks Services Ltd.

16 Nov 2025

119.77

1.15%

Challenging reset

Buy: Dreamfolks Services Ltd.

Target

Motilal Oswal

DreamFolks (DFS) posted a sharp revenue decline of 41% QoQ / 35% YoY to INR2.0b in 2QFY26, reflecting the significant disruption following the suspension of domestic lounge services (~90% of revenue).

Dreamfolks Services Ltd. has lost -71.95% in the last 1 Year

DCB Bank Ltd.

16 Nov 2025

186.07

2.76%

Growth outlook steady; RoE target at 13.5%/14.5% for FY27/FY28

Buy: DCB Bank Ltd.

Target

Motilal Oswal

DCB Bank (DCBB) has been delivering healthy loan growth and has guided for a steady growth rate of 18-20% over the coming years. The bank continues to focus on granular retail loans with a retail mix (ex-Agri) at 65% of the total portfolio.

DCB Bank Ltd. has gained 61.42% in the last 1 Year

Sun TV Network Ltd.

16 Nov 2025

536.65

-0.08%

Subscription, movie distribution and UK cricket compensate for ad decline

Buy: Sun TV Network Ltd.

Target

ICICI Securities Limited

Sun TV’s ad revenue in Q2FY26 was weak (down 12.9% YoY) as FMCG companies continued to divert budgets towards digital platforms. However, subscription revenue grew 9% YoY.

ICICI Securities Limited decreased Buy price target of Sun TV Network Ltd. to 725.0 on 16 Nov, 2025.

LG Electronics India Ltd.

16 Nov 2025

1642.40

-2.46%

Market share gains amid a weak quarter; Structural growth story intact

Buy: LG Electronics India Ltd.

Target

ICICI Securities Limited

LG Electronics India (LG) delivered a steady Q2FY26 despite an unfavourable summer, and geopolitical tensions. LG maintained its industry-leading market share in washing machines, gained in RACs, refrigerators and TVs; thus, reflecting strong brand pull.

ICICI Securities Limited increased Buy price target of LG Electronics India Ltd. to 1875.0 on 16 Nov, 2025.

Eureka Forbes Ltd.

16 Nov 2025

587.05

2.65%

Under-penetration of key categories provides long-term tailwinds

Buy: Eureka Forbes Ltd.

Target

ICICI Securities Limited

Eureka reported its highest-ever EBITDA margin of 12.6% in Q2FY26 led by operating leverage and cost efficiencies. Revenue growth was broad-based across product and services.

Eureka Forbes Ltd. is trading above all available SMAs

Ajax Engineering Ltd.

16 Nov 2025

642.35

-1.20%

Volumes remain resilient amidst extended monsoon

Buy: Ajax Engineering Ltd.

ICICI Securities Limited

Ajax reported a surprisingly good volume growth with 1,116 SLCMs (+51% YoY) in Q2FY26. Although the growth is on a low base due to elections impacting the base quarter volumes, we believe it to be healthy given the extended monsoon which tends to have bearing on overall construction activity and consequently impacts construction equipment sales.

ICICI Securities Limited released a Buy report for Ajax Engineering Ltd. with a price target of 900.0 on 16 Nov, 2025.

Market Movement

TREND | 16 Nov 2025

Weekly update on Ventura Research Coverage

Market Movement

Ventura

Bank Nifty Scales Fresh Peak Amid Robust Rally

Ventura released a Daily Note report for Market Movement on 20 Nov, 2025.

Apollo Tyres Ltd.

16 Nov 2025

512.40

-1.32%

Apollo Tyres

Buy: Apollo Tyres Ltd.

Target

ICICI Direct

About the stock: Apollo Tyres (ATL), is a leading tyre manufacturer, having operations in India & Europe. In India, ATL has substantial presence in TBR (~30% market share) and PCR space (~20% market share). India contributes ~67% of sales Q2FY26 Results: ATL reported healthy performance in Q2'26. Revenues on consolidated basis in Q2FY26 stood at 6,831 crores, up 6% YoY. EBITDA for the quarter stood at 1,021 crore with EBITDA margins at 14.9%, up ~170 bps QoQ. Consequent PAT for Q2FY26 came in at 258 crores, down 13% on YoY basis (include one-time exceptional charge on account of closure of Netherland plant)....

Number of FII/FPI investors increased from 302 to 313 in Sep 2025 qtr.