Maruti Suzuki’s Q2 FY26 quarterly performance reflected resilient revenue growth led by strong exports and better realizations, although margin softness persisted due to elevated operating costs and higher raw material pricing pressure.

Upgrading the stock HOLD to BUY and arriving at a TP of Rs 16,425 per share (Earlier: Rs 12,635/share), implying an upside of 12% from CMP.

*over or under performance to benchmark index In Q1FY26, Tata Motors' revenue decreased 2.5% YoY to Rs. 104,407cr, primarily The JLR division's revenue was down 1.2% YoY to Rs. 75,952cr, driven by a 11.3% YoY decrease in volume of Range Rover and Jaguar wholesale by 71.6% YoY, as the 27.5% US trade tariff imposed on UK/EU-produced vehicles and the planned...

Management guides for single-digit growth in FY26E for PV/CV, with Q2FY26E recovery on a low base. PV growth is expected to remain in the range of ~1.0–2.0% in FY26E amid muted sentiment, with Altroz/Tiago refresh aiding hatch share recovery, and Sierra EV/Harrier EV launches boosting UV positioning.

Tata Motors’ consolidated EBITDA margin of 9.2% in 1QFY26 came in below our estimate of 10.9% due to weaker-than-expected performance at JLR and India PVs.

We maintain our HOLD rating on the stock.

Tata Motors has struck a landmark deal to acquire Iveco Group N.V., aiming to establish a top-tier global player in the commercial vehicles sector.

Tata Motors JLR reported Q1FY26 wholesale volumes of 87,286 units, a 10.7% decrease YoY and 21.7% down from Q4FY25, reflecting the planned wind down of legacy Jaguar models and US import tariffs.

We attended Tata Motors’ (TTMT) virtual analyst meet for its JLR business. JLR continues to face several headwinds, such as tariff wars and resultant USD depreciation vs. GBP, uncertainty over EV transition, challenging market conditions in China, and rising warranty costs.

We attended Tata Motors’ (TTMT) analyst meet for India business. TTMT expects CV industry volumes to grow at a slower CAGR of 3-5% over the next five years relative to average freight demand CAGR of 5-7% due to the impact of dedicated freight corridors (DFCs).

We maintain our HOLD rating on the stock.

We maintain our HOLD rating on the stock.

We estimate a forward P/E multiple of 25x based on FY27E EPS of Rs 570, resulting in a target price of Rs 14,250 per share.

We maintain our HOLD rating on the stock

Supply-side issues limit wholesales; retails (including JV) decline 3% YoY