Tata Motors Ltd. share price target

In our recent interaction, TTMT?s management indicated that despite a ~25% YTD crack in JLR?s China volumes, they expect FY16 vols to end flat or mildly positive. However, pricing pressure in China will drive down overall margins for FY16.

On the domestic business, increasing thrust by new government on infrastructure and reforms in mining sector will result in higher CV demand where Tata Motors is the market leader. Passenger Vehicle business too will witness significant uptick. With two new models expected to be launched every year till 2020, the company is hopeful of a strong recovery in its passenger car business. While the newgeneration Nano is beginning to find its footing in the market, its bigger siblings, the Zest and Bolt, are challenging the established players. Since its launch last month, the new Nano has attracted...

Buy on dips to Rs 442 - Rs 473 for Target of Rs 503 in 1 quarter

Tata Motors (TTMT) delivered subdued Q4FY15 performance with margin contraction at JLR, on account of inferior geographical mix. Its consolidated Revenues/EBIDTA/PAT grew 3.5%/(15.6)%/(58)% YoY, but fell 3.4%/16%/53% QoQ to Rs 676bn/Rs84.4bn/Rs17.7bn (impacted by forex loss of Rs 15bn) in the quarter. Consolidated EBIDTA margin contracted by 282bps YoY & 188bps QoQ to 12.5%, impacted by forex loss and margin contraction at JLR.

expected that growth to remain strong in FY16 at ~20% YoY helped by new launches and aggressive launch pipeline like New Discover Sport, Jaguar XE, F-Pace, etc, network expansion,...

Tata Motors 3QFY15 consolidated topline (Rs 699bn, 13% YoY) was well above expectations, driven by strong ASP growth in JLR as well as India business. However, operating performance was below par with adj EBITDA margin of 15.8% (-120bps QoQ).

(est. 1945) is India's leading automobile maker, and is among the top 10 auto manufacturers in the world. The company has more than 130 models spanning a w ide range of Heavy, Medium & Light Commercial Vehicles, Passenger Cars and Multi-Utility Vehicles. Tata Motors is the market leader in Commercial Vehicles - both M&HCV; and LCV w ith their established brand and servic e network including the hinterland offering the competitive advantage. Engine and transmission for some models of cars are manufactured in a JV w ith Fiat. The company operates out of plants at Jamshedpur, Pune, Lucknow, Sanand and Pantnagar. Jaguar -Land Rover...

Background: Tata Motors (est. 1945) is India's leading automobile maker, and is among the top 10 auto manufacturers in the world. The company has more than 130 models spanning a wide range of Heavy, Medium & Light Commercial Vehicles, Passenger Cars and Multi-Utility Vehicles. Tata Motors is the market leader in Commercial Vehicles - both M&HCV; and LCV with their established brand and service network including the hinterland offering the competitive advantage. Engine and transmission for some models of cars are manufactured in a JV with Fiat. The company operates out of plants at Jamshedpur, Pune, Lucknow, Sanand and Pantnagar....

Background: Tata Motors (est. 1945) is India's leading automobile maker, and is among the top 10 auto manufacturers in the world. The company has more than 130 models spanning a wide range of Heavy, Medium & Light Commercial Vehicles, Passenger Cars and Multi-Utility Vehicles. Tata Motors is the market leader in Commercial Vehicles - both M&HCV; and LCV with their established brand and service network including the hinterland offering the competitive advantage. Engine and transmission for some models of cars are manufactured in a JV with Fiat. The company operates out of plants at Jamshedpur, Pune, Lucknow, Sanand and Pantnagar....

Background: Tata Motors (est. 1945) is India's leading automobile maker, and is among the top 10 auto manufacturers in the world. The company has more than 130 models spanning a wide range of Heavy, Medium & Light Commercial Vehicles, Passenger Cars and Multi-Utility Vehicles. Tata Motors is the market leader in Commercial Vehicles - both M&HCV; and LCV with their established brand and service network including the hinterland offering the competitive advantage. Engine and transmission for some models of cars are manufactured in a JV with Fiat. The company operates out of plants at Jamshedpur, Pune, Lucknow, Sanand and Pantnagar....