Tata Motors Takeaways from JPM India Auto CXO series

Research evidence excerpt

Tata Motors Takeaways from JPM India Auto CXO series

J P M O R G A N Asia Pacific Equity Research

20 May 2026

Tata Motors Overweight

TATM.NS, TMCV IN

Takeaways from JPM India Auto CXO series Price (19 May 26):Rs378.65

Price Target (Mar-27):Rs520.00

We hosted Mr. Girish Wagh – MD & CEO and Mr. G V Ramanan – CFO of Tata Indian Automobiles, Auto parts and

Motors, as part of our J.P. Morgan India Auto CXO series. The key takeaways Transportation

were: 1) Near-term demand trends are steady but there are some pockets of softness Amyn Pirani AC

due to business disruption in some industries, 2) Medium-term freight demand (91-22) 6157-3583

remains anchored to GDP growth, 3) Diesel remains the key swing factor as with amyn.pirani@jpmorgan.com

freight-rate pass-through is lagged and highly fragmented; 4) Company is Harshit Mittal

managing commodity inflation via calibrated pricing and cost actions; 5) (91-22) 6157-3152

Competiton on ground is increasingly driven by better value proposition and does harshit.mittal@jpmorgan.com

J.P. Morgan India Private Limited, J.P. Morgan

not depend only on pricing (unlike the past); and 6) Growing non-cyclical/non- Tower, Santacruz(E), Mumbai - 400098, SEBI

vehicle revenue mix should support margin resilience. Registration: INH000001873, (91-22) 6157-3000.

• Macro demand anchored to GDP; near-term steady with pockets of

softness: Management reiterated GDP growth as the key long-term demand

driver, with freight ton-km growth typically tracking ~1-1.5% below GDP

growth. Near-term commentary was constructive with single-digit 1QFY26

growth already “in the pocket”, but management flagged an uncertain

environment with weakness in select pockets. Buses/vans were cited as

relatively robust given seasonality and government purchase pipeline.