Tata Motors 2026 Investor Day Takeaways

Research evidence excerpt

Tata Motors 2026 Investor Day Takeaways

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

24 June 2026

Tata Motors Overweight

TATM.NS, TMCV IN

2026 Investor Day Takeaways Price (23 Jun 26):Rs400.05

Price Target (Mar-27):Rs520.00

We attended TMCV’s 2026 Investor Day and factory tour. The key takeaways Indian Automobiles, Auto parts and

were: 1) The company expects the industry backdrop to remain structurally Transportation

supportive, with freight ton-km to grow slightly behind GDP growth; 2) Profitable Amyn Pirani AC

and customer-value led growth to continue, with a 2028 target of ~40% Vahan (91-22) 6157-3583

share alongside double-digit EBITDA margins; 3) Trucks will look to extend its amyn.pirani@jpmorgan.com

leadership through premiumization while SCV-PU undergoes a reset that is Harshit Mittal

already showing early signs of recovery; 4) CV Passenger growth is expected to (91-22) 6157-3152

be increasingly EV-led, anchored to urbanization; and 5) Non-cyclical businesses harshit.mittal@jpmorgan.com

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

- Digital, Downstream and International - are positioned to grow at ~1.5x cyclical Tower, Santacruz(E), Mumbai - 400098, SEBI

revenue, de-risking the business model and reducing earnings volatility. Registration: INH000001873, (91-22) 6157-3000.

Management also reiterated that the Iveco acquisition should close during

2QFY27, opening up new global markets and synergies. We maintain OW.

• Profitable growth to remain a key priority: Management guided for FY28

Vahan market share of ~40% (vs ~35.7% in F26). It also expects the company

to deliver double-digit EBITDA margin through the cycle (vs 13.2% in FY26).

FCF guidance remains at 7-9% of revenue while ROCE is guided at 30-35%

on a post-Iveco consolidation basis (vs ~72% in FY26).