Tata Motors Passenger Vehicles: India Investor Day Takeaways

Research evidence excerpt

Tata Motors Passenger Vehicles: India Investor Day Takeaways

lio to gain share. TMPV expects PV (passenger vehicle) industry

Exhibit 1 - TMPV guided for big consolidated

volumes to grow at 6-7% CAGR over FY26-31, with rising share of SUVs, and EV/CNG margin expansion

powertrains. TMPV expects its volumes to rise at 15% CAGR, and its market share to rise from TMPV: Consolidated (Rs bn) FY29 guidance FY29 JEFe

14% in FY26 to 20% by FY31. TMPV plans to add six nameplates by FY31, including four EVs. Revenue 5,000+ 4,658

In comparison, Mahindra plans to launch 15 new nameplates over CY27-31, Maruti intends EBIT Margin (%) 7 3.9

to introduce 8 new SUVs by FY31 and HYUNDAI plans to launch 7 new nameplates till FY30. Implied EBIT 350+ 182

PBT before exceptional items 300+ 214

TMPV also plans to: 1) increase capacity by 44% to 1.3mn in 2-3Y, and 2) almost double the Net debt Net debt free 186

sales network and treble the service network by FY31. .Source: Company data, Jefferies estimates

Modest India margin outlook: TMPV is targeting 4% EBIT margin in FY29 (JEFe: 3.6%) as PLI Exhibit 2 - Strong revenue but modest margin

expiry offsets most of the benefit of higher volumes, better mix and internal cost controls. guidance for India

TMPV's mid-single digit EBIT margin target is lower than the 8.4-9.1% FY27 EBIT margins for TMPV: India PV (Rs bn) FY29 guidance FY29 JEFe

Revenue 1,150+ 917

MSIL, HYUNDAI and MM (auto division). EBITDA Margin (%) 8 8.7

Implied EBITDA 92+ 80

Subdued outlook for JLR: JLR, at its investor day on 17-Jun provided subdued guidance EBIT Margin (%) 4 3.6

for FY27 at £26bn revenues and c.4% EBIT margin, both in line with JEFe. JLR will start Implied EBIT 46+ 33

launching new EVs in 2026, and will reduce break-even volume from 425K to 300K. We see .