Tata Motors Passenger Vehicles Limited: F4Q26 – Beat; FY27 Set for Strong Revenue Rebound But Cost Headwinds to Cap Margin Upside

研报英文原文证据摘录

Tata Motors Passenger Vehicles Limited: F4Q26 – Beat; FY27 Set for Strong Revenue Rebound But Cost Headwinds to Cap Margin Upside

Update

May 15, 2026 03:07 AM GMT

Morgan Stanley India Company Private Limited+MTata Motors Passenger Vehicles Limited | Asia Binay Singh

Pacific Equity Analyst

Binay.Singh@morganstanley.com +91 22 6118-1158

Sushrut Ghalsashi, CFA

Research AssociateF4Q26 – Beat; FY27 Set for Sushrut.Ghalsashi@morganstanley.com +91 22 6118-1073

Tata Motors Passenger Vehicles Limited (TAMO.NS,Strong Revenue Rebound But

TTMT IS)

India Autos & Shared Mobility | IndiaCost Headwinds to Cap Margin

Stock Rating Equal-weight

Industry View Attractive

Price target Rs367.00Upside Up/downside to price target (%) 8

Shr price, close (May 14, 2026) Rs338.75

What’s Changed 52-Week Range Rs450.40-294.30

Sh out, dil, curr (mn) 3,681

Tata Motors Passenger Vehicles Limited (TAMO.NS) From To Mkt cap, curr (mn) Rs1,247,057

Price Target Rs340.00 Rs367.00 EV, curr (mn) Rs1,348,227

Avg daily trading value (mn) Rs4,876

Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

Reaction to earnings

EPS (Rs)** 52.35 6.82 32.81 38.40

Unchanged In-line Modest revision higher EPS (Rs)§ 58.49 6.46 36.82 51.76

Impact to our thesis Financial results versus consensus Direction of next 12-month EBITDA (Rs bn) 469.59 229.11 397.66 442.69

consensus EPS ModelWare net inc (Rs 192.71 25.10 120.80 141.35

bn)

Source: Company data, Morgan Stanley Research

P/E 7.8 43.6 10.3 8.8

P/BV 1.3 1.0 1.0 0.9

TTMT earnings were in line with MSe but well ahead of ROE (%) - 2.2 10.8 11.4

EV/EBITDA 3.4 6.4 4.0 3.4

consensus on both JLR and the India side. FY27 top line to see FCF yld ratio (%)** 6.1 (18.7) (3.7) 9.0

strong rebound across JLR and India but inflationary headwinds Leverage (EOP) (%) 3.0 27.5 28.9 17.8