First Read: Tata Motors "Pune plant visit and Investor Day 2026: Key takeaways"

研报英文原文证据摘录

First Read: Tata Motors "Pune plant visit and Investor Day 2026: Key takeaways"

recent months due to series of product and customer centric initiatives (Payload increase

03/27E 16.89 17.99

in HCV at minimal price hike, Customer Success tracking centre etc); 2) Sharp front end 03/28E 19.32 21.49

focus has been backed by significant overhaul at the back end (Industry 4.0, improving

working capital etc); 3) Management does not view Dedicated Freight Corridors as a Pramod Kumar

significant threat, highlighting that road transport continues to maintain a dominant Analyst

share even in developed markets; 4) Trucks account for roughly 60% of the industry’s pramod.kumar@ubs.com

+91-22-6155 6063

revenue pool, with TMCV holding a dominant position at ~55% market share. Buses

and LCVs each contribute ~20% of industry revenues; Iveco: 1) Q1 CY26 performance Vedant Kshatriya

was weighed down by weakness in the trucking business in LATAM, although segments Associate Analyst

such as buses, powertrain and financial services performed well. Margin pressure was vedant.kshatriya@ubs.com

+91-22-6155 6008

primarily driven by quality improvement initiatives in both buses and trucks at the

Annonay plant. Management expects improvement from Q2 onward and has guided for

CY27 performance to be better than CY26; 2) The Iveco transaction is slated to be

completed by Q2FY27; 3) Management expects the ROCE margins to be in the band of

30-35% for FY28 including the Iveco transaction (Figure 22026investordayguidancevsactualposition).

Valuation: Maintain Buy with PT of Rs555

We maintain our Buy rating with a target price of Rs 555. We will closely monitor Q1

FY27 margin performance amid an elevated commodity cost environment. Although