TATA MOTORS LIMITED Financials Tata Motors Limited NSE India S.E.
Equities
TATAMOTORS
INE155A01022
Auto & Truck Manufacturers
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 999.5 INR | -0.17% |
|
+3.77% | +28.15% |
| Apr. 25 | South Korea's Hyundai, Kia to launch first India-made EVs next year | RE |
| Apr. 25 | Tata Motors Arm to Deliver 2,000 Electric Vehicles to Fleet Electrification Platform Vertelo | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 546,894 | 235,235 | 1,067,374 | 1,544,487 | 1,503,057 | 3,663,521 | - | - |
| Enterprise Value (EV) 1 | 1,010,127 | 740,267 | 1,747,205 | 2,534,566 | 2,389,506 | 4,359,489 | 4,182,996 | 3,967,301 |
| P/E ratio | -2.05 x | -2.04 x | -8.16 x | -14.5 x | 66.9 x | 18.6 x | 15.3 x | 12.8 x |
| Yield | - | - | - | - | - | 0.31% | 0.41% | 0.44% |
| Capitalization / Revenue | 0.18 x | 0.09 x | 0.43 x | 0.55 x | 0.43 x | 0.84 x | 0.77 x | 0.71 x |
| EV / Revenue | 0.33 x | 0.28 x | 0.7 x | 0.91 x | 0.69 x | 0.99 x | 0.88 x | 0.77 x |
| EV / EBITDA | 4.1 x | 2.88 x | 5.72 x | 10.2 x | 7.15 x | 7.12 x | 6.13 x | 5.26 x |
| EV / FCF | -6.15 x | -24.1 x | 19.9 x | -286 x | 13.8 x | 16.1 x | 14.6 x | 11.6 x |
| FCF Yield | -16.2% | -4.15% | 5.03% | -0.35% | 7.24% | 6.2% | 6.87% | 8.64% |
| Price to Book | 0.98 x | 0.39 x | 2.09 x | 3.23 x | 3.55 x | 5.7 x | 4.21 x | 3.2 x |
| Nbr of stocks (in thousands) | 3,395,851 | 3,597,474 | 3,828,811 | 3,829,165 | 3,829,847 | 3,832,242 | - | - |
| Reference price 2 | 174.3 | 71.05 | 301.8 | 433.5 | 420.6 | 999.4 | 999.4 | 999.4 |
| Announcement Date | 5/20/19 | 6/15/20 | 5/18/21 | 5/12/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,019,384 | 2,610,680 | 2,497,948 | 2,784,536 | 3,459,670 | 4,381,539 | 4,740,269 | 5,146,349 |
| EBITDA 1 | 246,643 | 256,721 | 305,573 | 247,988 | 334,063 | 612,108 | 682,573 | 754,507 |
| EBIT 1 | 10,737 | 42,467 | 70,086 | -369.2 | 85,460 | 323,259 | 373,515 | 422,244 |
| Operating Margin | 0.36% | 1.63% | 2.81% | -0.01% | 2.47% | 7.38% | 7.88% | 8.2% |
| Earnings before Tax (EBT) 1 | -313,712 | -105,800 | -104,743 | -70,034 | 30,576 | 269,318 | 328,088 | 383,715 |
| Net income 1 | -288,262 | -120,708 | -134,514 | -114,415 | 24,143 | 203,040 | 244,133 | 294,235 |
| Net margin | -9.55% | -4.62% | -5.38% | -4.11% | 0.7% | 4.63% | 5.15% | 5.72% |
| EPS 2 | -84.89 | -34.88 | -36.99 | -29.88 | 6.290 | 53.82 | 65.46 | 78.26 |
| Free Cash Flow 1 | -164,128 | -30,691 | 87,951 | -8,856 | 172,923 | 270,456 | 287,302 | 342,692 |
| FCF margin | -5.44% | -1.18% | 3.52% | -0.32% | 5% | 6.17% | 6.06% | 6.66% |
| FCF Conversion (EBITDA) | - | - | 28.78% | - | 51.76% | 44.18% | 42.09% | 45.42% |
| FCF Conversion (Net income) | - | - | - | - | 716.25% | 133.2% | 117.68% | 116.47% |
| Dividend per Share 2 | - | - | - | - | - | 3.085 | 4.123 | 4.426 |
| Announcement Date | 5/20/19 | 6/15/20 | 5/18/21 | 5/12/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,268,989 | 756,538 | 886,279 | 664,064 | 613,788 | 722,293 | 784,391 | 719,347 | 796,114 | 884,886 | 1,059,324 | 1,022,361 | 1,076,522 | 1,083,666 | 1,216,091 | 1,108,887 |
| EBITDA 1 | 100,862 | 115,096 | 127,448 | 52,576 | 40,498 | 67,642 | 87,271 | 31,805 | 61,962 | 96,430 | 125,808 | 128,759 | 140,613 | 148,174 | 176,536 | - |
| EBIT 1 | -3,251 | 53,809 | 65,277 | -9,446 | -20,735 | 6,861 | 22,950 | -26,605 | 2,989 | 35,712 | 55,306 | 62,427 | 79,946 | 85,968 | 112,250 | 95,469 |
| Operating Margin | -0.26% | 7.11% | 7.37% | -1.42% | -3.38% | 0.95% | 2.93% | -3.7% | 0.38% | 4.04% | 5.22% | 6.11% | 7.43% | 7.93% | 9.23% | 8.61% |
| Earnings before Tax (EBT) 1 | - | 41,674 | -76,433 | -25,786 | -34,716 | -6,121 | -3,411 | -34,680 | -14,612 | 32,026 | 47,841 | 46,527 | 50,335 | 54,488 | 97,201 | - |
| Net income 1 | - | 29,064 | -76,054 | -44,509 | -44,416 | -15,161 | -10,328 | -50,066 | -9,446 | 29,577 | 54,078 | 32,028 | 42,439 | 47,925 | 71,774 | - |
| Net margin | - | 3.84% | -8.58% | -6.7% | -7.24% | -2.1% | -1.32% | -6.96% | -1.19% | 3.34% | 5.1% | 3.13% | 3.94% | 4.42% | 5.9% | - |
| EPS 2 | - | 8.040 | -20.24 | -11.62 | -11.60 | -3.960 | -2.700 | -13.07 | -2.470 | - | 14.10 | 8.340 | 11.70 | 15.13 | 21.70 | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.428 | - |
| Announcement Date | 10/25/19 | 1/29/21 | 5/18/21 | 7/26/21 | 11/1/21 | 1/31/22 | 5/12/22 | 7/27/22 | 11/9/22 | 1/25/23 | 5/12/23 | 7/25/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 463,232 | 505,032 | 679,831 | 990,079 | 886,449 | 695,968 | 519,475 | 303,780 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.878 x | 1.967 x | 2.225 x | 3.992 x | 2.654 x | 1.137 x | 0.7611 x | 0.4026 x |
| Free Cash Flow 1 | -164,128 | -30,691 | 87,951 | -8,856 | 172,923 | 270,456 | 287,302 | 342,692 |
| ROE (net income / shareholders' equity) | -1.9% | -7.46% | -22.7% | -22.9% | 5.37% | 35.5% | 30.1% | 27% |
| ROA (Net income/ Total Assets) | -0.46% | -1.46% | -4.04% | -3.4% | 0.72% | 5.83% | 7.1% | 8.07% |
| Assets 1 | 62,665,717 | 8,257,468 | 3,326,259 | 3,368,705 | 3,333,734 | 3,480,695 | 3,438,499 | 3,647,538 |
| Book Value Per Share 2 | 177.0 | 182.0 | 144.0 | 134.0 | 118.0 | 175.0 | 237.0 | 312.0 |
| Cash Flow per Share 2 | 55.60 | 77.00 | 75.70 | 43.00 | 92.40 | 153.0 | 156.0 | 172.0 |
| Capex 1 | 353,035 | 297,020 | 202,054 | 151,684 | 180,957 | 344,117 | 337,410 | 342,545 |
| Capex / Sales | 11.69% | 11.38% | 8.09% | 5.45% | 5.23% | 7.85% | 7.12% | 6.66% |
| Announcement Date | 5/20/19 | 6/15/20 | 5/18/21 | 5/12/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
29
Last Close Price
999.4
INR
Average target price
1,028
INR
Spread / Average Target
+2.92%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +35.50% | 300B | |
| +18.88% | 82.12B | |
| +5.58% | 71.52B | |
| +19.41% | 53.62B | |
| +4.92% | 51.06B | |
| +27.62% | 52.28B | |
| +22.60% | 39.41B | |
| +18.24% | 27.31B | |
| +14.40% | 25.9B |
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