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Tata Motors Passenger Vehicles LimitedNYSE:TTM Stock Report

Market Cap US$18.5b
Share Price
n/a
1Y-20.8%
7D3.0%
1D1.0%
Portfolio Value
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Tata Motors Passenger Vehicles Limited

NYSE:TTM Stock Report

Market Cap: US$18.5b

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Tata Motors (TTM) Stock Overview

Designs, develops, manufactures, and sells various automotive vehicles. More details

TTM fundamental analysis
Snowflake Score
Valuation3/6
Future Growth4/6
Past Performance0/6
Financial Health3/6
Dividends0/6

Rewards

Earnings are forecast to grow 97.11% per year

Trading at good value compared to peers and industry

Risk Analysis

No risks detected for TTM from our risk checks.

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Tata Motors Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for Tata Motors
Historical stock prices
Current Share Price₹25.14
52 Week High₹34.50
52 Week Low₹22.06
Beta1.96
1 Month Change12.48%
3 Month Change1.53%
1 Year Change-20.82%
3 Year Change91.76%
5 Year Change-18.80%
Change since IPO174.75%

Recent News & Updates

Seeking Alpha • Jan 24

Tata Motors delists ADSs from NYSE, keeps BSE and NSE listings

Tata Motors (NYSE:TTM) has confirmed the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange due to regulatory restrictions under Indian law. The delisting went into effect following the close of trading on January 23, 2023. The move, which was telegraphed last November, will help simplify the company's financial reporting requirements and reduce administrative costs. Each ADS of Tata Motors (TTM) represented 5 ordinary shares of the company. "The above action has no impact on the current listing status or trading of the company's equity shares on the BSE Limited and the National Stock Exchange of India Limited in India," Tata Motors (TTM) said in the release.
Seeking Alpha • Jan 02

Tata Motors Q3 sales rise 14% Y/Y to 228,169 units

Tata Motors (NYSE:TTM) registered total sales of 2,28,169 units in 3Q22, up 14% over compared to 1,99,634 units during 3Q21. Tata Motors (TTM) total domestic sales grew 10% Y/Y to 72,997, with commercial vehicle sales down 0.6% to 33,949 units and passenger vehicles  (includes EV) sales up 13.9% to 40,407 units. Q3 domestic sale of MH & ICV in Dec. 2022, including trucks and buses, stood at 40,391 units, compared to 33,753 units in Q3 2021. Q3 total sales for MH&ICV Domestic & International Business, including trucks and buses, stood at 42,369 units compared to 37,887 units last year. Take a look at the firm's recent quarterly performance
Seeking Alpha • Nov 09

Tata Motors reports Q2 results

Tata Motors press release (NYSE:TTM): Q2 Revenue of ₹796.11B (+29.7% Y/Y). EBITDA at 9.7% (+130 bps), EBIT at 2.4% (+390 bps). Free cash flow (automotive) in the quarter, was positive at ₹1K Cr (as compared to negative ₹3.2K Cr in Q2 FY 22), despite working capital being adverse by ₹1.4K Cr in Q2 FY23. Outlook: Demand continues to remain strong, however will remain a key monitorable in wake of global uncertainties. Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23.
Seeking Alpha • Nov 02

Tata Motors sales up 15.5% in October, led by passenger vehicles sales growth of 33%

Tata Motors (NYSE:TTM) reported domestic sales growth of 17% Y/Y to 76,537 units in October. Commercial vehicles slipped 2%Y/Y to 32,912 units for the month. Passenger vehicles up 33% Y/Y to 45,423 units. Total sales jumped 15% Y/Y to 78,335 vehicles in October. "A planned shutdown of the Pune plant for preventive maintenance and debottlenecking actions led to reduced production in Oct'22, the auto maker said in a statement.
Seeking Alpha • Oct 20

Tata Motors bags order to deliver 2000 XPRES-T EVs ride hailing platform Evera

Tata Motors (NYSE:TTM) has signed an agreement with Delhi NCR-based EV-only ride-hailing platform Evera to supply its electric vehicles, the Economic Times reported. Per the terms, the carmaker has bagged an order to deliver 2,000 XPRES T EVs to Evera. These vehicles are an addition to the already existing fleet of Tata Motors’ EVs present with the aggregator. Earlier this month, Tata Motors reports strong September sales.

Recent updates

Seeking Alpha • Jan 24

Tata Motors delists ADSs from NYSE, keeps BSE and NSE listings

Tata Motors (NYSE:TTM) has confirmed the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange due to regulatory restrictions under Indian law. The delisting went into effect following the close of trading on January 23, 2023. The move, which was telegraphed last November, will help simplify the company's financial reporting requirements and reduce administrative costs. Each ADS of Tata Motors (TTM) represented 5 ordinary shares of the company. "The above action has no impact on the current listing status or trading of the company's equity shares on the BSE Limited and the National Stock Exchange of India Limited in India," Tata Motors (TTM) said in the release.
Seeking Alpha • Jan 02

Tata Motors Q3 sales rise 14% Y/Y to 228,169 units

Tata Motors (NYSE:TTM) registered total sales of 2,28,169 units in 3Q22, up 14% over compared to 1,99,634 units during 3Q21. Tata Motors (TTM) total domestic sales grew 10% Y/Y to 72,997, with commercial vehicle sales down 0.6% to 33,949 units and passenger vehicles  (includes EV) sales up 13.9% to 40,407 units. Q3 domestic sale of MH & ICV in Dec. 2022, including trucks and buses, stood at 40,391 units, compared to 33,753 units in Q3 2021. Q3 total sales for MH&ICV Domestic & International Business, including trucks and buses, stood at 42,369 units compared to 37,887 units last year. Take a look at the firm's recent quarterly performance
Seeking Alpha • Nov 09

Tata Motors reports Q2 results

Tata Motors press release (NYSE:TTM): Q2 Revenue of ₹796.11B (+29.7% Y/Y). EBITDA at 9.7% (+130 bps), EBIT at 2.4% (+390 bps). Free cash flow (automotive) in the quarter, was positive at ₹1K Cr (as compared to negative ₹3.2K Cr in Q2 FY 22), despite working capital being adverse by ₹1.4K Cr in Q2 FY23. Outlook: Demand continues to remain strong, however will remain a key monitorable in wake of global uncertainties. Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23.
Seeking Alpha • Nov 02

Tata Motors sales up 15.5% in October, led by passenger vehicles sales growth of 33%

Tata Motors (NYSE:TTM) reported domestic sales growth of 17% Y/Y to 76,537 units in October. Commercial vehicles slipped 2%Y/Y to 32,912 units for the month. Passenger vehicles up 33% Y/Y to 45,423 units. Total sales jumped 15% Y/Y to 78,335 vehicles in October. "A planned shutdown of the Pune plant for preventive maintenance and debottlenecking actions led to reduced production in Oct'22, the auto maker said in a statement.
Seeking Alpha • Oct 20

Tata Motors bags order to deliver 2000 XPRES-T EVs ride hailing platform Evera

Tata Motors (NYSE:TTM) has signed an agreement with Delhi NCR-based EV-only ride-hailing platform Evera to supply its electric vehicles, the Economic Times reported. Per the terms, the carmaker has bagged an order to deliver 2,000 XPRES T EVs to Evera. These vehicles are an addition to the already existing fleet of Tata Motors’ EVs present with the aggregator. Earlier this month, Tata Motors reports strong September sales.
Seeking Alpha • Oct 01

Tata Motors reports strong September sales

Tata Motors (NYSE:TTM) reported sales growth of 40% Y/Y for September 2022 and 42% Y/Y growth in Q2FY23. The Indian automobile maker sold 82,754 vehicles in the domestic and international market during the month, compared to 59,156 units sold in September 2021. September total domestic sales grew 44% Y/Y to 80,633 units, with commercial vehicle sales up 9% Y/Y to 32,979 units and passenger vehicles sales +85% Y/Y to 47,654 unit. Q3 total domestic sales grew 46% Y/Y to 236,090 units, with commercial vehicle sales up 20% Y/Y to 93,765 units and passenger vehicles sales +70% Y/Y to 142,325 unit. Domestic sale of MH&ICV in Q2 FY23, including trucks and buses, stood at 38,143 units, compared to 29,401 units in Q2 FY22. Total sales for MH&ICV Domestic & International Business in Q2 FY23, including trucks and buses, stood at 40,556 units, compared to 33,737 units in Q2  FY22. Tata's (TTM) August 2022 sales rose 36% Y/Y
Seeking Alpha • Sep 01

Tata Motors' August sales grew 36% Y/Y

Tata Motors (NYSE:TTM) reported sales growth of 36% year-over-year for August 2022. The Indian automobile maker sold 78,843 vehicles in the domestic and international market during the month, compared to 57,995 units sold in August 2021. Total domestic sales grew 41% Y/Y to 76,479 units, with commercial vehicle sales up 6% Y/Y to 31,492 units and passenger vehicles sales +68% Y/Y to 47,166 unit. Domestic sale of MH&ICV, including trucks and buses, stood at 12,069 units, compared to 8,962 units in August 2021. Total sales for MH&ICV (domestic & international business), including trucks and buses, stood at 12,846 units, compared to 10,953 units in July 2021. Tata's (TTM) July 2022 sales rose 51% Y/Y Take a look at the firm's recent quarterly performance
Seeking Alpha • Aug 25

Tata Motors: Buy On Dips On Market Share Gain And New Product Launches

Summary TTM's domestic market share gain has constantly been on an uptick since the last two years. New product launches, advanced integration of technology and favorable industry trends to act as tailwinds to the TTM's product demand. The intangible shift of the company from an automobile company to "consumer oriented autotech" company is still not completely incorporated. The management's conscious effort to build curated products to suit customer needs has finally started to paying off. Tata Motors Limited's (TTM) last 15-year performance has been subdued as compared to other automobile companies globally. There have been various reasons for the same, with the acquisition of non-profitable business of JLR during 2008-09 being the primary one. In addition, the launch of a lower ticket size Nano car for India also didn't take off as expected. However, the tide is turning now, and the company is aggressively gaining market share in domestic markets. Three years back, the ratio of Tata Motors cars in metro cities would have been one out of fifteen, but now at least one five cars out of fifteen are of Tata! Q1FY23 numbers confirm the trend, as most of the JLR's loss is getting now absorbed by the company's other domestic launches across the CV and PV space. JLR's loss this quarter was also affected by the partial lockdowns in China and reduced supply levels, which is likely going to improve going forward (according to the management) TTM's EBIT to improve further on rising domestic demand (Investor Presentation (Q1FY23)) The company currently enjoys one of the highest market shares in electric vehicles across Passenger Vehicles segment (chart below) indicating that it is the preferred choice by customers. Tata Motors is one of the very few companies in the world which enjoys an in-house ability to leverage one of the best technologies (operational, efficiency, AI and VR), as it has two sister technology companies - TCS and Tata Elxsi to support the company's vision. So it can easily surpass its peers in terms of technological excellence in future. The latest acquisition of Tata in air space (Air India) will only lead to technologies and economies of scale in the future across its automobile products as well. The company's expansion of its network across cities and dealerships clearly shows the demand for its products is on a rising trend (2nd graph in chart below) EV market share stands at 88% in Q1FY23 (Investor Presentation) The company's vision is to achieve positive free cash flow ("FCF") of (£1b) by year-end through price hikes and ramp up of products. TTM aims to become zero net debt company by FY24 and double its EBIT's margin to double digits by FY26 which is a positive catalyst. As mentioned in my previous articles also, the auto sector in itself is poised for a growth spurt led by easing of chips supply, technological transition to electric vehicles ("EVs"), unavoidable replacement cycle which got delayed due to covid-19, and the government's push for EV. The demand from the growing millennial segment which forms 30% of the population and who are the major wealth inheritors will only add to the consumption story.
Seeking Alpha • Aug 07

Tata Motors: Weak Quarter But On Track For A Rebound

Tata Motors posts a disappointing quarter amid headwinds in its Jaguar Land Rover business. Signs of a broader recovery are materializing, however, presenting upside to the current outlook. With the stock trading at an undemanding valuation, there is clear re-rating potential here. Tata Motors (TTM), a leading India-based automobile manufacturer with a leading presence in commercial vehicles, as well as utility vehicles, trucks, buses, and defense vehicles, recently reported a below-par quarter on significant profitability declines in the Jaguar Land Rover (JLR) operations. Of note, weaker product mix and the inability to pass on input cost headwinds without incurring a corresponding volume decline were key points of concern, although there is light at the end of the tunnel given JLR’s growing order backlog. Plus, Tata remains on track for a cyclical rebound amid a recovery in semiconductor supply – just in time to meet the buoyant volume outlook following the launch of the new Range Rover. As major OEMs such as Tata Motors tend to benefit from operating leverage, any volume improvement should have a disproportionately positive impact on cash flows and, by extension, accelerate deleveraging in the coming quarters. At ~5x EV/EBITDA, the stock is cheap as well, leaving ample room for upside as the turnaround story for the domestic business and JLR takes shape. TTM data by YCharts Jaguar Land Rover was the Weak Point, but Don’t Write Them Off Just Yet The biggest disappointment of Tata’s Q1 2023 results was JLR EBITDA numbers at ~GBP279m (-38% YoY), driven by lower volume following the latest round of price hikes, a negative product mix shift (i.e., lower volume contribution from Range Rover and Range Rover Sport), and headwinds from China (volumes down ~50% YoY), On the other hand, higher inflation-linked contribution costs (~350bps negative impact) were the key headwind, highlighting JLR’s lack of pricing power in the current environment. Of note, even with higher sticker prices, realized selling prices actually declined ~2% QoQ. When compared with EU peers such as BMW/Audi/Mercedes, JLR’s volumes also underperformed due to an outsized impact from semiconductor constraints. Tata Motors While management is sticking with its strategy of taking more price increases and implementing cost-saving actions to recover the cost inflation, a volume recovery and an easing chip shortage will likely be the key to a P&L rebound from here. Thus far, recovery signs have been positive – JLR’s order book now stands at a solid ~200k amid positive customer bookings for the new Range Rover, Range Rover Sport, and Defender models. Assuming the new models ramp up in the coming quarters alongside production, the overall product mix should also improve, presenting upside to JLR’s ~5% EBIT margin and ~GBP1bn free cash flow guidance for 2023. Tata Motors Transitory Margin Pressure for Passenger Vehicles but Outlook Remains as Strong as Ever Tata’s domestic passenger vehicle business may have posted a QoQ EBITDA margin decline on higher promotional expenses this quarter, but the ~10% QoQ revenue growth due to stronger volumes and pricing was an overwhelming positive. The business also saw record wholesale and production numbers during the quarter at >130k, with robust booking pipelines and low channel inventory. More broadly, the company looks set to be a key beneficiary of a strong product cycle (including its new rickshaw variants) – a positive tailwind for its market share in the coming quarters. Tata Motors The current order book already has an up to three-month backlog and, despite waiting periods extending from four weeks to three months, has seen relatively few cancellations. Assuming the chip supply improves further from Q2 (in-line with management expectations), the company should be well-positioned to meet demand via a 10-15% capacity de-bottlenecking. Looking beyond the immediate future, the refresh cycle is also due to start next year and drive volumes, while management’s commitment to also launch new products in accordance with product gaps bodes well for the mid to long-term outlook. Ongoing Demand Recovery Buoys Domestic Commercial Vehicle Outlook Tata’s commercial vehicle outlook remains as robust as ever amid strong freight demand and truck fleet utilization. While most of the post-COVID rebound had been concentrated in larger fleets, management is starting to see a demand recovery in small fleet operators as well. Of note, Tata’s trucker’s sentiment index is now at a two-year high across both medium & heavy commercial vehicles and the intermediate & light commercial vehicle categories. I would also highlight that the bullish reading comes despite demand from small fleet operators being restricted by tighter financing standards (85-90% LTV vs. 95-100% in the last cycle) as well as an uncertain operating environment. Tata Motors
Seeking Alpha • Jul 27

Tata Motors reports Q1 results

Tata Motors press release (NYSE:TTM): Q1 loss before tax ₹49.62B. Revenue of ₹719.35B (+8.3% Y/Y). Outlook: We expect demand to remain strong despite worries on inflation and geo-political risks while the supply situation is expected to improve further. Cooling commodity prices are expected to aid improvement in underlying margins. We aim to deliver strong improvements in EBIT and free cash flows from Q2 onwards to get to near net auto debt free by FY 24.
Seeking Alpha • Jul 01

Tata Motors total sales rises 101% Y/Y in 1Q23

Tata Motors (NYSE:TTM) reported domestic sales growth of 82% Y/Y to 79,706 units in June and 225,828 units in 1Q23, an increase of 110% Y/Y. Registered total sales domestic and international grew by 101% Y/Y to 231,248 units in 1Q23. Commercial vehicles rose 69% Y/Y to 37,265 units for the month and 100,921 units in 1Q23, growth of 101% Y/Y. Passenger vehicles up 87% Y/Y to 45,197 units in June and 130,125 units (102% Y/Y) in 1Q23.
Seeking Alpha • May 27

Tata Motors: Exploring The EV Narrative

Currently, EV sales only account for 1% of total auto sales; this is expected to hit 30% by 2030. Tata Motors account for 90% of EV sales in India and has the first-mover advantage to flourish without the pressure from foreign EV peers. In the short term, TTM is looking at a mixed outlook whilst valuations remain steep.
Seeking Alpha • Jan 29

Tata Motors Is Risky In Its Hibernating Jaguar

Tata Motors benefits from an increase in demand for luxury automobiles. Analysts, on the other hand, have an odd pattern projection for the company's topline. The company is impacted by declining unit sales on a quarterly and year-over-year basis. It is projected to end this fiscal 2022 with a lower YoY growth in its top line and a negative free cash flow. Its Reimagine strategy may have a short-term negative impact on Jaguar's total demand. This stock is relatively expensive against its peers and is trading at a strong logical resistance area.
Seeking Alpha • Sep 24

Tata Motors: Short-Term Headwinds Not Fully Priced In

Tata Motors' top line and EBITDA have decreased significantly on a QoQ basis in the recent quarter, which is attributable to the increase in commodity prices and semiconductor chip shortage. Putting near-term headwinds aside, Tata Motors' core Jaguar Land Rover business segment has good long-term revenue growth and margin expansion potential with its business transformation program. Tata Motors still trades at a mid-single-digit forward EV/EBITDA, as compared to its peers, which are valued by the market at forward EV/EBITDA multiples in the low-single-digit range.

Shareholder Returns

TTMUS AutoUS Market
7D3.0%-4.0%-0.7%
1Y-20.8%31.0%20.3%

Return vs Industry: TTM exceeded the US Auto industry which returned -50.6% over the past year.

Return vs Market: TTM underperformed the US Market which returned -9.4% over the past year.

Price Volatility

Is TTM's price volatile compared to industry and market?
TTM volatility
TTM Average Weekly Movement4.6%
Auto Industry Average Movement8.9%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.2%

Stable Share Price: TTM has not had significant price volatility in the past 3 months.

Volatility Over Time: TTM's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
194573,608n/awww.tatamotors.com

Tata Motors Limited designs, develops, manufactures, and sells various automotive vehicles. The company offers passenger cars; sports utility vehicles; intermediate and light commercial vehicles; small, medium, and heavy commercial vehicles; defense vehicles; pickups, wingers, buses, and trucks; and electric vehicles, as well as related spare parts and accessories. It also manufactures engines for industrial and marine applications; aggregates comprising axles and transmissions for commercial vehicles; and factory automation equipment, as well as provides information technology and vehicle financing services.

Tata Motors Limited Fundamentals Summary

How do Tata Motors's earnings and revenue compare to its market cap?
TTM fundamental statistics
Market capUS$18.53b
Earnings (TTM)-US$1.04b
Revenue (TTM)US$37.03b
0.5x
P/S Ratio
-19.0x
P/E Ratio

Is TTM overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
TTM income statement (TTM)
Revenue₹3.02t
Cost of Revenue₹1.81t
Gross Profit₹1.21t
Other Expenses₹1.29t
Earnings-₹85.00b

Last Reported Earnings

Sep 30, 2022

Next Earnings Date

Jan 25, 2023

Earnings per share (EPS)-22.19
Gross Margin40.01%
Net Profit Margin-2.81%
Debt/Equity Ratio442.2%

How did TTM perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2023/01/25 15:17
End of Day Share Price 2023/01/23 00:00
Earnings2022/09/30
Annual Earnings2022/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Tata Motors Passenger Vehicles Limited is covered by 59 analysts. 28 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Annamalai Jayaraj360 ONE Capital Market Private Limited
Ashwin MehtaAmbit Capital
Amey DargudeAmbit Capital