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July 08, 2024 / 10:12 AM IST

Stock Market LIVE Updates | Motilal Oswal reiterates ‘neutral’ rating on Tata Motors, target Rs 960

Broking house expect JLR margins to remain stable over FY24-26, given: 1) rising cost pressure as it invests in demand generation, 2) normalizing mix, and 3) EV ramp-up, which is likely to be margin-dilutive.

Even in India business, both CV and PV businesses are seeing moderation in demand.

Broking house factored in flat margins for India business over our forecast period.

While there is no doubt that TTMT delivered an extremely robust performance across its key segments in FY24, the above-mentioned headwinds could hurt its performance going ahead.

The stock trades at 17x/15x FY25E/FY26E consolidated EPS and 6x/5x EV/EBITDA.