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Tata Motors – Positive macros favor CV demand, while raw material pressure builds
The brokerage remain confident of the continuation of the commercial vehicle upcycle, aided by government policies, as fleet utilization picks up and transporter profitability improves.
However, the brokerage remains cautious of rising raw material cost pressures and threat from the completion of the last and critical leg of the Western DFC that connects the corridor to JNPT, which does not augur well for long-haul road freight.
HDFC Securities values the company on an SOTP basis, with the India CV business valued at Rs 443, 12.5x Dec-27 EV/Ebitda, and the stake in Tata Capital valued at Rs 14, for a target price of Rs 456; maintain Add rating.
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Hdfc Securities Tata Motors Cv Dixon Star Health More Q3 Results.pdf
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