News

Nuvama has upgraded Tata Steel to “buy” from its earlier rating of “hold.” It has also raised its price target higher on the Tata Group enterprise to ₹177 from ₹164 earlier. It said Tata Steel’s Q4 adjusted (standalone) EBITDA of ₹7,110 crore was in-line with their estimates. Read here

Shares of telecom service provider Bharti Airtel Ltd. are trading with gains of 2% on Wednesday, May 14, after the company announced its March-quarter (Q4FY25) earnings. The stock declined in four out of the last five trading sessions. Read here

What’s worked

SUV portfolio outperformed the industry

CNG segment growing at a rate of 30%, fastest growing player in mkt

What’s not worked

Losses in hatch portfolio because aging happened in the portfolio

Competitive intensity rises in EV

Will launches EV in `20 lakh segment

CNG portfolio increased to 25% from 7-8% two years ago

Outlook

Auto bodies expect FY26 to be moderate, similar to what FY 25 was

FY26 is the strongest product cycle

In SUV, will launch newer version of Harrier and Safari

Will launch Harrier EV and Sierra EV

What’s worked

Average utilisation buses has grown

Freight rates have improved in Q4

Commodity prices were rangebound

Both buses and trucks registered a healthy growth in Q4

Focus in near term

By 8th June, need to ensure transition of AC regulation for trucks

What’s worked

Rupee depreciation Vs £ supports JLR

Recovery in the UK continues

Europe has been robust, up 12% QoQ

What’s not

China remains challenging

Volumes fell on ceasing of legacy Jaguar production

Near-term scenario

300% increase on tariffs used to pay in the UK (10% from 2.5%)

1,000% increase on tariffs on Defender & Discovery out of EU plant

Launched special focus programme to protect EBIT

Guidance to be given on investor day on June 16

Tata Motors (CONSOLIDATED)

– Revenue down 1% at ₹1.19 Lk Cr Vs ₹1.20 LK Cr (Poll at ₹1.19 lk cr)

– EBITDA flat at ₹16,992 Cr Vs ₹16,993 Cr (Poll at ₹16,539 cr)

– Margin flat at 14.2% (Poll at 13.4%)

– CV Revenue down 0.5% Vs expectation of 5-6% fall

– PV revenue down 13% Vs expectation of 6-8% fall

JLR

– EBITDA margin at 15.3% Vs 16.3% (Poll at 15.2%)

– FY25 JLR EBIT margin at lower end of 8.5% or more guidance

– Earnings largely above expectations

– Domestic business led by CV, JLR meets guidance

– In CV, company expects to continue delivering double-digit EBITDA margin

– Launch pipeline strong for FY26

– JLR earnings in-line, outlook cautious

– Guidance on investor day: Tata Motors on June 9 and JLR on June 16

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