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ICICI Securities's research report on Tata Technologies

Tata Technologies (TATATECH) has reported a sharp QoQ revenue decline of 4.7% USD in Q4FY25, similar to revenue contraction reported by Cyient-DET (-3% QoQ) and Tata Elxsi (-5.5%), due to: 1) Sharp drop in technology solutions segment -15.6%, 2) slump in auto segment -2.7%. A few positives include: 1) EBIT margin expansion of 20bps QoQ, 2) BMW JV led PAT margin expansion of 190bps QoQ, 3) positive traction in aerospace segment: - up 8% QoQ. For FY25, it reported a decline of 1.2% USD, with underperformance prevailing since the VinFast ramp-down.

Outlook

Though aerospace, battery engineering and BMW JV segments are panning out well, we expect a slow recovery from challenges in automotive segment and project-based nature of TATATECH’s technology solutions segment. Maintain SELL at Mar’26E TP of INR 510 based on 1-year forward PE of 25x.

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