Neutral Tata Motors Ltd for the Target Rs. 687 by Motilal Oswal Financial Services Ltd
* India PV volumes rose 10.5% YoY. India CV volumes grew 12% YoY for 2Q.
* India PV margins are likely to pick up QoQ due to improved volumes partially offset by high discounts. We expect margins at 4.9% (-130bp YoY). India CV margins to improve 50bp QoQ and 190bp YoY to 12.6%.
* JLR volumes to be impacted by the cyberattack that led to production shutdown in Sep. While retails unlikely to be hit materially, wholesale volumes may fall 24% YoY.
* EBITDA margin is likely to contract ~190bp QoQ to 7.4%.
* The record date for demerger for PV (India + JLR) business is 14th Oct’25.
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