External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul><li>The company held Jaguar Land Rover’s Investor Day on 16 June 2025 to share its future strategy and measures to tackle ongoing business volatility</li><li>Management guided for an FY26 EBIT margin of 5-7% for JLR</li><li>This is in light of tariff uncertainty and a challenging business environment</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company held Jaguar Land Rover’s Investor Day on 16 June 2025 to share its future strategy and measures to tackle ongoing business volatilityManagement guided for an FY26 EBIT margin of 5-7% for JLRThis is in light of tariff uncertainty and a challenging business environmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors: JLR EBIT Margin Guidance Is Below Expectation. Maintain REDUCE

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a>subsidiary Jaguar Land Rover's volumes, revenue, EBIT margins and FCF all plateaued in FY25.</li>
<li>
US Tariffs &amp; China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.</li>
<li>Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.</li>
</ul>



Tata Motors (TTMT IN)subsidiary Jaguar Land Rover's volumes, revenue, EBIT margins and FCF all plateaued in FY25.

US Tariffs &amp; China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.
Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.


Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

<ul><li>The company held its investor day on 9 June 2025 to share its future plans for the India CV and PV businesses</li><li>We expect the CV segment to witness growth in FY26, though margins may be impacted in the near term as a result of the safeguard duty on steel</li><li>We expect the PV segment volumes to grow 2.5% in FY26, broadly in line with the industry</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company held its investor day on 9 June 2025 to share its future plans for the India CV and PV businessesWe expect the CV segment to witness growth in FY26, though margins may be impacted in the near term as a result of the safeguard duty on steelWe expect the PV segment volumes to grow 2.5% in FY26, broadly in line with the industryContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors: Focus on Profitable Growth to Continue. Maintain REDUCE

<ul>
<li>We continue to reiterate our short call on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> based on near term challenges.</li>
<li>May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales</li>
<li>This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.</li>
</ul>


We continue to reiterate our short call on Tata Motors Ltd (TTMT IN) based on near term challenges.
May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales
This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.


Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>  delivered a decent operational performance in Q4 FY25, with a flat topline and margin recovery, led by robust performance in the Jaguar Land Rover business.</li>
<li>While the Q4 FY25 performance was steady, we expect near-term results to remain muted.</li>
<li>Therefore, we present a case for shorting Tata Motors in the near term and outlook on individual segments.</li>
</ul>



Tata Motors Ltd (TTMT IN)  delivered a decent operational performance in Q4 FY25, with a flat topline and margin recovery, led by robust performance in the Jaguar Land Rover business.
While the Q4 FY25 performance was steady, we expect near-term results to remain muted.
Therefore, we present a case for shorting Tata Motors in the near term and outlook on individual segments.


India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Tata Motors: JLR EBIT Margin Guidance Is Below Expectation. Maintain REDUCE

The company held Jaguar Land Rover’s Investor Day on 16 June 2025 to share its future strategy and measures to tackle ongoing business volatility

HDFC Securities

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

Sreemant Dudhoria,CFA

Tata Motors: Focus on Profitable Growth to Continue. Maintain REDUCE

We expect the CV segment to witness growth in FY26, though margins may be impacted in the near term as a result of the safeguard duty on steel

HDFC Securities

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

Short Tata Motors: Challenges Ahead

Tata Motors delivered a solid Q4 FY25 performance, but near-term results are expected to be muted. Shorting the stock is advised with a detailed...

Sreemant Dudhoria,CFA

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Tata Motors: JLR EBIT Margin Guidance Is Below Expectation. Maintain REDUCE

The company held Jaguar Land Rover’s Investor Day on 16 June 2025 to share its future strategy and measures to tackle ongoing business volatility

HDFC Securities

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

​Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

Sreemant Dudhoria,CFA

Tata Motors: Focus on Profitable Growth to Continue. Maintain REDUCE

We expect the CV segment to witness growth in FY26, though margins may be impacted in the near term as a result of the safeguard duty on steel

HDFC Securities

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

​Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

Short Tata Motors: Challenges Ahead

​Tata Motors delivered a solid Q4 FY25 performance, but near-term results are expected to be muted. Shorting the stock is advised with a detailed...

Sreemant Dudhoria,CFA

Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Tata Motors delivered a solid Q4 FY25 performance, but near-term results are expected to be muted. Shorting the stock is advised with a detailed...