Tata Motors Limited (NSE: TATAMOTORS) is one of India’s most diversified automobile manufacturers and a key player in global mobility, EV, and luxury vehicle segments. With operations in over 125 countries and brands like Jaguar and Land Rover under its umbrella, Tata Motors is undergoing a strategic transformation into a technology-led, sustainable, and globally competitive auto company.
Tata Motors Share Key Highlights:
- Market Cap: $44 Billion
- Manufacturing: 25+ facilities, 9 R&D centers
- India Position: No.1 in CV, No.1 in EV, No.3 in PV
- Demerger Approved: CV arm to separate from PV + EV + JLR unit
- Net automotive debt: ₹16,022 Cr (India auto business now debt-free)
Tata Motors Share FY24 Key Financial Highlights
The fiscal year 2023–24 proved to be a transformative period for Tata Motors. The company posted its highest-ever revenue, returned to profitability after multiple challenging years, and improved its financial health significantly. These strong numbers reflect improved execution, cost control, and booming demand in both passenger and commercial segments.
| Metric | FY24 | YoY Growth | Remarks |
|---|---|---|---|
| Revenue | ₹4,37,928 Cr | 26.6% ↑ | Record consolidated revenue |
| EBITDA Margin | 14.3% | 360 bps ↑ | Improved operational efficiency |
| Net Profit | ₹31,807 Cr | Turnaround | Strong profitability rebound |
| Free Cash Flow | ₹26,925 Cr | Sustained | Enables growth without leverage |
| ROCE | 18.7% | 1220 bps ↑ | Capital efficiency strengthened |
Source: Tata Motors Integrated Annual Report 2023–24
Tata Motors Share Business Segment Performance
Tata Motors operates in three main business verticals—Passenger Vehicles, Commercial Vehicles, and Jaguar Land Rover. Each segment plays a vital role in revenue generation, profitability, and future scalability. Let’s examine how each of these units performed in FY24.
Passenger Vehicles + Electric Vehicles
- Units Sold: 5,73,541 (up 6%)
- EV Units: 73,844 (up 47.5%)
- Segment Revenue: ₹52,353 Cr (up 9.4%)
- EBIT margin expanded by 100 bps
Commercial Vehicles
- Units Sold: 4,05,471
- Revenue: ₹78,791 Cr (up 11.3%)
- EBIT: ₹6,479 Cr (up 77%)
- Transition to BS-VI Phase II completed
- Strong demand from infra and logistics sectors
Jaguar Land Rover (JLR)
- Revenue: £29 Bn (up 27%)
- EBIT: 9% (highest in 10 years)
- Over 70% of sales from Range Rover and Defender lines
- EV Range Rover and electric Jaguar on track for launch
Tata Motors Key Growth Catalysts
Over the next decade, Tata Motors is positioned to benefit from a range of macroeconomic and sector-specific tailwinds. From dominating the EV space to unlocking value through corporate restructuring and product innovation, several catalysts will power its long-term growth.
Electric Vehicle Ecosystem Leadership
Tata Motors leads the Indian EV segment with over 70% share in 4-wheeler EVs. It plans to introduce 10 EV models by FY26. Its partnerships with charging infra providers target over 22,000 public chargers by FY26.
JLR Premiumization Strategy
The ‘House of Brands’ strategy is enhancing the profitability of JLR. Over 70% of units sold are now premium models like Range Rover and Defender. The electric Range Rover will be launched globally by late 2025.
Demerger Value Unlocking
The approved demerger will separate the CV and PV+EV+JLR businesses, unlocking operational synergies and better capital allocation. This move is expected to re-rate Tata Motors closer to global OEM peers.
Government Incentives & Sustainability Push
Tata Motors has received ₹142 Cr under the PLI scheme and aims for net-zero in PVs by 2040 and in CVs by 2045. Over 40% of electricity usage in manufacturing already comes from renewable sources.
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Tata Motors Risks to Watch
While Tata Motors’ outlook remains strong, investors must stay mindful of inherent risks such as raw material price volatility, global demand uncertainty, and regulatory developments that can impact profitability and strategic execution.
| Risk | Details |
|---|---|
| Commodity volatility | Fluctuations in lithium, aluminum, and steel prices |
| Regulatory pressure | Stricter emission and safety norms |
| Competitive landscape | Ola, BYD, Tesla, Mahindra, and Maruti expanding EV presence |
| Global slowdown | JLR exposure to European and Chinese markets |
| Currency fluctuation | GBP/INR impacts JLR profitability and imports |
Tata Motors Valuation Overview (As on April 17, 2025)
With a rock-solid balance sheet, consistent earnings growth, and future-focused initiatives like EV and hydrogen mobility, Tata Motors is trading at a valuation well below industry average. This provides investors a potential value buy opportunity with multi-year compounding potential.
- Price: ₹621.55
- EPS (TTM): ₹86.29
- P/E: 7.2x
- P/B: 2.26x
- ROE: 33%
- Industry P/E: ~20x
- Historical P/E (Tata Motors): 10–11x average
Tata Motors 10-Year Share Price Forecast (2025 to 2035)
Using conservative, base, and bull-case scenarios, we’ve modeled Tata Motors’ share price trajectory over the next 10 years. These projections are based on macro trends, sectoral shifts, company-specific actions, and competitor dynamics.
| FY | Conservative (8% CAGR) | Base (12% CAGR) | Bullish (15% CAGR) |
|---|---|---|---|
| 2025 | ₹621 | ₹621 | ₹621 |
| 2026 | ₹671 | ₹696 | ₹714 |
| 2027 | ₹724 | ₹779 | ₹821 |
| 2028 | ₹782 | ₹872 | ₹944 |
| 2029 | ₹845 | ₹977 | ₹1,086 |
| 2030 | ₹912 | ₹1,094 | ₹1,249 |
| 2031 | ₹985 | ₹1,226 | ₹1,436 |
| 2032 | ₹1,064 | ₹1,373 | ₹1,652 |
| 2033 | ₹1,149 | ₹1,538 | ₹1,900 |
| 2034 | ₹1,241 | ₹1,722 | ₹2,185 |
| 2035 | ₹1,341 | ₹1,929 | ₹2,512 |
Tata Motors Share Price Target 2026
Industry: India’s auto sector is projected to grow by 7–8% driven by infrastructure, consumption, and CV demand.
Global: Improved chip availability helps OEM output. EV policies continue to mature globally.
Tata Motors: Capitalizing on Ace EV, expanding Nexon EV reach, and early demerger value unlock.
Competitors: Mahindra and Hyundai launch EV SUVs. Ola prepares to enter 4W market.
Tata Motors Share Price Target 2027
Industry: India PV sales expected to hit 4.5 million. EV financing improves accessibility.
Global: EV adoption in Europe and U.S. grows. China stabilizes.
Tata Motors: Launch of Avinya EV platform, JLR EVs enter premium segment globally.
Competitors: BYD, MG, Tesla begin major India plans.
Tata Motors Share Price Target 2028
Industry: EV adoption crosses 20% in India. Battery costs fall.
Global: Circular economy practices improve margins.
Tata Motors: Demerger completed. Improved margins from premiumization. Strong fleet sales for Ace EV.
Competitors: Hyundai, Mahindra localize EVs further. Kia and Toyota build EV capacity.
Tata Motors Share Price Target 2029
Industry: EVs hit mass adoption. Battery localization continues.
Global: Carbon tax pressures grow. U.S. announces next-gen EV stimulus.
Tata Motors: Hydrogen buses introduced. EV sales cross 5 lakh milestone.
Competitors: Ola and Tesla launch budget EVs. Hyundai introduces sub-brand for EVs.
Tata Motors Share Price Target 2030
Industry: Over 60% of bus sales are electric. Mobility-as-a-service models emerge.
Global: Europe nears ICE phase-out. EV infra saturates metro cities.
Tata Motors: Tata Mobility app integrates insurance, leasing, and EV subscriptions.
Competitors: Maruti and M&M focus on compact EV fleets. BYD expands luxury segment.
Tata Motors Share Price Target 2031–2035
Industry: Autonomous driving trials begin. Semi-ownership and subscriptions grow.
Global: Batteries reach 1,000 km range. V2G technologies gain adoption.
Tata Motors: IPO of EV sub-brand, full transition to ADAS-enabled platforms. Tata EVs penetrate LATAM, Africa.
Competitors: Global EV alliances form. Tesla-ISRO partnership drives vehicle connectivity.
Frequently Asked Questions
Yes. Strong fundamentals, EV dominance, premium JLR assets, and a high free cash flow make it a compelling pick.
Base-case target is ₹1,094. Bullish case touches ₹1,249 depending on adoption and margins.
Currency risks, global demand fluctuations, and competition from global EV players.
Positively. It will improve focus, transparency, and allow better capital deployment and market re-rating.
Conclusion
Tata Motors is emerging as a global force in electric and luxury mobility. The company is backed by strong financials, visionary leadership, a dominant EV footprint, and long-term clarity. With the demerger acting as a re-rating trigger and the Indian mobility landscape shifting toward electrification, Tata Motors could deliver 3x–4x returns for investors by 2035.
Base-case 2035 Target: ₹1,929 | Potential CAGR: 12%+
Roshan Sharma – Founder of StocksForBeginners.in
I’m Roshan Sharma, a stock market trader with 5+ years of experience. At StocksForBeginners.in, I provide expert fundamental analysis of Indian companies to help long-term investors make informed decisions. My mission is to simplify investing for beginners and share insights from my experience to guide others toward financial growth.