Company Valuation: Tata Motors Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,067,374 1,544,487 1,503,057 3,635,068 2,481,413 1,402,456 - -
Change - 44.7% -2.68% 141.85% -31.74% -43.48% - -
Enterprise Value (EV) 1 1,747,205 2,534,566 2,389,506 4,162,002 2,698,063 1,493,594 1,697,722 1,614,011
Change - 45.06% -5.72% 74.18% -35.17% -44.64% -4.23% -4.93%
P/E ratio -8.16x -14.5x 66.9x 12.1x 8.56x 1.33x 8.88x 7.05x
PBR 2.09x 3.23x 3.55x 4.48x 2.02x 0.86x 1.09x 0.96x
PEG - 0.8x -1x 0x -2.24x 0x -0x 0.3x
Capitalization / Revenue 0.43x 0.55x 0.43x 0.83x 0.56x 0.33x 0.35x 0.31x
EV / Revenue 0.7x 0.91x 0.69x 0.95x 0.61x 0.45x 0.42x 0.36x
EV / EBITDA 5.72x 10.2x 7.15x 6.99x 4.89x 7.4x 4.15x 3.16x
EV / EBIT 24.9x -6,865x 34.4x 12.9x 8.44x 369x 10.1x 7.2x
EV / FCF 19.9x -286x 13.8x 11.4x 10.8x -6.43x 24.2x 18.1x
FCF Yield 5.03% -0.35% 7.24% 8.77% 9.29% -15.6% 4.13% 5.54%
Dividend per Share 2 - - 2 3 6 4 4.379 5.317
Rate of return - - 0.48% 0.3% 0.89% 1.35% 1.15% 1.4%
EPS 2 -36.99 -29.88 6.29 81.88 78.75 223.6 42.89 54
Distribution rate - - 31.8% 3.66% 7.62% 1.79% 10.2% 9.85%
Net sales 1 2,497,948 2,784,536 3,459,670 4,379,278 4,396,950 3,355,820 4,055,327 4,462,487
EBITDA 1 305,573 247,988 334,063 595,622 552,160 201,890 409,172 510,251
EBIT 1 70,086 -369.2 69,554 322,920 319,600 4,050 168,474 224,215
Net income 1 -134,514 -114,415 24,143 313,991 278,300 823,900 143,987 198,992
Net Debt 1 679,831 990,078 886,449 526,934 216,650 402,690 295,267 211,556
Reference price 2 301.85 433.50 420.60 993.00 674.05 380.85 380.85 380.85
Nbr of stocks (in thousands) 3,828,811 3,829,165 3,829,847 3,832,242 3,681,349 3,682,436 - -
Announcement Date 18/05/21 12/05/22 12/05/23 10/05/24 13/05/25 14/05/26 - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-121.18x0.52x8.24x0.84% 14.72B
9.68x1.29x11.89x3.43% 229B
13.34x1.43x15.28x1.88% 89.64B
6.65x0.34x2.72x0.94% 71.59B
22.07x0.29x4.02x4.21% 56.98B
4.37x0.02x0.2x6.79% 50.46B
7.97x0.11x1.07x7.31% 50.31B
6.39x-0.05x-0.34x5.95% 47.42B
17x0.59x7x4.88% 34.87B
22.91x2.14x14.71x0.98% 34.63B
Average -1.08x 0.67x 6.48x 3.72% 67.92B
Weighted average by Cap. 8.35x 0.84x 8.00x 3.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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