Company Valuation: Tata Motors Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,067,374 1,544,487 1,503,057 3,635,068 2,481,413 2,509,454 - -
Change - 44.7% -2.68% 141.85% -31.74% 1.13% - -
Enterprise Value (EV) 1 1,747,205 2,534,566 2,389,506 4,162,002 2,698,063 2,908,272 2,752,977 2,441,240
Change - 45.06% -5.72% 74.18% -35.17% 7.79% -5.34% -11.32%
P/E ratio -8.16x -14.5x 66.9x 12.1x 8.56x 12.9x 10.3x 8.49x
PBR 2.09x 3.23x 3.55x 4.48x 2.02x 1.91x 1.63x 1.37x
PEG - 0.8x -1x 0x -2.24x -0.4x 0.4x 0.4x
Capitalization / Revenue 0.43x 0.55x 0.43x 0.83x 0.56x 0.55x 0.51x 0.47x
EV / Revenue 0.7x 0.91x 0.69x 0.95x 0.61x 0.64x 0.56x 0.46x
EV / EBITDA 5.72x 10.2x 7.15x 6.99x 4.89x 5.55x 4.39x 3.5x
EV / EBIT 24.9x -6,865x 34.4x 12.9x 8.44x 10.3x 8.04x 6x
EV / FCF 19.9x -286x 13.8x 11.4x 10.8x 225x 21.1x 11x
FCF Yield 5.03% -0.35% 7.24% 8.77% 9.29% 0.45% 4.73% 9.1%
Dividend per Share 2 - - 2 3 6 6.39 7.513 8.65
Rate of return - - 0.48% 0.3% 0.89% 0.94% 1.1% 1.27%
EPS 2 -36.99 -29.88 6.29 81.88 78.75 52.79 66.44 80.3
Distribution rate - - 31.8% 3.66% 7.62% 12.1% 11.3% 10.8%
Net sales 1 2,497,948 2,784,536 3,459,670 4,379,278 4,396,950 4,549,644 4,928,876 5,303,502
EBITDA 1 305,573 247,988 334,063 595,622 552,160 523,818 626,956 696,697
EBIT 1 70,086 -369.2 69,554 322,920 319,600 282,891 342,304 406,943
Net income 1 -134,514 -114,415 24,143 313,991 278,300 201,878 251,144 301,024
Net Debt 1 679,831 990,078 886,449 526,934 216,650 398,818 243,523 -68,214
Reference price 2 301.85 433.50 420.60 993.00 674.05 681.60 681.60 681.60
Nbr of stocks (in thousands) 3,828,811 3,829,165 3,829,847 3,832,242 3,681,349 3,681,710 - -
Announcement Date 18/05/21 12/05/22 12/05/23 10/05/24 13/05/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.39x1.25x10.73x3.8% 222B
8.04x0.03x0.23x4.6% 59.95B
8.17x0.14x1.23x5.29% 59.75B
5x0.04x0.35x5.93% 56.31B
5.9x0.25x2.18x1.05% 51.33B
11.66x0.23x3.53x5.09% 46.84B
10.07x0.6x8.15x4.9% 41.84B
26.46x2.35x16.27x0.9% 39.98B
4.39x0.96x9.36x5.81% 33.05B
Average 10.01x 0.65x 5.78x 4.15% 67.87B
Weighted average by Cap. 9.87x 0.76x 6.66x 4.08%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield