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 1,270,788 - -
Change - 44.7% -2.68% 141.85% -31.74% -48.79% - -
Enterprise Value (EV) 1 1,747,205 2,534,566 2,389,506 4,162,002 2,698,063 1,633,705 1,568,026 1,486,262
Change - 45.06% -5.72% 74.18% -35.17% -39.45% -4.02% -5.21%
P/E ratio -8.16x -14.5x 66.9x 12.1x 8.56x 1.47x 9.26x 6.89x
PBR 2.09x 3.23x 3.55x 4.48x 2.02x 1.09x 0.97x 0.88x
PEG - 0.8x -1x 0x -2.24x 0x -0.1x 0.2x
Capitalization / Revenue 0.43x 0.55x 0.43x 0.83x 0.56x 0.37x 0.31x 0.29x
EV / Revenue 0.7x 0.91x 0.69x 0.95x 0.61x 0.47x 0.39x 0.34x
EV / EBITDA 5.72x 10.2x 7.15x 6.99x 4.89x 7.33x 3.72x 2.92x
EV / EBIT 24.9x -6,865x 34.4x 12.9x 8.44x 48.7x 8.42x 6.32x
EV / FCF 19.9x -286x 13.8x 11.4x 10.8x -4.7x 14x 9.73x
FCF Yield 5.03% -0.35% 7.24% 8.77% 9.29% -21.3% 7.14% 10.3%
Dividend per Share 2 - - 2 3 6 3.274 5.121 5.682
Rate of return - - 0.48% 0.3% 0.89% 0.95% 1.48% 1.65%
EPS 2 -36.99 -29.88 6.29 81.88 78.75 235.6 37.25 50.08
Distribution rate - - 31.8% 3.66% 7.62% 1.39% 13.7% 11.3%
Net sales 1 2,497,948 2,784,536 3,459,670 4,379,278 4,396,950 3,462,843 4,055,203 4,432,680
EBITDA 1 305,573 247,988 334,063 595,622 552,160 222,871 421,602 509,811
EBIT 1 70,086 -369.2 69,554 322,920 319,600 33,577 186,233 235,038
Net income 1 -134,514 -114,415 24,143 313,991 278,300 833,578 144,496 188,063
Net Debt 1 679,831 990,078 886,449 526,934 216,650 362,917 297,238 215,473
Reference price 2 301.85 433.50 420.60 993.00 674.05 345.10 345.10 345.10
Nbr of stocks (in thousands) 3,828,811 3,829,165 3,829,847 3,832,242 3,681,349 3,682,378 - -
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.($)
11.65x1.48x13.24x2.85% 280B
11.22x1.31x13.99x2.32% 79.3B
6.22x0.3x2.44x0.98% 67.52B
9.08x0.15x1.41x6.08% 59.84B
7.31x0.02x0.15x4.96% 56.23B
8.13x0.03x0.3x5.04% 51.54B
-504.14x0.26x3.75x4.94% 48.63B
24.67x2.32x15.88x0.91% 38.62B
13.24x0.53x8.52x4.9% 35.79B
Average -45.85x 0.71x 6.63x 3.66% 79.68B
Weighted average by Cap. -23.91x 0.94x 8.63x 3.35%

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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