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 1,279,426 - -
Change - 44.7% -2.68% 141.85% -31.74% -48.44% - -
Enterprise Value (EV) 1 1,747,205 2,534,566 2,389,506 4,162,002 2,698,063 1,610,057 1,536,328 1,460,269
Change - 45.06% -5.72% 74.18% -35.17% -40.33% -4.58% -4.95%
P/E ratio -8.16x -14.5x 66.9x 12.1x 8.56x 1.48x 9.06x 6.91x
PBR 2.09x 3.23x 3.55x 4.48x 2.02x 1.1x 1x 0.89x
PEG - 0.8x -1x 0x -2.24x 0x -0.1x 0.2x
Capitalization / Revenue 0.43x 0.55x 0.43x 0.83x 0.56x 0.36x 0.32x 0.3x
EV / Revenue 0.7x 0.91x 0.69x 0.95x 0.61x 0.46x 0.39x 0.34x
EV / EBITDA 5.72x 10.2x 7.15x 6.99x 4.89x 5.92x 3.61x 2.9x
EV / EBIT 24.9x -6,865x 34.4x 12.9x 8.44x 31.9x 8.39x 6.38x
EV / FCF 19.9x -286x 13.8x 11.4x 10.8x -7.59x 18.8x 11.6x
FCF Yield 5.03% -0.35% 7.24% 8.77% 9.29% -13.2% 5.31% 8.63%
Dividend per Share 2 - - 2 3 6 4.056 5.58 6.662
Rate of return - - 0.48% 0.3% 0.89% 1.17% 1.61% 1.92%
EPS 2 -36.99 -29.88 6.29 81.88 78.75 235.6 38.34 50.29
Distribution rate - - 31.8% 3.66% 7.62% 1.72% 14.6% 13.2%
Net sales 1 2,497,948 2,784,536 3,459,670 4,379,278 4,396,950 3,521,585 3,953,814 4,273,093
EBITDA 1 305,573 247,988 334,063 595,622 552,160 272,112 425,857 502,890
EBIT 1 70,086 -369.2 69,554 322,920 319,600 50,516 183,206 228,825
Net income 1 -134,514 -114,415 24,143 313,991 278,300 863,762 141,177 185,419
Net Debt 1 679,831 990,078 886,449 526,934 216,650 330,631 256,901 180,843
Reference price 2 301.85 433.50 420.60 993.00 674.05 347.45 347.45 347.45
Nbr of stocks (in thousands) 3,828,811 3,829,165 3,829,847 3,832,242 3,681,349 3,682,331 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.47x1.36x11.8x3.07% 261B
9.27x0.37x3.38x0.72% 75.79B
8.79x0.09x0.68x4.09% 68.53B
11.72x0.2x2.12x3.83% 68.93B
10.25x0.07x0.63x3.99% 63.6B
18.39x0.27x4.67x4.85% 54.31B
29.96x2.77x18.96x0.75% 45.36B
6.49x1.04x11.09x3.98% 43.56B
12.73x0.57x9.41x4.66% 39.41B
Average 13.23x 0.75x 6.97x 3.33% 80.06B
Weighted average by Cap. 12.35x 0.85x 7.68x 3.2%
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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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