Jefferies On Tata Motors PV (Annual Report)

Maintain Underperform, TP Rs 300 JLR's FY26 annual report outlines a tough business environment Uncertainties and regional disparities in EV adoption requiring the company to adjust its EV-centric product strategy to incorporate ICE/hybrids. CWIP (capital work & product development in progress) is already up 6x in 3-years to £8bn (31% of total assets) Depreciation fell to 11-year low in FY26. Warranty expense also rose to 15-year high of 6.6%

TATA MOTORS LIMITED

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