Tata Motors PV shares slip 5% post Q1 earnings; brokerages share price targets, outlook 

Shares of Tata Motors Passenger Vehicles Ltd (TMPV) fell 5% in early deals a day after the Tata Group firm reported its Q1 earnings. The stock of the country's leading auto firm slipped 5% to Rs 330 today. Market cap of the firm fell to Rs 1.22 lakh crore. 

The stock has a one-year beta of 1.56, indicating very high volatility during the period. The stock trades below the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day simple moving averages.

The stock has fallen 55% from its 52 week high of Rs 457.04 reached on October 3, 2025. 

Motilal Oswal sees a 11% downside to the stock and assigned a sell call with a target of Rs 310 post Q1 earnings. 

"Given the significant challenges at JLR and the continued geopolitical uncertainty, we reiterate our Sell rating on the stock with SoTP-based TP of Rs 310 per share (based on FY28E). We value JLR and India PV business at 2x and 13x EV/EBITDA, respectively," said Motilal Oswal. 

On account of the better-than-expected JLR performance in 1Q, the brokerage raised its FY27 EPS estimate by 12%. However, given the multiple headwinds ahead, it refrained from changing FY28 estimates materially at this stage. 

"While India business has been gaining market share, margins remain under pressure given the adverse mix and rising input costs. Further, JLR continues to face multiple headwinds, both on the demand and cost fronts. While JLR has embarked on a major cost-reduction initiative, it is likely to only help partially offset the current headwinds," said MOFSL.   

Brokerage Nuvama said Q1FY27 EBITDA beat expectations for JLR while India PV was a miss. 

India PV revenue soared 66% to  Rs 18290 crore (estimate: Rs 17190 crore), above estimate led by higher realisations. EBITDA jumped 74% to Rs 760 crore (estimate: Rs 940 crore ), but notably below estimate due to higher staff cost and other expenses. 

"JLR revenue fell 10% to GBP 6 bn (our estimate: GBP 6 bn), in line with estimate. EBITDA dipped 22% to GBP 481 mn (our estimate: GBP 439 mn), ahead of estimate owing to better-than-expected gross margin," said Nuvama. It assigned a price target of Rs 450 to the auto stock against the price target of earlier Rs 470. 

"We are building in India PV revenue/EBITDA CAGR at 23%/41% over FY26–28E driven by robust volumes, PLI benefits and better mix. We are also building in strong JLR revenue/EBITDA CAGR at 14%/52% over FY26–28E. Retain ‘BUY’ with an SotP-based TP of Rs 450 (from Rs 470) on 11x/2x EV/EBITDA for India PV/JLR and value of investments at Rs 60/share; trades at FY27/28E EV/EBITDA of 4.7x/3x," said Nuvama.

Brokerage HSBC assigned a hold call on the stock with a target price of Rs 360. 

Domestic demand momentum was eclipsed by margin hit from commodity headwinds in 1Q; will likely continue in Q2, said HSBC. 

In JLR, structural recovery depends on new model launches as the existing portfolio has aged, said the  brokerage while paring estimates on adverse impact of commodity costs & increased operating costs. 

On the other hand, CLSA assigned an outperform call on the stock with a  price target of Rs 452. 

JLR reported an EBIT margin of 2.8% in 1QFY27, 90bps above estimate, while its domestic passenger vehicle (PV) EBITDA margin of 4.3% was 250 bps below estimate, said CLSA.