What Tata Motors told analysts on JLR, Moody’s outlook & share price targets 

Shares of Tata Motors are in focus on Tuesday, as Tata Motors hosted analyst meet on British arm Jaguar Land Rover (JLR) and Moody's downgraded the domestic car maker citing JLR woes. 
 
Post-hit from cyber-attack in September 2025, JLR will resume production in a phased manner ahead, Tata Motors told analysts. It said JLR demand outlook stays challenging in the near-term for Europe, China and US regions. 

For the India PV and CV industries, GST cuts may aid better growth outlook of high single-digit in H2FY26. 

"Iveco (ex-defence) buyout at 2 times 2024 EV/Ebitda to be complete by April 2026, which is to be EPS accretive initially, and should become meaningfully accretive in two years. Led by regulatory approvals, the separate listing of PV and CV businesses is likely in October 2025 and November 2025," Nuvama noted Tata Motors as saying.  

Nuvama, which attended Tata Motors' analyst meet,  said JLR continued to work alongside cybersecurity specialists, UK government’s NCSC and law enforcement. The company is conducting a forensic study to ascertain the comprehensive impact, it said while retaining its ‘Reduce’ rating with a September 2026 target price of Rs 680.

Tata Motors' India PV segment is witnessing a pickup in demand after GST rate cuts, and the management expects the segment to post 8-10 per cent growth in H2FY26, MOFSL said.

"Moreover, TTMT expects to outperform the overall domestic PV segment on the back of its new model launches, leadership in the compact SUV segment, and rising demand for its EV and CNG variants. In CVs, management expects demand to pick up in 2H, backed by increased consumption and improving profitability of fleet operators. Synergy benefits with IVECO include complementary product and regional mix and commonality of sourcing and scale benefits," MOFSL said. 

At JLR, the cyber incident has disrupted production for most of September 2025, and hence it has lined up funding lines to ensure that sufficient working capital is available at all times, MOFSL said adding that while JLR has now indicated a phased production start, it is likely to take some time for production to return to normalcy.

"For the lack of any triggers, we reiterate our Neutral rating on TTMT with Sep’27E SoTP-based target price of Rs 686," MOFSL said.

Meanwhile, rating agency Moody’s has revised Tata Motors’ outlook to negative from positive after the cyber attack on its UK subsidiary triggered a complete production halt. The incident has raised concerns about operational disruption and credit recovery timelines, the rating agency said on Monday. Moody’s affirmed Tata Motors’ Ba1 corporate family rating (CFR) but flagged concerns about delayed recovery.