Report as on 12 January 2021 at 10:54 AM

POOR GROWTH IN
LONG TERM OPERATING
PROFITS
3 Consecutive Tata Motors
Negative Results
Sell
Risky
Valuation
CMP: 242.10
STOCK INFO:
BSE – 500570/ NSE – TATAMOTORS
Market Cap - Large Cap (Rs. 74,784 cr)
Sector – Auto - Cars
52 w H/L (Rs.) – 228.8/63.6
Dividend Yield: 0%
Debt Equity: 1.5%
Return on Equity: -27.91%
Price to Book: 1.34

www.marketsmojo.com
Tata Motors
CMP: 242.10 31 Sell
Report as on 12 January 2021 at 10:54 AM
Strong Sell Sell Hold Buy Strong Buy

WHY IT’S A SELL? IS THIS STOCK FOR YOU?

Weak Long Term Fundamental Strength with a - High Risk, Medium Return (1 Year)
181.25% CAGR growth in Operating Profits over Absolute Risk Volatility
the last 5 years Adjusted
-Company's ability to service its debt is weak with a Tata Motors 23.27% 0.39 60.08%
poor EBIT to Interest (avg) ratio of 1.20
SENSEX 18.19% 0.57 31.81%
-The company has been able to generate a Return
on Equity (avg) of 6.01% signifying low profitability How much should you sell? - All quantity irrespective
per unit of shareholders funds of whether you are making profits or losses
When to re-enter? - We will constantly monitor the
The company has declared Negative results for company and review our call based on new data
the last 3 consecutive quarters
-NET SALES(9M) At Rs 148,006.02 cr has Grown at - RETURNS SUMMARY (Price + Dividend)
30.41 % The stock gave a total returns of 23.27% in the last 1 year
-PAT(9M) At Rs -15,854.14 cr has Grown at -30.41 % Outperforming Sensex returns of 18.19%
-ROCE(HY) Lowest at -10.91 % 100%
Risky - Negative Operating Profits
-The stock is trading risky as compared to its
average historical valuations 0%

-Over the past year, while the stock has generated a

return of 13.7%, its profits have fallen by -2011.4%
-100%

M 20
M -2 0

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Au 0
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M -18
J u -18
Au -18
O -18
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F e -18
Ap 19
J u -19

J u 19
S e -19
N 19
J a -19

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WHAT ARE OTHER FACTORS? Tata Motors Ltd. Sens ex

Stock is technically in a Bullish range

-The technical trend has improved from Mildly Bullish Investors Returns (3 years) –
on 02-Dec-20 and has generated 31.9% returns since
Period 6M 1Y 2Y 3Y
then
-Multiple factors for the stock are Bullish like MACD, Stock (%) 125.1% 23.27% 34.28% -44.49%
Bollinger Band, KST and OBV Sector (%) 49.38% 49.38% 15.25% -10.14%
Sensex (%) 34.36% 18.19% 36.54% 42.13%

DO YOU HAVE OTHER BETTER CHOICES?

Within same sector Within same market cap
There are no stocks in Auto - Cars industry which we would Alembic Pharmaceuticals Ltd.
recommend at this point
Get Verdict Report

MOJO PROFESSIONAL 1
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 12th January, 2021 at 10:54 AM, and
may not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

MOJO PROFESSIONAL 2
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

QUALITY

WEAK LONG TERM FUNDAMENTAL

STRENGTH WITH A -181.25% CAGR GROWTH
IN OPERATING PROFITS OVER THE LAST 5
YEARS

Poor Growth in Operating 20000Cr

Profit of -181.3% CAGR

-181.3%
16,0 10
15000Cr
Company has experienced a fall in its
CAGR Operating Profit in each of the past 4 11,125

consecutive years 10000Cr

Company’s Operating Profit growth

has fallen in each of the past 4 5000Cr 4,121
consecutive years 2,189

Operating Profit has seen a high fall 0Cr

of -435.72% over previous period Sep 2016 Sep 2017 Sep 2018 Sep 2019 -7,349
Sep 2020

Total Debt EBIT to Interest

Weak EBIT to Interest Sep 2020 95,465.08 1.2
Company has weak average EBIT to Interest ratio of 1.20 times Sep 2019 92,923.20 2.17
Company has experienced a fall in its EBIT to Interest in each Sep 2018 76,426.80 3.37
of the past 3 consecutive years,Company’s EBIT to Interest Sep 2017 - 4.18
growth has fallen in each of the past 3 consecutive years,EBIT
to Interest has seen a high fall of -50% over previous period

ROCE
The company has been able to generate a Return on Capital
6.58% ROCE
Employed (avg) of 6.58% signifying low profitability per unit of
total capital (equity and debt)

Dividend Payout Ratio

The company has not declared dividend for the year
NA
Dividend Payout Ratio

MOJO PROFESSIONAL 3
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

FINANCIAL TREND

THE COMPANY HAS DECLARED NEGATIVE

RESULTS FOR THE LAST 3 CONSECUTIVE
QUARTERS

Near term PAT trend is negative

-129.5% PAT (Rs Cr)
At Rs -8,760.54 cr has Grown at -32.27 %
Half Yearly PAT Year on Year (YoY) -3 817.14
Growth -5 354.24

-8 760 .54
Sep 2019 Mar 2020 Sep 2020

The company's efficiency in terms

-10.9% of profit generated on overall 10 .49 11.0 7

capital (equity and debt) is 2.97

ROCE - Half deteriorating
Yearly
ROCE (%)
-6.63
Lowest at -10.91 % -10 .91
in the last five half yearly periods
Sep 2018 Mar 2019 Sep 2019 Mar 2020 Sep 2020

Near term sales trend is negative

-7.5% Net Sales (Rs Cr)
At Rs 53,530.00 cr has Fallen at -7.5 %
65 431.95
71 676.0 7
62 492.96
53 530
Sales Growth over average Net Sales of the previous four quarters
of Rs 57,896.01 Cr 31 983.0 6

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020

MOJO PROFESSIONAL 4
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

FINANCIAL TREND

The company is borrowing more

to fund its operations; it's liquidity
1.62

1.6 times situation may be stressed 1.13 1.17

Debt-Equity 0 .92
Debt-Equity Ratio 0 .79
Ratio - Half
Highest at 1.62 times
Yearly
in the last five half yearly periods

Sep 2018 Mar 2019 Sep 2019 Mar 2020 Sep 2020

Company is distributing lower

proportion of profits generated 0 .59
0.0% as dividend
Dividend Payout
DPR (%)
Ratio (DPR) -
Lowest at 0.00 %
Annually
in the last five years
0 0 0 0

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

Sep'20 Jun'20 Change%

Net Sales 53,530.0 31,983.1 67.4%
Key Operating Profit (PBDIT) excl Other Income 6,098.3 682.7 793.3%
Result Interest 1,949.6 1,876.8 3.9%
Highlights Exceptional Items 4.9 3.2 51.6%
Consolidated Net Profit -314.5 -8,438.0 96.3%
Operating Profit Margin (Excl OI) 11.5 2.2 9.4%
Consolidate- figures in Rs Cr

MOJO PROFESSIONAL 5
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

VALUATION

RISKY - NEGATIVE OPERATING PROFITS

Exp ensive

Risky Ta ta Mo to rs

valuation
M&M

Va lua tio n

as compared to its Fundamentals Ma ruti Suzuki

Ta ta Mo to rs - DVR

Attra ctive
Weak Fundamental Strong

Enterprise value to Capital Employed vs ROCE

Risky 24 3.2
Fundamental

as compared to its

Valuation
8 1.6
past valuations
-8 0
Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Jan-2021

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Tata Motors Risky 1.3 -4.8 0 0%
Valuation
Multiples Maruti Suzuki Very Attractive 5.1 61.3 0 0.7%
vs Peers M&M Expensive 2.5 94.3 0 0.3%
Tata Motors - DVR Does not qualify 0 0 0 0%

MOJO PROFESSIONAL 6
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

FACTORS
WORKING
FOR THE COMPANY


MOJO PROFESSIONAL 7
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

242.10 171.27 124.74

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Mildly Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
KST Mildly Bullish (monthly)

In the last 1 year Stock has generated 23.36% returns vs a market (BSE 500)
return of 20.64%
3 Months 1 Year 3 Years

78.21% 24.99%
23.27%
20 .64%

23.41%

-44.49%
Sto c k BSE 500 Sto c k BSE 500 Sto c k BSE 500

MOJO PROFESSIONAL 8
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 29.06 % OF THE COMPANY
These investors have better capability and 40%
35.51% 34.62%
resources to analyse fundamentals of companies 33.0 4%
30 .42%
than most retail investors. 30%
29.0 0 % 29.0 6%

20%

10%

0%
Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20

FIIs
15.84%
Shareholding Snapshot : Sep 20
Insura nce No n Institutio n Majority shareholders : Promoters
Co mp a nies 28.55%
6.63% Pledged Promoter Holdings : 3.95
Mutua l Fund s Mutual Funds : Held in 44.00 Schemes (5.60%)
5.6% Other DIIs
0 .99% FIIs : Held by 479 FIIs (15.84%)
Pro mo ters Promoter with highest holding : Tata Sons Private Limited (39.521%)
42.39%
Highest Public shareholder : Citibank N.A. New York Nyadr Department
(10.449%)
Individual Investors Holdings : 15.71%

MF
10%

8.0 8% 7.87%
holding has decreased by - 7.5%
0.61% 6.14% 6.21%
5.60 %

Number of MFs holding stake in the company has 5%

decreased to 44 from 45
2.5%

0%
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020

MOJO PROFESSIONAL 9
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

RESULT
ANALYSIS 

MOJO PROFESSIONAL 10
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Sep'20 Jun'20 QoQ Sep'19 YoY Comments
Total Operating income 53,530 31,983 67.4% 65,432 -18.2%
Total Expenditure (Excl Depreciation) 47,432 31,300 51.5% 58,387 -18.8%
Operating Profit (PBDIT) excl Other Income 6,098 683 793.3% 7,045 -13.4%
Other Income 633 607 4.4% 673 -5.9%
Operating Profit (PBDIT) 6,732 1,289 422.1% 7,717 -12.8%
Interest 1,950 1,877 3.9% 1,835 6.2% QoQ and YoY increase
Exceptional Items 5 3 51.6% 39 -87.5%
Depreciation 5,601 5,599 0% 5,300 5.7% QoQ and YoY increase
Profit Before Tax -815 -6,184 -86.8% 621 -231.1% Fall in previous quarter and same
quarter last year
Tax -471 2,200 -121.4% 445 -205.8% Fall in previous quarter and same
quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit -343 -8,384 -95.9% 176 -295.3% Fall in previous quarter and same
quarter last year
Share in Profit of Associates 36 -60 -160.3% -363 -109.9% Fall in previous quarter and same
quarter last year
Minority Interest 7 -6 -220% 29 -75.1% Fall in previous quarter and same
quarter last year
Other related items 0 0 0% 0 0%
Consolidated Net Profit -314 -8,438 -96.3% -217 45.2%

Consolidate results triggered in Rs Cr

Margins
Sep'20 Jun'20 Mar'20 Dec'19 Sep'19 Avg. (4 Comments
Qtrs)
OPM 11.5% 2.2% 1.1% 10.4% 10.9% 6.2% Higher than average (4 Qtrs) – Promising
GPM 9.1% -1.9% -5.7% 9.2% 9.1% 2.7% Higher than average (4 Qtrs) – Promising
NPM -0.7% -26.6% -15.6% 2.8% 0.3% -9.8% Higher than average (4 Qtrs) – Promising

MOJO PROFESSIONAL 11
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2020 IS -13.54% VS 4.34% IN MAR 2019
Consolidated Net Profit: YoY Growth in year ended Mar 2020 is 58.13% vs -420.69% in Mar
2019
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2020 is -
27.07% vs -18.53% in Mar 2019
Interest: YoY Growth in year ended Mar 2020 is 25.78% vs 23.00% in Mar 2019 -13.54%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2020 has fallen from Mar NET SALES
2019

Mar'20 Mar'19 Change(%)

Net Sales 2,61,067.97 3,01,938.40 -13.54%
Key Operating Profit (PBDIT) excl Other Income 17,987.07 24,664.33 -27.07%
Annual Interest 7,243.33 5,758.60 25.78%
Results Exceptional Items -2,871.44 -29,651.56 90.32%
Consolidated Net Profit -12,070.85 -28,826.23 58.13%
Operating Profit Margin (Excl OI) 6.96 8.24 -1.28%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2020 is -13.54% vs Consolidated Net Profit-YoY Growth in year ended Mar 2020
4.34% in Mar 2019 is 58.13% vs -420.69% in Mar 2019
500000 25000
11,579.31 7,454.36 8,988.91

277,660 .59 274,492.12 289,386.25 30 1,938.40 0

261,0 67.97
250000
-25000 -12,0 70 .85

-28,826.23
0 -50000
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2020 is -27.07% vs -18.53% in Mar 2019 Mar 2020 has fallen from Mar 2019
50000 20
36,690 .63
30 ,272.40 13.21
29,588.69 10 .78
24,664.33 10 .36
25000 17,987.0 7 10 8.24
6.96

0 0
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

Figures in Rs Crore

MOJO PROFESSIONAL 12
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW ANALYSIS

13.11%
Mar'20 Mar'19 Change%
Borrowings 1,82,993.77 1,61,785.26 13.11%

Increase
Other Long Term Liabilities 17,780.94 16,871.09 5.39%
Fixed Assets 1,29,431.36 1,19,772.64 8.06%
Investments 5,446.94 6,240.89 -12.72%
in Borrowings in Current Assets 1,19,587.25 1,23,431.16 -3.11%
quarter ended Mar
Figures in Rs Cr
2020 vs in Mar 2019

Other Long Term Liabilities: YoY Growth in year ended Mar 2020 is 5.39% vs 21.34% in Mar 2019
Fixed Assets: YoY Growth in year ended Mar 2020 is 8.06% vs -12.93% in Mar 2019
Investments: YoY Growth in year ended Mar 2020 is -12.72% vs 10.43% in Mar 2019
Current Assets: YoY Growth in year ended Mar 2020 is -3.11% vs -9.22% in Mar 2019

Cash From Operation - YoY Growth in year ended Mar

40.98% 2020 is 40.98% vs -20.82% in Mar 2019
Mar'20 Mar'19 Change%
GROWTH Cash Flow from Operating Activities 26,632.94 18,890.75 40.98%
Figures in Rs Cr

40000 37,899.54

30 ,199.25
26,632.94
23,857.42
18,890 .75
20000

0
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

MOJO PROFESSIONAL 13
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

PEER COMPARISION

PEER COMPARISON
Tata Motors Maruti Suzuki M&M Tata Motors - Hindustan
DVR Motors
Size
Market Cap (Cr.) 73,487 246,799 97,410 4,879 178
Annual Sales (Cr.) 219,682 61,796 85,090 - 1
Annual Net Profit (Cr.) -14,115 4,062 1,040 - 0
Growth Factors
Net Sales Growth 1 year -24.1% -19.6% -0.1% - 44%
Operating Profit Growth 1 year -423% -66.4% -32% - 38.1%
Net Profit Growth 1 year -2011.4% -34.6% -59% - -99.8%
Net Sales Growth 5 year -3.3% 2.9% 5.9% - -2.3%
Operating Profit Growth 5 year -181.3% -23.2% 2.6% - 12.8%
Net Profit Growth 5 year -203.6% -3.7% -6.7% - 14.9%
Capital Structure Factors
EBIT to Interest -1 16.3 1 - -
Debt to EBITDA 7.8 0.1 5.6 - -0.2
Net Debt to Equity 1.5 -0 1.1 - 0.2
Sales to Capital Employed 1.7 1.3 1 - -
Management Quality Factors
ROCE (latest) -5.8% 3.2% 7.9% - 13.8%
ROE(latest) -27.9% 8.3% 2.6% - -
Tax Ratio 9.9% 20.3% 100% - -
Operating CF to Net Profit -290.4% 61.6% -66.9% - -
Dividend Payout Ratio
Valuation Factors
PE Ratio -4.8 61.3 94.3 - 187.6
Price to Book 1.3 5.1 2.5 - -6.3
PEG Ratio - - - - -
Dividend Yield - 0.7% 0.3% - -
EV to EBITDA 9.7 52.3 12.4 - -46.4
EV to Capital Employed 1.1 5.2 1.7 - -5.2
Shareholding
Promoter Holdings 42.4% 56.4% 19.6% - 32.3%
Promoter Pledged Holdings 4% - 1.3% - -
Total Institutional Holding 29.1% 38.6% 65.6% - 4.9%
FII Holdings 15.8% 21.9% 34.7% - 0%
Returns
1 Month 34.8% 6.5% 8.7% 31.9% 29.6%
3 Months 77.4% 15.4% 24.6% 65.7% 72.7%
YTD 31.2% 7.6% 9.7% 31% 12.5%
1 Year 22.7% 12.4% 44.6% 21.6% 51.1%
3 Years -44.7% -13% 3.2% -61% -39.2%

MOJO PROFESSIONAL 14
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

INDUSTRY : Auto - Cars
74,784 cr (Large Cap)
Part of NIFTY 50
Tata Motors Ltd is India's largest automobile company. They are the leader in
commercial vehicles in each segment, and among the top three in passenger
vehicles with winning products in the compact, midsize car and utility vehicle
segments. The company is the world's fourth largest truck manufacturer, and the
world's second largest bus manufacturer.The product range of the company
includes Passenger Cars:Indica Vista, Indica V2, indica V2 Turbo, Indica V2 Xeta,
Indica V2 Dicor.Indigo XL, Indigo, Indigo Marina Indigo CS.Nano.Fiat Cars.Utility
Vehicles:Safari Dicor.Sumo Grande.Sumo.Xenon XT.Trucks:Medium & Heavy Comm.
Vehicles, Tata Novus.Intermediate Comm. Vehicles.Light Commercial Vehicles, TL
4×4, Small Commercial Vehicles.Commercial Passenger
Carriers:Buses.Winger.Magic.Defence Vehicles.

Board of Directors
N Chandrasekaran Chairman

Nasser Munjee Non Executive Independent Director

Vinesh Kumar Jairath Non Executive Independent Director

Ralf Speth Non Executive Director

Falguni Nayar Non Executive Independent Director

5 more board of directors

Company Coordinates

Company Details: Registrat Details:

Bombay House, 24, Homi Mody Street Mumbai Maharashtra TSR Darashaw Ltd, 6-10 , Haji Moosa Patrawala Indl. Est , 20
: 400001 Dr.E.Moses Road , Mahalaxmi , Mumbai
Tel: 022-6665 8282 Fax: +91-22-66568494
Fax: 022-6665 7799 Email: csg-unit@tsrdarashaw.com
Email: inv_rel@tatamotors.com
Website: www.tatamotors.com

MOJO PROFESSIONAL 15
Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

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Tata Motors SELL | Report as on 12 January 2021 at 10:54 AM

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