Company Name TATA MOTORS

Stock Exchange BSE and NSE

Share Price of Last Close (NSE) 431.9
share Price of Last Close (BSE) 206.95
Last Closing Share Price Date 3-Jun-22
Latest Fiscal Year End 31st march 2022
No. of days in accounting year 365
No. of Outstanding Shares (In millions.) 692
Market Cap (In Cr.) 145785.31
Beta 1.99
P/E Ratio -171.843171978404
INDEX

BS SOURCE'!A1
P&L Ac source'!A1
CF Source'!A1
Ratios!A1
Driver sheet'!A1
Drivers!A1
Schedule!A1
Balance sheet'!A1
P&L Ac'!A1
Cash Flow Statement'!A1
DFC!A1
WACC!A1
share price analysis'!A1
Ratio!A1
Dashboard!A1
Current Ratio 1.12 0.90 0.32 0.82 0.23 0.17 0.15 0.20 0.23
Quick Ratio 0.14 -0.08 -0.24 -0.57 -0.06 0.02 0.03 0.06 0.09

Quick Ratio 2

0.23 1.8
1.6
0.23
1.4
0.20
1.2
0.15
1
0.17 Quick Ratio
0.8
0.23
0.6
0.82
0.4
0.32
0.2
0.90
0
1.12
1
-0.70 -0.60 -0.50 -0.40 -0.30 -0.20 -0.10 0.00 0.10 0.20

7.00%
1.2
6.00%
1
5.00%
0.8
4.00%
Current Ratio
0.6
Quick Ratio 3.00%
Cash Ratio
0.4
2.00%

0.2 1.00%

0 0.00%
0 2 4 6 8 10 12 14

45.00

40.00

35.00

30.00

25.00
Debt-Equity Ratio
20.00 Interest Coverage Ratio
45.00

40.00

35.00

30.00

25.00
Debt-Equity Ratio
20.00 Interest Coverage Ratio
15.00

10.00

5.00

0.00
1 2 3 4 5 6 7 8 9 10
 0.23
0.10

Operating Profit Margin 104%

101% 115% 111% 106% 107%
1 107% 107% 107% 107%
Gross Profit Margin 0% 4% -11%
8 -8% -4% -3% -2% -2% -2% -2%
6
4
2
0

7.00%

6.00%

5.00%

4.00%
Market Risk Premium
Risk free Rate
3.00%

2.00%

1.00%

0.00%
BALANCE SHEET SOURCE
Particulars FY 2018 FY 2019 FY 2020

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 679.22 679.22 719.54
TOTAL SHARE CAPITAL 679.22 679.22 719.54
Reserves and Surplus 19,491.76 21,483.30 16,800.61
TOTAL RESERVES AND SURPLUS 19,491.76 21,483.30 16,800.61
TOTAL SHAREHOLDERS FUNDS 20,170.98 22,162.52 17,520.15
NON-CURRENT LIABILITIES
Long Term Borrowings 13,155.91 13,914.74 14,776.51
Deferred Tax Liabilities [Net] 154.61 205.86 198.59
Other Long Term Liabilities 502.37 404.11 1,646.56
Long Term Provisions 1,009.48 1,281.59 1,769.74
TOTAL NON-CURRENT LIABILITIES 14,822.37 15,806.30 18,391.40
CURRENT LIABILITIES
Short Term Borrowings 3,099.87 3,617.72 6,121.36
Trade Payables 14,225.63 10,408.83 8,102.25
Other Current Liabilities 6,030.53 7,765.57 10,180.46
Short Term Provisions 862.92 1,148.69 1,406.75
TOTAL CURRENT LIABILITIES 24,218.95 22,940.81 25,810.82
TOTAL CAPITAL AND LIABILITIES 59,212.30 60,909.63 61,722.37

ASSETS
NON-CURRENT ASSETS
Tangible Assets 22,017.67 22,456.24 22,279.54
Intangible Assets 3,411.23 3,970.22 5,667.73
Capital Work-In-Progress 1,371.45 2,146.96 1,755.51
Other Assets 0 0 0
FIXED ASSETS 26,800.35 28,573.42 29,702.78
Non-Current Investments 14,260.79 15,434.19 15,730.86
Deferred Tax Assets [Net] 0 0 0
Long Term Loans And Advances 143.96 143.13 138.46
Other Non-Current Assets 3,035.54 3,529.59 3,449.01
TOTAL NON-CURRENT ASSETS 44,240.64 47,680.33 49,021.11
CURRENT ASSETS
Current Investments 2,502.78 1,433.18 885.31
Inventories 5,670.13 4,662.00 3,831.92
Trade Receivables 3,479.81 3,250.64 1,978.06
Cash And Cash Equivalents 795.42 1,306.61 3,532.19
Short Term Loans And Advances 140.27 200.08 232.14
OtherCurrentAssets 2,383.25 2,376.79 3,109.14
TOTAL CURRENT ASSETS 14,971.66 13,229.30 13,568.76
TOTAL ASSETS 59,212.30 60,909.63 62,589.87
FY 2021 FY 2022

765.81 765.88
765.81 765.88
18,290.16 19,178.27
18,290.16 19,178.27
19,055.97 19,944.15

16,326.77 14,102.74
266.5 173.72
1,786.93 1,212.34
1,371.94 1,474.11
19,752.14 16,962.91

2,542.50 9,129.91
8,115.01 13,986.06
14,550.50 3,268.78
1,043.54 608.06
26,251.55 26,992.81
65,059.66 63,899.87

21,527.21 15,543.00
6,501.53 0
1,400.82 0
0 0
29,429.56 15,543.00
16,114.91 29,256.39
0 777.68
126.05 48.43
3,534.55 2,654.76
49,205.07 48,280.26

1,578.26 5,143.08
4,551.71 3,718.49
2,087.51 2,111.78
4,318.94 2,605.43
185.42 139.37
3,132.75 1,901.46
15,854.59 15,619.61
65,059.66 63,899.87
PROFIT & LOSS SOURCE DATA ACCOUNT OF TATA MOTORS (in Rs. Cr.)

Particulars
INCOME
REVENUE FROM OPERATIONS [GROSS]
Less: Excise/Sevice Tax/Other Levies
REVENUE FROM OPERATIONS [NET]
TOTAL OPERATING REVENUES
Other Income
TOTAL REVENUE
EXPENSES
Cost Of Materials Consumed
Purchase Of Stock-In Trade
Operating And Direct Expenses
Changes In Inventories Of FG,WIP And Stock-In Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
COGS
GROSS PROFIT
Exceptional Items
PROFIT/LOSS BEFORE TAX (EBT)

TAX EXPENSES-CONTINUED OPERATIONS

Current Tax
Less: MAT Credit Entitlement
Deferred Tax
Tax For Earlier Years
TOTAL TAX EXPENSES
PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS
PROFIT/LOSS FROM CONTINUING OPERATIONS
PROFIT/LOSS FOR THE PERIOD
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

12 mths 12 mths 12 mths 12 mths 12 mths

58,234.33 68,764.88 43,485.76 46,559.39 46,880.97

793.28 0 0 0 0
57,441.05 68,764.88 43,485.76 46,559.39 46,880.97
58,831.41 69,202.76 43,928.17 47,031.47 47,263.68
1,557.60 2,554.66 1,383.05 842.96 659.91
60,389.01 71,757.42 45,311.22 47,874.43 47,923.59

37,080.45 43,748.77 26,171.85 30,010.61 31,693.11

4,762.41 6,722.32 5,679.98 5,490.67 5,030.00
474.98 571.76 830.24 907.64 0
842.05 144.69 722.68 -886.55 -403.87
3,111.65 3,179.99 3,214.85 4,212.99 3,601.51
1,744.43 1,793.57 1,973.00 2,358.54 2,121.73
3,101.89 3,098.64 3,375.29 3,681.61 1,706.57
9,251.41 9,895.68 7,959.75 5,803.57 5,898.00
60,369.27 69,155.42 49,927.64 51,579.08 49,647.05
19.74 2,602.00 -4,616.42 -3,704.65 -1,723.46
-966.66 -203.07 -2,510.92 1,392.08 83.41
-946.92 2,398.93 -7,127.34 -2,312.57 -1,640.05

92.63 294.66 33.05 82.31 99.18

0 0 0 0 0
-4.7 83.67 129.24 0.56 0
0 0 0 0 0
87.93 378.33 162.29 82.87 99.18
-1,034.85 2,020.60 -7,289.63 -2,395.44 -1,739.23
-1,034.85 2,020.60 -7,289.63 -2,395.44 -1,390.86
-1,034.85 2,020.60 -7,289.63 -2,395.44 -1,390.86

-3.05 5.94 -21.06 -6.59 -3.63

-3.05 5.94 -21.06 -6.59 -3.63
Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity - 4,134 6,293 -1,455 6,680 5,282
Profit from operations 4,091 6,167 439 1,960 2,683
Receivables -1,217 164 1,168 -142 -1,016
Inventory -278 966 730 -765 -1,201
Payables 2,764 -725 -2,689 4,966 5,285
Loans Advances 0 0 0 0 -245
Other WC items -1,217 -97 -1,011 725 -68
Working capital changes 52 308 -1,802 4,784 2,755
Direct taxes -61 -490 1710 -4848 -2911
Cash from Investing Activity - -710 -3,822 -4,637 -2,988 -3,149
Fixed assets purchased -2,823 -4,783 -4,669 -1,856 -1,831
Fixed assets sold 28 30 156 180 100
Investments purchased 0 0 0 -673 -3,560
Investments sold 1,026 952 359 4 235
Interest received 399 327 471 154 301
Dividends received 1,055 1,569 241 20 80
Invest in subsidiaries -300 -838 -467 0 -871
Loans to subsidiaries 0 0 -8 -57 0
Investment in group cos -44 0 0 0 0
Redemp n Canc of Shares 0 0 26 10 0
Acquisition of companies 0 0 0 0 0
Inter corporate deposits 60 -3 -10 -30 30
Other investing items -111 -1,076 -736 -740 2,367
Cash from Financing Activity - -3,106 -2,530 7,749 -3,472 -516
Proceeds from shares 0 0 3,889 2,603 12
Redemption of debentures 0 0 0 0 0
Proceeds from borrowings 6,406 8,805 15,463 6,985 10,408
Repayment of borrowings -7,410 -8,977 -9,128 -10,438 -8,517
Proceeds from deposits 0 0 0 0 0
Interest paid fin -2,098 -2,355 -2,270 -2,427 -2,272
Dividends paid -4 -3 -4 -3 -2
Financial liabilities 0 0 -194 -192 -303
Application money refund 0 0 0 0 6
Other financing items 0 0 -7 0 152
Net Cash Flow 318 -59 1,657 220 1,617
KEY FINANCIAL RATIOS OF TATA MOTORS (in Rs. Cr.) Mar-18 Mar-19
PER SHARE RATIOS
Basic EPS (Rs.) -3.05 5.94
Diluted EPS (Rs.) -3.05 5.94
Cash EPS (Rs.) 6.09 15.07
Book Value [ExclRevalReserve]/Share (Rs.) 59.39 65.26
Book Value [InclRevalReserve]/Share (Rs.) 59.39 65.26
Dividend / Share(Rs.) 0 0
Revenue from Operations/Share (Rs.) 173.23 203.77
PBDIT/Share (Rs.) 14.33 22.07
PBIT/Share (Rs.) 5.19 12.94
PBT/Share (Rs.) -2.79 7.06
Net Profit/Share (Rs.) -3.05 5.95
PROFITABILITY RATIOS
PBDIT Margin (%) 8.27 10.82
PBIT Margin (%) 2.99 6.35
PBT Margin (%) -1.6 3.46
Net Profit Margin (%) -1.75 2.91
Return on Networth / Equity (%) -5.13 9.11
Return on Capital Employed (%) 5.04 11.57
Return on Assets (%) -1.74 3.31
Total Debt/Equity (X) 0.81 0.79
Asset Turnover Ratio (%) 99.35 113.61
LIQUIDITY RATIOS
Current Ratio (X) 0.62 0.58
Quick Ratio (X) 0.38 0.37
Inventory Turnover Ratio (X) 10.38 14.84
Dividend Payout Ratio (NP) (%) 0 0
Dividend Payout Ratio (CP) (%) 0 0
Earnings Retention Ratio (%) 0 0
Cash Earnings Retention Ratio (%) 0 0
VALUATION RATIOS
Enterprise Value (Cr.) 126,665.65 75,419.87
EV/Net Operating Revenue (X) 2.15 1.09
EV/EBITDA (X) 26.03 10.06
MarketCap/Net Operating Revenue (X) 1.89 0.86
Retention Ratios (%) 0 0
Price/BV (X) 5.51 2.67
Price/Net Operating Revenue 1.89 0.86
Earnings Yield -0.01 0.03
Mar-20 Mar-21 Mar-22

-21.06 -6.59 -3.63

-21.06 -6.59 -3.63
-10.88 3.36 0.82
51.11 49.77 52.08
51.11 49.77 52.08
0 0 0
122.1 122.83 123.42
2.03 6.1 5.5
-7.35 -3.52 1.04
-19.81 -6.04 -4.28
-20.26 -6.26 -3.63

1.66 4.96 4.45

-6.01 -2.86 0.84
-16.22 -4.91 -3.47
-16.59 -5.09 -2.94
-39.64 -12.57 -6.97
-7.18 -3.46 1.07
-11.64 -3.68 -2.17
1.14 0.99 1.16
70.18 72.28 73.96

0.53 0.6 0.58

0.38 0.43 0.44
11.46 10.33 12.71
0 0 0
0 0 0
0 0 0
0 0 0

42,927.34 130,130.20 186,631.71

0.98 2.77 3.95
58.65 55.72 88.67
0.58 2.46 3.51
0 0 0
1.39 6.07 8.32
0.58 2.46 3.51
-0.29 -0.02 -0.01
Select case case 1 1
Optimistic case 1 1
Base case 2 2
Worse case 3 3
Particulars 2018 2019 2020
Actual Actual Actual

Revenue 46,880.97 46,559.39 43,485.76

Revenue growth yoy -1% -7%
Case 1
Case 2
Case 3

Cost of goods sold 49,647.05 51,579.08 49,927.64

% of revenue 106% 111% 115%
Case 1
Case 2
Case 3

Employee Benefit Expenses 3,111.65 3,179.99 3,214.85

% of Revenue 7% 7% 7%
Case 1
Case 2
Case 3

Other Expenses 9,251.41 9,895.68 7,959.75

% of Revenue 20% 21% 18%
Case 1
Case 2
Case 3

Tax Expenses 87.93 378.33 162.29

% of PBT -9% 16% -2%
Case 1
Case 2
Case 3

Interest Expenses
Long Term Borrowing 14,102.74 16,326.77 14,776.51
Short Term Borrowing 9,129.91 2,542.50 6,121.36
Interest 1,744.43 1,793.57 1,973.00

Interest Rate 8% 10% 9%

Dividend Paid
Net Income -1,034.85 2,020.60 -7,289.63
Dividend and DDT -4 -3 -4
Dividend Payout Ratio NA 0% NA

Balance Sheet Drivers

Other Equity
Opening Balance 19,178.27 19,178.27
PAT 2,020.60 -7,289.63
(Dividend Paid) 3 4
Other Comprehensive Income -1,034.85 2,020.60
Other Adjustments -988.75 4,376.92
Closing Balance 19,178.27 19,178.27 18,290.16
 2021 2022 2023 2024 2025 2026
Actual Actual Estimated Estimated Estimated Estimated

68,764.88 58,234.33 65,222.45 73,049.14 82,545.53 93,276.45

58% -15% 12% 12% 13% 13%
12% 12% 13% 13%
9% 9% 11% 11%
7% 7% 9% 9%

69,155.42 60,369.27 69788.02 78162.58 88323.72 99805.80

101% 104% 107% 107% 107% 107%
107% 107% 107% 107%
110% 110% 110% 110%
112% 112% 112% 112%

4,212.99 3,601.51 3261.12 3652.46 4127.28 4663.82

6% 6% 5% 5% 5% 5%
5% 5% 5% 5%
6% 6% 6% 6%
8% 8% 8% 8%

5,803.57 5,898.00 10435.59 11687.86 13207.29 16789.76

8% 10% 16% 16% 16% 18%
16% 16% 16% 18%
18% 18% 18% 18%
20% 20% 20% 20%

82.87 99.18
-4% -6% 2% 2% 2% 2%
2% 2% 2% 2%
4% 4% 4% 4%
6% 6% 6% 6%

13,914.74 13,155.91 1,212.34 1,786.93 1,646.56 404.11

3,617.72 3,099.87 17,254.84 22,665.51 18,282.71 18,174.40
2,358.54 2,121.73 2410.36540981 3191.57096868 2601.19969864 2424.89637669

13% 13% 13% 13% 13% 13%

 -2,395.44 -1,739.23
-3 -2
NA NA

18,290.16 16,800.61 21,483.30 21,483.30 21,483.30 21,483.30

-2,395.44 -1,739.23
3 2
-7,289.63 -2,395.44
8,192.52 8,815.36
16,800.61 21,483.30 21,483.30 21,483.30 21,483.30 21,483.30
 2027
Estimated

105,402.39
13%
13%
11%
9%

112780.56
107%
107%
110%
112%

5270.12
5%
5%
6%
8%

18972.43
18%
18%
18%
20%

2%
2%
4%
6%

502.37
20,256.16
2709.43601949

13%
21,483.30

21,483.30
Particulars FY 2018 FY 2019
ACTUAL ACTUAL

Tangible Assets

Opening Balance 17897.13 22,017.67

Capex 7,623.00 3,072.32
Depriciatipon -3502.46 -2633.75
Closing Balance 22,017.67 22,456.24

Depereciation % 14% 10%

Depriciation and Amortization

Depriciation -3502.46 -2633.75
Amoritization 618.081 464.89
Total 3,101.89 3,098.64

113% 85%

Intagible Assets
Opening 3,411.23
Addition 1,023.88
Amortization -464.89
Closing 3,411.23 3,970.22

Working Capital Schedule

Inventory 5,670.13 4,662.00

COGS 60,369.27 69,155.42
Inventory Days 34.28 24.61

Receivables
Trade Receivables 3,479.81 3,250.64
Revenue 57,441.05 68,764.88
Receivables Days 22.11 17.25

Trade Payables
Total Trade Payables 14,225.63 10,408.83
COGS 60,369.27 69,155.42
Trade Payable Days 86.01 54.94

Investments 2,502.78 1,433.18

Loans 140.27 200.08
Other current assets 2,383.25 2,376.79
Borrowings 16,255.78 17,532.46
Other current liabilities 6,030.53 7,765.57

Revenue 57,441.05 68,764.88

COGS 60,369.27 69,155.42

Assumptions
Investments 4% 2%
Loan 0% 0%
Other current assets 4% 3%
Borrowings 27% 25%
Other current liabilities 10% 11%

Current Assets (Excluding Cash) 14,176.24 11,922.69

Current Liabilities (Excl. Prov) 22,346.55 20,510.53
Working Capital -8,170.31 -8,587.84
Change in WC -417.53
FY 2020 FY2021 FY 2022 FY 2023 FY 2024
ACTUAL ACTUAL ACTUAL ESTIMATED ESTIMATED

22,456.24 22,279.54 21,527.21 15,543.00 22,954.29

2,602.30 2,377.04 -4,533.63 5,606.00 5,606.00
-2779 -3129.37 -1450.58 1805.29 2437.92
22,279.54 21,527.21 15,543.00 22,954.29 30,998.21

11% 13% 9% 9% 9%

-2779 -3129.37 -1450.58 1805.29 2437.92

596.29 552.24 255.99 270.80 365.69
3,375.29 3,681.61 1,706.57 2,076.09 2,803.61

82% 85% 85% 85% 85%

3,970.22 5,667.73 6,501.53 0.00 0.00

2,293.80 1,386.04 -6,245.54 270.80 365.69
-596.29 -552.24 -255.99 -270.80 -365.69
5,667.73 6,501.53 0.00 0.00 0.00

3,831.92 4,551.71 3,718.49 5227.02 5854.26

49,927.64 51,579.08 49,647.05 69788.02 78162.58
28.01 32.21 27.34 27.34 27.34

1,978.06 2,087.51 2,111.78 2937.98 3290.54

43,485.76 46,559.39 46,880.97 65,222.45 73,049.14
16.60 16.36 16.44 16.44 16.44

8,102.25 8,115.01 13,986.06 19659.97 22019.16

49,927.64 51,579.08 49,647.05 69,788.02 78,162.58
 59.23 57.43 102.82 102.82 102.82

885.31 1,578.26 5,143.08

232.14 185.42 139.37
3,109.14 3,132.75 1,901.46
20,897.87 18,869.27 23,232.65
10,180.46 14,550.50 3,268.78

43,485.76 46,559.39 46,880.97 65,222.45 73,049.14

49,927.64 51,579.08 49,647.05 69,788.02 78,162.58

2% 3% 11% 0% 0%
0% 0% 0% 0% 0%
7% 7% 4% 0% 0%
42% 37% 47% 0% 0%
20% 28% 7% 0% 0%

10,036.57 11,535.65 13,014.18 13,840.38 14,192.94

22,634.33 23,836.07 24,910.64 38,709.48 46,479.34
-12,597.76 -12,300.42 -11,896.46 -24,869.10 -32,286.40
-4,009.92 297.34 403.96 -12,972.64 -7,417.31
FY 2025 FY 2026 FY 2027
ESTIMATED ESTIMATED ESTIMATED

30,998.21 39,728.76 49,204.56

5,606.00 5,606.00 5,606.00
3124.55 3869.80 4678.66
39,728.76 49,204.56 59,489.21

9% 9% 9%

3124.55 3869.80 4678.66

468.69 580.48 701.81
3,593.24 4,450.28 5,380.47

85% 85% 85%

0.00 0.00 0.00

468.69 580.48 701.81
-468.69 -580.48 -701.81
0.00 0.00 0.00

6615.31 7475.31 8447.10

88323.72 99805.80 112780.56
27.34 27.34 27.34

3718.31 4201.69 4747.91

82,545.53 93,276.45 105,402.39
16.44 16.44 16.44

24881.66 28116.27 31771.39

88,323.72 99,805.80 112,780.56
 102.82 102.82 102.82

82,545.53 93,276.45 105,402.39

88,323.72 99,805.80 112,780.56

0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%

14,620.71 15,104.09 15,650.31

44,959.04 48,085.34 53,822.22
-30,338.33 -32,981.25 -38,171.91
1,948.08 -2,642.92 -5,190.66
Particulars FY 2018 FY 2019 FY 2020 FY 2021
Actual Actual Actual Actual
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 679.22 679.22 719.54 765.81
TOTAL SHARE CAPITAL 679.22 679.22 719.54 765.81
Reserves and Surplus 19,491.76 21,483.30 16,800.61 18,290.16
TOTAL RESERVES AND SURPLUS 19,491.76 21,483.30 16,800.61 18,290.16
TOTAL SHAREHOLDERS FUNDS 20,170.98 22,162.52 17,520.15 19,055.97
NON-CURRENT LIABILITIES
Long Term Borrowings 13,155.91 13,914.74 14,776.51 16,326.77
Deferred Tax Liabilities [Net] 154.61 205.86 198.59 266.5
Other Long Term Liabilities 502.37 404.11 1,646.56 1,786.93
Long Term Provisions 1,009.48 1,281.59 1,769.74 1,371.94
TOTAL NON-CURRENT LIABILITIES 14,822.37 15,806.30 18,391.40 19,752.14
CURRENT LIABILITIES
Short Term Borrowings 3,099.87 3,617.72 6,121.36 2,542.50
Trade Payables 14,225.63 10,408.83 8,102.25 8,115.01
Other Current Liabilities 6,030.53 7,765.57 10,180.46 14,550.50
Short Term Provisions 862.92 1,148.69 1,406.75 1,043.54
TOTAL CURRENT LIABILITIES 24,218.95 22,940.81 25,810.82 26,251.55
TOTAL CAPITAL AND LIABILITIES 59,212.30 60,909.63 61,722.37 65,059.66

ASSETS
NON-CURRENT ASSETS
Tangible Assets 22,017.67 22,456.24 22,279.54 21,527.21
Intangible Assets 3,411.23 3,970.22 5,667.73 6,501.53
Capital Work-In-Progress 1,371.45 2,146.96 1,755.51 1,400.82
Other Assets 0 0 0 0
FIXED ASSETS 26,800.35 28,573.42 29,702.78 29,429.56
Non-Current Investments 14,260.79 15,434.19 15,730.86 16,114.91
Deferred Tax Assets [Net] 0 0 0 0
Long Term Loans And Advances 143.96 143.13 138.46 126.05
Other Non-Current Assets 3,035.54 3,529.59 3,449.01 3,534.55
TOTAL NON-CURRENT ASSETS 44,240.64 47,680.33 49,021.11 49,205.07
CURRENT ASSETS
Current Investments 2,502.78 1,433.18 885.31 1,578.26
Inventories 5,670.13 4,662.00 3,831.92 4,551.71
Trade Receivables 3,479.81 3,250.64 1,978.06 2,087.51
Cash And Cash Equivalents 795.42 1,306.61 3,532.19 4,318.94
Short Term Loans And Advances 140.27 200.08 232.14 185.42
OtherCurrentAssets 2,383.25 2,376.79 3,109.14 3,132.75
TOTAL CURRENT ASSETS 14,971.66 13,229.30 13,568.76 15,854.59
TOTAL ASSETS 59,212.30 60,909.63 62,589.87 65,059.66
FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Actual Estimated Estimated Estimated Estimated Estimated

765.88 765.88 765.88 765.88 765.88 765.88

765.88 765.88 765.88 765.88 765.88 765.88
19,178.27 19,178.27 19,178.27 19,178.27 19,178.27 19,178.27
19,178.27 19,178.27 19,178.27 19,178.27 19,178.27 19,178.27
19,944.15 19,944.15 19,944.15 19,944.15 19,944.15 19,944.15

14,102.74 1,212.34 1,786.93 1,646.56 404.11 502.37

173.72 173.72 173.72 173.72 173.72 173.72
1,212.34 1,212.34 1,212.34 1,212.34 1,212.34 1,212.34
1,474.11 1,474.11 1,474.11 1,474.11 1,474.11 1,474.11
16,962.91 4,072.51 4,647.10 4,506.73 3,264.28 3,362.54

9,129.91 17,254.84 22,665.51 18,282.71 18,174.40 20,256.16

13,986.06 19659.97 22019.16 24881.66 28116.27 31771.39
3,268.78 3,268.78 3,268.78 3,268.78 3,268.78 3,268.78
608.06 608.06 608.06 608.06 608.06 608.06
26,992.81 40,791.65 48,561.51 47,041.21 50,167.51 55,904.39
63,899.87 64,808.31 73,152.76 71,492.09 73,375.94 79,211.08

15,543.00 15,543.00 15,543.00 15,543.00 15,543.00 15,543.00

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
15,543.00 15,543.00 15,543.00 15,543.00 15,543.00 15,543.00
29,256.39 29,256.39 29,256.39 29,256.39 29,256.39 29,256.39
777.68 777.68 777.68 777.68 777.68 777.68
48.43 48.43 48.43 48.43 48.43 48.43
2,654.76 2,654.76 2,654.76 2,654.76 2,654.76 2,654.76
48,280.26 48,280.26 48,280.26 48,280.26 48,280.26 48,280.26

5,143.08 5,143.08 5,143.08 5,143.08 5,143.08 5,143.08

3,718.49 3,718.49 3,718.49 3,718.49 3,718.49 3,718.49
2,111.78 2937.98 3290.54 3718.31 4201.69 4747.91
2,605.43 117,631 244,289 387,025 547,927 729,358
139.37 139.37 139.37 139.37 139.37 139.37
1,901.46 1,901.46 1,901.46 1,901.46 1,901.46 1,901.46
15,619.61 131,471.14 258,482.24 401,645.45 563,031.19 745,008.37
63,899.87 179,751.40 306,762.50 449,925.71 611,311.45 793,288.63
Particulars FY 2018
Actual
INCOME
REVENUE FROM OPERATIONS [GROSS] 58,234.33
Less: Excise/Sevice Tax/Other Levies 793.28
REVENUE FROM OPERATIONS [NET] 57,441.05
TOTAL OPERATING REVENUES 58,831.41
Other Income 1,557.60
TOTAL REVENUE EXPENSES 60,389.01
Cost Of Materials Consumed 37,080.45
Purchase Of Stock-In Trade 4,762.41
Operating And Direct Expenses 474.98
Changes In Inventories Of FG,WIP And Stock-In Trade 842.05
Employee Benefit Expenses 3,111.65
Finance Costs 1,744.43
Depreciation And Amortisation Expenses 3,101.89
Other Expenses 9,251.41
COGS 60,369.27
PROFIT/LOSS BEFORE EXCEPTIONAL, EXTRAORDINARY ITEMS AND 19.74
Exceptional Items -966.66
PROFIT/LOSS BEFORE TAX -946.92
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 92.63
Less: MAT Credit Entitlement 0
Deferred Tax -4.7
Tax For Earlier Years 0
TOTAL TAX EXPENSES 87.93
PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS -1,034.85
PROFIT/LOSS FROM CONTINUING OPERATIONS -1,034.85
PROFIT/LOSS FOR THE PERIOD -1,034.85
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) -3.05
Diluted EPS (Rs.) -3.05
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS STORES, SPARES AND LOOSE TOOLS
Imported Raw Materials 0
Indigenous Raw Materials 0
STORES, SPARES AND LOOSE TOOLS
Imported Stores And Spares 0
Indigenous Stores And Spares 0
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 0
Tax On Dividend 0
Equity Dividend Rate (%) 0
 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
Actual Actual Actual Actual Estimated

68,764.88 43,485.76 46,559.39 46,880.97 65,222.45

0 0 0 0 0
68,764.88 43,485.76 46,559.39 46,880.97 65,222.45
69,202.76 43,928.17 47,031.47 47,263.68 47,263.68
2,554.66 1,383.05 842.96 659.91 659.91
71,757.42 45,311.22 47,874.43 47,923.59 47,923.59
43,748.77 26,171.85 30,010.61 31,693.11
6,722.32 5,679.98 5,490.67 5,030.00
571.76 830.24 907.64 0
144.69 722.68 -886.55 -403.87
3,179.99 3,214.85 4,212.99 3,601.51
1,793.57 1,973.00 2,358.54 2,121.73
3,098.64 3,375.29 3,681.61 1,706.57
9,895.68 7,959.75 5,803.57 5,898.00
69,155.42 49,927.64 51,579.08 49,647.05 69788.02
2,602.00 -4,616.42 -3,704.65 -1,723.46 -1,723.46
-203.07 -2,510.92 1,392.08 83.41 83.41
2,398.93 -7,127.34 -2,312.57 -1,640.05 -1,640.05

294.66 33.05 82.31 99.18 99.18

0 0 0 0 0
83.67 129.24 0.56 0 0
0 0 0 0 0
378.33 162.29 82.87 99.18 99.18
2,020.60 -7,289.63 -2,395.44 -1,739.23 -1,739.23
2,020.60 -7,289.63 -2,395.44 -1,390.86 -1,390.86
2,020.60 -7,289.63 -2,395.44 -1,390.86 -1,390.86

5.94 -21.06 -6.59 -3.63

5.94 -21.06 -6.59 -3.63
ES AND LOOSE TOOLS
0 0 0 0
0 0 0 0

0 0 0 0
0 0 0 0

0 0 0 0
0 0 0 0
0 0 0 0
FY 2024 FY 2025 FY 2026 FY 2027
Estimated Estimated Estimated Estimated

73,049.14 82,545.53 93,276.45 105,402.39

0 0 0 0
73,049.14 82,545.53 93,276.45 105,402.39
47,263.68 47,263.68 47,263.68 47,263.68
659.91 659.91 659.91 659.91
47,923.59 47,923.59 47,923.59 47,923.59

78162.58 88323.72 99805.80 112780.56

-1,723.46 -1,723.46 -1,723.46 -1,723.46
83.41 83.41 83.41 83.41
-1,640.05 -1,640.05 -1,640.05 -1,640.05

99.18 99.18 99.18 99.18

0 0 0 0
0 0 0 0
0 0 0 0
99.18 99.18 99.18 99.18
-1,739.23 -1,739.23 -1,739.23 -1,739.23
-1,390.86 -1,390.86 -1,390.86 -1,390.86
-1,390.86 -1,390.86 -1,390.86 -1,390.86
Particulars Mar-18 Mar-19 Mar-20 Mar-21
Actual Actual Actual Actual
Cash from Operating Activity - 4,134 6,293 -1,455 6,680
Profit from operations 4,091 6,167 439 1,961
Receivables -1,217 164 1,168 -142
Inventory -278 966 730 -765
Payables 2,764 -725 -2,689 4,965
Loans Advances 0 0 0 0
Other WC items -1,217 -97 -1,011 725
Working capital changes 52 308 -1,802 4,783
Direct taxes -8 -182 -93 -63
Cash from Investing Activity - -710 -3,822 -4,663 -2,998
Fixed assets purchased -2,823 -4,783 -4,669 -1,856
Fixed assets sold 28 30 156 180
Investments purchased 0 0 0 -673
Investments sold 1,026 952 359 4
Interest received 399 327 471 154
Dividends received 1,055 1,569 241 20
Invest in subsidiaries -300 -838 -467 0
Loans to subsidiaries 0 0 -8 -57
Investment in group cos -44 0 0 0
Acquisition of companies 0 0 0 0
Inter corporate deposits 60 -3 -10 -30
Other investing items -111 -1,076 -736 -740
Cash from Financing Activity - -3,106 -2,530 7,749 -3,472
Proceeds from shares 0 0 3,889 2,603
Redemption of debentures 0 0 0 0
Proceeds from borrowings 6,406 8,805 15,463 6,985
Repayment of borrowings -7,410 -8,977 -9,128 -10,438
Proceeds from deposits 0 0 0 0
Interest paid fin -2,098 -2,355 -2,270 -2,427
Dividends paid -4 -3 -4 -3
Financial liabilities 0 0 -194 -192
Application money refund 0 0 0 0
Other financing items 0 0 -7 0
Net Cash Flow 318 -59 1,631 210
Opening balance of Cash & Cash equivalents 795.42 1306.61 3532.19 4318.94
Closing balance of Cash & Cash equivalents 1,113 1,248 5,163 4,529
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Actual Estimated Estimated Estimated Estimated Estimated
5,282 117,073.33 130,323.53 146,400.45 164,567.36 185,095.97
2,683 65,222.45 73,049.14 82,545.53 93,276.45 105,402.39
-1,016 2937.98 3290.54 3718.31 4201.69 4747.91
-1,201 3,718.49 3,718.49 3,718.49 3,718.49 3,718.49
5,285 19659.97 22019.16 24881.66 28116.27 31771.39
-245 -245 -245 -245 -245 -245
-68 -68 -68 -68 -68 -68
2,755 26,003 28,715 32,005 35,723 39,925
-156 -156 -156 -156 -156 -156
-3,149 -3,149 -3,149 -3,149 -3,149 -3,149
-1,831 -1,831 -1,831 -1,831 -1,831 -1,831
100 100 100 100 100 100
-3,560 -3,560 -3,560 -3,560 -3,560 -3,560
235 235 235 235 235 235
301 301 301 301 301 301
80 80 80 80 80 80
-871 -871 -871 -871 -871 -871
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
30 30 30 30 30 30
2,367 2,367 2,367 2,367 2,367 2,367
-516 -516 -516 -516 -516 -516
12 12 12 12 12 12
0 0 0 0 0 0
10,408 10,408 10,408 10,408 10,408 10,408
-8,517 -8,517 -8,517 -8,517 -8,517 -8,517
0 0 0 0 0 0
-2,272 -2,272 -2,272 -2,272 -2,272 -2,272
-2 -2 -2 -2 -2 -2
-303 -303 -303 -303 -303 -303
6 6 6 6 6 6
152 152 152 152 152 152
1,617 113,408 126,659 142,735 160,902 181,431
2605.43 4,222 117,631 244,289 387,025 547,927
4,222 117,631 244,289 387,025 547,927 729,358
Particulars FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Actual Actual Actual Actual Actual

Liquidity Ratios
Current Ratio 0.62 0.58 0.53 0.60 0.58
Quick Ratio 0.38 0.37 0.38 0.43 0.44
Cash Ratio 0.05 0.10 0.26 0.27 0.17

Leverage Ratios
Debt-Equity Ratio 0.81 0.79 1.19 0.99 1.16
Interest Coverage Ratio 34.62 40.01 22.97 20.30 22.59

Profitability Ratios
Gross Profit Margin 0% 4% -11% -8% -4%
Operating Profit Margin 104% 101% 115% 111% 106%
Net Profit Margin
ROCE 173% 189% 123% 123% 130%
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Estimated Estimated Estimated Estimated Estimated

3.22 5.32 8.54 11.22 13.33

3.13 5.25 8.46 11.15 13.26
0.89 0.95 0.96 0.97 0.98

0.93 1.23 1.00 0.93 1.04

22.59 22.59 22.59 22.59 22.59

-3% -2% -2% -2% -2%

107% 107% 107% 107% 107%

34% 19% 12% 9% 6%

 0 1 2
Free Cash Flow FY2022 FY2023 FY2024

Revenue 46,880.97 65,222.45 73,049.14

Revenue Growth 1% 39% 12%

EBIT 58,831.41 69,202.76 43,928.17

Tax -6% 2% 2%
NOPAT 62389.17 67818.70 43049.61
Add: Dep &Amort. 1,706.57 2,076.09 2,803.61
Less: CAPEX 4,533.63 -5,606.00 -5,606.00
Add/Less: Change in WC -11,896.46 -24,869.10 -32,286.40
FCFF 56732.91 39419.70 7960.82
WACC 13.22% 13.22% 13.22%
PV of FCFF 56732.91 34817.52 6210.50
Terminal Value
PV of TV

Assumption

EBIT 125% 106% 60%

Dep &Amort 4% 3% 4%
CAPEX -10% 9% 8%
WC -25% -38% -44%

Enterprise Value Calculation

Sum of PV of FCFF 140067.18
PV of TV 45748.8444489
Enterprise Value 185816.02

Contribution in EV from sumof PV of FCFF 75.38%

Contribution in EV from sumof PV of TV 24.62%

Equity Value Calculation

Debt 23232.65
Cash and Cash Eq. 2605.43
Net Debt 20627.22
Equity Value 165188.80
No. of Shares 692
Per Share Value 238.71

Current Share Price 431.9

 3 4 5 6 7 8
FY2025 FY2026 FY2027 FY2028 FY2029 FY2030

82,545.53 93,276.45 105,402.39 119,104.70 134,588.31 152,084.79

13% 13% 13% 13% 13% 13%

47,031.47 47,263.68 47,263.68 53407.96 60350.99 68196.62

2% 2% 2% 2% 2% 2%
46090.84 46318.41 46318.41 52339.80 59143.97 66832.69
3,593.24 4,450.28 5,380.47 6079.93 6870.32 7763.46
-5,606.00 -5,606.00 -5,606.00 -6334.78 -7158.30 -8088.88
-30,338.33 -32,981.25 -38,171.91 -43134.2541934 -48741.7072386 -55078.1291796
13739.76 12181.43 7920.97 8950.69 10114.28 11429.14
13.22% 13.22% 13.22% 13.22% 13.22% 13.22%
9467.45 7413.73 4257.95 4249.76 4241.57 4233.41

Assumption

57% 51% 45% 45% 45% 45%

4% 5% 5% 5% 5% 5%
7% 6% 5% 5% 5% 5%
-37% -35% -36% -36% -36% -36%
 9 10
FY2031 FY2032

171,855.82 194,197.07
13% 13%

77062.18 87080.27
2% 2%
75520.94 85338.66
8772.71 9913.16
-9140.44 -10328.6916152
-62238.2859729 -70329.2631494
12914.93 14593.87
13.22% 13.22%
4225.26 4217.12
158319.476458
45748.8444489

Assumption for Terminal Value

45% 45% Growth Rate 4%
5% 5% WACC 13.22%
5% 5%
-36% -36%
 Assumptions
Tax Rates 2%
Market Risk Premium 3.80%
Risk free Rate 6.00% EBIT
Growth Rate 4% I
EBT
Estimated Cost of Debt 13.05% Tax
Debt as % Capital 44.63%
Equity as % of Capital 55.37%
Estimated Cost of Equity 86.95%

WACC Calculation
Cost of Debt:
Estimated Cost of Debt 13.05%
Tax Rates 2%
Adj. Cost of Debt (AT) 12.79%

Cost of Equity
Beta 1.99
Cost of Equity 13.56200%

WACC 13.22%
WACC = W1*kd +W2*Ke

Kd = Ki*(1-t)

Ke = EPS/Po
Ke = Do/Po
Ke = D1/P0 + G

Ke = Rf + B*(Rm-Rf)
Date Nifty TATA motors Date
6/4/2021 15670.25 23.6 6/4/2021
6/7/2021 15751.650391 23.799999 6/7/2021
6/8/2021 15740.099609 24.110001 6/8/2021
6/9/2021 15635.349609 23.42 6/9/2021
6/10/2021 15737.75 23.559999 6/10/2021
6/11/2021 15799.349609 23.9 6/11/2021
6/14/2021 15811.849609 23.98 6/14/2021
6/15/2021 15869.25 23.75 6/15/2021
6/16/2021 15767.549805 23.620001 6/16/2021
6/17/2021 15691.400391 22.98 6/17/2021
6/18/2021 15683.349609 22.18 6/18/2021
6/21/2021 15746.5 22.6 6/21/2021
6/22/2021 15772.75 22.68 6/22/2021
6/23/2021 15686.950195 22.41 6/23/2021
6/24/2021 15790.450195 22.49 6/24/2021
6/25/2021 15860.349609 22.65 6/25/2021
6/28/2021 15814.700195 22.9 6/28/2021
6/29/2021 15748.450195 22.83 6/29/2021
6/30/2021 15721.5 22.780001 6/30/2021
7/1/2021 15680 22.969999 7/1/2021
7/2/2021 15722.200195 23.049999 7/2/2021
7/5/2021 15834.349609 20.33 7/5/2021
7/6/2021 15818.25 20.51 7/6/2021
7/7/2021 15879.650391 19.92 7/7/2021
7/8/2021 15727.900391 20.379999 7/8/2021
7/9/2021 15689.799805 20.32 7/9/2021
7/12/2021 15692.599609 20.4 7/12/2021
7/13/2021 15812.349609 20.559999 7/13/2021
7/14/2021 15853.950195 20.52 7/14/2021
7/15/2021 15924.200195 20.379999 7/15/2021
7/16/2021 15923.400391 20.09 7/16/2021
7/19/2021 15752.400391 20.440001 7/19/2021
7/20/2021 15632.099609 20.52 7/20/2021
7/22/2021 15824.049805 19.889999 7/22/2021
7/23/2021 15856.049805 19.610001 7/23/2021
7/26/2021 15824.450195 19.700001 7/26/2021
7/27/2021 15746.450195 19.27 7/27/2021
7/28/2021 15709.400391 19.34 7/28/2021
7/29/2021 15778.450195 19.82 7/29/2021
7/30/2021 15763.049805 19.68 7/30/2021
8/2/2021 15885.150391 19.84 8/2/2021
8/3/2021 16130.75 20.559999 8/3/2021
8/4/2021 16258.799805 19.719999 8/4/2021
8/5/2021 16294.599609 20.1 8/5/2021
8/6/2021 16238.200195 20.110001 8/6/2021
8/9/2021 16258.25 19.870001 8/9/2021
8/10/2021 16280.099609 19.74 8/10/2021
8/11/2021 16282.25 20.040001 8/11/2021
8/12/2021 16364.400391 20.5 8/12/2021
8/13/2021 16529.099609 20.5 8/13/2021
8/16/2021 16563.050781 20.219999 8/16/2021
8/17/2021 16614.599609 19.48 8/17/2021
8/18/2021 16568.849609 19.440001 8/18/2021
8/20/2021 16450.5 19.1 8/20/2021
8/23/2021 16496.449219 19.15 8/23/2021
8/24/2021 16624.599609 18.73 8/24/2021
8/25/2021 16634.650391 19.120001 8/25/2021
8/26/2021 16636.900391 19.17 8/26/2021
8/27/2021 16705.199219 18.9 8/27/2021
8/30/2021 16931.050781 19.75 8/30/2021
8/31/2021 17132.199219 19.76 8/31/2021
9/1/2021 17076.25 19.68 9/1/2021
9/2/2021 17234.150391 20.18 9/2/2021
9/3/2021 17323.599609 19.91 9/3/2021
9/6/2021 17377.800781 20.200001 9/6/2021
9/7/2021 17362.099609 19.76 9/7/2021
9/8/2021 17353.5 19.82 9/8/2021
9/9/2021 17369.25 20.209999 9/9/2021
9/13/2021 17355.300781 20.290001 9/13/2021
9/14/2021 17380 20.440001 9/14/2021
9/15/2021 17519.449219 20.549999 9/15/2021
9/16/2021 17629.5 21.110001 9/16/2021
9/17/2021 17585.150391 21.030001 9/17/2021
9/20/2021 17396.900391 20.68 9/20/2021
9/21/2021 17562 19.889999 9/21/2021
9/22/2021 17546.650391 20.469999 9/22/2021
9/23/2021 17822.949219 21.200001 9/23/2021
9/24/2021 17853.199219 22.07 9/24/2021
9/27/2021 17855.099609 21.799999 9/27/2021
9/28/2021 17748.599609 22.809999 9/28/2021
9/29/2021 17711.300781 22.07 9/29/2021
9/30/2021 17618.150391 22.33 9/30/2021
10/1/2021 17532.050781 22.41 10/1/2021
10/4/2021 17691.25 22.780001 10/4/2021
10/5/2021 17822.300781 22.719999 10/5/2021
10/6/2021 17646 23.129999 10/6/2021
10/7/2021 17790.349609 22.34 10/7/2021
10/8/2021 17895.199219 25.75 10/8/2021
10/11/2021 17945.949219 26.35 10/11/2021
10/12/2021 17991.949219 28.059999 10/12/2021
10/13/2021 18161.75 31.68 10/13/2021
10/14/2021 18338.550781 34.200001 10/14/2021
10/18/2021 18477.050781 33.93 10/18/2021
10/19/2021 18418.75 34.189999 10/19/2021
10/20/2021 18266.599609 33.790001 10/20/2021
10/21/2021 18178.099609 32 10/21/2021
10/22/2021 18114.900391 32.360001 10/22/2021
10/25/2021 18125.400391 33.57 10/25/2021
10/26/2021 18268.400391 32.27 10/26/2021
10/27/2021 18210.949219 32.200001 10/27/2021
10/28/2021 17857.25 33.169998 10/28/2021
10/29/2021 17671.650391 32.360001 10/29/2021
11/1/2021 17929.650391 32.040001 11/1/2021
11/2/2021 17888.949219 31.58 11/2/2021
11/3/2021 17829.199219 33.529999 11/3/2021
11/4/2021 17916.800781 31.77 11/4/2021
11/8/2021 18068.550781 32.880001 11/8/2021
11/9/2021 18044.25 32.48 11/9/2021
11/10/2021 18017.199219 32.759998 11/10/2021
11/11/2021 17873.599609 34.080002 11/11/2021
11/12/2021 18102.75 33.610001 11/12/2021
11/15/2021 18109.449219 33.459999 11/15/2021
11/16/2021 17999.199219 33.59 11/16/2021
11/17/2021 17898.650391 33.57 11/17/2021
11/18/2021 17764.800781 33.57 11/18/2021
11/22/2021 17416.550781 34.66 11/22/2021
11/23/2021 17503.349609 34.939999 11/23/2021
11/24/2021 17415.050781 33.139999 11/24/2021
11/25/2021 17536.25 33.450001 11/25/2021
11/26/2021 17026.449219 32.240002 11/26/2021
11/29/2021 17053.949219 32.84 11/29/2021
11/30/2021 16983.199219 32.880001 11/30/2021
12/1/2021 17166.900391 30.360001 12/1/2021
12/2/2021 17401.650391 30.959999 12/2/2021
12/3/2021 17196.699219 30.540001 12/3/2021
12/6/2021 16912.25 31.280001 12/6/2021
12/7/2021 17176.699219 31.969999 12/7/2021
12/8/2021 17469.75 31.450001 12/8/2021
12/9/2021 17516.849609 30.799999 12/9/2021
12/10/2021 17511.300781 31.85 12/10/2021
12/13/2021 17368.25 32.610001 12/13/2021
12/14/2021 17324.900391 32.139999 12/14/2021
12/15/2021 17221.400391 32.75 12/15/2021
12/16/2021 17248.400391 31.950001 12/16/2021
12/17/2021 16985.199219 31.690001 12/17/2021
12/20/2021 16614.199219 32.150002 12/20/2021
12/21/2021 16770.849609 31.629999 12/21/2021
12/22/2021 16955.449219 30.309999 12/22/2021
12/23/2021 17072.599609 29.469999 12/23/2021
12/24/2021 17003.75 30.379999 12/24/2021
12/27/2021 17086.25 31.5 12/27/2021
12/28/2021 17233.25 31.209999 12/28/2021
12/29/2021 17213.599609 31.780001 12/29/2021
12/30/2021 17203.949219 31.719999 12/30/2021
12/31/2021 17354.050781 31.549999 12/31/2021
1/3/2022 17625.699219 31.33 1/3/2022
1/4/2022 17805.25 32.09 1/4/2022
1/5/2022 17925.25 33.48 1/5/2022
1/6/2022 17745.900391 32.23 1/6/2022
1/7/2022 17812.699219 31.950001 1/7/2022
1/10/2022 18003.300781 32.849998 1/10/2022
1/11/2022 18055.75 32.880001 1/11/2022
1/12/2022 18212.349609 33.630001 1/12/2022
1/13/2022 18257.800781 34.130001 1/13/2022
1/14/2022 18255.75 34.32 1/14/2022
1/17/2022 18308.099609 34 1/17/2022
1/18/2022 18113.050781 34.5 1/18/2022
1/19/2022 17938.400391 33.779999 1/19/2022
1/20/2022 17757 34.299999 1/20/2022
1/21/2022 17617.150391 34.029999 1/21/2022
1/24/2022 17149.099609 32.619999 1/24/2022
1/25/2022 17277.949219 31.51 1/25/2022
1/27/2022 17110.150391 31.9 1/27/2022
1/28/2022 17101.949219 31.75 1/28/2022
1/31/2022 17339.849609 32.700001 1/31/2022
2/1/2022 17576.849609 32.77 2/1/2022
2/2/2022 17780 33.759998 2/2/2022
2/3/2022 17560.199219 33.400002 2/3/2022
2/4/2022 17516.300781 33.66 2/4/2022
2/7/2022 17213.599609 33.110001 2/7/2022
2/8/2022 17266.75 33.099998 2/8/2022
2/9/2022 17463.800781 32.799999 2/9/2022
2/10/2022 17605.849609 32.990002 2/10/2022
2/11/2022 17374.75 34.029999 2/11/2022
2/14/2022 16842.800781 33.360001 2/14/2022
2/15/2022 17352.449219 32.200001 2/15/2022
2/16/2022 17322.199219 31.110001 2/16/2022
2/17/2022 17304.599609 33.200001 2/17/2022
2/18/2022 17276.300781 33.049999 2/18/2022
2/21/2022 17206.650391 32.970001 2/21/2022
2/22/2022 17092.199219 32.669998 2/22/2022
2/23/2022 17063.25 31.549999 2/23/2022
2/24/2022 16247.950195 31.030001 2/24/2022
2/25/2022 16658.400391 29.360001 2/25/2022
2/28/2022 16793.900391 30.799999 2/28/2022
3/2/2022 16605.949219 30.290001 3/2/2022
3/3/2022 16498.050781 28.799999 3/3/2022
3/4/2022 16245.349609 29.889999 3/4/2022
3/7/2022 15863.150391 28.08 3/7/2022
3/8/2022 16013.450195 26.33 3/8/2022
3/9/2022 16345.349609 24.75 3/9/2022
3/10/2022 16594.900391 24.9 3/10/2022
3/11/2022 16630.449219 26.639999 3/11/2022
3/14/2022 16871.300781 26.120001 3/14/2022
3/15/2022 16663 26.200001 3/15/2022
3/16/2022 16975.349609 25.77 3/16/2022
3/17/2022 17287.050781 27.6 3/17/2022
3/21/2022 17117.599609 28.459999 3/21/2022
3/22/2022 17315.5 28.08 3/22/2022
3/23/2022 17245.650391 28.59 3/23/2022
3/24/2022 17222.75 27.82 3/24/2022
3/25/2022 17153 28.610001 3/25/2022
3/28/2022 17222 28.15 3/28/2022
3/29/2022 17325.300781 28.58 3/29/2022
3/30/2022 17498.25 28.4 3/30/2022
3/31/2022 17464.75 28.540001 3/31/2022
4/1/2022 17670.449219 29.15 4/1/2022
4/4/2022 18053.400391 28.25 4/4/2022
4/5/2022 17957.400391 27.950001 4/5/2022
4/6/2022 17807.650391 29.219999 4/6/2022
4/7/2022 17639.550781 29.690001 4/7/2022
4/8/2022 17784.349609 29.51 4/8/2022
4/11/2022 17674.949219 29.65 4/11/2022
4/12/2022 17530.300781 29.219999 4/12/2022
4/13/2022 17475.650391 30.15 4/13/2022
4/18/2022 17173.650391 29.32 4/18/2022
4/19/2022 16958.650391 28.309999 4/19/2022
4/20/2022 17136.550781 27.98 4/20/2022
4/21/2022 17392.599609 27.75 4/21/2022
4/22/2022 17171.949219 28.549999 4/22/2022
4/25/2022 16953.949219 28.190001 4/25/2022
4/26/2022 17200.800781 28.83 4/26/2022
4/27/2022 17038.400391 28.91 4/27/2022
4/28/2022 17245.050781 28.09 4/28/2022
4/29/2022 17102.550781 27.969999 4/29/2022
5/2/2022 17069.099609 27.67 5/2/2022
5/4/2022 16677.599609 27.75 5/4/2022
5/5/2022 16682.650391 28.450001 5/5/2022
5/6/2022 16411.25 28.209999 5/6/2022
5/9/2022 16301.849609 28.290001 5/9/2022
5/10/2022 16240.049805 28.549999 5/10/2022
5/11/2022 16167.099609 28.07 5/11/2022
5/12/2022 15808 27.299999 5/12/2022
5/13/2022 15782.150391 26.530001 5/13/2022
5/16/2022 15842.299805 25.41 5/16/2022
5/17/2022 16259.299805 25.459999 5/17/2022
5/18/2022 16240.299805 24.459999 5/18/2022
5/19/2022 15809.400391 24.120001 5/19/2022
5/20/2022 16266.150391 26.389999 5/20/2022
5/23/2022 16214.700195 26.09 5/23/2022
5/24/2022 16125.150391 27.530001 5/24/2022
5/25/2022 16025.799805 26.110001 5/25/2022
5/26/2022 16170.150391 26.01 5/26/2022
5/27/2022 16352.450195 26.76 5/27/2022
5/30/2022 16661.400391 27.379999 5/30/2022
5/31/2022 16584.550781 27.26 5/31/2022
6/1/2022 16522.75 27.24 6/1/2022
6/2/2022 16628 28.01 6/2/2022
6/3/2022 16584.300781 28.190001 6/3/2022
28.5
28.629999
28.799999
27.5

Daily Average Return

Standard Deviation
Corr.
Beta
Alpha
Returns of Nifty Returns of Tata motors Date Returns of Nifty
6/4/2021 100
1% 1% 6/7/2021 100.52
0% 1% 6/8/2021 100.45
-1% -3% 6/9/2021 99.78
1% 1% 6/10/2021 100.43
0% 1% 6/11/2021 100.82
0% 0% 6/14/2021 100.90
0% -1% 6/15/2021 101.27
-1% -1% 6/16/2021 100.62
0% -3% 6/17/2021 100.13
0% -3% 6/18/2021 100.08
0% 2% 6/21/2021 100.49
0% 0% 6/22/2021 100.65
-1% -1% 6/23/2021 100.11
1% 0% 6/24/2021 100.77
0% 1% 6/25/2021 101.21
0% 1% 6/28/2021 100.92
0% 0% 6/29/2021 100.50
0% 0% 6/30/2021 100.33
0% 1% 7/1/2021 100.06
0% 0% 7/2/2021 100.33
1% -12% 7/5/2021 101.05
0% 1% 7/6/2021 100.94
0% -3% 7/7/2021 101.34
-1% 2% 7/8/2021 100.37
0% 0% 7/9/2021 100.12
0% 0% 7/12/2021 100.14
1% 1% 7/13/2021 100.91
0% 0% 7/14/2021 101.17
0% -1% 7/15/2021 101.62
0% -1% 7/16/2021 101.62
-1% 2% 7/19/2021 100.52
-1% 0% 7/20/2021 99.76
1% -3% 7/22/2021 100.98
0% -1% 7/23/2021 101.19
0% 0% 7/26/2021 100.98
0% -2% 7/27/2021 100.49
0% 0% 7/28/2021 100.25
0% 2% 7/29/2021 100.69
0% -1% 7/30/2021 100.59
1% 1% 8/2/2021 101.37
2% 4% 8/3/2021 102.94
1% -4% 8/4/2021 103.76
0% 2% 8/5/2021 103.98
0% 0% 8/6/2021 103.62
0% -1% 8/9/2021 103.75
0% -1% 8/10/2021 103.89
0% 2% 8/11/2021 103.91
1% 2% 8/12/2021 104.43
1% 0% 8/13/2021 105.48
0% -1% 8/16/2021 105.70
0% -4% 8/17/2021 106.03
0% 0% 8/18/2021 105.73
-1% -2% 8/20/2021 104.98
0% 0% 8/23/2021 105.27
1% -2% 8/24/2021 106.09
0% 2% 8/25/2021 106.15
0% 0% 8/26/2021 106.17
0% -1% 8/27/2021 106.60
1% 4% 8/30/2021 108.05
1% 0% 8/31/2021 109.33
0% 0% 9/1/2021 108.97
1% 3% 9/2/2021 109.98
1% -1% 9/3/2021 110.55
0% 1% 9/6/2021 110.90
0% -2% 9/7/2021 110.80
0% 0% 9/8/2021 110.74
0% 2% 9/9/2021 110.84
0% 0% 9/13/2021 110.75
0% 1% 9/14/2021 110.91
1% 1% 9/15/2021 111.80
1% 3% 9/16/2021 112.50
0% 0% 9/17/2021 112.22
-1% -2% 9/20/2021 111.02
1% -4% 9/21/2021 112.07
0% 3% 9/22/2021 111.97
2% 4% 9/23/2021 113.74
0% 4% 9/24/2021 113.93
0% -1% 9/27/2021 113.94
-1% 5% 9/28/2021 113.26
0% -3% 9/29/2021 113.03
-1% 1% 9/30/2021 112.43
0% 0% 10/1/2021 111.88
1% 2% 10/4/2021 112.90
1% 0% 10/5/2021 113.73
-1% 2% 10/6/2021 112.61
1% -3% 10/7/2021 113.53
1% 15% 10/8/2021 114.20
0% 2% 10/11/2021 114.52
0% 6% 10/12/2021 114.82
1% 13% 10/13/2021 115.90
1% 8% 10/14/2021 117.03
1% -1% 10/18/2021 117.91
0% 1% 10/19/2021 117.54
-1% -1% 10/20/2021 116.57
0% -5% 10/21/2021 116.00
0% 1% 10/22/2021 115.60
0% 4% 10/25/2021 115.67
1% -4% 10/26/2021 116.58
0% 0% 10/27/2021 116.21
-2% 3% 10/28/2021 113.96
-1% -2% 10/29/2021 112.77
1% -1% 11/1/2021 114.42
0% -1% 11/2/2021 114.16
0% 6% 11/3/2021 113.78
0% -5% 11/4/2021 114.34
1% 3% 11/8/2021 115.30
0% -1% 11/9/2021 115.15
0% 1% 11/10/2021 114.98
-1% 4% 11/11/2021 114.06
1% -1% 11/12/2021 115.52
0% 0% 11/15/2021 115.57
-1% 0% 11/16/2021 114.86
-1% 0% 11/17/2021 114.22
-1% 0% 11/18/2021 113.37
-2% 3% 11/22/2021 111.14
0% 1% 11/23/2021 111.70
-1% -5% 11/24/2021 111.13
1% 1% 11/25/2021 111.91
-3% -4% 11/26/2021 108.65
0% 2% 11/29/2021 108.83
0% 0% 11/30/2021 108.38
1% -8% 12/1/2021 109.55
1% 2% 12/2/2021 111.05
-1% -1% 12/3/2021 109.74
-2% 2% 12/6/2021 107.93
2% 2% 12/7/2021 109.61
2% -2% 12/8/2021 111.48
0% -2% 12/9/2021 111.78
0% 3% 12/10/2021 111.75
-1% 2% 12/13/2021 110.84
0% -1% 12/14/2021 110.56
-1% 2% 12/15/2021 109.90
0% -2% 12/16/2021 110.07
-2% -1% 12/17/2021 108.39
-2% 1% 12/20/2021 106.02
1% -2% 12/21/2021 107.02
1% -4% 12/22/2021 108.20
1% -3% 12/23/2021 108.95
0% 3% 12/24/2021 108.51
0% 4% 12/27/2021 109.04
1% -1% 12/28/2021 109.97
0% 2% 12/29/2021 109.85
0% 0% 12/30/2021 109.79
1% -1% 12/31/2021 110.75
2% -1% 1/3/2022 112.48
1% 2% 1/4/2022 113.62
1% 4% 1/5/2022 114.39
-1% -4% 1/6/2022 113.25
0% -1% 1/7/2022 113.67
1% 3% 1/10/2022 114.89
0% 0% 1/11/2022 115.22
1% 2% 1/12/2022 116.22
0% 1% 1/13/2022 116.51
0% 1% 1/14/2022 116.50
0% -1% 1/17/2022 116.83
-1% 1% 1/18/2022 115.59
-1% -2% 1/19/2022 114.47
-1% 2% 1/20/2022 113.32
-1% -1% 1/21/2022 112.42
-3% -4% 1/24/2022 109.44
1% -3% 1/25/2022 110.26
-1% 1% 1/27/2022 109.19
0% 0% 1/28/2022 109.14
1% 3% 1/31/2022 110.65
1% 0% 2/1/2022 112.17
1% 3% 2/2/2022 113.46
-1% -1% 2/3/2022 112.06
0% 1% 2/4/2022 111.78
-2% -2% 2/7/2022 109.85
0% 0% 2/8/2022 110.19
1% -1% 2/9/2022 111.45
1% 1% 2/10/2022 112.35
-1% 3% 2/11/2022 110.88
-3% -2% 2/14/2022 107.48
3% -3% 2/15/2022 110.73
0% -3% 2/16/2022 110.54
0% 7% 2/17/2022 110.43
0% 0% 2/18/2022 110.25
0% 0% 2/21/2022 109.80
-1% -1% 2/22/2022 109.07
0% -3% 2/23/2022 108.89
-5% -2% 2/24/2022 103.69
3% -5% 2/25/2022 106.31
1% 5% 2/28/2022 107.17
-1% -2% 3/2/2022 105.97
-1% -5% 3/3/2022 105.28
-2% 4% 3/4/2022 103.67
-2% -6% 3/7/2022 101.23
1% -6% 3/8/2022 102.19
2% -6% 3/9/2022 104.31
2% 1% 3/10/2022 105.90
0% 7% 3/11/2022 106.13
1% -2% 3/14/2022 107.66
-1% 0% 3/15/2022 106.34
2% -2% 3/16/2022 108.33
2% 7% 3/17/2022 110.32
-1% 3% 3/21/2022 109.24
1% -1% 3/22/2022 110.50
0% 2% 3/23/2022 110.05
0% -3% 3/24/2022 109.91
0% 3% 3/25/2022 109.46
0% -2% 3/28/2022 109.90
1% 2% 3/29/2022 110.56
1% -1% 3/30/2022 111.67
0% 0% 3/31/2022 111.45
1% 2% 4/1/2022 112.76
2% -3% 4/4/2022 115.21
-1% -1% 4/5/2022 114.60
-1% 5% 4/6/2022 113.64
-1% 2% 4/7/2022 112.57
1% -1% 4/8/2022 113.49
-1% 0% 4/11/2022 112.79
-1% -1% 4/12/2022 111.87
0% 3% 4/13/2022 111.52
-2% -3% 4/18/2022 109.59
-1% -3% 4/19/2022 108.22
1% -1% 4/20/2022 109.36
1% -1% 4/21/2022 110.99
-1% 3% 4/22/2022 109.58
-1% -1% 4/25/2022 108.19
1% 2% 4/26/2022 109.77
-1% 0% 4/27/2022 108.73
1% -3% 4/28/2022 110.05
-1% 0% 4/29/2022 109.14
0% -1% 5/2/2022 108.93
-2% 0% 5/4/2022 106.43
0% 3% 5/5/2022 106.46
-2% -1% 5/6/2022 104.73
-1% 0% 5/9/2022 104.03
0% 1% 5/10/2022 103.64
0% -2% 5/11/2022 103.17
-2% -3% 5/12/2022 100.88
0% -3% 5/13/2022 100.71
0% -4% 5/16/2022 101.10
3% 0% 5/17/2022 103.76
0% -4% 5/18/2022 103.64
-3% -1% 5/19/2022 100.89
3% 9% 5/20/2022 103.80
0% -1% 5/23/2022 103.47
-1% 6% 5/24/2022 102.90
-1% -5% 5/25/2022 102.27
1% 0% 5/26/2022 103.19
1% 3% 5/27/2022 104.35
2% 2% 5/30/2022 106.33
0% 0% 5/31/2022 105.83
0% 0% 6/1/2022 105.44
1% 3% 6/2/2022 106.11
0% 1% 6/3/2022 105.83
-100% 1% 0.00
0%
1%
-5%

7%
1%
0.08858
0.25649
0.00109
Returns of Tata motors
100
100.85
102.16
99.24
99.83
101.27
101.61
100.64
100.08
97.37
93.98
95.76
96.10
94.96
95.30
95.97
97.03
96.74
96.53
97.33
97.67
86.14
86.91
84.41
86.36
86.10
86.44
87.12
86.95
86.36
85.13
86.61
86.95
84.28
83.09
83.47
81.65
81.95
83.98
83.39
84.07
87.12
83.56
85.17
85.21
84.19
83.64
84.92
86.86
86.86
85.68
82.54
82.37
80.93
81.14
79.36
81.02
81.23
80.08
83.69
83.73
83.39
85.51
84.36
85.59
83.73
83.98
85.64
85.97
86.61
87.08
89.45
89.11
87.63
84.28
86.74
89.83
93.52
92.37
96.65
93.52
94.62
94.96
96.53
96.27
98.01
94.66
109.11
111.65
118.90
134.24
144.92
143.77
144.87
143.18
135.59
137.12
142.25
136.74
136.44
140.55
137.12
135.76
133.81
142.08
134.62
139.32
137.63
138.81
144.41
142.42
141.78
142.33
142.25
142.25
146.86
148.05
140.42
141.74
136.61
139.15
139.32
128.64
131.19
129.41
132.54
135.47
133.26
130.51
134.96
138.18
136.19
138.77
135.38
134.28
136.23
134.03
128.43
124.87
128.73
133.47
132.25
134.66
134.41
133.69
132.75
135.97
141.86
136.57
135.38
139.19
139.32
142.50
144.62
145.42
144.07
146.19
143.14
145.34
144.19
138.22
133.52
135.17
134.53
138.56
138.86
143.05
141.53
142.63
140.30
140.25
138.98
139.79
144.19
141.36
136.44
131.82
140.68
140.04
139.70
138.43
133.69
131.48
124.41
130.51
128.35
122.03
126.65
118.98
111.57
104.87
105.51
112.88
110.68
111.02
109.19
116.95
120.59
118.98
121.14
117.88
121.23
119.28
121.10
120.34
120.93
123.52
119.70
118.43
123.81
125.81
125.04
125.64
123.81
127.75
124.24
119.96
118.56
117.58
120.97
119.45
122.16
122.50
119.03
118.52
117.25
117.58
120.55
119.53
119.87
120.97
118.94
115.68
112.42
107.67
107.88
103.64
102.20
111.82
110.55
116.65
110.64
110.21
113.39
116.02
115.51
115.42
118.69
119.45
120.76
121.31
122.03
116.53