Any current/future new fundraising through debt or equity?

Currently, there are no plans for fundraising through the EV arm; the business is well-funded. Capex funding is secured with Rs. 7,500 crore from TPG covering 50% of the Rs. 2,000 crore planned funding. Additional funding support is expected from the Production Linked Incentive (PLI) scheme, which benefits capex spending. Internal expectations are that PLI benefits, pending government approval and certificate, may be realized by Q4. Tata Motors is on track to reduce net debt at JLR from GBP 2.249 billion to below GBP 1 billion by the end of the financial year, indicating continued debt managem

Any current/future capex/capital investment/strategic investment?

Tata Motors has secured Rs. 7,500 crore from TPG, covering 50% of a planned $2 billion funding for the India EV arm, along with PLI benefits, indicating strong capex funding. PLI scheme requires Rs. 120 crore threshold capex with a target of Rs. 2,000 crore for eligibility; benefits include 13%-18% incentives on EV sales. Upcoming investments for new generation BEV production planned at UK plants Halewood and Solihull (investment levels expected to rise in H2). Tata Motors plans Rs. 8,000 crore capex spend for the current year, on track to deliver. Additional Rs. 100 crore planned investment o

Future growth expectations in sales/revenue/volumes?

Tata Motors expects to stay committed to improving the value proposition with every model year and regulatory change for sustained growth (Page 21). PV segment is expected to see strong festive season growth (30% registrations growth during Navaratra) backed by new launches and CNG success (Page 21). Nexon new model is receiving very strong response with 3-4 months waiting period; EV bookings have increased 2-3 times compared to normal times (Page 21). PV industry mid-to-long term growth projected at 6-7% CAGR; FY 2025 expected to have single-digit growth (Page 17). EV sales currently concentr

Future growth expectations in earnings/operating earnings/profits/EPS?

EBIT margin guidance remains to reach double-digit levels by FY 2026, with no changes despite current year update to 8% (Richard Molyneux, p.20). Tata Motors anticipates profitable growth from new electric Jaguar models, contributing positively to future EBITDA and EBIT (p.18). For FY 2025, moderate single-digit growth is expected in the passenger vehicle segment, with industry mid-to-long-term CAGR around 6-7% (Shailesh Chandra, p.17). Commercial vehicles (M&HCV) expected to see continued double-digit YoY growth in Q3, flattish to slight growth in Q4; overall FY 2025 outlook to be clear

Current/ Expected Orderbook/ Pending Orders?

JLR order book was around 168,000 units (Page 5). Order book runs down steadily by about 5,000 units per month, expected to normalize to pre-pandemic levels (~110,000 units) by end of FY or start of next fiscal year (Page 16). Tata Motors PV segment saw order book depletion during the festive period due to deliveries, but replenished through new successful launches like Harrier, Safari, Nexon (Page 24). Nexon bookings 2-3 times higher than normal; waiting periods 3-4 months depending on variant (Page 21). Curvv and Sierra models planned for launch in 2024 and 2025 respectively; Sanand plant pr

Tata Motors Passenger Vehicles LtdQ2 FY24Automobiles

Tata Motors Passenger Vehicles Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹265.4P/E: 98.1Market Cap: ₹97.7K CrSector: Automobiles

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Order

Capex

Yes

1 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Tata Motors expects to stay committed to improving the value proposition with every model year and regulatory change for sustained growth (Page 21).
PV segment is expected to see strong festive season growth (30% registrations growth during Navaratra) backed by new launches and CNG success (Page 21).
Nexon new model is receiving very strong response with 3-4 months waiting period; EV bookings have increased 2-3 times compared to normal times (Page 21).
PV industry mid-to-long term growth projected at 6-7% CAGR; FY 2025 expected to have single-digit growth (Page 17).
EV sales currently concentrated in 25 cities; expansion into larger markets anticipated to drive growth (Page 18).
Introduction of new EV price points and body styles expected to broaden market and increase volume (Page 18).
Commercial vehicle market share improving, especially in M&HCV and ILMCV; focus on profitable growth in SCV segment via B2C pivot (Pages 8, 20).
Inventory and supply constraints expected to ease, supporting volume growth in H2 (Page 12).

Margin guidance

Category 3

EBIT margin guidance remains to reach double-digit levels by FY 2026, with no changes despite current year update to 8% (Richard Molyneux, p.20).
Tata Motors anticipates profitable growth from new electric Jaguar models, contributing positively to future EBITDA and EBIT (p.18).
For FY 2025, moderate single-digit growth is expected in the passenger vehicle segment, with industry mid-to-long-term CAGR around 6-7% (Shailesh Chandra, p.17).
Commercial vehicles (M&HCV) expected to see continued double-digit YoY growth in Q3, flattish to slight growth in Q4; overall FY 2025 outlook to be clearer post-Q1 elections (Girish Wagh, p.16).
Free cash flow for current year guided at GBP 2 billion, despite EBIT improvement, due to increased investment in BEV production capacity (p.13).
EBITDA improvements supported by material cost savings, reduced marketing expenses, and strong pricing/mix (p.5-6).
EV business profitability nearing double-digit EBITDA, with expected further improvement as battery prices decline (p.10-11).

See what Tata Motors Passenger Vehicles Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, there are no plans for fundraising through the EV arm; the business is well-funded.
Capex funding is secured with Rs. 7,500 crore from TPG covering 50% of the Rs. 2,000 crore planned funding.
Additional funding support is expected from the Production Linked Incentive (PLI) scheme, which benefits capex spending.
Internal expectations are that PLI benefits, pending government approval and certificate, may be realized by Q4.
Tata Motors is on track to reduce net debt at JLR from GBP 2.249 billion to below GBP 1 billion by the end of the financial year, indicating continued debt management.
No immediate new debt or equity fundraising has been highlighted; focus remains on executing current plans and deleveraging.

Order book

JLR order book was around 168,000 units (Page 5).
Order book runs down steadily by about 5,000 units per month, expected to normalize to pre-pandemic levels (~110,000 units) by end of FY or start of next fiscal year (Page 16).
Tata Motors PV segment saw order book depletion during the festive period due to deliveries, but replenished through new successful launches like Harrier, Safari, Nexon (Page 24).
Nexon bookings 2-3 times higher than normal; waiting periods 3-4 months depending on variant (Page 21).
Curvv and Sierra models planned for launch in 2024 and 2025 respectively; Sanand plant production starting H1 2024 (Page 23).
ACE EV has initial orders from 4 customers, growing retail traction, deploying vehicles month-over-month; finance and charging infrastructure being improved (Page 15).

See what Tata Motors Passenger Vehicles Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Tata Motors has secured Rs. 7,500 crore from TPG, covering 50% of a planned $2 billion funding for the India EV arm, along with PLI benefits, indicating strong capex funding.
PLI scheme requires Rs. 120 crore threshold capex with a target of Rs. 2,000 crore for eligibility; benefits include 13%-18% incentives on EV sales.
Upcoming investments for new generation BEV production planned at UK plants Halewood and Solihull (investment levels expected to rise in H2).
Tata Motors plans Rs. 8,000 crore capex spend for the current year, on track to deliver.
Additional Rs. 100 crore planned investment over next 2-3 years in Freight Tiger for digital freight management.
Investment also ongoing in Tata Technologies with strategic sale to TPG Climate Rise fund focusing on green technologies.
Focus on EV battery plants with UK and India plants announced, with updates to be shared soon.

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