2025-06-16-花旗集团-塔塔科技（TATE）_塔塔科技（TATE.NS）_模型更新_12页_531kb

Key Takeaways

1. Company: Tata Technologies (TATE.NS)
2. Recommendation: Maintain Strong "Sell"
3. Target Price: Rs 665 per share (Down from Rs 570 previously)
4. Price/Target Price Ratio: Rs 735.50 (current) / Rs 665 (target)
5. Expected Return: Negative
   • Expected Share Price Return: -9.6%
   • Expected Total Return: -7.8%
6. Dividend Yield: Expected 1.8%
7. Market Cap: ~₹298,369 Cr / ~US $3,465 Cr
8. Timeframe: Estimates revised for FY26E-FY27E
9. Key Drivers: Incorporation of exchange rate changes and operational parameters.
10. Valuation: 32x FY27E (March 2027) EPS, representing ~10% discount to the ER&D sector. P/E is the preferred valuation measure cited.
11. Key Risks/Downside Factors:
    • Erosion/moderation in tech spends within the automotive vertical.
    12. Key Upside Catalysts:
        • Better than expected OEM demand from the US/Europe.
        • Business wins/win with VinFast.
        • Material rupee devaluation against USD/EUR/GBP.
        • Higher billing rates.
12. EPS Growth Projections: 8.8% (2024A->2025A), 10.7% (2025A->2026E), 13.0% (2026E->2027E), 14.1% (2027E->2028E)