Fundamental Radar: Tata Motors a play on EPV space as well as strong JLR order book

"Tata Motors Limited (TML) is one of India’s largest Original Equipment Manufacturers (OEMs). With FCF generation in JLR business and value unlocking at its non-core investments (Tata Technologies), the net automotive debt is expected to come down in the coming years. The stock is currently trading EV/EBITDA multiple of 4.9x its FY25 estimates. We have a Buy rating with at target price of Rs 516," Abhishek Gaoshinde, Deputy Vice President of Research at Sharekhan by BNP Paribas, said.