India's Tata Motors gains after Nomura initiates with 'buy'

Tata Motors

22/01/2026 04:45

** Shares of Indian commercial vehicle maker Tata Motors TATM.NS up 3% to 448.30 rupees

** Nomura initiates coverage on stock with "Buy" rating, PT of 481 rupees - about 11% upside from last close

     ** Brokerage says a clear improvement in fleet operator economics, driven by lower GST cuts and better freight rates, will lead to higher profitability

** TATM's India business is likely to benefit from the expected upcycle, given its dominant market share of ~46% in the domestic MHCV industry in FY25

** Expect healthy 10%/10%/5% yoy volume growth in FY26-28F, with EBITDA margins expanding to 12%-13% over FY26-28F - Nomura

** The average rating of seven analysts tracking TATM is "Buy"; the median price target is 487.50 rupees, per data compiled by LSEG

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))