【高盛-2025研报】塔塔汽车（TAMO）：塔塔汽车（TAMO.BO）：捷豹路虎投资者日表明2026财年预期息税前利润率将降低约250个基点 自由现金流为零.pdfVIP

16June2025|11:32PMIST

TataMotors(TAMO.BO)

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tJLRInvestorDaypointsto~250bpslowerEBITmargin/zeroFCFinFY26E

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ChandramouliMuthiah

TAMO.BO12m Price Target: Rs660.00Price: Rs686.70Downside: 3.9%

+91(22)6616-9344|chandramouli.muthiah@

GoldmanSachsIndiaSPL

JaguarLandRover(subsidiaryofTataMotors)heldits2025InvestorKotaYuzawa

+81(3)4587-9863|kota.yuzawa@

DayinGaydon(UK)onJune16.Headingintotheevent,investorGoldmanSachsJapanCo.,Ltd.

focuswasaroundhowtheuncertaintyaroundUStariffswouldbeRishabhRathi

+91(22)6616-9388|rishabh.rathi@

reflectedinmanagementguidance,specificallyaroundEBITmarginGoldmanSachsIndiaSPL

andFCFatJLR.Attheevent,JLReventuallyguidedtoFY26EBIT

marginbetween5%-7%(vsFY25at8.5%andperiodGSeFY26

EBITmarginof6.8%)andclosetoZeroFreeCashFlow(vsFY25

KeyData__________________________________

atGBP1.5bn).Mosto