CLSA ON TATA MOTORS Upgrade to high-conviction Outperform from Outperform, target price 930 Adverse near-term outlook gives scope to enter at a favorable valuation JLR is presently trading at 1.2x FY27CL EV/EBITDA, way below its normative multiple of 2.5x At the current price, the implied per-share value of JLR is ~320 vs target valuation of ₹450 per share in sum-of-the-parts valuation This gives enough cushion against the impact of the US tariff hike and weaker-than-expected demand and margin After a couple of subdued years for medium and heavy commercial vehicles, we believe a cyclical revival from FY27 would start getting priced in over the coming quarters