🚨🏫 *JEFFERIES ON TATA MOTORS* (CMP:₹685.30) MAINTAIN : UNDERPERFOyRM TARGET PRICE: ₹600 JLR Presented A Weak Outlook For FY26 At Its Investor Day, With Guidance Of 5%-7% EBIT Margin & Near-zero FCF JLR Remains Focused On Enhancing Its Brand Proposition And Internal Cost Controls However, It Highlighted Multiple Challenges Including Trade & Tech Protectionism, A Weaker $, Tough China Macro, BEV Transition, Emission Regulations, & Warranty Costs Cut FY26-28E EPS By 12-19%