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ICICI Securities Report
We attended Tata Technologies Ltd.’s analyst meet. The demonstration indicated the company’s prowess in-
ICE to EV conversion,
software defined vehicles,
smart manufacturing,
plant engineering,
robotics,
AI implementation and
battery solutions.
Special emphasis has been put on deepening partnership with original equipment manufacturer ecosystem stakeholders to speed up the transition to software/ SDV portfolio. It has also added marquee names to client roster to limit the downside from VinFast ramp-down (in EV, semiconductor, manufacturing domain).
We recommend Buy with unchanged target price of Rs 1,290 on one-year forward PE of 56 times (in line with lifetime median/average PE).
Key risks: Under-penetration in Europe and other verticals being unable to adequately compensate for VinFast’s ramp-down.
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