Summary

TATA MOTORS LTD

Total number of shares (cr) 368.12
Current price ₹627.15
Market Cap (cr) ₹230,866

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 45%
153 No 55%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 437,928
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least NO

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 20.26
Earnings before 10 years 29.90 NO
Check Value -32.25%

Financial Ratios
ss than 14 -366.42 Yes
2 1,510.70 No
e less than 1 1.26 No
-412.29% No
-0.17% No

Page 3
 EPV method

Avg. Profit 5 years -630

Other income % -119%
EPV at 7% returns -8821
+ Invesments 22,971.07
+ Cash equivalents 45,807
Total 59957
Borrowings 107,263
Other Liabilities 177,340
IV1 (- all liabilities) IV2 (- Debt alone) 0
-610 -129
MoS 203% 588%

Page 4
 EPV method

Net Profit 2020 2021 2022 2023 2024

-12,070.85 -13,451.39 -11,441.47 2,414.29 31,399.09
Other income 2020 2021 2022 2023 2024
101.71 -11,117.83 2,424.05 6,663.97 5,672.66

Page 5
 Buffett Method

Profit Growth CAGR 10.00%

Debt 107,262.50
Avg. Capex 5 years -103.2
Avg. D&A 5 years 24,388

Net Profit Adjusted Value

2025 34,539 34,755
2026 37,993 35,309
2027 41,792 35,894
2028 45,971 36,507
2029 50,569 37,150
Terminal value 707,960 492,519
Total 672,135
IV3 1,826
MoS 66%

Page 6
 Buffett Method

Net Profit 2019 2020 2021 2022 2023 2024

-28,826.23 -12,070.85 -13,451.39 -11,441.47 2,414.29 31,399.09
Capex 2019 2020 2021 2022 2023 2024
-88 -224 -77 -91 -50 -74
Depreciation 2019 2020 2021 2022 2023 2024
23,590.63 21,425.43 23,546.71 24,835.69 24,860.36 27,270.13

Page 7
TATA MOTORS LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 263,158.98 273,045.60 269,692.51 291,550.48 301,938.40 261,067.97 249,794.75 278,453.62 345,966.97 437,927.77 443,059.00 554,332.49 463,722.74
Expenses 223,920.33 234,650.35 240,103.82 260,092.80 277,274.07 243,080.90 217,507.32 253,733.53 314,151.17 378,389.43 384,937.00 481,613.25 416,108.97
Operating Profit 39,238.65 38,395.25 29,588.69 31,457.68 24,664.33 17,987.07 32,287.43 24,720.09 31,815.80 59,538.34 58,122.00 72,719.24 47,613.76
Other Income 714.03 -2,669.62 1,869.10 5,932.73 -26,686.25 101.71 -11,117.83 2,424.05 6,663.97 5,672.66 6,777.00 - -
Depreciation 13,388.63 16,710.78 17,904.99 21,553.59 23,590.63 21,425.43 23,546.71 24,835.69 24,860.36 27,270.13 25,138.00 25,138.00 25,138.00
Interest 4,861.49 4,889.08 4,238.01 4,681.79 5,758.60 7,243.33 8,097.17 9,311.86 10,225.48 9,985.76 8,081.00 8,081.00 8,081.00
Profit before tax 21,702.56 14,125.77 9,314.79 11,155.03 -31,371.15 -10,579.98 -10,474.28 -7,003.41 3,393.93 27,955.11 31,680.00 39,500.24 14,394.76
Tax 7,642.91 3,025.05 3,251.23 4,341.93 -2,437.45 395.25 2,541.86 4,231.29 704.06 -3,851.64 -569.00 -2% -2%
Net profit 13,986.29 11,579.31 7,454.36 8,988.91 -28,826.23 -12,070.85 -13,451.39 -11,441.47 2,414.29 31,399.09 31,767.00 40,209.70 14,653.31
EPS 48.44 40.11 25.82 31.13 -99.84 -39.08 -40.51 -34.45 7.27 94.47 86.30 109.23 39.81
Price to earning 11.24 9.64 18.04 10.50 -1.75 -1.82 -7.45 -12.59 57.89 10.51 7.27 25.22 7.27
Price 544.37 386.60 465.85 326.85 174.25 71.05 301.80 433.75 420.80 992.80 627.15 2,754.98 289.29

RATIOS:
Dividend Payout 0.00% 0.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31.73% 7.32%
OPM 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 9.20% 13.60% 13.12%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 5.82% 7.17% 7.72% 20.58% 26.58% 26.58% 5.82%
OPM 11.09% 10.27% 10.57% 10.93% 13.12% 13.12% 10.27%
Price to Earning 17.87 21.54 25.22 25.22 7.27 25.22 7.27
TATA MOTORS LTD SCREENER.IN

Narration Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
Sales 79,611.37 88,488.59 105,932.35 102,236.00 105,129.00 110,577.00 119,986.00 108,048.00 101,450.00 113,575.00
Expenses 74,039.06 77,668.35 92,817.95 89,019.00 91,362.00 95,159.00 102,851.00 92,263.00 89,291.00 100,532.00
Operating Profit 5,572.31 10,820.24 13,114.40 13,217.00 13,767.00 15,418.00 17,135.00 15,785.00 12,159.00 13,043.00
Other Income 1,351.14 1,129.98 1,452.86 895.00 1,557.00 1,604.00 1,619.00 1,747.00 1,647.00 1,764.00
Depreciation 5,897.34 6,071.78 7,050.20 6,633.00 6,637.00 6,850.00 7,151.00 6,574.00 6,005.00 5,408.00
Interest 2,487.26 2,675.83 2,641.67 2,615.00 2,652.00 2,485.00 2,234.00 2,088.00 2,034.00 1,725.00
Profit before tax -1,461.15 3,202.61 4,875.39 4,864.00 6,035.00 7,687.00 9,369.00 8,870.00 5,767.00 7,674.00
Tax -457.08 262.83 -620.65 1,563.00 2,203.00 542.00 -8,160.00 3,178.00 2,317.00 2,096.00
Net profit -944.61 2,957.71 5,407.79 3,203.00 3,764.00 7,025.00 17,407.00 5,566.00 3,343.00 5,451.00

OPM 7% 12% 12% 13% 13% 14% 14% 15% 12% 11%
TATA MOTORS LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 643.78 679.18 679.22 679.22 679.22 719.54 765.81 765.88 766.02 766.50
Reserves 55,618.14 78,273.23 57,382.67 94,748.69 59,500.34 62,358.99 54,480.91 43,795.36 44,555.77 84,151.52
Borrowings 73,610.39 69,359.96 78,603.98 88,950.47 106,175.34 124,787.64 142,130.57 146,449.03 134,113.44 107,262.50
Other Liabilities 107,442.48 114,871.75 135,914.49 142,813.43 139,348.59 132,313.22 144,192.62 138,051.22 155,239.20 177,340.09
Total 237,314.79 263,184.12 272,580.36 327,191.81 305,703.49 320,179.39 341,569.91 329,061.49 334,674.43 369,520.61

Net Block 88,479.49 107,231.76 95,944.08 121,413.86 111,234.47 127,107.14 138,707.61 138,855.45 132,079.76 121,285.46
Capital Work in Progress 28,640.09 25,918.94 33,698.84 40,033.50 31,883.84 35,622.29 20,963.93 10,251.09 14,274.50 35,698.43
Investments 15,336.74 23,767.02 20,337.92 20,812.75 15,770.72 16,308.48 24,620.28 29,379.53 26,379.16 22,971.07
Other Assets 104,858.47 106,266.40 122,599.52 144,931.70 146,814.46 141,141.48 157,278.09 150,575.42 161,941.01 189,565.65
Total 237,314.79 263,184.12 272,580.36 327,191.81 305,703.49 320,179.39 341,569.91 329,061.49 334,674.43 369,520.61

Working Capital -2,584.01 -8,605.35 -13,314.97 2,118.27 7,465.87 8,828.26 13,085.47 12,524.20 6,701.81 12,225.56
Debtors 12,579.20 13,570.91 14,075.55 19,893.30 18,996.17 11,172.69 12,679.08 12,442.12 15,737.97 16,951.81
Inventory 29,272.34 32,655.73 35,085.31 42,137.63 39,013.73 37,456.88 36,088.59 35,240.34 40,755.39 47,788.29

Debtor Days 17.45 18.14 19.05 24.90 22.96 15.62 18.53 16.31 16.60 14.13
Inventory Turnover 8.99 8.36 7.69 6.92 7.74 6.97 6.92 7.90 8.49 9.16

Return on Equity 25% 15% 13% 9% -48% -19% -24% -26% 5% 37%
Return on Capital Emp 14% 10% 10% -15% -2% -1% 1% 7% 20%
TATA MOTORS LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity 35,531.26 37,899.54 30,199.25 23,857.42 18,890.75 26,632.94 29,000.51 14,282.83 35,388.01 67,915.36
Cash from Investing Activity -36,232.35 -36,693.90 -39,571.40 -25,139.14 -20,878.07 -33,114.55 -25,672.50 -4,443.66 -15,417.17 -22,781.56
Cash from Financing Activity 5,201.44 -3,795.12 6,205.30 2,011.71 8,830.37 3,389.61 9,904.20 -3,380.17 -26,242.90 -37,005.99
Net Cash Flow 4,500.35 -2,589.48 -3,166.85 729.99 6,843.05 -3,092.00 13,232.21 6,459.00 -6,272.06 8,127.81
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COMPANY NAME TATA MOTORS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 368.12
Face Value 2.00
Current Price 627.15
Market Capitalization 230,865.74

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 263,158.98 273,045.60 269,692.51 291,550.48
Raw Material Cost 163,250.36 166,134.01 173,294.08 187,896.58
Change in Inventory 3,330.35 2,750.99 7,399.92 2,046.58
Power and Fuel 1,121.75 1,143.63 1,159.82 1,308.08
Other Mfr. Exp 16,173.17 12,101.53 10,067.37 10,971.66
Employee Cost 25,641.95 28,880.89 28,332.89 30,300.09
Selling and admin 23,603.01 21,991.90 30,039.38 31,004.58
Other Expenses -2,539.56 7,149.38 4,610.20 658.39
Other Income 714.03 -2,669.62 1,869.10 5,932.73
Depreciation 13,388.63 16,710.78 17,904.99 21,553.59
Interest 4,861.49 4,889.08 4,238.01 4,681.79
Profit before tax 21,702.56 14,125.77 9,314.79 11,155.03
Tax 7,642.91 3,025.05 3,251.23 4,341.93
Net profit 13,986.29 11,579.31 7,454.36 8,988.91
Dividend Amount 67.92

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 79,611.37 88,488.59 105,932.35 102,236.00
Expenses 74,039.06 77,668.35 92,817.95 89,019.00
Other Income 1,351.14 1,129.98 1,452.86 895.00
Depreciation 5,897.34 6,071.78 7,050.20 6,633.00
Interest 2,487.26 2,675.83 2,641.67 2,615.00
Profit before tax -1,461.15 3,202.61 4,875.39 4,864.00
Tax -457.08 262.83 -620.65 1,563.00
Net profit -944.61 2,957.71 5,407.79 3,203.00
Operating Profit 5,572.31 10,820.24 13,114.40 13,217.00

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 643.78 679.18 679.22 679.22
Reserves 55,618.14 78,273.23 57,382.67 94,748.69
Borrowings 73,610.39 69,359.96 78,603.98 88,950.47
Other Liabilities 107,442.48 114,871.75 135,914.49 142,813.43
Total 237,314.79 263,184.12 272,580.36 327,191.81
Net Block 88,479.49 107,231.76 95,944.08 121,413.86
Capital Work in Progress 28,640.09 25,918.94 33,698.84 40,033.50
Investments 15,336.74 23,767.02 20,337.92 20,812.75
Other Assets 104,858.47 106,266.40 122,599.52 144,931.70
Total 237,314.79 263,184.12 272,580.36 327,191.81
Receivables 12,579.20 13,570.91 14,075.55 19,893.30
Inventory 29,272.34 32,655.73 35,085.31 42,137.63
Cash & Bank 32,115.76 30,460.40 36,077.88 34,613.91
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 35,531.26 37,899.54 30,199.25 23,857.42
Cash from Investing Activity -36,232.35 -36,693.90 -39,571.40 -25,139.14
Cash from Financing Activity 5,201.44 -3,795.12 6,205.30 2,011.71
Net Cash Flow 4,500.35 -2,589.48 -3,166.85 729.99

PRICE: 544.37 386.60 465.85 326.85

DERIVED:
Adjusted Equity Shares in Cr 288.74 288.72 288.73 288.73
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

301,938.40 261,067.97 249,794.75 278,453.62 345,966.97 437,927.77
194,267.91 164,899.82 153,607.36 179,295.33 231,251.26 274,321.23
-2,053.28 -2,231.19 -4,684.16 -1,590.49 4,781.62 1,565.53
1,585.93 1,264.95 1,112.87 2,178.29 2,513.33 2,195.12
11,694.54 11,541.51 8,273.17 9,427.38 11,765.97 17,114.33
33,243.87 30,438.60 27,648.48 30,808.52 33,654.70 42,486.64
32,719.80 29,248.32 23,015.79 29,205.40 34,839.19 42,765.33
1,708.74 3,456.51 -834.51 1,228.12 4,908.34 1,072.31
-26,686.25 101.71 -11,117.83 2,424.05 6,663.97 5,672.66
23,590.63 21,425.43 23,546.71 24,835.69 24,860.36 27,270.13
5,758.60 7,243.33 8,097.17 9,311.86 10,225.48 9,985.76
-31,371.15 -10,579.98 -10,474.28 -7,003.41 3,393.93 27,955.11
-2,437.45 395.25 2,541.86 4,231.29 704.06 -3,851.64
-28,826.23 -12,070.85 -13,451.39 -11,441.47 2,414.29 31,399.09
766.02 2,299.50

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

105,129.00 110,577.00 119,986.00 108,048.00 101,450.00 113,575.00
91,362.00 95,159.00 102,851.00 92,263.00 89,291.00 100,532.00
1,557.00 1,604.00 1,619.00 1,747.00 1,647.00 1,764.00
6,637.00 6,850.00 7,151.00 6,574.00 6,005.00 5,408.00
2,652.00 2,485.00 2,234.00 2,088.00 2,034.00 1,725.00
6,035.00 7,687.00 9,369.00 8,870.00 5,767.00 7,674.00
 2,203.00 542.00 -8,160.00 3,178.00 2,317.00 2,096.00
3,764.00 7,025.00 17,407.00 5,566.00 3,343.00 5,451.00
13,767.00 15,418.00 17,135.00 15,785.00 12,159.00 13,043.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

679.22 719.54 765.81 765.88 766.02 766.50
59,500.34 62,358.99 54,480.91 43,795.36 44,555.77 84,151.52
106,175.34 124,787.64 142,130.57 146,449.03 134,113.44 107,262.50
139,348.59 132,313.22 144,192.62 138,051.22 155,239.20 177,340.09
305,703.49 320,179.39 341,569.91 329,061.49 334,674.43 369,520.61
111,234.47 127,107.14 138,707.61 138,855.45 132,079.76 121,285.46
31,883.84 35,622.29 20,963.93 10,251.09 14,274.50 35,698.43
15,770.72 16,308.48 24,620.28 29,379.53 26,379.16 22,971.07
146,814.46 141,141.48 157,278.09 150,575.42 161,941.01 189,565.65
305,703.49 320,179.39 341,569.91 329,061.49 334,674.43 369,520.61
18,996.17 11,172.69 12,679.08 12,442.12 15,737.97 16,951.81
39,013.73 37,456.88 36,088.59 35,240.34 40,755.39 47,788.29
32,648.82 33,726.97 46,792.46 40,669.19 37,015.56 45,806.69
### ### ### ### ### ###

2.00 2.00 2.00 2.00 2.00 2.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

18,890.75 26,632.94 29,000.51 14,282.83 35,388.01 67,915.36
-20,878.07 -33,114.55 -25,672.50 -4,443.66 -15,417.17 -22,781.56
8,830.37 3,389.61 9,904.20 -3,380.17 -26,242.90 -37,005.99
6,843.05 -3,092.00 13,232.21 6,459.00 -6,272.06 8,127.81

174.25 71.05 301.80 433.75 420.80 992.80

288.73 308.90 332.03 332.07 332.13 332.37