TATA MOTORS LTD

FINANCIAL
MODELING
REPORT

PREPARED BY :
ANIL SHINDE
anishindj@gmail.com
 Histrorical Financial Statement -TATA MOTORS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

# Income Statement
Sales ₹ 2,63,159.0 ₹ 2,73,045.6 ₹ 2,69,692.5 ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6 ₹ 3,45,967.0 ₹ 4,37,927.8
Sales Growth - 3.76% -1.23% 8.10% 3.56% -13.54% -4.32% 11.47% 24.25% 26.58%

COGS ₹ 2,02,856.9 ₹ 2,05,509.1 ₹ 2,05,454.2 ₹ 2,28,429.8 ₹ 2,42,845.5 ₹ 2,10,376.1 ₹ 1,95,326.0 ₹ 2,23,300.0 ₹ 2,74,403.6 ₹ 3,15,242.3
COGS % Sales 77.09% 75.27% 76.18% 78.35% 80.43% 80.58% 78.19% 80.19% 79.31% 71.99%

Gross Profit ₹ 60,302.10 ₹ 67,536.53 ₹ 64,238.27 ₹ 63,120.65 ₹ 59,092.87 ₹ 50,691.90 ₹ 54,468.71 ₹ 55,153.61 ₹ 71,563.33 ₹ 1,22,685.43
Gross Margins 22.91% 24.73% 23.82% 21.65% 19.57% 19.42% 21.81% 19.81% 20.69% 28.01%

Selling & General Expenditure ₹ 21,063.45 ₹ 29,141.28 ₹ 34,649.58 ₹ 31,662.97 ₹ 34,428.54 ₹ 32,704.83 ₹ 22,181.28 ₹ 30,433.52 ₹ 39,747.53 ₹ 63,147.09
S&G Exp % Sales 8.00% 10.67% 12.85% 10.86% 11.40% 12.53% 8.88% 10.93% 11.49% 14.42%

EBITDA ₹ 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
EBITDA % Sales 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 9.20% 13.60%

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
Interest % Sales 1.85% 1.79% 1.57% 1.61% 1.91% 2.77% 3.24% 3.34% 2.96% 2.28%

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
Depreciation % Sales 5.09% 6.12% 6.64% 7.39% 7.81% 8.21% 9.43% 8.92% 7.19% 6.23%

Earning Before Tax ₹ 20,988.53 ₹ 16,795.39 ₹ 7,445.69 ₹ 5,222.30 (₹ 4,684.90) (₹ 10,681.69) ₹ 643.55 (₹ 9,427.46) (₹ 3,270.04) ₹ 22,282.45
EBT % Sales 7.98% 6.15% 2.76% 1.79% -1.55% -4.09% 0.26% -3.39% -0.95% 5.09%

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)
Effective Tax Rate 36.41% 18.01% 43.67% 83.14% 52.03% -3.70% 394.97% -44.88% -21.53% -17.29%

Net Profit ₹ 13,345.62 ₹ 13,770.34 ₹ 4,194.46 ₹ 880.37 (₹ 2,247.45) (₹ 11,076.94) (₹ 1,898.31) (₹ 13,658.75) (₹ 3,974.10) ₹ 26,134.09
Net Margins 5.07% 5.04% 1.56% 0.30% -0.74% -4.24% -0.76% -4.91% -1.15% 5.97%

No of Equity Share 288.74 288.72 288.73 288.73 288.73 308.90 332.03 332.07 332.13 332.37

Earning per Share ₹ 46.22 ₹ 47.69 ₹ 14.53 ₹ 3.05 (₹ 7.78) (₹ 35.86) (₹ 5.72) (₹ 41.13) (₹ 11.97) ₹ 78.63
EPS Growth % 3.19% -69.54% -79.01% -355.28% 360.68% -84.06% 619.43% -70.91% -757.14%

Dividend per Share ₹ 0.0 ₹ 0.2 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 2.3 ₹ 3.5
Dividend Payout Ratio 0.00% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -19.28% 4.40%

Retained Earnings 100% 100% 100% 100% 0% 0% 0% 0% 0% 96%

# Balance Sheet
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 ₹ 61,491.49 ₹ 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 ₹ 1,06,175.34 ₹ 1,24,787.64 ₹ 1,42,130.57 ₹ 1,46,449.03 ₹ 1,34,113.44 ₹ 1,07,262.50
Other Liabilities ₹ 1,07,442.48 ₹ 1,14,871.75 ₹ 1,35,914.49 ₹ 1,42,813.43 ₹ 1,39,348.59 ₹ 1,33,180.72 ₹ 1,44,192.62 ₹ 1,38,051.22 ₹ 1,55,239.20 ₹ 1,78,483.44
Total Liabilities ₹ 2,37,314.79 ₹ 2,63,184.12 ₹ 2,72,580.36 ₹ 3,27,191.81 ₹ 3,05,703.49 ₹ 3,20,179.39 ₹ 3,41,569.91 ₹ 3,29,061.49 ₹ 3,34,674.43 ₹ 3,70,663.96

Fixed Asset Net Block ₹ 88,479.49 ₹ 1,07,231.76 ₹ 95,944.08 ₹ 1,21,413.86 ₹ 1,11,234.47 ₹ 1,27,107.14 ₹ 1,38,707.61 ₹ 1,38,855.45 ₹ 1,32,079.76 ₹ 1,46,046.56
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 ₹ 10,937.33
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 ₹ 30,891.17 ₹ 29,579.36 ₹ 37,360.78 ₹ 48,286.86 ₹ 56,155.74 ₹ 58,784.94 ₹ 61,717.96 ₹ 62,223.77 ₹ 68,432.09 ₹ 80,162.21
Total Non Current Asset ₹ 1,63,347.49 ₹ 1,86,497.08 ₹ 1,87,341.62 ₹ 2,30,546.97 ₹ 2,15,044.77 ₹ 2,37,822.85 ₹ 2,46,009.78 ₹ 2,40,709.84 ₹ 2,41,165.51 ₹ 2,60,117.17

Receivables ₹ 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
Cash & Bank ₹ 32,115.76 ₹ 30,460.40 ₹ 36,077.88 ₹ 34,613.91 ₹ 32,648.82 ₹ 33,726.97 ₹ 46,792.46 ₹ 40,669.19 ₹ 37,015.56 ₹ 45,806.69
Total Current Asset ₹ 73,967.30 ₹ 76,687.04 ₹ 85,238.74 ₹ 96,644.84 ₹ 90,658.72 ₹ 82,356.54 ₹ 95,560.13 ₹ 88,351.65 ₹ 93,508.92 ₹ 1,10,546.79

Total Assets ₹ 2,37,314.79 ₹ 2,63,184.12 ₹ 2,72,580.36 ₹ 3,27,191.81 ₹ 3,05,703.49 ₹ 3,20,179.39 ₹ 3,41,569.91 ₹ 3,29,061.49 ₹ 3,34,674.43 ₹ 3,70,663.96

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 43,397.00 ₹ 38,626.00 ₹ 28,840.00 ₹ 33,312.00 ₹ 28,771.00 ₹ 23,352.00 ₹ 31,198.00 ₹ 26,943.00 ₹ 41,694.00 ₹ 65,106.00
Receivables (₹ 3,179.00) (₹ 2,223.00) (₹ 4,152.00) (₹ 10,688.00) (₹ 9,109.00) ₹ 9,950.00 (₹ 5,505.00) ₹ 185.00 (₹ 2,213.00) (₹ 1,151.00)
Inventory (₹ 3,692.00) (₹ 5,743.00) (₹ 6,621.00) (₹ 3,560.00) ₹ 2,069.00 ₹ 2,326.00 ₹ 3,814.00 ₹ 472.00 (₹ 5,665.00) (₹ 7,265.00)
Payables ₹ 3,598.00 ₹ 3,947.00 ₹ 9,301.00 ₹ 7,320.00 (₹ 4,692.00) (₹ 8,085.00) ₹ 5,748.00 (₹ 7,012.00) ₹ 6,945.00 ₹ 13,706.00
Loans Advances ₹ 0.00 (₹ 520.00) ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 (₹ 3,083.00)
Other WC items (₹ 398.00) ₹ 5,852.00 ₹ 4,727.00 ₹ 494.00 ₹ 4,512.00 ₹ 875.00 (₹ 4,150.00) (₹ 4,396.00) (₹ 2,194.00) ₹ 5,118.00
Direct taxes (₹ 4,194.00) (₹ 2,040.00) (₹ 1,895.00) (₹ 3,021.00) (₹ 2,659.00) (₹ 1,785.00) (₹ 2,105.00) (₹ 1,910.00) (₹ 3,179.00) (₹ 4,516.00)
Cash From Operating Activities ₹ 35,532.00 ₹ 37,899.00 ₹ 30,200.00 ₹ 23,857.00 ₹ 18,892.00 ₹ 26,633.00 ₹ 29,000.00 ₹ 14,282.00 ₹ 35,388.00 ₹ 67,915.00

Investing Activity
Fixed assets purchased (₹ 31,962.00) (₹ 31,503.00) (₹ 16,072.00) (₹ 35,079.00) (₹ 35,304.00) (₹ 29,702.00) (₹ 20,205.00) (₹ 15,168.00) (₹ 19,230.00) (₹ 31,414.00)
Fixed assets sold ₹ 74.00 ₹ 59.00 ₹ 53.00 ₹ 30.00 ₹ 67.00 ₹ 171.00 ₹ 351.00 ₹ 230.00 ₹ 285.00 ₹ 231.00
Investments purchased (₹ 5,461.00) (₹ 4,728.00) (₹ 6.00) (₹ 329.00) (₹ 130.00) (₹ 1,439.00) (₹ 7,530.00) (₹ 3,008.00) (₹ 50.00) (₹ 5,567.00)
Investments sold ₹ 42.00 ₹ 89.00 ₹ 1,965.00 ₹ 2,381.00 ₹ 5,644.00 ₹ 21.00 ₹ 226.00 ₹ 104.00 ₹ 6,895.00 ₹ 10,820.00
Interest received ₹ 698.00 ₹ 731.00 ₹ 638.00 ₹ 690.00 ₹ 761.00 ₹ 1,104.00 ₹ 428.00 ₹ 653.00 ₹ 973.00 ₹ 2,493.00
Dividends received ₹ 80.00 ₹ 58.00 ₹ 620.00 ₹ 1,797.00 ₹ 232.00 ₹ 21.00 ₹ 18.00 ₹ 32.00 ₹ 46.00 ₹ 96.00
Investment in group cos (₹ 160.00) ₹ 0.00 (₹ 107.00) (₹ 4.00) (₹ 9.00) (₹ 606.00) (₹ 10.00) ₹ 0.00 ₹ 0.00 ₹ 0.00
Redemp n Canc of Shares ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 14.00 ₹ 533.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 19.00 ₹ 108.00
Acquisition of companies ₹ 0.00 (₹ 111.00) ₹ 0.00 ₹ 0.00 (₹ 8.00) (₹ 27.00) ₹ 0.00 (₹ 98.00) ₹ 0.00 ₹ 0.00
Inter corporate deposits ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 (₹ 24.00)
Other investing items ₹ 456.00 (₹ 1,289.00) (₹ 26,663.00) ₹ 5,360.00 ₹ 7,335.00 (₹ 2,659.00) ₹ 1,051.00 ₹ 12,813.00 (₹ 4,357.00) ₹ 429.00
Cash From Investing Activities (₹ 36,233.00) (₹ 36,694.00) (₹ 39,572.00) (₹ 25,140.00) (₹ 20,879.00) (₹ 33,116.00) (₹ 25,671.00) (₹ 4,442.00) (₹ 15,419.00) (₹ 22,828.00)

Financing Activity
Proceeds from shares ₹ 0.00 ₹ 7,433.00 ₹ 5.00 ₹ 0.00 ₹ 0.00 ₹ 3,889.00 ₹ 2,603.00 ₹ 19.00 ₹ 20.00 ₹ 82.00
Redemption of debentures (₹ 744.00) ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Proceeds from borrowings ₹ 36,363.00 ₹ 19,519.00 ₹ 33,390.00 ₹ 37,482.00 ₹ 51,128.00 ₹ 38,297.00 ₹ 46,641.00 ₹ 46,578.00 ₹ 43,934.00 ₹ 21,824.00
Repayment of borrowings (₹ 23,332.00) (₹ 24,924.00) (₹ 21,732.00) (₹ 29,964.00) (₹ 35,198.00) (₹ 29,847.00) (₹ 29,709.00) (₹ 42,816.00) (₹ 62,557.00) (₹ 50,325.00)
Interest paid fin (₹ 6,307.00) (₹ 5,716.00) (₹ 5,336.00) (₹ 5,411.00) (₹ 7,005.00) (₹ 7,518.00) (₹ 8,123.00) (₹ 9,251.00) (₹ 9,336.00) (₹ 9,332.00)
Dividends paid (₹ 720.00) (₹ 108.00) (₹ 121.00) (₹ 96.00) (₹ 95.00) (₹ 57.00) (₹ 30.00) (₹ 100.00) (₹ 141.00) (₹ 289.00)
Financial liabilities ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 (₹ 1,346.00) (₹ 1,477.00) (₹ 1,559.00) (₹ 1,517.00) (₹ 3,848.00)
Other financing items (₹ 57.00) ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 (₹ 29.00) ₹ 0.00 ₹ 3,750.00 ₹ 3,355.00 ₹ 4,884.00
Cash From Financing Activity ₹ 5,203.00 (₹ 3,796.00) ₹ 6,206.00 ₹ 2,011.00 ₹ 8,830.00 ₹ 3,389.00 ₹ 9,905.00 (₹ 3,379.00) (₹ 26,242.00) (₹ 37,004.00)

Net Cash Flow ₹ 4,502.00 (₹ 2,591.00) (₹ 3,166.00) ₹ 728.00 ₹ 6,843.00 (₹ 3,094.00) ₹ 13,234.00 ₹ 6,461.00 (₹ 6,273.00) ₹ 8,083.00
 Ratio Analysis - TATA MOTORS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trends Mean Median

Sales % Growth - 3.76% -1.23% 8.10% 3.56% -13.54% -4.32% 11.47% 24.25% 26.58% 6.52% 3.76%
EBITDA Growth % - -2.15% -22.94% 6.32% -21.60% -27.07% 79.50% -23.44% 28.70% 87.13% 11.61% -2.15%
EBT Growth % - -19.98% -55.67% -29.86% -189.71% 128.00% -106.02% -1564.91% -65.31% -781.41% -298.32% -65.31%
Net Profit Growth - 3.18% -69.54% -79.01% -355.28% 392.87% -82.86% 619.52% -70.90% -757.61% -44.40% -70.90%

Gross Profit Margin 22.91% 24.73% 23.82% 21.65% 19.57% 19.42% 21.81% 19.81% 20.69% 28.01% 22.17% 21.73%
EBITDA Margin 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 9.20% 13.60% 10.61% 10.88%
EBIT Margin 9.82% 7.94% 4.33% 3.40% 0.36% -1.32% 3.50% -0.04% 2.01% 7.37% 3.06% 3.45%
EBT Margin 7.98% 6.15% 2.76% 1.79% -1.55% -4.09% 0.26% -3.39% -0.95% 5.09% 0.67% 1.02%
Net Profit Margin 5.07% 5.04% 1.56% 0.30% -0.74% -4.24% -0.76% -4.91% -1.15% 5.97% 0.12% -0.22%

Return on Capital Employed 19.90% 14.62% 8.55% 5.37% 0.65% -1.84% 4.43% -0.06% 3.88% 16.79% 5.82% 4.90%
Retained Earning 100.00% 99.51% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 95.60% 43.90% 47.80%
Return on Equity 23.72% 17.44% 7.22% 0.92% -3.73% -17.81% -3.44% -30.65% -8.77% 30.78% -0.89% -1.26%
Self Sustained Growth Rate 23.72% 17.36% 7.22% 0.92% 0.00% 0.00% 0.00% 0.00% 0.00% 29.42% 6.10% 0.46%
Interest Coverage Ratio 5.32x 4.44x 2.76x 2.12x 0.19x -0.47x 1.08x -0.01x 0.68x 3.23x 155.53% 159.75%

Debtor Turnover Ratio 20.92x 20.12x 19.16x 14.66x 15.89x 23.37x 19.70x 22.38x 21.98x 25.83x 2034.39% 20.52
Creditor Turnover Ratio 3.53x 3.34x 3.29x 2.97x 3.39x 3.17x 2.57x 3.20x 3.46x 3.58x 321.80% 3.31
Inventory Turnover 6.93x 6.29x 5.86x 5.42x 6.22x 5.62x 5.41x 6.34x 6.73x 6.60x 605.44% 6.26
Fixed Assets Turnover 2.97x 2.55x 2.81x 2.40x 2.71x 2.05x 1.80x 2.01x 2.62x 3.00x 243.90% 2.58
Capital Turnover Ratio 4.68x 3.46x 4.64x 3.06x 5.02x 4.20x 4.52x 6.25x 7.63x 5.16x 488.15% 4.66

Debtors Days 17 18 19 25 23 16 19 16 17 14 18 17.79

Payable Days 103 109 111 123 108 115 142 114 105 102 114 110.22
Inventory Days 53 58 62 67 59 65 67 58 54 55 61 58.32
Cash Conversion Cycle -33 -33 -30 -31 -26 -35 -56 -40 -35 -32 -35 -33.19

CFO/Sales 13.50% 13.88% 11.20% 8.18% 6.26% 10.20% 11.61% 5.13% 10.23% 15.51% 10.24% 10.71%
CFO/Total Assets 14.97% 14.40% 11.08% 7.29% 6.18% 8.32% 8.49% 4.34% 10.57% 18.32% 9.89% 9.53%
CFO/Total Debt 19.63% 20.57% 14.08% 10.29% 7.69% 10.32% 10.13% 5.02% 12.23% 23.77% 12.68% 11.28%
 Regression Beta - 2 Years Weekly Returns

Tata Motor Weekly Returns NIFTY Returns Beta Drifting

Beta 1 1.21
Date Closing Price Return Closing Price Return Levered Raw Beta 1.21 Beta 2 1.21
30-05-2022 430.6 16,584.3 Raw Beta Weight 75.00%
06-06-2022 426.7 -0.89% 16,201.8 -2.31% Beta 3 1.21
13-06-2022 387.7 -9.13% 15,293.5 -5.61% Market Beta 1.00
20-06-2022 408.0 5.23% 15,699.3 2.65% Market Beta Weight 25.00% SUMMARY OUTPUT
27-06-2022 411.4 0.83% 15,752.0 0.34%
04-07-2022 440.2 6.99% 16,220.6 2.97% Adjusted Beta 1.16 Regression Statistics
11-07-2022 438.8 -0.31% 16,049.2 -1.06% Multiple R 0.51583018
18-07-2022 453.5 3.34% 16,719.4 4.18% R Square 0.26608077
25-07-2022 448.2 -1.17% 17,158.3 2.62% Adjusted R Square 0.25888549
01-08-2022 463.8 3.48% 17,397.5 1.39% Standard Error 0.03200092
08-08-2022 476.1 2.64% 17,698.2 1.73% Observations 104
15-08-2022 469.5 -1.37% 17,758.4 0.34%
22-08-2022 463.6 -1.26% 17,558.9 -1.12% ANOVA
29-08-2022 460.3 -0.71% 17,539.4 -0.11% df SS MS F Significance F
05-09-2022 444.5 -3.43% 17,833.3 1.68% Regression 1 0.03786957 0.03786957 36.9798719 2.0955E-08
12-09-2022 431.2 -3.01% 17,530.8 -1.70% Residual 102 0.10445401 0.00102406
19-09-2022 421.8 -2.17% 17,327.3 -1.16% Total 103 0.14232358
26-09-2022 403.3 -4.37% 17,094.3 -1.34%
03-10-2022 410.9 1.87% 17,314.7 1.29% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%Upper 95.0%
10-10-2022 395.0 -3.86% 17,185.7 -0.74% Intercept 0.00436957 0.00320377 1.36388431 0.17560622 -0.0019851 0.01072423 -0.001985 0.01072423
17-10-2022 396.8 0.45% 17,576.3 2.27% X Variable 1 1.21048498 0.19905666 6.08110779 2.0955E-08 0.81565705 1.60531291 0.815657 1.60531291
24-10-2022 408.6 2.98% 17,786.8 1.20%
31-10-2022 424.0 3.77% 18,117.2 1.86%
07-11-2022 422.2 -0.43% 18,349.7 1.28%
14-11-2022 422.5 0.07% 18,307.7 -0.23%
21-11-2022 431.9 2.22% 18,512.8 1.12%
28-11-2022 434.0 0.51% 18,696.1 0.99%
05-12-2022 412.0 -5.08% 18,496.6 -1.07%
12-12-2022 420.3 2.01% 18,269.0 -1.23%
19-12-2022 377.2 -10.26% 17,806.8 -2.53%
26-12-2022 386.7 2.54% 18,105.3 1.68%
02-01-2023 380.8 -1.53% 17,859.4 -1.36%
09-01-2023 410.2 7.72% 17,956.6 0.54%
16-01-2023 401.9 -2.03% 18,027.7 0.40%
23-01-2023 444.2 10.53% 17,604.3 -2.35%
30-01-2023 444.1 -0.03% 17,854.1 1.42%
06-02-2023 444.5 0.09% 17,856.5 0.01%
13-02-2023 438.5 -1.33% 17,944.2 0.49%
20-02-2023 426.4 -2.76% 17,465.8 -2.67%
27-02-2023 426.7 0.06% 17,594.3 0.74%
06-03-2023 434.5 1.83% 17,412.9 -1.03%
13-03-2023 417.7 -3.87% 17,100.1 -1.80%
20-03-2023 415.2 -0.60% 16,945.1 -0.91%
27-03-2023 419.5 1.03% 17,359.8 2.45%
03-04-2023 436.3 4.00% 17,599.2 1.38%
10-04-2023 468.0 7.28% 17,828.0 1.30%
17-04-2023 469.7 0.36% 17,624.1 -1.14%
24-04-2023 483.4 2.92% 18,065.0 2.50%
01-05-2023 475.6 -1.62% 18,069.0 0.02%
08-05-2023 514.3 8.14% 18,314.8 1.36%
15-05-2023 523.3 1.74% 18,203.4 -0.61%
22-05-2023 516.8 -1.24% 18,499.3 1.63%
29-05-2023 534.2 3.37% 18,534.1 0.19%
05-06-2023 560.6 4.93% 18,563.4 0.16%
12-06-2023 568.0 1.33% 18,826.0 1.41%
19-06-2023 557.9 -1.78% 18,665.5 -0.85%
26-06-2023 593.7 6.41% 19,189.1 2.80%
03-07-2023 616.3 3.80% 19,331.8 0.74%
10-07-2023 623.0 1.08% 19,564.5 1.20%
17-07-2023 623.8 0.14% 19,745.0 0.92%
24-07-2023 633.3 1.53% 19,646.1 -0.50%
31-07-2023 615.0 -2.89% 19,517.0 -0.66%
07-08-2023 611.8 -0.52% 19,428.3 -0.45%
14-08-2023 615.8 0.65% 19,310.2 -0.61%
21-08-2023 605.1 -1.74% 19,265.8 -0.23%
28-08-2023 611.2 1.01% 19,435.3 0.88%
04-09-2023 627.3 2.63% 19,819.9 1.98%
11-09-2023 634.3 1.12% 20,192.3 1.88%
18-09-2023 620.5 -2.18% 19,674.3 -2.57%
25-09-2023 630.2 1.57% 19,638.3 -0.18%
02-10-2023 622.5 -1.23% 19,653.5 0.08%
09-10-2023 667.1 7.17% 19,751.1 0.50%
16-10-2023 663.2 -0.58% 19,542.7 -1.06%
23-10-2023 641.0 -3.34% 19,047.3 -2.53%
30-10-2023 647.5 1.01% 19,230.6 0.96%
06-11-2023 651.0 0.55% 19,425.3 1.01%
13-11-2023 681.5 4.68% 19,731.8 1.58%
20-11-2023 673.7 -1.15% 19,794.7 0.32%
27-11-2023 705.5 4.71% 20,267.9 2.39%
04-12-2023 714.5 1.29% 20,969.4 3.46%
11-12-2023 732.4 2.50% 21,456.7 2.32%
18-12-2023 724.7 -1.05% 21,349.4 -0.50%
25-12-2023 780.0 7.62% 21,731.4 1.79%
01-01-2024 791.0 1.41% 21,710.8 -0.09%
08-01-2024 816.5 3.22% 21,894.6 0.85%
15-01-2024 823.5 0.87% 21,622.4 -1.24%
22-01-2024 811.8 -1.42% 21,352.6 -1.25%
29-01-2024 878.8 8.24% 21,853.8 2.35%
05-02-2024 915.0 4.13% 21,782.5 -0.33%
12-02-2024 938.6 2.58% 22,040.7 1.19%
19-02-2024 937.4 -0.13% 22,212.7 0.78%
26-02-2024 977.4 4.27% 22,338.8 0.57%
04-03-2024 1,039.3 6.33% 22,493.6 0.69%
11-03-2024 945.8 -8.99% 22,023.3 -2.09%
18-03-2024 979.8 3.59% 22,096.8 0.33%
25-03-2024 992.8 1.33% 22,326.9 1.04%
01-04-2024 1,007.1 1.44% 22,513.7 0.84%
08-04-2024 1,018.5 1.13% 22,519.4 0.03%
15-04-2024 963.2 -5.43% 22,147.0 -1.65%
22-04-2024 999.5 3.77% 22,419.9 1.23%
29-04-2024 1,013.4 1.39% 22,475.8 0.25%
06-05-2024 1,046.7 3.28% 22,055.2 -1.87%
13-05-2024 954.0 -8.86% 22,466.1 1.86%
20-05-2024 960.5 0.69% 22,957.1 2.19%
27-05-2024 947.5 -1.35% 22,932.4 -0.11%
 Calculation of Beta - Peer Companies
Peers Levered Beta
Maruti Suzuki 0.50
M&M 0.98
Bajaj Auto 0.65
Eicher Motor 0.88
TVS Motors Co 0.94
Hero Motocorp 0.92

NIFTY Weekly Returns Maruti Suzuki Weekly Returns M&M Weekly Returns Bajaj Auto Weekly Returns Eicher Motor Weekly Returns TVS Motors Co Weekly Returns Hero Motocorp Weekly Returns

Date Closing Price Return Date Closing Price Return Date Closing Price Return Date Closing Price Return Date Closing Price Return Date Closing Price Return Date Closing Price Return
30-05-2022 16,584.3 30-05-2022 7,707.0 30-05-2022 1,007.7 30-05-2022 3,561.6 30-05-2022 2,638.4 30-05-2022 724.0 30-05-2022 2,445.7
06-06-2022 16,201.8 -2.31% 06-06-2022 7,934.8 2.96% 06-06-2022 1,015.4 0.76% 06-06-2022 3,769.8 5.84% 06-06-2022 2,665.5 1.03% 06-06-2022 756.8 4.52% 06-06-2022 2,463.0 0.70%
13-06-2022 15,293.5 -5.61% 13-06-2022 7,691.0 -3.07% 13-06-2022 977.3 -3.75% 13-06-2022 3,524.7 -6.50% 13-06-2022 2,559.3 -3.98% 13-06-2022 733.0 -3.14% 13-06-2022 2,335.6 -5.17%
20-06-2022 15,699.3 2.65% 20-06-2022 8,355.2 8.64% 20-06-2022 1,050.2 7.46% 20-06-2022 3,699.5 4.96% 20-06-2022 2,827.7 10.48% 20-06-2022 790.9 7.90% 20-06-2022 2,612.5 11.86%
27-06-2022 15,752.0 0.34% 27-06-2022 8,396.6 0.50% 27-06-2022 1,084.8 3.29% 27-06-2022 3,515.8 -4.96% 27-06-2022 2,734.2 -3.30% 27-06-2022 856.0 8.23% 27-06-2022 2,616.2 0.14%
04-07-2022 16,220.6 2.97% 04-07-2022 8,475.5 0.94% 04-07-2022 1,110.5 2.37% 04-07-2022 3,710.7 5.54% 04-07-2022 2,880.4 5.35% 04-07-2022 831.6 -2.84% 04-07-2022 2,697.1 3.09%
11-07-2022 16,049.2 -1.06% 11-07-2022 8,780.8 3.60% 11-07-2022 1,148.6 3.43% 11-07-2022 3,796.7 2.32% 11-07-2022 2,981.0 3.49% 11-07-2022 864.3 3.93% 11-07-2022 2,650.5 -1.73%
18-07-2022 16,719.4 4.18% 18-07-2022 8,826.0 0.52% 18-07-2022 1,168.9 1.76% 18-07-2022 3,934.3 3.62% 18-07-2022 3,092.7 3.74% 18-07-2022 877.5 1.53% 18-07-2022 2,718.2 2.56%
25-07-2022 17,158.3 2.62% 25-07-2022 8,772.5 -0.61% 25-07-2022 1,152.4 -1.41% 25-07-2022 3,797.1 -3.49% 25-07-2022 3,039.5 -1.72% 25-07-2022 899.9 2.55% 25-07-2022 2,667.5 -1.86%
01-08-2022 17,397.5 1.39% 01-08-2022 8,836.0 0.72% 01-08-2022 1,223.1 6.14% 01-08-2022 3,895.6 2.59% 01-08-2022 3,035.7 -0.12% 01-08-2022 939.9 4.44% 01-08-2022 2,655.9 -0.44%
08-08-2022 17,698.2 1.73% 08-08-2022 8,699.2 -1.55% 08-08-2022 1,246.4 1.91% 08-08-2022 3,916.3 0.53% 08-08-2022 3,154.1 3.90% 08-08-2022 944.5 0.49% 08-08-2022 2,647.5 -0.32%
15-08-2022 17,758.4 0.34% 15-08-2022 8,777.5 0.90% 15-08-2022 1,226.5 -1.59% 15-08-2022 3,950.6 0.87% 15-08-2022 3,386.7 7.37% 15-08-2022 950.9 0.68% 15-08-2022 2,721.0 2.78%
22-08-2022 17,558.9 -1.12% 22-08-2022 8,719.2 -0.66% 22-08-2022 1,261.4 2.84% 22-08-2022 3,932.1 -0.47% 22-08-2022 3,318.5 -2.02% 22-08-2022 944.8 -0.64% 22-08-2022 2,709.6 -0.42%
29-08-2022 17,539.4 -0.11% 29-08-2022 8,920.1 2.30% 29-08-2022 1,302.3 3.24% 29-08-2022 3,912.0 -0.51% 29-08-2022 3,384.7 2.00% 29-08-2022 1,016.9 7.63% 29-08-2022 2,708.1 -0.06%
05-09-2022 17,833.3 1.68% 05-09-2022 8,945.7 0.29% 05-09-2022 1,287.8 -1.12% 05-09-2022 3,735.5 -4.51% 05-09-2022 3,435.2 1.49% 05-09-2022 1,044.7 2.74% 05-09-2022 2,720.8 0.47%
12-09-2022 17,530.8 -1.70% 12-09-2022 9,225.6 3.13% 12-09-2022 1,237.1 -3.93% 12-09-2022 3,584.9 -4.03% 12-09-2022 3,510.3 2.18% 12-09-2022 1,014.4 -2.91% 12-09-2022 2,573.9 -5.40%
19-09-2022 17,327.3 -1.16% 19-09-2022 9,343.9 1.28% 19-09-2022 1,259.1 1.78% 19-09-2022 3,588.4 0.10% 19-09-2022 3,648.2 3.93% 19-09-2022 1,028.6 1.41% 19-09-2022 2,647.6 2.86%
26-09-2022 17,094.3 -1.34% 26-09-2022 8,823.5 -5.57% 26-09-2022 1,255.0 -0.32% 26-09-2022 3,422.3 -4.63% 26-09-2022 3,631.5 -0.46% 26-09-2022 1,022.4 -0.61% 26-09-2022 2,443.6 -7.71%
03-10-2022 17,314.7 1.29% 03-10-2022 8,783.0 -0.46% 03-10-2022 1,226.0 -2.31% 03-10-2022 3,494.7 2.12% 03-10-2022 3,460.4 -4.71% 03-10-2022 1,075.7 5.21% 03-10-2022 2,516.2 2.97%
10-10-2022 17,185.7 -0.74% 10-10-2022 8,617.3 -1.89% 10-10-2022 1,217.5 -0.69% 10-10-2022 3,462.9 -0.91% 10-10-2022 3,439.2 -0.61% 10-10-2022 1,069.1 -0.61% 10-10-2022 2,430.8 -3.39%
17-10-2022 17,576.3 2.27% 17-10-2022 8,699.8 0.96% 17-10-2022 1,243.7 2.15% 17-10-2022 3,560.1 2.81% 17-10-2022 3,589.9 4.38% 17-10-2022 1,130.6 5.76% 17-10-2022 2,463.4 1.34%
24-10-2022 17,786.8 1.20% 24-10-2022 9,494.1 9.13% 24-10-2022 1,298.0 4.37% 24-10-2022 3,559.5 -0.02% 24-10-2022 3,704.9 3.20% 24-10-2022 1,116.9 -1.21% 24-10-2022 2,540.1 3.11%
31-10-2022 18,117.2 1.86% 31-10-2022 9,226.5 -2.82% 31-10-2022 1,324.4 2.03% 31-10-2022 3,659.0 2.80% 31-10-2022 3,626.9 -2.11% 31-10-2022 1,103.9 -1.17% 31-10-2022 2,481.6 -2.30%
07-11-2022 18,349.7 1.28% 07-11-2022 9,088.3 -1.50% 07-11-2022 1,273.8 -3.83% 07-11-2022 3,615.7 -1.18% 07-11-2022 3,481.2 -4.02% 07-11-2022 1,097.0 -0.62% 07-11-2022 2,557.9 3.07%
14-11-2022 18,307.7 -0.23% 14-11-2022 8,845.0 -2.68% 14-11-2022 1,214.4 -4.66% 14-11-2022 3,523.3 -2.56% 14-11-2022 3,353.2 -3.68% 14-11-2022 1,072.0 -2.28% 14-11-2022 2,610.3 2.05%
21-11-2022 18,512.8 1.12% 21-11-2022 9,016.6 1.94% 21-11-2022 1,247.7 2.74% 21-11-2022 3,529.7 0.18% 21-11-2022 3,376.8 0.70% 21-11-2022 1,028.5 -4.05% 21-11-2022 2,595.9 -0.55%
28-11-2022 18,696.1 0.99% 28-11-2022 8,815.1 -2.23% 28-11-2022 1,251.5 0.30% 28-11-2022 3,550.4 0.59% 28-11-2022 3,295.5 -2.41% 28-11-2022 1,040.1 1.12% 28-11-2022 2,703.6 4.15%
05-12-2022 18,496.6 -1.07% 05-12-2022 8,614.8 -2.27% 05-12-2022 1,252.3 0.06% 05-12-2022 3,510.3 -1.13% 05-12-2022 3,321.5 0.79% 05-12-2022 1,026.7 -1.29% 05-12-2022 2,637.5 -2.44%
12-12-2022 18,269.0 -1.23% 12-12-2022 8,484.7 -1.51% 12-12-2022 1,238.6 -1.09% 12-12-2022 3,442.7 -1.93% 12-12-2022 3,255.5 -1.99% 12-12-2022 1,030.3 0.35% 12-12-2022 2,612.0 -0.97%
19-12-2022 17,806.8 -2.53% 19-12-2022 8,143.3 -4.02% 19-12-2022 1,211.9 -2.16% 19-12-2022 3,438.0 -0.14% 19-12-2022 3,079.7 -5.40% 19-12-2022 1,002.0 -2.75% 19-12-2022 2,527.6 -3.23%
26-12-2022 18,105.3 1.68% 26-12-2022 8,402.7 3.18% 26-12-2022 1,236.2 2.01% 26-12-2022 3,508.4 2.05% 26-12-2022 3,192.5 3.66% 26-12-2022 1,076.7 7.46% 26-12-2022 2,625.4 3.87%
02-01-2023 17,859.4 -1.36% 02-01-2023 8,385.0 -0.21% 02-01-2023 1,251.8 1.26% 02-01-2023 3,531.5 0.66% 02-01-2023 3,215.1 0.71% 02-01-2023 1,015.5 -5.69% 02-01-2023 2,628.9 0.14%
09-01-2023 17,956.6 0.54% 09-01-2023 8,452.7 0.81% 09-01-2023 1,314.4 5.00% 09-01-2023 3,497.4 -0.96% 09-01-2023 3,127.5 -2.72% 09-01-2023 993.1 -2.20% 09-01-2023 2,615.4 -0.51%
16-01-2023 18,027.7 0.40% 16-01-2023 8,443.6 -0.11% 16-01-2023 1,301.1 -1.01% 16-01-2023 3,466.8 -0.88% 16-01-2023 3,116.1 -0.37% 16-01-2023 961.3 -3.20% 16-01-2023 2,632.7 0.66%
23-01-2023 17,604.3 -2.35% 23-01-2023 8,734.8 3.45% 23-01-2023 1,306.5 0.41% 23-01-2023 3,820.7 10.21% 23-01-2023 3,135.1 0.61% 23-01-2023 1,041.4 8.33% 23-01-2023 2,622.8 -0.38%
30-01-2023 17,854.1 1.42% 30-01-2023 8,943.1 2.38% 30-01-2023 1,373.6 5.14% 30-01-2023 3,737.8 -2.17% 30-01-2023 3,280.5 4.64% 30-01-2023 1,026.5 -1.43% 30-01-2023 2,544.3 -2.99%
06-02-2023 17,856.5 0.01% 06-02-2023 8,814.3 -1.44% 06-02-2023 1,351.3 -1.62% 06-02-2023 3,718.2 -0.52% 06-02-2023 3,177.3 -3.15% 06-02-2023 1,070.8 4.31% 06-02-2023 2,476.3 -2.67%
13-02-2023 17,944.2 0.49% 13-02-2023 8,807.0 -0.08% 13-02-2023 1,327.6 -1.75% 13-02-2023 3,778.2 1.61% 13-02-2023 3,249.1 2.26% 13-02-2023 1,099.9 2.72% 13-02-2023 2,430.5 -1.85%
20-02-2023 17,465.8 -2.67% 20-02-2023 8,659.5 -1.68% 20-02-2023 1,266.9 -4.57% 20-02-2023 3,736.2 -1.11% 20-02-2023 3,170.6 -2.42% 20-02-2023 1,101.1 0.11% 20-02-2023 2,444.8 0.59%
27-02-2023 17,594.3 0.74% 27-02-2023 8,596.6 -0.73% 27-02-2023 1,255.4 -0.91% 27-02-2023 3,622.9 -3.03% 27-02-2023 3,093.2 -2.44% 27-02-2023 1,067.3 -3.07% 27-02-2023 2,421.1 -0.97%
06-03-2023 17,412.9 -1.03% 06-03-2023 8,598.0 0.02% 06-03-2023 1,214.0 -3.30% 06-03-2023 3,708.4 2.36% 06-03-2023 3,082.1 -0.36% 06-03-2023 1,069.2 0.17% 06-03-2023 2,400.2 -0.86%
13-03-2023 17,100.1 -1.80% 13-03-2023 8,310.8 -3.34% 13-03-2023 1,159.4 -4.50% 13-03-2023 3,707.0 -0.04% 13-03-2023 2,942.1 -4.54% 13-03-2023 1,043.6 -2.39% 13-03-2023 2,316.5 -3.49%
20-03-2023 16,945.1 -0.91% 20-03-2023 8,236.3 -0.90% 20-03-2023 1,138.9 -1.77% 20-03-2023 3,711.9 0.13% 20-03-2023 2,877.8 -2.19% 20-03-2023 1,037.6 -0.57% 20-03-2023 2,275.3 -1.77%
27-03-2023 17,359.8 2.45% 27-03-2023 8,292.7 0.68% 27-03-2023 1,146.7 0.69% 27-03-2023 3,768.4 1.52% 27-03-2023 2,916.7 1.35% 27-03-2023 1,073.2 3.42% 27-03-2023 2,308.8 1.47%
03-04-2023 17,599.2 1.38% 03-04-2023 8,514.3 2.67% 03-04-2023 1,159.1 1.08% 03-04-2023 3,913.0 3.84% 03-04-2023 2,929.4 0.44% 03-04-2023 1,094.1 1.95% 03-04-2023 2,386.6 3.37%
10-04-2023 17,828.0 1.30% 10-04-2023 8,672.8 1.86% 10-04-2023 1,192.1 2.84% 10-04-2023 4,161.3 6.35% 10-04-2023 3,178.0 8.49% 10-04-2023 1,158.6 5.90% 10-04-2023 2,406.9 0.85%
17-04-2023 17,624.1 -1.14% 17-04-2023 8,557.8 -1.33% 17-04-2023 1,200.2 0.68% 17-04-2023 4,181.0 0.47% 17-04-2023 3,165.8 -0.38% 17-04-2023 1,087.9 -6.10% 17-04-2023 2,418.9 0.50%
24-04-2023 18,065.0 2.50% 24-04-2023 8,589.9 0.38% 24-04-2023 1,214.2 1.17% 24-04-2023 4,297.8 2.79% 24-04-2023 3,265.1 3.14% 24-04-2023 1,132.6 4.11% 24-04-2023 2,516.6 4.04%
01-05-2023 18,069.0 0.02% 01-05-2023 8,927.2 3.93% 01-05-2023 1,198.6 -1.28% 01-05-2023 4,326.8 0.67% 01-05-2023 3,318.5 1.64% 01-05-2023 1,210.0 6.83% 01-05-2023 2,505.4 -0.44%
08-05-2023 18,314.8 1.36% 08-05-2023 9,296.3 4.14% 08-05-2023 1,262.7 5.35% 08-05-2023 4,404.9 1.81% 08-05-2023 3,586.8 8.08% 08-05-2023 1,231.4 1.77% 08-05-2023 2,563.1 2.30%
15-05-2023 18,203.4 -0.61% 15-05-2023 9,106.7 -2.04% 15-05-2023 1,247.3 -1.22% 15-05-2023 4,348.7 -1.28% 15-05-2023 3,531.9 -1.53% 15-05-2023 1,235.3 0.31% 15-05-2023 2,668.4 4.11%
22-05-2023 18,499.3 1.63% 22-05-2023 9,397.2 3.19% 22-05-2023 1,268.6 1.70% 22-05-2023 4,473.9 2.88% 22-05-2023 3,650.1 3.35% 22-05-2023 1,287.0 4.18% 22-05-2023 2,700.1 1.19%
29-05-2023 18,534.1 0.19% 29-05-2023 9,488.8 0.98% 29-05-2023 1,327.5 4.65% 29-05-2023 4,528.0 1.21% 29-05-2023 3,659.0 0.25% 29-05-2023 1,300.2 1.03% 29-05-2023 2,845.1 5.37%
05-06-2023 18,563.4 0.16% 05-06-2023 9,626.8 1.45% 05-06-2023 1,356.4 2.18% 05-06-2023 4,602.6 1.65% 05-06-2023 3,542.2 -3.19% 05-06-2023 1,332.0 2.44% 05-06-2023 2,851.7 0.23%
12-06-2023 18,826.0 1.41% 12-06-2023 9,602.6 -0.25% 12-06-2023 1,389.3 2.42% 12-06-2023 4,504.8 -2.13% 12-06-2023 3,500.3 -1.18% 12-06-2023 1,346.7 1.11% 12-06-2023 2,785.5 -2.32%
19-06-2023 18,665.5 -0.85% 19-06-2023 9,323.5 -2.91% 19-06-2023 1,359.0 -2.18% 19-06-2023 4,481.9 -0.51% 19-06-2023 3,500.6 0.01% 19-06-2023 1,296.6 -3.72% 19-06-2023 2,730.8 -1.97%
26-06-2023 19,189.1 2.80% 26-06-2023 9,786.8 4.97% 26-06-2023 1,438.5 5.85% 26-06-2023 4,552.7 1.58% 26-06-2023 3,541.0 1.16% 26-06-2023 1,319.7 1.79% 26-06-2023 2,862.3 4.82%
03-07-2023 19,331.8 0.74% 03-07-2023 9,850.5 0.65% 03-07-2023 1,547.9 7.61% 03-07-2023 4,829.1 6.07% 03-07-2023 3,150.0 -11.04% 03-07-2023 1,316.8 -0.22% 03-07-2023 3,096.5 8.18%
10-07-2023 19,564.5 1.20% 10-07-2023 9,603.8 -2.50% 10-07-2023 1,530.5 -1.13% 10-07-2023 4,858.9 0.62% 10-07-2023 3,310.6 5.10% 10-07-2023 1,343.5 2.02% 10-07-2023 3,084.8 -0.38%
17-07-2023 19,745.0 0.92% 17-07-2023 9,768.1 1.71% 17-07-2023 1,523.5 -0.46% 17-07-2023 4,862.6 0.08% 17-07-2023 3,279.3 -0.94% 17-07-2023 1,337.4 -0.46% 17-07-2023 3,051.1 -1.09%
24-07-2023 19,646.1 -0.50% 24-07-2023 9,668.9 -1.02% 24-07-2023 1,467.8 -3.66% 24-07-2023 4,895.0 0.67% 24-07-2023 3,318.6 1.20% 24-07-2023 1,352.5 1.13% 24-07-2023 3,120.4 2.27%
31-07-2023 19,517.0 -0.66% 31-07-2023 9,463.3 -2.13% 31-07-2023 1,464.7 -0.21% 31-07-2023 4,709.2 -3.80% 31-07-2023 3,322.9 0.13% 31-07-2023 1,354.1 0.12% 31-07-2023 2,928.9 -6.14%
07-08-2023 19,428.3 -0.45% 07-08-2023 9,355.3 -1.14% 07-08-2023 1,546.4 5.58% 07-08-2023 4,596.5 -2.39% 07-08-2023 3,352.2 0.88% 07-08-2023 1,345.1 -0.66% 07-08-2023 2,982.1 1.82%
14-08-2023 19,310.2 -0.61% 14-08-2023 9,464.1 1.16% 14-08-2023 1,552.7 0.40% 14-08-2023 4,613.8 0.38% 14-08-2023 3,313.0 -1.17% 14-08-2023 1,336.3 -0.66% 14-08-2023 2,911.4 -2.37%
21-08-2023 19,265.8 -0.23% 21-08-2023 9,508.5 0.47% 21-08-2023 1,520.1 -2.10% 21-08-2023 4,588.6 -0.55% 21-08-2023 3,341.1 0.85% 21-08-2023 1,334.0 -0.17% 21-08-2023 2,895.3 -0.55%
28-08-2023 19,435.3 0.88% 28-08-2023 10,331.8 8.66% 28-08-2023 1,591.9 4.73% 28-08-2023 4,662.6 1.61% 28-08-2023 3,400.4 1.77% 28-08-2023 1,448.9 8.61% 28-08-2023 2,911.7 0.57%
04-09-2023 19,819.9 1.98% 04-09-2023 10,332.5 0.01% 04-09-2023 1,567.6 -1.53% 04-09-2023 4,760.0 2.09% 04-09-2023 3,370.9 -0.87% 04-09-2023 1,474.4 1.76% 04-09-2023 2,992.6 2.78%
11-09-2023 20,192.3 1.88% 11-09-2023 10,527.8 1.89% 11-09-2023 1,601.1 2.14% 11-09-2023 5,132.1 7.82% 11-09-2023 3,427.2 1.67% 11-09-2023 1,495.8 1.45% 11-09-2023 3,048.4 1.86%
18-09-2023 19,674.3 -2.57% 18-09-2023 10,536.5 0.08% 18-09-2023 1,607.2 0.38% 18-09-2023 5,000.0 -2.57% 18-09-2023 3,409.4 -0.52% 18-09-2023 1,488.4 -0.50% 18-09-2023 3,006.5 -1.38%
25-09-2023 19,638.3 -0.18% 25-09-2023 10,601.7 0.62% 25-09-2023 1,554.3 -3.29% 25-09-2023 5,062.5 1.25% 25-09-2023 3,446.9 1.10% 25-09-2023 1,517.0 1.92% 25-09-2023 3,040.9 1.14%
02-10-2023 19,653.5 0.08% 02-10-2023 10,300.7 -2.84% 02-10-2023 1,548.8 -0.35% 02-10-2023 5,018.3 -0.87% 02-10-2023 3,450.4 0.10% 02-10-2023 1,495.4 -1.42% 02-10-2023 3,021.7 -0.63%
09-10-2023 19,751.1 0.50% 09-10-2023 10,725.7 4.13% 09-10-2023 1,562.4 0.88% 09-10-2023 5,053.0 0.69% 09-10-2023 3,476.4 0.75% 09-10-2023 1,595.0 6.66% 09-10-2023 3,081.8 1.99%
16-10-2023 19,542.7 -1.06% 16-10-2023 10,727.0 0.01% 16-10-2023 1,558.3 -0.27% 16-10-2023 5,488.1 8.61% 16-10-2023 3,480.9 0.13% 16-10-2023 1,591.4 -0.23% 16-10-2023 3,194.0 3.64%
23-10-2023 19,047.3 -2.53% 23-10-2023 10,552.9 -1.62% 23-10-2023 1,510.8 -3.05% 23-10-2023 5,373.7 -2.08% 23-10-2023 3,394.9 -2.47% 23-10-2023 1,587.0 -0.28% 23-10-2023 3,095.5 -3.08%
30-10-2023 19,230.6 0.96% 30-10-2023 10,272.2 -2.66% 30-10-2023 1,469.0 -2.77% 30-10-2023 5,359.1 -0.27% 30-10-2023 3,428.0 0.98% 30-10-2023 1,593.2 0.39% 30-10-2023 3,072.8 -0.73%
06-11-2023 19,425.3 1.01% 06-11-2023 10,431.3 1.55% 06-11-2023 1,524.1 3.75% 06-11-2023 5,428.3 1.29% 06-11-2023 3,540.8 3.29% 06-11-2023 1,643.3 3.15% 06-11-2023 3,088.6 0.51%
13-11-2023 19,731.8 1.58% 13-11-2023 10,524.1 0.89% 13-11-2023 1,584.6 3.97% 13-11-2023 5,629.8 3.71% 13-11-2023 3,865.3 9.17% 13-11-2023 1,740.7 5.93% 13-11-2023 3,316.9 7.39%
20-11-2023 19,794.7 0.32% 20-11-2023 10,518.1 -0.06% 20-11-2023 1,553.2 -1.98% 20-11-2023 5,929.8 5.33% 20-11-2023 3,849.1 -0.42% 20-11-2023 1,793.2 3.01% 20-11-2023 3,529.6 6.41%
27-11-2023 20,267.9 2.39% 27-11-2023 10,584.0 0.63% 27-11-2023 1,625.5 4.65% 27-11-2023 6,046.6 1.97% 27-11-2023 3,891.2 1.10% 27-11-2023 1,901.9 6.07% 27-11-2023 3,739.8 5.96%
04-12-2023 20,969.4 3.46% 04-12-2023 10,600.9 0.16% 04-12-2023 1,668.6 2.65% 04-12-2023 6,073.4 0.44% 04-12-2023 4,055.0 4.21% 04-12-2023 1,895.2 -0.35% 04-12-2023 3,695.8 -1.18%
11-12-2023 21,456.7 2.32% 11-12-2023 10,286.7 -2.96% 11-12-2023 1,724.9 3.38% 11-12-2023 6,269.9 3.24% 11-12-2023 4,059.9 0.12% 11-12-2023 2,008.9 6.00% 11-12-2023 3,875.7 4.87%
18-12-2023 21,349.4 -0.50% 18-12-2023 10,214.9 -0.70% 18-12-2023 1,634.3 -5.26% 18-12-2023 6,365.8 1.53% 18-12-2023 4,006.1 -1.33% 18-12-2023 1,960.3 -2.42% 18-12-2023 3,914.6 1.00%
25-12-2023 21,731.4 1.79% 25-12-2023 10,299.4 0.83% 25-12-2023 1,729.4 5.82% 25-12-2023 6,801.0 6.84% 25-12-2023 4,143.5 3.43% 25-12-2023 2,016.9 2.89% 25-12-2023 4,117.4 5.18%
01-01-2024 21,710.8 -0.09% 01-01-2024 10,018.8 -2.72% 01-01-2024 1,642.0 -5.05% 01-01-2024 6,968.1 2.46% 01-01-2024 3,877.1 -6.43% 01-01-2024 1,971.5 -2.25% 01-01-2024 3,968.9 -3.61%
08-01-2024 21,894.6 0.85% 08-01-2024 9,962.3 -0.56% 08-01-2024 1,624.4 -1.07% 08-01-2024 7,300.2 4.77% 08-01-2024 3,870.9 -0.16% 08-01-2024 2,077.1 5.36% 08-01-2024 4,359.7 9.85%
15-01-2024 21,622.4 -1.24% 15-01-2024 9,974.1 0.12% 15-01-2024 1,655.6 1.91% 15-01-2024 7,114.0 -2.55% 15-01-2024 3,699.4 -4.43% 15-01-2024 2,004.1 -3.51% 15-01-2024 4,376.2 0.38%
22-01-2024 21,352.6 -1.25% 22-01-2024 9,886.8 -0.88% 22-01-2024 1,635.5 -1.21% 22-01-2024 7,596.9 6.79% 22-01-2024 3,616.4 -2.24% 22-01-2024 1,934.1 -3.49% 22-01-2024 4,418.3 0.96%
29-01-2024 21,853.8 2.35% 29-01-2024 10,652.0 7.74% 29-01-2024 1,660.8 1.54% 29-01-2024 7,736.8 1.84% 29-01-2024 3,825.6 5.78% 29-01-2024 2,036.5 5.29% 29-01-2024 4,692.0 6.19%
05-02-2024 21,782.5 -0.33% 05-02-2024 10,730.3 0.74% 05-02-2024 1,646.4 -0.86% 05-02-2024 7,782.5 0.59% 05-02-2024 3,840.9 0.40% 05-02-2024 2,029.4 -0.35% 05-02-2024 4,882.5 4.06%
12-02-2024 22,040.7 1.19% 12-02-2024 11,367.7 5.94% 12-02-2024 1,835.6 11.49% 12-02-2024 8,325.8 6.98% 12-02-2024 3,928.6 2.28% 12-02-2024 2,129.7 4.94% 12-02-2024 4,868.1 -0.30%
19-02-2024 22,212.7 0.78% 19-02-2024 11,539.2 1.51% 19-02-2024 1,929.9 5.14% 19-02-2024 8,430.0 1.25% 19-02-2024 3,927.1 -0.04% 19-02-2024 2,108.2 -1.01% 19-02-2024 4,495.0 -7.66%
26-02-2024 22,338.8 0.57% 26-02-2024 11,570.9 0.28% 26-02-2024 1,972.9 2.23% 26-02-2024 8,042.8 -4.59% 26-02-2024 3,843.6 -2.13% 26-02-2024 2,244.3 6.46% 26-02-2024 4,507.1 0.27%
04-03-2024 22,493.6 0.69% 04-03-2024 11,502.9 -0.59% 04-03-2024 1,897.6 -3.82% 04-03-2024 8,878.7 10.39% 04-03-2024 3,785.3 -1.52% 04-03-2024 2,251.2 0.31% 04-03-2024 4,652.9 3.23%
11-03-2024 22,023.3 -2.09% 11-03-2024 11,477.8 -0.22% 11-03-2024 1,799.5 -5.17% 11-03-2024 8,346.2 -6.00% 11-03-2024 3,745.6 -1.05% 11-03-2024 2,059.0 -8.54% 11-03-2024 4,585.3 -1.45%
18-03-2024 22,096.8 0.33% 18-03-2024 12,336.2 7.48% 18-03-2024 1,878.8 4.41% 18-03-2024 8,935.6 7.06% 18-03-2024 3,988.4 6.48% 18-03-2024 2,042.7 -0.79% 18-03-2024 4,684.0 2.15%
25-03-2024 22,326.9 1.04% 25-03-2024 12,613.1 2.24% 25-03-2024 1,921.3 2.26% 25-03-2024 9,144.9 2.34% 25-03-2024 4,019.3 0.77% 25-03-2024 2,151.4 5.32% 25-03-2024 4,722.3 0.82%
01-04-2024 22,513.7 0.84% 01-04-2024 12,424.7 -1.49% 01-04-2024 2,013.3 4.79% 01-04-2024 9,008.7 -1.49% 01-04-2024 4,031.3 0.30% 01-04-2024 2,068.6 -3.85% 01-04-2024 4,524.9 -4.18%
08-04-2024 22,519.4 0.03% 08-04-2024 12,274.6 -1.21% 08-04-2024 2,070.9 2.86% 08-04-2024 9,070.7 0.69% 08-04-2024 4,302.3 6.72% 08-04-2024 2,045.8 -1.10% 08-04-2024 4,440.8 -1.86%
15-04-2024 22,147.0 -1.65% 15-04-2024 12,710.7 3.55% 15-04-2024 2,082.9 0.58% 15-04-2024 8,795.5 -3.03% 15-04-2024 4,344.1 0.97% 15-04-2024 1,898.9 -7.18% 15-04-2024 4,213.7 -5.11%
22-04-2024 22,419.9 1.23% 22-04-2024 12,687.0 -0.19% 22-04-2024 2,044.9 -1.82% 22-04-2024 8,965.5 1.93% 22-04-2024 4,601.0 5.91% 22-04-2024 2,017.0 6.22% 22-04-2024 4,491.6 6.60%
29-04-2024 22,475.8 0.25% 29-04-2024 12,491.2 -1.54% 29-04-2024 2,193.0 7.24% 29-04-2024 9,098.8 1.49% 29-04-2024 4,599.3 -0.04% 29-04-2024 2,053.1 1.79% 29-04-2024 4,552.8 1.36%
06-05-2024 22,055.2 -1.87% 06-05-2024 12,676.3 1.48% 06-05-2024 2,193.1 0.00% 06-05-2024 8,983.2 -1.27% 06-05-2024 4,657.9 1.27% 06-05-2024 2,064.9 0.57% 06-05-2024 4,877.4 7.13%
13-05-2024 22,466.1 1.86% 13-05-2024 12,603.3 -0.58% 13-05-2024 2,503.7 14.17% 13-05-2024 8,812.9 -1.90% 13-05-2024 4,684.4 0.57% 13-05-2024 2,190.8 6.10% 13-05-2024 5,109.9 4.77%
20-05-2024 22,957.1 2.19% 20-05-2024 12,999.6 3.14% 20-05-2024 2,579.8 3.04% 20-05-2024 8,951.6 1.57% 20-05-2024 4,881.0 4.20% 20-05-2024 2,239.6 2.23% 20-05-2024 5,118.3 0.17%
27-05-2024 22,932.4 -0.11% 27-05-2024 12,902.4 -0.75% 27-05-2024 2,549.1 -1.19% 27-05-2024 9,000.1 0.54% 27-05-2024 4,793.3 -1.80% 27-05-2024 2,249.4 0.44% 27-05-2024 5,083.9 -0.67%
 Return on Markets

Return of Markets
Year Annual
2000 -14.65% Average Returns 15.61%
2001 -16.18% Divident Yield 1.16% 1
2002 3.25% Total Market Returns 15.61%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
 Wighted Average Cost of Capital
Peer Comps
Debt/ Debt/ Levered Unlevered
1
Company Name Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3
Maruti Suzuki India 118.60 407619.60 30.00% 0.03% 0.03% 0.50 0.50
Tata Motors India 107262.50 318244.28 30.00% 33.70% 25.21% 1.21 0.98
M&M India 106625.52 318572.27 30.00% 33.47% 25.08% 0.98 0.80
Bajaj Auto India 1911.74 251154.36 30.00% 0.76% 0.76% 0.65 0.65
Eicher Motors India 419.44 131834.70 30.00% 0.32% 0.32% 0.88 0.88
TVS Motor Co. India 13376.38 107845.32 30.00% 12.40% 11.03% 0.94 0.86
Hero Motocorp India 606.41 103234.36 30.00% 0.59% 0.58% 0.92 0.92

Average 30.00% 11.61% 9.00% 0.87 0.80

Median 30.00% 0.76% 0.76% 0.92 0.86

Cost of Debt Cost of Equity

Risk Free Rate 6.99%
Pre-Tax Cost of Debt 9.31% Equity Risk Premium 8.62%
Tax Rate 30.00% Levered Beta 4 0.92
Post Tax Cost of Debt 6.52% Cost of Equity 14.94%

Capital Structure
Levered Beta
Current Target
Total Debt 107262.50 25.21% 9.00% Comps Median Unlevered Beta 0.86
Market Capitalisation 318244.28 74.79% 91.00% Target Debt/Equity 9.89%
Total Capital 4,25,506.8 100.00% 100.00% Tax Rate 30.00%
Levered Beta 0.92
Debt/Equity 33.70% 9.89%

Notes: Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Rate of the country
2. Levered beta is based on 5 years Monthly Data Cost of Equity 14.94%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate)*Debt/Equity) Equity Weight 91.00%
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity)
Cost of Debt 6.52%
Debt Weight 9.00%
WACC 14.18%
Calculation of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Inventories 37457.0 36089.0 35240.0 40755.0 47788.0
Trade receivables 11173.0 12679.0 12442.0 15738.0 16952.0
Short term loans 39.0 142.0 47.0 50.0 197.0
Other asset items 58746.0 61576.0 62177.0 68382.0 79966.0
Total Current Assets 107415.0 110486.0 109906.0 124925.0 144903.0

Current Liabilities
Trade Payables 66398.0 76040.0 69750.0 79252.0 88043.0
Advance from Customers 0.0 0.0 0.0 0.0 0.0
Other liability items 65969.0 66579.0 64030.0 68710.0 82265.0
Total Liabilities 132367.0 142619.0 133780.0 147962.0 170308.0

Net Working Capital (24,952) (32,133) (23,874) (23,037) (25,405)

Non Current Assets

Land 7675.0 7819.0 7760.0 8045.0 0.0
Building 32665.0 35537.0 36466.0 38781.0 0.0
Plant Machinery 124158.0 138868.0 148585.0 153672.0 0.0
Equipments 0.0 0.0 0.0 0.0 0.0
Computers 3054.0 3172.0 3383.0 3499.0 0.0
Furniture n fittings 1890.0 1956.0 1984.0 2084.0 0.0
Vehicles 601.0 845.0 725.0 788.0 0.0
Intangible Assets 91157.0 114809.0 114323.0 112538.0 64862.0
Other fixed assets 9380.0 10686.0 10870.0 11735.0 0.0
Gross Block 270580.0 313692.0 324096.0 331142.0 64862.0
Accumulated Depreciation 143471.0 174985.0 185241.0 199062.0 0.0
Net Block 127109.0 138707.0 138855.0 132080.0 64862.0

Invested Capital 102157.0 106574.0 114981.0 109043.0 39457.0

EBIT (3,438) 8,741 (116) 6,955 32,268

ROIC -3.37% 8.20% -0.10% 6.38% 81.78%

Calculation of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net CAPEX 29531.0 19854.0 14938.0 18945.0 31183.0

Change in Working Capital (7,181.0) 8,259.0 837.0 (2,368.0)

EBIT (3,438.4) 8,740.7 (115.6) 6,955.4 32,268.2

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) (2,578.8) 6,555.5 (86.7) 5,216.6 24,201.2

Reinvestment 12673.0 23197.0 19782.0 28815.0

Reinvestment Rate 193% -26755% 379% 119%

4 Years Average -6516%

4 Years Median 156%

Calculation of Growth Rate Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate 193% -26755% 379% 119%

ROIC 8.20% -0.10% 6.38% 81.78%
Intrinsic Growth 16% 27% 24% 97%

4 Years Average 41%

4 Years Median 26%
Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Feb-28F Feb-29F

EBIT ₹ 32,268.2 ₹ 40,510.8 ₹ 50,858.9 ₹ 63,850.4 ₹ 80,160.4 ₹ 1,00,636.6

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT(1-T) ₹ 22,587.7 ₹ 28,357.6 ₹ 35,601.3 ₹ 44,695.3 ₹ 56,112.3 ₹ 70,445.6
Less: Reinvestment Rate 156.19% 131.49% 106.80% 82.10% 57.40% 57.40%
Free Cash Flow to Firm ₹ (12,692.3) ₹ (8,930.7) ₹ (2,419.3) ₹ 8,001.5 ₹ 23,903.8 ₹ 30,009.8
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.94 0.82 0.72 0.63 0.55
PV of FCF ₹ (8,357.8) ₹ (1,982.9) ₹ 5,743.7 ₹ 15,028.0 ₹ 16,523.7

Expected Growth Rate 25.54%

Terminal Growth Rate 5.38%
WACC 14.18%

Calculation of Terminal Value Sensitivity Analysis - Enterprise Value

FCFF (n+1) ₹ 37,675.6 4,28,130.52 4.00% 4.50% 5.00% 5.38%

WACC 14.18% 12.00% ₹ 4,70,944.5 ₹ 5,02,340.8 ₹ 5,38,222.3 ₹ 5,69,117.2
Terminal Growth Rate 5.38% 12.50% ₹ 4,43,241.9 ₹ 4,70,944.5 ₹ 5,02,340.8 ₹ 5,29,151.1
13.50% ₹ 3,96,584.9 ₹ 4,18,617.3 ₹ 4,43,241.9 ₹ 4,63,984.7
Terminal Value ₹ 4,28,130.52 14.18% ₹ 3,70,093.9 ₹ 3,89,210.3 ₹ 4,10,409.2 ₹ 4,28,131.4

Calculation of Equity Value

Sensitivity Analysis - Equity Value
PV of FCFF ₹ 26,954.8
PV of Terminal Value ₹ 2,35,733.2 573.09 4.00% 4.50% 5.00% 5.38%
Value of Operating Assets (Enterprise Value) ₹ 2,62,688.0 12.00% ₹ 637.4 ₹ 684.6 ₹ 738.5 ₹ 784.9
Add: Cash ₹ 45,807.0 12.50% ₹ 595.8 ₹ 637.4 ₹ 684.6 ₹ 724.9
Less: Debt ₹ 98,501.0 13.50% ₹ 525.7 ₹ 558.8 ₹ 595.8 ₹ 627.0
Value of Equity ₹ 2,09,994.0 14.18% ₹ 485.9 ₹ 514.6 ₹ 546.5 ₹ 573.1
No. of Shares ₹ 366.4

Equity Value per Share ₹ 573.1

Share Price 943.5

Discount/Premium 1.65x
 VAR - Monte Carlo Simulation

Date Closing Price Return Sorted Returns Calculation of Value at Risk - TATA MOTORS LTD
13-10-2021 505.325043 4.435924629 0.204467105 Mean 0.10%
30-04-2020 92.960274 0.405383125 0.193218192 Standard Deviation 2.81%
20-05-2009 66.145859 -0.615239119 0.188256513 Min -17.58%
29-10-2019 171.9142 0.167569468 0.167569468 Max 20.45%
27-10-2019 147.241089 -0.541304364 0.164367353 CMP 929.35
02-02-2021 320.999542 10.03139998 0.151645151
29-10-2008 29.098713 -0.469631574 0.141428501 Percentile Confidence VAR%Stock Price VAR(INR)
18-05-2009 54.865093 0.996025164 0.135909352 5.00% 95.00% -4.17% 968.10 -38.75
04-12-2008 27.487175 -0.25877728 0.132832841 1.00% 99.00% -7.39% 998.01 -68.66
02-04-2009 37.083557 -0.664116163 0.131388809 0.50% 99.50% -8.72% 1010.35 -81.00
05-06-2020 110.405899 2.183569088 0.124365457 10.00% 90.00% -3.01% 957.32 -27.97
03-11-2008 34.679913 -0.764752453 0.123267409
02-03-2010 147.418808 -0.607229027 0.122117541
07-10-2021 375.3302 27.12632944 0.120368958
03-11-2000 13.344443 -0.739669551 0.11829377
15-04-2009 51.259632 -0.766963997 0.116399097
11-01-2021 219.964432 1.103842526 0.113550388
07-09-2009 104.553658 1.277105879 0.113515463
13-04-2009 45.91515 -0.749342845 0.111772574
05-02-2020 183.179092 0.31720432 0.108931858
17-10-2019 139.066574 10.63903863 0.10846246
24-07-2001 11.948287 -0.841641537 0.108011151
28-07-2009 75.45089 1.562461426 0.107591441
13-03-2009 29.444693 0.225840828 0.107154996
11-06-2002 24.019997 1.088531578 0.106609746
14-03-2001 11.500902 -0.843272329 0.105263052
23-01-2004 73.381439 -0.013268813 0.104191219
09-04-2020 74.368217 -0.444733962 0.103550379
11-09-2019 133.932587 3.177852972 0.102133014
02-01-2009 32.057755 1.460645906 0.101345216
22-10-2001 13.028187 -0.962040079 0.100325752
10-09-2013 343.209015 0.837623003 0.100062897
01-04-2019 186.767914 0.079827134 0.098504932
18-11-2020 172.960938 -0.447879365 0.098101282
14-08-2013 313.266571 8.780278687 0.097128931
26-03-2009 32.030434 0.982095417 0.096975273
28-08-2000 16.159885 -0.761983491 0.095711115
24-07-2009 67.893967 -0.154970185 0.095490041
27-01-2004 80.345055 -0.824588036 0.094896149
31-05-2016 458.036346 2.817730965 0.091157282
27-08-2019 119.976067 4.756454044 0.088647632
06-02-2002 20.842009 -0.080013783 0.087323711
11-02-2002 22.654697 -0.943790983 0.086168681
13-05-2022 403.043823 -0.0275406 0.085952184
11-10-2021 414.458252 36.91897733 0.085650782
19-09-2001 10.930101 -0.920491901 0.084992224
26-08-2020 137.471542 7.766396363 0.084972435
03-01-2001 15.681648 -0.922490646 0.084266819
02-04-2019 202.319427 -0.467526404 0.083266513
15-10-2015 379.961426 1.633130534 0.0823163
06-10-2020 144.300262 3.647781783 0.0810307
10-11-2008 31.047125 -0.724512258 0.080823982
03-08-2020 112.698753 4.723675803 0.080267557
14-03-2000 19.689926 -0.498746875 0.08018272
09-07-1999 39.281403 0.441634231 0.080175144
22-02-2000 27.247829 -0.250104203 0.080156153
07-01-2000 36.335487 0.440408329 0.080144006
21-02-2000 25.225824 -0.453576203 0.080090655
23-08-1999 46.16531 0.269471469 0.080085264
08-07-1999 36.365772 -0.142806451 0.080071662
12-07-1999 42.424225 1.034132967 0.080007886
09-03-2000 20.856171 -0.863180986 0.079999689
07-10-2011 152.436203 -0.48726921 0.079715029
12-02-2016 297.302612 8.010322017 0.079609165
22-12-1999 32.995781 -0.158392776 0.079534432
10-01-2000 39.205677 -0.677701467 0.078991373
25-01-2008 121.643982 4.687942228 0.078809472
05-05-2000 21.38629 0.017291098 0.078686016
07-04-2000 21.022783 -0.707236318 0.07847731
09-07-2008 71.808029 -0.637472458 0.078389894
28-10-2011 198.076065 0.683129209 0.078206369
05-09-2019 117.68322 0.878050242 0.078082219
01-06-2004 62.662445 -0.735669707 0.07785638
12-01-2021 237.061157 1.464248785 0.077724952
02-06-2020 96.200172 -0.254349283 0.077610259
01-02-2008 129.01506 2.409261046 0.077275032
04-08-1999 37.842529 0.041475762 0.076939756
24-11-1999 36.335487 -0.140759065 0.076750525
09-08-1999 42.287891 -0.781398146 0.076329517
05-03-2019 193.447083 2.040966994 0.076261771
18-05-2004 63.613674 1.888585723 0.076025715
16-03-2000 22.022429 0.066764745 0.075444146
31-03-2000 20.644129 -0.891094021 0.07534499
20-05-2019 189.559189 4.774108483 0.07520483
03-01-2000 32.82917 -0.280139367 0.075149055
13-07-1999 45.604897 0.532249876 0.074973014
10-12-2008 29.763355 0.431224274 0.074621913
05-06-2002 20.795731 -0.954626331 0.074531527
25-02-2022 458.321564 15.54458306 0.074307759
25-02-2000 27.702213 -0.899522975 0.074302564
15-02-2012 275.70694 7.015280222 0.074267612
27-03-2009 34.397667 1.204341373 0.073905742
19-11-2001 15.60451 -0.932456767 0.073778947
15-04-2019 231.029953 0.41262237 0.073165117
10-10-2011 163.54686 7.521921351 0.072887259
16-01-2002 19.191313 -0.855526247 0.07287642
 VAR - Monte Carlo Simulation

Date Closing Price Return Sorted Returns Replication Simulation Returns Calculation of Value at Risk - TATA MOTORS LTD
13-10-2021 505.325043 4.435924629 0.204467105 1 0.02381183 Histrorical Approach
30-04-2020 92.960274 0.405383125 0.193218192 2 0.039706327 Mean 0.10%
20-05-2009 66.145859 -0.615239119 0.188256513 3 -0.01896407 Standard Deviation 2.81%
29-10-2019 171.9142 0.167569468 0.167569468 4 -0.03710026 Min -17.58%
27-10-2019 147.241089 -0.541304364 0.164367353 5 0.016742471 Max 20.45%
02-02-2021 320.999542 10.03139998 0.151645151 6 0.021703351 CMP 929.35
29-10-2008 29.098713 -0.469631574 0.141428501 7 0.033274599
18-05-2009 54.865093 0.996025164 0.135909352 8 0.003685576 Monte Carlo Approach
04-12-2008 27.487175 -0.25877728 0.132832841 9 -0.001529925 Mean 0.07%
02-04-2009 37.083557 -0.664116163 0.131388809 10 0.045015887 Standard Deviation 2.84%
05-06-2020 110.405899 2.183569088 0.124365457 11 0.017853651 Min -10.41%
03-11-2008 34.679913 -0.764752453 0.123267409 12 0.03464643 Max 10.69%
02-03-2010 147.418808 -0.607229027 0.122117541 13 -0.024103449 CMP ₹ 929.4
07-10-2021 375.3302 27.12632944 0.120368958 14 -0.035676462
03-11-2000 13.344443 -0.739669551 0.11829377 15 0.008593977
15-04-2009 51.259632 -0.766963997 0.116399097 16 0.023308098 Percentile Confidence VAR%Stock Price VAR(INR)
11-01-2021 219.964432 1.103842526 0.113550388 17 0.014807266 5.00% 95.00% -4.58% 971.91 -42.56
07-09-2009 104.553658 1.277105879 0.113515463 18 0.029306765 1.00% 99.00% -6.54% 990.12 -60.77
13-04-2009 45.91515 -0.749342845 0.111772574 19 -0.001708895 0.50% 99.50% -7.30% 997.21 -67.86
05-02-2020 183.179092 0.31720432 0.108931858 20 -0.026066804 10.00% 90.00% -3.56% 962.48 -33.13
17-10-2019 139.066574 10.63903863 0.10846246 21 -0.027821783
24-07-2001 11.948287 -0.841641537 0.108011151 22 0.028801481
28-07-2009 75.45089 1.562461426 0.107591441 23 0.02553543
13-03-2009 29.444693 0.225840828 0.107154996 24 -0.004725189
11-06-2002 24.019997 1.088531578 0.106609746 25 0.025924029
14-03-2001 11.500902 -0.843272329 0.105263052 26 -0.014119692
23-01-2004 73.381439 -0.013268813 0.104191219 27 -0.022215654
09-04-2020 74.368217 -0.444733962 0.103550379 28 0.011933906
11-09-2019 133.932587 3.177852972 0.102133014 29 -0.054511682
02-01-2009 32.057755 1.460645906 0.101345216 30 -0.048802176
22-10-2001 13.028187 -0.962040079 0.100325752 31 -0.030183703
10-09-2013 343.209015 0.837623003 0.100062897 32 -0.021879103
01-04-2019 186.767914 0.079827134 0.098504932 33 0.013409056
18-11-2020 172.960938 -0.447879365 0.098101282 34 -0.02792182
14-08-2013 313.266571 8.780278687 0.097128931 35 -0.024149968
26-03-2009 32.030434 0.982095417 0.096975273 36 -0.053667411
28-08-2000 16.159885 -0.761983491 0.095711115 37 -0.055846427
24-07-2009 67.893967 -0.154970185 0.095490041 38 -0.061148789
27-01-2004 80.345055 -0.824588036 0.094896149 39 -0.010402625
31-05-2016 458.036346 2.817730965 0.091157282 40 0.00078873
27-08-2019 119.976067 4.756454044 0.088647632 41 0.046683239
06-02-2002 20.842009 -0.080013783 0.087323711 42 -0.005811826
11-02-2002 22.654697 -0.943790983 0.086168681 43 -0.023690013
13-05-2022 403.043823 -0.0275406 0.085952184 44 -0.0152112
11-10-2021 414.458252 36.91897733 0.085650782 45 0.012622247
19-09-2001 10.930101 -0.920491901 0.084992224 46 0.011686283
26-08-2020 137.471542 7.766396363 0.084972435 47 -0.043743086
03-01-2001 15.681648 -0.922490646 0.084266819 48 0.02294575
02-04-2019 202.319427 -0.467526404 0.083266513 49 0.063226382
15-10-2015 379.961426 1.633130534 0.0823163 50 -0.028518409
06-10-2020 144.300262 3.647781783 0.0810307 51 0.064973515
10-11-2008 31.047125 -0.724512258 0.080823982 52 -0.011108686
03-08-2020 112.698753 4.723675803 0.080267557 53 0.040767706
14-03-2000 19.689926 -0.498746875 0.08018272 54 0.002953582
09-07-1999 39.281403 0.441634231 0.080175144 55 0.001226744
22-02-2000 27.247829 -0.250104203 0.080156153 56 0.028388912
07-01-2000 36.335487 0.440408329 0.080144006 57 -0.002807547
21-02-2000 25.225824 -0.453576203 0.080090655 58 -0.046094539
23-08-1999 46.16531 0.269471469 0.080085264 59 -0.04803338
08-07-1999 36.365772 -0.142806451 0.080071662 60 0.075751395
12-07-1999 42.424225 1.034132967 0.080007886 61 0.013934035
09-03-2000 20.856171 -0.863180986 0.079999689 62 -0.035981995
07-10-2011 152.436203 -0.48726921 0.079715029 63 0.012417988
12-02-2016 297.302612 8.010322017 0.079609165 64 -0.00493535
22-12-1999 32.995781 -0.158392776 0.079534432 65 0.024821521
10-01-2000 39.205677 -0.677701467 0.078991373 66 -0.005873204
25-01-2008 121.643982 4.687942228 0.078809472 67 0.002143684
05-05-2000 21.38629 0.017291098 0.078686016 68 0.0283585
07-04-2000 21.022783 -0.707236318 0.07847731 69 0.006560712
09-07-2008 71.808029 -0.637472458 0.078389894 70 0.015755042
28-10-2011 198.076065 0.683129209 0.078206369 71 0.001297782
05-09-2019 117.68322 0.878050242 0.078082219 72 0.016255405
01-06-2004 62.662445 -0.735669707 0.07785638 73 0.035673448
12-01-2021 237.061157 1.464248785 0.077724952 74 -0.063641376
02-06-2020 96.200172 -0.254349283 0.077610259 75 -0.088363558
01-02-2008 129.01506 2.409261046 0.077275032 76 -0.006271517
04-08-1999 37.842529 0.041475762 0.076939756 77 0.0583865
24-11-1999 36.335487 -0.140759065 0.076750525 78 0.03447183
09-08-1999 42.287891 -0.781398146 0.076329517 79 -0.027157255
05-03-2019 193.447083 2.040966994 0.076261771 80 0.005086966
18-05-2004 63.613674 1.888585723 0.076025715 81 -0.002809745
16-03-2000 22.022429 0.066764745 0.075444146 82 0.003682232
31-03-2000 20.644129 -0.891094021 0.07534499 83 -0.0035014
20-05-2019 189.559189 4.774108483 0.07520483 84 -0.010863945
03-01-2000 32.82917 -0.280139367 0.075149055 85 -0.012556208
13-07-1999 45.604897 0.532249876 0.074973014 86 -0.036858617
10-12-2008 29.763355 0.431224274 0.074621913 87 0.033169738
05-06-2002 20.795731 -0.954626331 0.074531527 88 -0.019800282
25-02-2022 458.321564 15.54458306 0.074307759 89 0.031677419
25-02-2000 27.702213 -0.899522975 0.074302564 90 0.038172636
15-02-2012 275.70694 7.015280222 0.074267612 91 0.021330274
27-03-2009 34.397667 1.204341373 0.073905742 92 -0.019157131
19-11-2001 15.60451 -0.932456767 0.073778947 93 0.014717551
15-04-2019 231.029953 0.41262237 0.073165117 94 -0.021384495
10-10-2011 163.54686 7.521921351 0.072887259 95 0.022074877
 Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit ₹ 8,988.9 ₹ (28,826.2) ₹ (12,070.9) ₹ (13,451.4) ₹ (11,441.5) ₹ 2,414.3 ₹ 31,399.1
Average Shareholder Equity ₹ 1,24,458.9 ₹ 1,07,893.5 ₹ 92,300.8 ₹ 86,352.2 ₹ 72,184.6 ₹ 67,602.4 ₹ 1,07,578.9
Return on Equity 7.22% -26.72% -13.08% -15.58% -15.85% 3.57% 29.19%

ROE - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit ₹ 8,988.9 ₹ (28,826.2) ₹ (12,070.9) ₹ (13,451.4) ₹ (11,441.5) ₹ 2,414.3 ₹ 31,399.1
Revenue ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6 ₹ 3,45,967.0 ₹ 4,37,927.8
Net Profit Margin (A) 3.08% -9.55% -4.62% -5.38% -4.11% 0.70% 7.17%

Revenue ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6 ₹ 3,45,967.0 ₹ 4,37,927.8

Average Total Asset ₹ 2,99,886.1 ₹ 3,16,447.7 ₹ 3,12,941.4 ₹ 3,30,874.7 ₹ 3,35,315.7 ₹ 3,31,868.0 ₹ 3,52,669.2
Asset Turnover Ratio (B) 1.0x 1.0x 0.8x 0.8x 0.8x 1.0x 1.2x

Average Total Asset ₹ 2,99,886.1 ₹ 3,16,447.7 ₹ 3,12,941.4 ₹ 3,30,874.7 ₹ 3,35,315.7 ₹ 3,31,868.0 ₹ 3,52,669.2
Average Shareholder Equity ₹ 1,24,458.9 ₹ 1,07,893.5 ₹ 92,300.8 ₹ 86,352.2 ₹ 72,184.6 ₹ 67,602.4 ₹ 1,07,578.9
Equity Multiplier (C) 2.41x 2.93x 3.39x 3.83x 4.65x 4.91x 3.28x

Return on Equity (A*B*C) 7.22% -26.72% -13.08% -15.58% -15.85% 3.57% 29.19%

Return on Asset
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit ₹ 8,988.9 ₹ (28,826.2) ₹ (12,070.9) ₹ (13,451.4) ₹ (11,441.5) ₹ 2,414.3 ₹ 31,399.1
Average Total Asset ₹ 2,99,886.1 ₹ 3,16,447.7 ₹ 3,12,941.4 ₹ 3,30,874.7 ₹ 3,35,315.7 ₹ 3,31,868.0 ₹ 3,52,669.2
Return on Assets 3.00% -9.11% -3.86% -4.07% -3.41% 0.73% 8.90%

ROA - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit ₹ 8,988.9 ₹ (28,826.2) ₹ (12,070.9) ₹ (13,451.4) ₹ (11,441.5) ₹ 2,414.3 ₹ 31,399.1
Revenue ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6 ₹ 3,45,967.0 ₹ 4,37,927.8
Net Profit Margin (A) 3.08% -9.55% -4.62% -5.38% -4.11% 0.70% 7.17%

Revenue ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6 ₹ 3,45,967.0 ₹ 4,37,927.8

Average Total Asset ₹ 2,99,886.1 ₹ 3,16,447.7 ₹ 3,12,941.4 ₹ 3,30,874.7 ₹ 3,35,315.7 ₹ 3,31,868.0 ₹ 3,52,669.2
Asset Turnover Ratio (B) 1.0x 1.0x 0.8x 0.8x 0.8x 1.0x 1.2x

Return on Asset (A*B) 3.00% -9.11% -3.86% -4.07% -3.41% 0.73% 8.90%