Aditya Birla Capital - Tata Technologies IPO Note

At the upper price band, TTL is available at a PE of ~33x its FY23 EPS which is reasonable when compared to peers. We believe that Tata’s strong brand name, experienced management, debt-free Balance Sheet, strong expertise in the auto segment especially EVs, and plans to expand into the aerospace segment and with a growing global ER&D spending, is well placed for a huge growth opportunity. We have a SUBSCRIBE recommendation for this issue.