TATA TECHNOLOGIES FUNDAMENTAL RESEARCH REPORT

Tata Technologies (NSE: TATATECH, BSE: 544028), Pune, is a Tata Motors-promoted (55.17%) engineering, research and design (ER&D) services company focused on automotive (full-vehicle and software-defined-vehicle programmes) and, increasingly, aerospace. It also sells PLM software and runs an education business (Technology Solutions, ~20% of revenue), and has a JV with BMW in India. It is not an F&O stock, so it sits inside this SOP’s lane. Event 1 - Q2 FY27 (14-Oct). Revenue was US$178M (+22.2% YoY in constant currency), with services at $142M (+26.2%; +22.1% excluding the ES-Tec acquisition). Operating EBITDA margin was 16.1% despite wage hikes, but PAT was Rs 171 Cr (+3% YoY); underlying PBT grew 16.4% after excluding forex. Five large deals were won, including a US$138M full-vehicle programme with a European luxury OEM, and the company guided to “strong double-digit growth” for FY27.