JLR unveiled a £1.7-billion profitability programme and outlined its FY27 growth strategy, banking on brands such as Defender, Range Rover and the new Jaguar, alongside a stronger focus on North America, to drive its next phase of growth. | Photo Credit: REUTERS/PRIYANSHU SINGH

Shares of Tata Motors Passenger Vehicles (TMPV) remained in focus on Thursday as brokerages offered mixed views on the company following Jaguar Land Rover’s (JLR) investor day and its FY27 guidance.

The stock traded at ₹361.85 at 2.20 pm on the NSE after touching an intraday high of ₹366.25. The counter had come under significant pressure in the previous session, falling more than 8 per cent to ₹360.95 after investors reacted to JLR’s outlook.

JLR unveiled a £1.7-billion profitability programme and outlined its FY27 growth strategy, banking on brands such as Defender, Range Rover and the new Jaguar, alongside a stronger focus on North America, to drive its next phase of growth.

Brokerages, however, remained divided on the implications of the guidance.

Jefferies maintained its underperform rating on the stock with a target price of ₹300, citing subdued FY27 guidance from JLR. The brokerage highlighted multiple headwinds, including rising competition, higher discounts, increased warranty costs and elevated capital work-in-progress and product development spending. It also noted that some of JLR’s key models are beginning to age.

BofA also maintained an underperform rating with a target price of ₹335.

Citi retained its sell rating and cut its target price to ₹320 from ₹330, describing the FY27 guidance as cautious.

On the other hand, CLSA maintained its outperform rating and trimmed its target price to ₹452 from ₹468. The brokerage said the market reaction appeared too harsh and believes there is scope for improvement in guidance if commodity prices soften. CLSA said the deviation in JLR’s outlook was largely due to a nil free cash flow projection, driven by potential margin pressure from recent commodity inflation.

Nuvama Institutional Equities also retained its buy rating with a target price of ₹470. The brokerage expects revenue and EBITDA CAGR of 16 per cent and 55 per cent, respectively, driven by new products, improved utilisation and cost-saving initiatives.

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Published on June 18, 2026