Tata Technologies Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tata Technologies Ltd trades at ₹758, in a confirmed uptrend and 5 weeks into that stage. That is +12.4% against its own 200-day average. It sits at 93% of a 52-week range of ₹539 to ₹774. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 17 straight weeks.

Today the stock is in a confirmed uptrend — week 5 of stage 2, confirmed. At ₹758 it trades +12.4% versus its 200-day average and sits at 93% of its 52-week range (₹539–₹774).

Against the market, two honest reads. Cumulative: over the last 2.6 years the stock moved −38% while the NIFTY 500 moved +25% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 17 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 43rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Tata Technologies Ltd trades at 44.4× P/E, mid-range by its own standards (43rd percentile). Its long-run median P/E is 47.6×, measured across 2.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 44.4× is mid-range by its own standards (43rd percentile), against a long-run median of 47.6× measured over 2.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −19.4% against a +6.4% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tata Technologies Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −18.5% latest against +43.9% at its 12-quarter best), ROCE slipping at 21.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

43.4/100 — rank 5 of 7 in IT - ER&D · 91% evidence confidence

Tata Technologies Ltd scores 43.4 out of 100 against the 7 companies it is compared with in IT - ER&D, ranking 5. Price leads the evidence: RS versus the benchmark is 14%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 13.2 + 10.2 + 4 + 16 = 43.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tata Technologies Ltd reported ₹1,665 Cr of revenue in the Jun 26 quarter, +33.8% year on year. That is the 4th straight quarter of year-on-year growth. Over 7 years it has compounded at 9.4% a year. The last full year, FY26, came in at ₹5,506 Cr. The last four reported quarters add to ₹5,926 Cr.

Tata Technologies Ltd reported ₹1,665 Cr of revenue in the Jun 26 quarter, +33.8% year on year. That is the 4th straight quarter of year-on-year growth. Over 7 years it has compounded at 9.4% a year. The last full year, FY26, came in at ₹5,506 Cr. The last four reported quarters add to ₹5,926 Cr.

FY26 revenue came in at ₹5,506 Cr (+6.5% on the year), capping 7 years at 9.4% compound. The latest quarter (Jun 26) printed ₹1,665 Cr, +33.8% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.4% growth against the decade's 9.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.2% over the last 4 quarters against +7.5%/yr over the last 8 — accelerating; TTM profit −18.5% vs −7.3%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 16.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tata Technologies Ltd's operating margin is 16.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 15.0% to 19.0%. The current quarter sits inside that band.

Tata Technologies Ltd's operating margin is 16.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 15.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, +0.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 15.0%–19.0%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +0.2 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +6.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tata Technologies Ltd earned ₹181 Cr of net profit in the Jun 26 quarter, +6.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹547 Cr. The 7-year compound rate is 6.5%. That is 10.9% of the quarter's revenue. The same quarter a year earlier earned ₹170 Cr.

Tata Technologies Ltd earned ₹181 Cr of net profit in the Jun 26 quarter, +6.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹547 Cr. The 7-year compound rate is 6.5%. That is 10.9% of the quarter's revenue. The same quarter a year earlier earned ₹170 Cr.

Jun 26 profit was ₹181 Cr, +6.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹547 Cr (−19.2%), and the 7-year compound rate is 6.5%.

Why profit moved: revenue contributed +33.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −18.9% vs revenue +15.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 93% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 93% of Tata Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹776 Cr of operating cash against ₹547 Cr of profit. After ₹1,085 Cr of capital spending, ₹−309 Cr was left as free cash.

FY26: operating cash of ₹776 Cr against reported profit of ₹547 Cr, leaving free cash of ₹−309 Cr after ₹1,085 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 93% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 93%: the cash cycle tightened 12 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,344 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tata Technologies Ltd's cash conversion cycle runs 79 days in FY26, down from 91 days in FY21. Capital spending ran ₹1,344 Cr over the last 3 years. At FY26 sales of ₹5,506 Cr each day of that cycle holds about ₹15.1 Cr, so roughly ₹1,192 Cr sits inside the business at any moment.

FY26: debtors at 79 days, inventory at 0 days — roughly 0.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 79 days, tighter than FY21's 91.

In money terms: at FY26 sales of ₹5,506 Cr, each day of the cycle holds about ₹15.1 Cr — so the 79-day loop keeps roughly ₹1,192 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,344 Cr over the last 3 fiscal years against ₹372 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹15.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 21% and the ROIC − WACC spread is +4.4 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Tata Technologies Ltd earns a ROCE of 21% in FY26. That is up from a trough of 15% in FY21. Return on invested capital clears the cost of that capital by +4.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.9% net margin on 0.62× asset turns.

FY26 ROCE is 21%, recovered from a FY21 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.9% net margin × 0.62× asset turns × 2.26× balance-sheet leverage ≈ 13.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 16.4% − 12.0% = a +4.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.24.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Tata Technologies Ltd carries total debt of ₹938 Cr against shareholder equity of ₹3,923 Cr as of Mar 26, a debt-to-equity of 0.24 — effectively unlevered. On the annual view that ratio went from 0.11 in FY22 to 0.24 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹938 Cr against shareholder equity of ₹3,923 Cr — a debt-to-equity of 0.24. On the annual view, debt-to-equity went from 0.11 (FY22) to 0.24 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 4.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 4.7 points of Tata Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 6.3% of the company. Domestic institutions moved +2.7 points over the same window, to 4.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +4.7 points over 8 quarters to 6.3%; Domestic institutions: +2.7 points over 8 quarters to 4.5%; Promoters: −0.2 points over 8 quarters to 55.2%.

Why the register moved: foreign institutions drove it (+4.7 points), alongside domestic institutions (+2.7 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tata Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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