IMO you are generalising... they do have issues with passenger division but issuing a judgement like CLSA is far fetched....
Tata Motors is 'B' rated company i.e 'below investment' or '
junk status'.
It has to pay higher interest to investors owning to junk status as yield is speculative.
Tata Motors had to just withdraw 1000 Cr NCD within 3 days of offering conceding to investor response.
Cash flow impact is negative 30K Crores in quarter by even conservative standards in this financial year.
Volume degrowth of Tata Motors is worse than Industry average i.e at -35%
Its PAT as % of operating income is -9% in FY19, worst among all peers (none of them are in -ve)
Tata Motors is the worst performer on S&P Auto index, declining over 50%
YoY sales dip for Feb'20 was -34%, while PV sales dip at -31% and CV at -34% for the FY. This is before any impact from Corona.
JLR contributes to almost 70% of Tata Motors total revenue. Without JLR, Tata Motors is dead in waters.
Tata Motors had the lowest operating margin among 30 meaningful OEMs in the world, it was in fact one of least profitable car maker in the world for 2019.
CY growth is -28%, market share fallen further YoY. It occupies 2 miserable slots in Top 25 selling models in country, ranking on #17 and #20. Both these models have CY degrowth of -32% and -6% respectively i.e Tiago/Nexon. Maruti sold more WagonRs than what Tata could sell as a company all models combined in total.
Tata Motors itself is looking to partner with Chery (a chinese state owned company) to bring in investment & technology for its failing business. JLR is already in partnership with Chery.
Woes of tata motors are naked for everyone. And I have not even covered perceptive matter like brand equity etc. Tata Motors is a shithole company.