Tata Technologies (TATE.BO): 1Q Preview: Core business execution to help offset Volkswagen challenges

For 1Q27, we forecast +3.1% / +4.9% qoq growth in Revenue / EBITDA which is +29.7% / +29% yoy and +0.8% / +1.5% vs Visible Alpha Consensus Data; reported numbers should benefit from the 1.1% qoq INR depreciation vs the USD. We expect investor focus to be on (1) the growth path at recently acquired ES-Tec, in the context of the profit warning and job cuts at a key customer, Volkswagen; (2) the pace of ramp-up in BMW JV; (3) the trajectory of the pickup at JLR, which is heading into a new product launch cycle; (4) any implications to strategy from the ongoing Tata Sons chairman appointment process;