Tata Motors Passenger Vehicles Ltd.

•

cars.tatamotors.comBSE: 500570NSE: TMPV

Market Cap₹ 1,11,223 Cr.

Current Price

High / Low₹ 740 / 294

Stock P/E1.4

Book Value₹ 306

Price to Book0.97

Dividend Yield0.99 %

ROCE0.7 %

ROE-1.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Jaguar & Land Rover Business - Automotive: 81.4% • Tata Vehicles/Spares & Financing - Automotive: 17.5% • Others: 1.1%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence

74%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 24.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.65x)
Working capital cycle has improved - days down from -6 to -29
Stock looks reasonably valued - P/E of 1.4 is below its historical median
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -3.9pp
Interest coverage is weak at 0.4x - earnings barely cover interest
Recurring exceptional / one-off items are inflating headline profit
Operating margins have contracted to 5.4% from 10.6%
Company has delivered a poor sales growth of 6.1% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAutomobiles - Passenger Cars

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MARUTI	12410.00	27.22	390173.59	1.13	3446.90	-9.11	52469.80	43.27	19.03	8.41
2.	M&M	3120.00	21.01	387981.00	1.06	5997.56	37.04	58187.57	27.80	16.29	18.79
3.	HYUNDAI	2175.00	35.70	176727.69	0.97	888.62	-35.10	16334.63	0.96	38.55	9.25
4.	TMPV	302.00	1.40	111223.32	0.99	859.00	-78.54	95799.00	-7.70	0.67	6.46
5.	MERCURYEV	41.75	158.53	793.14	0.00	1.56	-4.18	33.38	47.91	5.17	9.77
6.	HINDMOTORS	13.82	0.00	288.37	0.00	0.22	-94.71	0.00	—	53.69	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,01,528	1,05,128	1,09,799	1,19,986	1,08,048	82,841	1,13,575	97,863	1,03,792	71,714	69,605	1,04,923	95,799
	89,019	1,00,649	95,159	1,12,235	1,00,925	73,742	1,07,627	83,990	94,183	73,753	69,229	94,188	95,338
Operating Profit	12,509	4,479	14,640	7,751	7,123	9,099	5,948	13,873	9,609	-2,039	376	10,735	461
OPM %	12.32%	4.26%	13.33%	6.46%	6.59%	10.98%	5.24%	14.18%	9.26%	-2.84%	0.54%	10.23%	0.48%
	684	1,754	1,411	1,548	1,532	1,394	1,816	996	1,463	-1,147	-130	1,743	1,161
Interest	2,615	2,652	2,485	2,234	2,088	1,094	1,725	828	938	686	682	767	835
Depreciation	6,633	6,636	6,850	7,151	6,574	5,467	5,408	4,717	5,320	4,871	4,969	5,092	4,880
Profit before Tax	4,653	6,035	7,494	9,369	8,870	4,747	7,674	9,838	5,429	-8,108	-4,902	7,143	1,574
Tax %	33.59%	36.50%	7.23%	-87.09%	35.83%	36.91%	27.31%	26.91%	28.70%	20.99%	25.50%	19.59%	45.43%
Net Profit	0	3,832	0	17,529	5,692	3,450	5,578	8,556	4,003	7,62,480	-3,483	5,878	859
	8.35	9.81	18.32	45.42	14.51	8.66	14.81	19.44	10.66	-17.50	-9.47	15.71	2.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,69,693	2,91,550	3,01,938	2,61,068	2,49,795	2,78,454	3,45,967	4,34,016	4,39,695	3,35,582	3,42,041
	2,40,910	2,62,657	2,78,604	2,43,767	2,20,622	2,55,104	3,14,151	3,76,207	3,84,725	3,17,506	3,32,508
Operating Profit	28,783	28,894	23,334	17,301	29,173	23,350	31,816	57,809	54,970	18,076	9,533
OPM %	10.67%	9.91%	7.73%	6.63%	11.68%	8.39%	9.20%	13.32%	12.50%	5.39%	2.79%
	2,675	8,497	-25,356	788	-8,004	3,795	6,328	4,753	6,862	2,466	1,627
Interest	4,238	4,682	5,759	7,243	8,097	9,312	10,225	7,594	5,083	2,827	2,970
Depreciation	17,905	21,554	23,591	21,425	23,547	24,836	24,860	27,239	23,256	19,784	19,812
Profit before Tax	9,315	11,155	-31,371	-10,580	-10,474	-7,003	3,394	28,429	33,780	-1,623	-4,293
Tax %	34.90%	38.92%	7.77%	-3.74%	-24.27%	-60.42%	20.74%	-14.15%	31.09%	15.16%	19.52%
Net Profit	6,064	6,813	-28,934	-10,975	-13,016	-11,235	2,690	32,453	23,278	-1,377	-3,455
EPS	21.93	26.45	-84.89	-34.88	-36.99	-29.88	6.29	81.87	75.62	223.58	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.73%	7.33%	7.93%	1.34%	—

COMPOUNDED SALES GROWTH

10 Years:: 2%
5 Years:: 6%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: —
3 Years:: 224%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 0%
5 Years:: 11%
3 Years:: 24%
Last Year:: -1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	679	679	679	719	766	766	766	767	736	737
Minority Interest	453	525	523	814	1,573	4,271	7,278	8,176	6,610	6,774
	57,383	94,749	59,492	61,478	54,459	43,751	44,490	84,060	1,15,314	1,11,278
	91,307	91,899	1,07,839	1,17,459	1,35,057	1,33,969	1,37,854	1,12,135	86,005	96,735
Trade Payables	62,533	76,940	71,691	66,398	76,040	69,750	79,252	93,978	97,368	92,780
	56,942	62,400	61,820	69,795	70,711	74,242	61,257	58,449	65,433	58,642
Total Liabilities	2,69,297	3,27,192	3,02,043	3,16,663	3,38,605	3,26,749	3,30,897	3,57,565	3,71,466	3,66,946
	95,944	1,21,414	1,11,234	1,27,107	1,38,708	1,38,855	1,32,080	1,21,285	1,15,697	1,04,656
Capital Work in Progress	10,187	16,143	8,538	8,600	8,377	3,529	5,220	10,937	17,624	26,500
	20,338	20,813	15,771	16,308	24,620	29,380	26,379	22,971	35,656	26,313
	35,085	42,138	39,014	37,457	36,089	35,240	40,755	47,788	47,269	50,126
	0	0	0	0	0	0	0	16,952	13,248	12,619
Cash & Bank	36,078	34,614	32,649	33,727	46,792	40,669	37,016	45,807	40,834	29,684
	71,665	92,071	94,838	93,464	84,019	79,076	89,447	91,825	1,01,138	1,17,048
Total Assets	2,69,297	3,27,192	3,02,043	3,16,663	3,38,605	3,26,749	3,30,897	3,57,565	3,71,466	3,66,946

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32,094	26,879	21,550	28,418	31,105	16,192	38,567	67,915	63,102	13,041
Cash from Investing	-38,080	-26,202	-19,711	-34,170	-26,126	-4,775	-16,804	-22,828	-47,594	-24,810
Cash from Financing	6,205	2,012	8,830	3,390	9,904	-3,380	-26,243	-37,006	-18,786	-1,344
	-1,675	-332	8,010	-4,148	12,778	6,128	-7,659	8,081	-3,278	-13,113

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
46.36	42.58	42.58	42.58	42.57	42.57	42.56	42.56	42.51
18.18	20.54	18.66	17.84	17.17	17.13	17.88	17.29	17.11
15.93	16.08	16.49	16.88	16.93	17.03	15.08	16.79	16.97
0.06	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
19.39	20.49	21.96	22.39	23.01	22.97	24.16	23.05	23.10

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Schedule of meet

2026-09-07

General Updates

2026-09-07 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding the ESG Rating assigned to the Company.

2026-09-07

Press Release

2026-09-07 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding a press release dated September 07, 2026, titled "JLR update on strategic Transformation Programme" issued by Jaguar Land Rover Automotive PLC, Wholly Owned Subsidiary of Tata MotorsPassenger Vehicles Limited (formerly Tata Motors Limited).

2026-09-01

Press Release

2026-09-01 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) Monthly Sales - August 2026".

2026-08-28

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Schedule of meet

2026-08-25

Press Release

2026-08-25 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding a press release dated August 25, 2026, titled "Tata Motors Passenger Vehicles, Tata Communications join forces to accelerate Software-Defined Vehicle Deployment in India Introduces in-built 5G cellular connectivity in the Sierra.ev".

2026-08-21

Action(s) taken or orders passed

2026-08-21 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Compounding Order received from the Reserve Bank of India.

2026-08-21

Press Release

2026-08-21 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding a press release dated August 21, 2026, titled "Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) to increase prices of its Cars & SUVs w.e.f. September 1, 2026".

2026-08-20

Disruption of Operations

2026-08-20 - Tata Motors Passenger Vehicles Limited has informed the Exchange about an update on the Temporary Disruption of Operations at Sanand Plants, Gujarat

News

Recent coverage and analyst commentary for TMPV

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Free 5nance Account

Name

MARUTI

12410.00

27.22

390173.59

1.13

3446.90

-9.11

52469.80

43.27

19.03

8.41

M&M

3120.00

21.01

387981.00

1.06

5997.56

37.04

58187.57

27.80

16.29

18.79

HYUNDAI

2175.00

35.70

176727.69

0.97

888.62

-35.10

16334.63

0.96

38.55

9.25

TMPV

302.00

1.40

111223.32

0.99

859.00

-78.54

95799.00

-7.70

0.67

6.46

MERCURYEV

41.75

158.53

793.14

0.00

1.56

-4.18

33.38

47.91

5.17

9.77

HINDMOTORS

13.82

0.00

288.37

0.00

0.22

-94.71

0.00

—

53.69

—

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,01,528

1,05,128

1,09,799

1,19,986

1,08,048

82,841

1,13,575

97,863

1,03,792

71,714

69,605

1,04,923

95,799

89,019

1,00,649

95,159

1,12,235

1,00,925

73,742

1,07,627

83,990

94,183

73,753

69,229

94,188

95,338

Operating Profit

12,509

4,479

14,640

7,751

7,123

9,099

5,948

13,873

9,609

-2,039

376

10,735

461

OPM %

12.32%

4.26%

13.33%

6.46%

6.59%

10.98%

5.24%

14.18%

9.26%

-2.84%

0.54%

10.23%

0.48%

684

1,754

1,411

1,548

1,532

1,394

1,816

996

1,463

-1,147

-130

1,743

1,161

Interest

2,615

2,652

2,485

2,234

2,088

1,094

1,725

828

938

686

682

767

835

Depreciation

6,633

6,636

6,850

7,151

6,574

5,467

5,408

4,717

5,320

4,871

4,969

5,092

4,880

Profit before Tax

4,653

6,035

7,494

9,369

8,870

4,747

7,674

9,838

5,429

-8,108

-4,902

7,143

1,574

Tax %

33.59%

36.50%

7.23%

-87.09%

35.83%

36.91%

27.31%

26.91%

28.70%

20.99%

25.50%

19.59%

45.43%

Net Profit

3,832

17,529

5,692

3,450

5,578

8,556

4,003

7,62,480

-3,483

5,878

859

8.35

9.81

18.32

45.42

14.51

8.66

14.81

19.44

10.66

-17.50

-9.47

15.71

2.10

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,69,693

2,91,550

3,01,938

2,61,068

2,49,795

2,78,454

3,45,967

4,34,016

4,39,695

3,35,582

3,42,041

2,40,910

2,62,657

2,78,604

2,43,767

2,20,622

2,55,104

3,14,151

3,76,207

3,84,725

3,17,506

3,32,508

Operating Profit

28,783

28,894

23,334

17,301

29,173

23,350

31,816

57,809

54,970

18,076

9,533

OPM %

10.67%

9.91%

7.73%

6.63%

11.68%

8.39%

9.20%

13.32%

12.50%

5.39%

2.79%

2,675

8,497

-25,356

788

-8,004

3,795

6,328

4,753

6,862

2,466

1,627

Interest

4,238

4,682

5,759

7,243

8,097

9,312

10,225

7,594

5,083

2,827

2,970

Depreciation

17,905

21,554

23,591

21,425

23,547

24,836

24,860

27,239

23,256

19,784

19,812

Profit before Tax

9,315

11,155

-31,371

-10,580

-10,474

-7,003

3,394

28,429

33,780

-1,623

-4,293

Tax %

34.90%

38.92%

7.77%

-3.74%

-24.27%

-60.42%

20.74%

-14.15%

31.09%

15.16%

19.52%

Net Profit

6,064

6,813

-28,934

-10,975

-13,016

-11,235

2,690

32,453

23,278

-1,377

-3,455

EPS

21.93

26.45

-84.89

-34.88

-36.99

-29.88

6.29

81.87

75.62

223.58

—

Dividend Payout %

0.00%

31.73%

7.33%

7.93%

1.34%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

679

719

766

767

736

737

Minority Interest

453

525

523

814

1,573

4,271

7,278

8,176

6,610

6,774

57,383

94,749

59,492

61,478

54,459

43,751

44,490

84,060

1,15,314

1,11,278

91,307

91,899

1,07,839

1,17,459

1,35,057

1,33,969

1,37,854

1,12,135

86,005

96,735

Trade Payables

62,533

76,940

71,691

66,398

76,040

69,750

79,252

93,978

97,368

92,780

56,942

62,400

61,820

69,795

70,711

74,242

61,257

58,449

65,433

58,642

Total Liabilities

2,69,297

3,27,192

3,02,043

3,16,663

3,38,605

3,26,749

3,30,897

3,57,565

3,71,466

3,66,946

95,944

1,21,414

1,11,234

1,27,107

1,38,708

1,38,855

1,32,080

1,21,285

1,15,697

1,04,656

Capital Work in Progress

10,187

16,143

8,538

8,600

8,377

3,529

5,220

10,937

17,624

26,500

20,338

20,813

15,771

16,308

24,620

29,380

26,379

22,971

35,656

26,313

35,085

42,138

39,014

37,457

36,089

35,240

40,755

47,788

47,269

50,126

16,952

13,248

12,619

Cash & Bank

36,078

34,614

32,649

33,727

46,792

40,669

37,016

45,807

40,834

29,684

71,665

92,071

94,838

93,464

84,019

79,076

89,447

91,825

1,01,138

1,17,048

Total Assets

2,69,297

3,27,192

3,02,043

3,16,663

3,38,605

3,26,749

3,30,897

3,57,565

3,71,466

3,66,946

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

32,094

26,879

21,550

28,418

31,105

16,192

38,567

67,915

63,102

13,041

Cash from Investing

-38,080

-26,202

-19,711

-34,170

-26,126

-4,775

-16,804

-22,828

-47,594

-24,810

Cash from Financing

6,205

2,012

8,830

3,390

9,904

-3,380

-26,243

-37,006

-18,786

-1,344

-1,675

-332

8,010

-4,148

12,778

6,128

-7,659

8,081

-3,278

-13,113

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

46.36

42.58

42.57

42.56

42.51

18.18

20.54

18.66

17.84

17.17

17.13

17.88

17.29

17.11

15.93

16.08

16.49

16.88

16.93

17.03

15.08

16.79

16.97

0.06

0.05

19.39

20.49

21.96

22.39

23.01

22.97

24.16

23.05

23.10

Tata Motors Passenger Vehicles Ltd.

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Quarterly Results

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Tata Motors Passenger Vehicles Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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