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Tata Motors Passenger Vehicles Ltd.

•
cars.tatamotors.comBSE: 500570NSE: TMPV
Market Cap₹ 1,11,223 Cr.
Current Price
High / Low₹ 740 / 294
Stock P/E1853.7
Book Value₹ 68
Price to Book4.38
Dividend Yield0.99 %
ROCE15.1 %
ROE13.2 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2021 • Commercial Vehicle: 63.6% • Passenger Vehicle: 35.8% • Corporate / Unallocable: 0.6%

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 is almost debt free
  • Company has a good return on equity (ROE) track record: 3 Years ROE 20.2%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.25x)
  • Company comfortably covers its interest (21.3x coverage)
  • Company generates healthy free cash flow

CONS

  • A large part of profit comes from other income (117.4% of PBT)
  • Recent results are weak - TTM profit is down 99.7% versus prior year
  • Promoter holding has decreased over last 2 years: -3.9pp
  • Valuation is stretched - P/E of 1853.7 is well above its own 5-year median (45.5)
  • Recurring exceptional / one-off items are inflating headline profit
  • Operating margins have contracted to 4.5% from 8.1%

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

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAutomobiles - Passenger Cars
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.MARUTI12410.0027.22390173.591.133446.90-9.1152469.8043.2719.038.41
2.M&M3120.0021.01387981.001.065997.5637.0458187.5727.8016.2918.79
3.HYUNDAI2175.0035.70176727.690.97888.62-35.1016334.630.9638.559.25
4.TMPV302.001.40111223.320.99859.00-78.5495799.00-7.700.676.46
5.MERCURYEV41.75158.53793.140.001.56-4.1833.3847.915.179.77
6.HINDMOTORS13.820.00288.370.000.22-94.710.00—53.69—
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
15,73318,54218,50120,26016,86212,02317,04012,91415,54612,75115,16318,49617,535
14,55417,57816,69318,75215,77811,30615,79312,15813,73012,44814,57917,53917,839
Operating Profit1,1799631,8081,5081,0847171,2477561,816303584957-304
OPM %7.49%5.20%9.77%7.44%6.43%5.96%7.32%5.85%11.68%2.38%3.85%5.17%-1.73%
-3497063,8152112,0272923301715,149332-424382490
Interest412471412411344892655322065357753
Depreciation496509513499477634497734431636725734696
Profit before Tax221,4174,8661,5463,0353181,5292036,450138-495630122
Tax %390.91%10.42%6.08%-37.58%27.84%95.28%8.18%8.87%17.05%271.74%52.93%27.78%38.52%
Net Profit-641,2704,5702,1262,190151,4041855,350-237-23345575
-0.173.3011.925.545.700.043.810.5014.53-0.64-0.631.240.20

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
44,31657,89769,20343,92830,17547,26465,75773,30369,41957,85963,945
42,96055,63264,26944,61128,74145,76561,22665,68861,40855,22962,405
Operating Profit1,3562,2644,934-6831,4341,4994,5317,6158,0112,6301,540
OPM %3.06%3.91%7.13%-1.55%4.75%3.17%6.89%10.39%11.54%4.55%2.41%
8961,6352,357-1,0961337435383,9592,4715,344780
Interest1,5691,7441,7941,9732,1112,1222,0481,7061,122246230
Depreciation3,0373,1023,0993,3751,7311,7611,7672,0172,0082,7322,791
Profit before Tax-2,353-9472,399-7,127-2,275-1,6401,2557,8517,3524,996395
Tax %-3.24%-9.29%15.77%-2.28%-0.91%-6.05%-117.42%-0.65%25.84%23.16%84.81%
Net Profit-2,430-1,0352,021-7,290-2,295-1,7392,7287,9025,4523,83960
EPS-7.15-3.055.94-21.06-6.59-3.637.1120.6114.8210.42—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%28.08%29.12%40.50%28.80%—

COMPOUNDED SALES GROWTH

10 Years:
3%
5 Years:
14%
3 Years:
-4%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
218%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
1%
5 Years:
13%
3 Years:
20%
Last Year:
13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jun 19

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2025

Jun 4

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2024

Jun 11

₹ 1.50

Rs.3.0000 per share(150%)Special Dividend

2024

Jun 11

₹ 1.50

2023

Jul 28

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2016

Jul 18

₹ 0.10

Rs.0.2000 per share(10%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital679679679719766766766767736737
20,48319,49221,47516,78718,26819,13421,64029,29032,61724,170
20,29616,75817,93722,54420,65621,32018,78415,0639,2852,658
Trade Payables11,46214,22613,50210,84415,98813,98613,00213,33513,26710,462
5,9578,0587,31711,6959,3828,6946,1016,0709,5155,284
Total Liabilities58,87859,21260,91062,59065,06063,90060,29464,52565,42043,311
20,77321,60422,28725,20826,42314,07614,54214,34514,11515,346
Capital Work in Progress1,9031,3712,1471,7561,401585576645683604
17,29616,76416,86716,61617,69334,39932,32532,30934,28413,917
5,5535,6704,6623,8324,5523,7183,0283,4703,1543,261
00000002,7652,280454
Cash & Bank3277951,3073,5324,3192,6051,4155,1511,6014,466
13,02713,00813,64011,64610,6728,5168,4085,8409,3035,263
Total Assets58,87859,21260,91062,59065,06063,90060,29464,52565,42043,311

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,5694,1426,475-1,3626,7445,4384,9448,6629,7952,991
Cash from Investing-2,859-710-3,821-4,719-2,991-3,1499231,488-3,8192,125
Cash from Financing1,209-3,106-2,5307,749-3,472-516-7,021-7,930-8,932-4,071
-197318-581,5762171,617-1,3232,220-2,9561,045

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.3642.5842.5842.5842.5742.5742.5642.5642.51
18.1820.5418.6617.8417.1717.1317.8817.2917.11
15.9316.0816.4916.8816.9317.0315.0816.7916.97
0.060.050.050.050.050.050.050.050.05
19.3920.4921.9622.3923.0122.9724.1623.0523.10

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

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