Tata Motors Passenger Vehicles Ltd.
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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 GENERATEDAutomobile and Auto Components
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MARUTI | 12530.00 | 27.48 | 393946.43 | 1.12 | 3446.90 | -9.11 | 52469.80 | 43.27 | 19.03 | 8.41 |
| M&M | 3149.70 | 21.21 | 391674.28 | 1.05 | 5997.56 | 37.04 | 58187.57 | 27.80 | 16.29 | 18.79 |
| HYUNDAI | 2214.50 | 36.34 | 179937.23 | 0.95 | 888.62 | -35.10 | 16334.63 | 0.96 | 38.55 | 9.25 |
| TMPV | 300.50 | 1.40 | 110670.89 | 1.00 | 859.00 | -78.54 | 95799.00 | -7.70 | 0.67 | 6.46 |
| MERCURYEV | 41.29 | 156.79 | 784.40 | 0.00 | 1.56 | -4.18 | 33.38 | 47.91 | 5.17 | 9.77 |
| HINDMOTORS | 13.98 | 0.00 | 291.71 | 0.00 | 0.22 | -94.71 | 0.00 | — | 53.69 | — |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Schedule of meet
2026-09-07 - Tata Motors Passenger Vehicles Limited has informed the Exchange regarding the ESG Rating assigned to the Company.
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 - 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 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Schedule of meet
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 - Tata Motors Passenger Vehicles Limited has informed the Exchange about Compounding Order received from the Reserve Bank of India.
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 - Tata Motors Passenger Vehicles Limited has informed the Exchange about an update on the Temporary Disruption of Operations at Sanand Plants, Gujarat
News
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