Tata Motors
Tata Motors
AutomobilesKey Fundamentals
LargecapCommercial VehiclesAutomobilesPrice-based figures as of 9 Oct 2026, 3:59 pm IST · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
1- Stock is trading at 12.3 times its book value
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Tata Motors Ltd (TMCV) traded at ₹415.5, giving a market cap of ₹153,019.9 crore, a trailing P/E of 36.45 on TTM EPS of ₹11.4 and a price-to-book of 12.02. Return ratios are high (ROE 23.79%, ROCE 25.51%) and leverage is moderate (debt-to-equity 0.44). TTM profit growth of 53% far outpaced sales growth of 15%. Against that, the stock carries a premium valuation, and ROE is down from 34% last year. The price sat roughly midway in its 52-week range of ₹306.3 to ₹509.
- TTM profit grew 53% on 15% sales growth. Profit rising about 3.5x faster than revenue points to wider margins, better pricing or operating leverage.
- ROCE of 25.51% and ROE of 23.79% are high for a capital-intensive automobile business. Capital is earning well above typical cost-of-capital levels.
- Debt-to-equity of 0.44 is moderate, and the listed pros say the company has reduced debt. That improves balance-sheet flexibility through a cyclical downturn.
- The P/E of 36.45 divided by TTM profit growth of 53% gives a PEG of about 0.69. On this one-period measure, the multiple looks less stretched relative to recent earnings momentum.
- At ₹415.5, the stock is about 18.4% below its 52-week high of ₹509. If earnings growth continues, that leaves room before it revisits the prior peak.
- The 0.95% dividend yield implies about ₹3.95 per share against EPS of ₹11.4, a payout of roughly 35%. Shareholders get a cash return while most earnings stay in the business.
- ROE was 34% last year, so the business has recently shown it can earn above its current 23.79%. Returns could rise again in a favourable demand cycle.
- The stock trades at 12.02 times book value, which is listed as a known con. An implied book value of about ₹34.6 per share leaves little valuation cushion if returns fall.
- A trailing P/E of 36.45 gives an earnings yield of only about 2.7%. The valuation already assumes strong growth will continue, and that is a demanding bar for a cyclical automobile business.
- ROE fell to 23.79% from 34% last year, a drop of about 10 points. Profitability per unit of equity has already weakened from its recent peak.
- The 53% profit growth is far ahead of 15% sales growth. Growth that depends mainly on margins is harder to sustain than revenue growth if input costs, discounts or demand turn against the company.
- The stock is about 35.7% above its 52-week low of ₹306.3, and the ₹306.3–₹509 range spans about 66% of the low. That shows high price volatility over the past year.
- The 3-, 5- and 10-year figures for ROE, sales growth, profit growth and stock returns are blank. Without them, the TTM numbers cannot be checked against a full business cycle.
- The dividend yield of 0.95% is under 1%, so returns depend almost entirely on the valuation multiple holding up.
- Debt-to-equity is still 0.44 even after the debt reduction. In a commercial-vehicle downturn, falling earnings could make that leverage weigh more on returns.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Commodity inflation squeezing margins Sep 17
Q1FY27 EBITDA margin fell to 11.26% from 12.67% a year earlier because steel, aluminium and copper costs rose. The price hikes of up to 1.5% in April and up to 1% in October may not fully cover input inflation.
- Stock lagging despite strong volumes Sep 17
Shares were down 9% over a month and 2.2% over five sessions, trading near ₹431.90 with a market cap of ₹1.59 lakh crore. The broader market was booking profits after the Fed's 25 bps rate hike.
- Tata Sons listing overhang Sep 30
A proposal lowered hopes of a Tata Sons listing, and Tata Group stocks such as TMPV and Tata Chemicals fell up to 3%. Tata Motors said it knew of no negotiations, but the issue still weighs on group sentiment.
- Q2 CV volumes up 42.7% Oct 6
Q2FY27 commercial vehicle sales rose 42.7% YoY to 1,35,114 units. September sales of 51,062 units beat the analyst estimate of 45,000 by about 13%.
- International business volumes nearly tripled Oct 6
International volumes rose 177.3% YoY to 21,132 units in Q2FY27, and N2-A2 tipper/haulage exports jumped from 371 to 7,387 units. August international volumes alone grew 227% to 7,792 units.
- Q1FY27 profit up 83% Sep 17
Consolidated net profit rose 83% YoY to ₹2,556 crore on revenue up 19.3% to ₹20,667 crore. EBITDA grew 9.5% to ₹2,176 crore, and August CV sales rose 49% to 44,411 units.
- Second CV price hike Sep 17
Prices go up by as much as 1% from October 1, 2026, following an increase of up to 1.5% in April. Shares rose 1.84% to ₹431.90 on the announcement.
- Demerged PV arm shows momentum Oct 1
Sister company TMPV posted record Q2FY27 sales of 201,723 units (+40%), with EV sales up 90% to 47,150 units. It also extended Battery-as-a-Service (BaaS) to its full EV range and launched the Aeris at ₹5.29 lakh. This is sentiment read-through only, since TMPV is a separately listed entity whose EBITDA margin is just 4%.
- Land Rover UK sales rise Oct 5
Land Rover's UK sales rose to 9,004 units in September from 6,419 a year ago. JLR now sits under TMPV, not the CV entity.
- 26% stake in e-bus operator Sep 29
A subsidiary bought a 26% stake in Mateshwari E-Smart Mobility, which runs electric bus operations and maintenance. This is a small strategic entry into e-mobility services.
- Large block trades near ₹444 Sep 23
About 24.5 lakh shares (₹108.77 crore) traded at ₹444.70 and 30.2 lakh shares (₹134.22 crore) at ₹444.55. These are unconfirmed real-time signals.
- TMF amalgamation notices sent Sep 9
Notices went to shareholders and creditors for the NCLT-approved amalgamation of TMF Holdings and TMF Business Services.
- Q2 analyst call on Oct 23 Oct 5
The Q2FY27 results call is set for October 23, 2026. It follows the investor and analyst meeting held on September 22.
- B+ ESG rating from SES Sep 24
SES ESG gave the company a score of 75.3 (B+) for FY26, based only on public disclosures.
- TMPV ESOP allotment Sep 21
TMPV allotted 1,00,596 shares under its 2021 long-term incentive scheme. Paid-up capital now stands at 3,68,29,92,140 shares of ₹2 each.
TL;DR: Tata Motors CV has strong operating momentum: Q2FY27 volumes rose 42.7% to 1,35,114 units, September sales beat estimates by about 13%, and international volumes nearly tripled. Q1 profit was up 83%. The main risk is commodity inflation, which cut EBITDA margin by about 140 bps to 11.26%, while price hikes of only 1–1.5% may not fully protect margins. The stock is down 9% in a month despite these numbers, and Tata Sons listing news is weighing on group sentiment. Volumes are clearly improving, so the October 23 results will likely hinge on whether operating leverage and the October price hike can stabilise margins.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 17,535 | 18,819 | 21,863 | 17,324 | 18,585 | 21,847 | 26,098 | 20,667 |
| Expenses | 15,828 | 16,786 | 19,432 | 15,248 | 16,553 | 19,260 | 22,771 | 17,395 |
| Operating Profit | 1,707 | 2,033 | 2,431 | 2,076 | 2,032 | 2,587 | 3,327 | 3,272 |
| OPM % | 10% | 11% | 11% | 12% | 11% | 12% | 13% | 16% |
| Other Income | 206 | 407 | 72 | 332 | -1,865 | -981 | -28 | 341 |
| Interest | 408 | 352 | 319 | 254 | 256 | 198 | 166 | 135 |
| Depreciation | 541 | 557 | 592 | 480 | 472 | 483 | 510 | 508 |
| PBT | 964 | 1,531 | 1,592 | 1,674 | -561 | 925 | 2,623 | 2,970 |
| Tax % | 48% | 12% | 16% | 17% | 55% | 24% | 32% | 14% |
| Net Profit | 498 | 1,355 | 1,340 | 1,397 | -867 | 705 | 1,793 | 2,556 |
| EPS in Rs | — | — | — | — | — | 1.91 | 4.87 | 6.95 |
Profit & Loss
| Particulars | Mar 2025 10m | Mar 2026 | TTM |
|---|---|---|---|
| Sales | 58,217 | 83,855 | 87,197 |
| Expenses | 52,045 | 76,238 | 75,979 |
| Operating Profit | 6,172 | 7,617 | 11,218 |
| OPM % | 11% | 9% | 13% |
| Other Income | 685 | -135 | -2,533 |
| Interest | 1,079 | 874 | 755 |
| Depreciation | 1,690 | 1,945 | 1,973 |
| PBT | 4,088 | 4,663 | 5,957 |
| Tax % | 22% | 35% | — |
| Net Profit | 3,195 | 3,030 | 4,187 |
| EPS in Rs | — | 8.23 | — |
| Div. Payout % | 0% | 49% | — |
Balance Sheet
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Equity Capital | 0 | 736 |
| Reserves | 10,533 | 11,998 |
| Borrowings | 9,925 | 5,615 |
| Other Liabilities | 26,393 | 33,960 |
| Total Liabilities | 46,851 | 52,309 |
| Fixed Assets | 13,664 | 13,962 |
| CWIP | 1,875 | 2,026 |
| Investments | 5,282 | 13,283 |
| Other Assets | 26,030 | 23,038 |
| Total Assets | 46,851 | 52,309 |
Cash Flow
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | 8,547 | 14,981 |
| Investing | 456 | -3,892 |
| Financing | -7,970 | -5,223 |
| Net Cash Flow | 1,033 | 5,866 |
| Free Cash Flow | 7,005 | 12,878 |
| CFO/OP | 139 | 209 |
Ratios
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Debtor Days | 19 | 12 |
| Inventory Days | 43 | 35 |
| Days Payable | 134 | 101 |
| Cash Conversion Cycle | -72 | -54 |
| Working Capital Days | -44 | -89 |
| ROCE % | — | 36% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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49 extracted metrics + investor summaries across FY23–FY27.
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Company Information
Founded in 1945, Tata Motors Ltd is one of India's largest automobile manufacturers and a part of the Tata Group.[1]
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