Tata Motors Passenger Vehicles Ltd logo

Tata Motors Passenger Vehicles Ltd

TMPV NSE

Tata Motors Group is a global automobile manufacturer. Part of the multi-national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility vehicles, etc. It has operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through a strong global network of subsidiaries, associate companies and Joint Ventures (JVs), including Jaguar Land Rover in the UK and Tata Daewoo in South Korea.[1]

AI Verdict: HOLD Confidence: 5%

TMPV trades at an attractive P/E of 1.6x and P/B of 1.19x with exceptional profit growth of 101% CAGR over 5 years, but declining sales (TTM at -8%), low interest coverage, and a heavily divided analyst consensus (39% hold, 32% sell) suggest waiting for clearer revenue momentum before adding positions.

Key Fundamentals

Volatility
Moderate
P/E Ratio
1.58
EBITDA
₹24,684 Cr
Return on Equity
34.17%
Debt to Equity
0.66
EPS
₹102.18
52W High
₹447.79
52W Low
₹294.3

Technical Indicators

Key Insights

Strengths

3
  • Stock is trading at 1.15 times its book value
  • Company has delivered good profit growth of 101% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 52.4%

Weaknesses

6
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 6.08% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.86,291 Cr.
  • Promoter holding has decreased over last 3 years: -3.83%

Growth Rate

Revenue Growth
-8.09% ↘
Net Income Growth
-107.10% ↘
Cash Flow Change
-79.33% ↘
ROE
-107.34% ↗
ROCE
-96.40% ↗
EBITDA Margin (Avg.)
-49.79% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

TMPV trades at an attractive P/E of 1.6x and P/B of 1.19x with exceptional profit growth of 101% CAGR over 5 years, but declining sales (TTM at -8%), low interest coverage, and a heavily divided analyst consensus (39% hold, 32% sell) suggest waiting for clearer revenue momentum before adding positions.

Bull Case 7
  • Extraordinary profit CAGR of 101% over 5 years and 232% over 3 years demonstrates successful margin expansion and operational turnaround
  • P/E ratio of 1.6x is exceptionally low, suggesting deep value if earnings are sustainable
  • P/B ratio of 1.19x means the stock trades near book value, offering a margin of safety
  • ROE of 76% in the last year and 52% 3-year average indicates highly efficient capital deployment
  • 5-year stock CAGR of 12% shows the market has rewarded the turnaround story over the medium term
  • 10-year compounded profit growth of 21% demonstrates long-term earnings compounding ability
  • Market cap of Rs.1,32,096 Cr provides adequate liquidity and institutional participation
Bear Case 8
  • TTM sales growth of -8% signals demand weakness in the passenger vehicle segment
  • 5-year compounded sales growth of just 6% is poor for a consumer discretionary company in a growing economy
  • Other income of Rs.86,291 Cr inflates earnings quality — core operating profit may be far lower
  • Promoter holding has declined by 3.83% over 3 years, signaling potential lack of insider confidence
  • Low interest coverage ratio raises concerns about debt servicing ability in a downturn
  • 1-year stock return of -11% reflects recent market disenchantment with the growth narrative
  • Only 28.57% of 28 analysts rate it a Buy while 32.14% recommend Sell — a notably bearish split
  • Possible capitalization of interest costs may overstate reported profitability and asset values

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • Input cost inflation persists Jun 12

    TMPV announced up to 1.5% price hike effective July 1, 2026 to partially offset rising input costs and inflationary pressures across ICE and EV models.

Positives 5
  • May sales surge 42% YoY Jun 1

    Total sales hit 59,790 units in May 2026 vs 42,040 in May 2025. EV sales surged 85% to 10,517 units.

  • 15% annual growth roadmap to FY31 Jun 23

    TMPV targets ₹140,000 crore revenue by FY31 from ₹58,500 crore in FY26, adding 600,000+ incremental units across 15 nameplates with capacity expansion to 1.3 million units.

  • JLR targets £1.7bn savings Jun 17

    Jaguar Land Rover aims to reduce breakeven to 300k units via Enterprise Missions, focusing on North America growth and EV flexibility.

  • ₹3 per share dividend recommended Jun 9

    Final dividend of ₹3.00 per share for FY26 recommended with record date June 19, 2026 and payment by July 14, 2026.

  • EV capacity ramp-up 50% May 29

    MD targets boosting EV production capacity by 50% to 15,000 units monthly in the coming quarter, signaling aggressive EV scaling.

Neutral 5
  • Targets 18-20% market share Jun 16

    TMPV plans structural cost cuts targeting double-digit EBITDA margins and 18-20% domestic PV and EV market share with profitable growth focus in FY27.

  • Software-defined vehicle platform Jun 17

    TMPV is building software-defined vehicles using its proprietary T.Idal platform, positioning software as central to vehicle architecture for connectivity and upgradability.

  • BRSR filed for FY26 Jun 15

    Filed Business Responsibility and Sustainability Report for FY25-26 showing 83% renewable electricity usage and net-zero targets.

  • Trading window closed for Q1 Jun 18

    Trading window closed from June 23, 2026 ahead of Q1FY27 results, reopening 48 hours after declaration.

  • Investor meetings scheduled May 27

    Physical group meetings with 20 major financial institutions scheduled on June 2, 2026 across three time slots.

TL;DR: Tata Motors PV is firing on all cylinders with 42% YoY sales growth in May 2026, an 85% EV sales surge, and an ambitious roadmap to nearly triple revenue by FY31. Margins remain the key watch area with 6.9% EBITDA in FY26 vs a double-digit target, and input cost inflation necessitating price hikes. The trend is clearly improving on volumes and EV adoption, but profitability expansion needs to be demonstrated over coming quarters.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,05,932
1,02,236
1,05,129
1,10,577
1,19,033
1,07,102
83,656
94,472
98,377
87,677
72,349
70,108
1,05,447
Expenses
92,818
89,019
91,362
95,159
1,02,348
91,854
73,742
84,070
83,990
79,515
73,753
69,229
94,188
Operating Profit
13,114
13,217
13,767
15,418
16,685
15,248
9,914
10,402
14,387
8,162
-1,404
879
11,259
OPM %
12%
13%
13%
14%
14%
14%
12%
11%
15%
9%
-2%
1%
11%
Other Income
1,453
895
1,557
1,604
1,412
6,553
1,920
2,730
2,361
2,690
81,507
39
1,877
Interest
2,642
2,615
2,652
2,485
1,645
1,471
1,094
843
828
692
686
682
767
Depreciation
7,050
6,633
6,637
6,850
7,143
6,565
5,467
4,863
4,717
4,851
4,871
4,969
5,092
PBT
4,875
4,864
6,035
7,687
9,309
13,765
5,273
7,426
11,203
5,309
74,546
-4,733
7,277
Tax %
-13%
32%
36%
7%
-88%
23%
33%
26%
24%
25%
-2%
-26%
19%
Net Profit
5,496
3,301
3,832
7,145
17,528
10,587
3,521
5,484
8,556
4,003
76,248
-3,483
5,878
EPS in Rs
16.28
9.64
11.33
21.14
52.37
31.63
9.36
14.69
23.01
10.66
207
-9.47
15.7
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
2,63,159
2,73,046
2,69,693
2,91,550
3,01,938
2,61,068
2,49,795
2,78,454
3,45,967
4,34,016
3,66,094
3,35,582
Expenses
2,23,920
2,34,650
2,40,104
2,60,093
2,77,274
2,43,081
2,17,507
2,53,734
3,14,151
3,76,207
3,18,101
3,16,863
Operating Profit
39,239
38,395
29,589
31,458
24,664
17,987
32,287
24,720
31,816
57,809
47,993
18,719
OPM %
15%
14%
11%
11%
8%
7%
13%
9%
9%
13%
13%
6%
Other Income
714
-2,670
1,869
5,933
-26,686
102
-11,118
2,424
6,664
4,807
14,219
86,291
Interest
4,861
4,889
4,238
4,682
5,759
7,243
8,097
9,312
10,225
7,594
3,901
2,827
Depreciation
13,389
16,711
17,905
21,554
23,591
21,425
23,547
24,836
24,860
27,239
21,102
19,784
PBT
21,703
14,126
9,315
11,155
-31,371
-10,580
-10,474
-7,003
3,394
27,783
37,209
82,399
Tax %
35%
21%
35%
39%
-8%
4%
24%
60%
21%
-14%
24%
0%
Net Profit
14,073
11,678
7,557
9,091
-28,724
-11,975
-13,395
-11,309
2,690
31,807
28,149
82,645
EPS in Rs
48.44
40.11
25.82
31.13
-99.84
-39.08
-40.51
-34.45
7.27
94.47
75.6
224
Div. Payout %
0%
1%
0%
0%
0%
0%
0%
0%
32%
7%
8%
1%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
644
679
679
679
679
720
766
766
766
767
736
737
Reserves
55,618
78,273
57,383
94,749
59,500
62,359
54,481
43,795
44,556
84,151
1,15,408
1,11,331
Borrowings
73,610
69,360
78,604
88,950
1,06,175
1,24,788
1,42,131
1,46,449
1,34,113
1,07,264
71,540
79,109
Other Liabilities
1,07,442
1,14,872
1,35,914
1,42,813
1,39,349
1,32,313
1,44,193
1,38,051
1,55,239
1,77,339
1,89,289
1,88,012
Total Liabilities
2,37,315
2,63,184
2,72,580
3,27,192
3,05,703
3,20,179
3,41,570
3,29,061
3,34,674
3,69,521
3,76,973
3,79,189
Fixed Assets
88,479
1,07,232
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
CWIP
28,640
25,919
33,699
40,034
31,884
35,622
20,964
10,251
14,274
35,698
65,806
1,02,654
Investments
15,337
23,767
20,338
20,813
15,771
16,308
24,620
29,380
26,379
22,971
35,656
26,313
Other Assets
1,04,858
1,06,266
1,22,600
1,44,932
1,46,814
1,41,141
1,57,278
1,50,575
1,61,941
1,89,567
1,59,814
1,45,566
Total Assets
2,37,315
2,63,184
2,72,580
3,27,192
3,05,703
3,20,179
3,41,570
3,29,061
3,34,674
3,69,521
3,76,973
3,79,189
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
35,531
37,900
30,199
23,857
18,891
26,633
29,001
14,283
35,388
67,915
63,102
13,041
Investing
-36,232
-36,694
-39,571
-25,139
-20,878
-33,115
-25,672
-4,444
-15,417
-22,781
-49,982
-23,166
Financing
5,201
-3,795
6,205
2,012
8,830
3,390
9,904
-3,380
-26,243
-37,006
-18,786
-1,344
Net Cash Flow
4,500
-2,589
-3,167
730
6,843
-3,092
13,232
6,459
-6,272
8,128
-5,666
-11,469
Free Cash Flow
3,643
6,455
14,181
-11,191
-16,346
-2,898
9,146
-655
16,443
36,732
26,034
-23,195
CFO/OP
101
104
108
85
87
158
96
66
121
125
140
87
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
18
19
25
23
16
19
16
17
14
13
14
Inventory Days
67
73
77
83
73
82
83
71
66
64
78
85
Days Payable
131
138
138
151
133
145
175
141
128
126
160
158
Cash Conversion Cycle
-47
-46
-41
-43
-38
-48
-74
-53
-45
-48
-69
-59
Working Capital Days
-62
-63
-69
-71
-78
-92
-112
-88
-63
-55
-75
-81
ROCE %
21%
15%
9%
9%
2%
0%
6%
1%
6%
19%
16%
3%

Shareholding Pattern

As of Mar 2026
Promoters 42.56%
Public 23.06%
FIIs 17.29%
DIIs 16.79%
Government 0.31%
Total 100.01%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
46.39%
46.38%
46.37%
46.36%
46.36%
42.58%
42.58%
42.58%
42.57%
42.57%
42.56%
42.56%
FIIs
17.72%
18.40%
18.62%
19.20%
18.18%
20.54%
18.66%
17.84%
17.17%
17.13%
17.88%
17.29%
DIIs
17.38%
17.37%
17.25%
16.01%
15.93%
16.08%
16.54%
16.88%
16.93%
17.03%
15.08%
16.79%
Government
0.14%
0.14%
0.14%
0.14%
0.14%
0.29%
0.31%
0.31%
0.31%
0.31%
0.31%
0.31%
Public
18.38%
17.70%
17.60%
18.31%
19.39%
20.49%
21.91%
22.39%
23.01%
22.97%
24.14%
23.06%
No. of Shareholders
35,02,408
37,73,314
41,84,369
46,16,908
50,98,550
57,27,234
64,62,123
67,28,246
67,52,775
66,55,776
66,73,646
63,78,032

Documents

Frequently Asked Questions about Tata Motors Passenger Vehicles Ltd

What does Tata Motors Passenger Vehicles Ltd do?
Tata Motors Group is a global automobile manufacturer. Part of the multi-national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility vehicles, etc. It has operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through ...
Where is Tata Motors Passenger Vehicles Ltd (TMPV) listed?
Tata Motors Passenger Vehicles Ltd is listed on the Indian stock exchanges. It is listed on NSE: TMPV and BSE: 500570. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Tata Motors Passenger Vehicles Ltd belong to?
Tata Motors Passenger Vehicles Ltd operates in the Consumer Discretionary sector within the Automobiles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Tata Motors Passenger Vehicles Ltd?
The Price-to-Earnings (PE) ratio of Tata Motors Passenger Vehicles Ltd is 1.58. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Tata Motors Passenger Vehicles Ltd?
Over the past 52 weeks, Tata Motors Passenger Vehicles Ltd has traded between a low of ₹294.3 and a high of ₹447.79. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Tata Motors Passenger Vehicles Ltd?
Tata Motors Passenger Vehicles Ltd has a Return on Equity (ROE) of 34.17%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Tata Motors Passenger Vehicles Ltd on Tapetide?
On Tapetide, you can view Tata Motors Passenger Vehicles Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Tata Motors Group is a global automobile manufacturer. Part of the multi-national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility vehicles, etc. It has operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through a strong global network of subsidiaries, associate companies and Joint Ventures (JVs), including Jaguar Land Rover in the UK and Tata Daewoo in South Korea.[1]

Website tatamotors.com
Listed 2025-10-14
Face Value ₹ 2
Issued Size 3,68,25,79,382

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