Tata Motors Passenger Vehicles
Tata Motors Passenger Vehicles
Automobiles F&OKey Fundamentals
MidcapCars & Utility VehiclesAutomobilesTapetide Score
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Key Insights
Strengths
3- Stock is trading at 0.92 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.84,536 Cr.
- Promoter holding has decreased over last 3 years: -3.87%
Growth Rate
AI Analysis — Bull vs Bear
Tata Motors Passenger Vehicles Ltd has a market cap of about Rs 107,962 Cr and trades at a reported P/E of 1.4 and a P/B of 0.97. Those multiples are skewed by Rs 84,536 Cr of other income, likely linked to one-time accounting gains from the demerger. Underlying operations look weaker: TTM sales are down 6%, TTM profit is down 94%, and the stock has returned -29% over one year. Over 3 and 5 years, the company shows strong profit growth (232% and 101% CAGR) and high ROE (52% over 3 years).
- The stock trades at 0.97x book value (0.95x per screening data). For a company with a 3-year average ROE of 52%, that is a low book multiple, which suggests the market is pricing in heavy pessimism.
- Profit grew at a 101% CAGR over 5 years and 232% over 3 years. This reflects a large recovery from the losses of FY20-FY22, mainly driven by better margins and cash generation at the JLR luxury business.
- ROE has improved steadily: 20% over 10 years, 37% over 5 years, 52% over 3 years and 76% last year. That points to much better capital efficiency than in the previous decade, although the latest year is inflated by one-time items.
- Market cap is about Rs 107,962 Cr for a business that includes both the domestic passenger vehicle and EV operations and JLR. This is a modest valuation relative to the combined revenue base.
- The company pays a 1.02% dividend yield even after a volatile period, which suggests management is confident about cash flows and is returning capital to shareholders.
- The stock is down 29% over 1 year and has a -8% CAGR over 3 years. A large part of the recent operational disruption, including the JLR production halt after the cyber incident, may already be reflected in the price.
- Sales grew at a 6% CAGR over 5 years, better than the 2% 10-year CAGR. This indicates a structurally better top-line trend than the prior decade, helped by the domestic SUV and EV portfolio.
- Reported earnings include Rs 84,536 Cr of other income, which is close to 78% of the company's market cap. This makes the headline P/E of 1.4 misleading. Stripping out the non-recurring items would give a much higher multiple.
- TTM profit is down 94% and TTM sales are down 6%. Once one-offs are excluded, core earnings power has fallen sharply, consistent with JLR production disruptions and weaker volumes.
- The stock has returned -29% over 1 year and -1% CAGR over 10 years. It has created almost no long-term shareholder value despite heavy cyclicality.
- Sales CAGR is only 6% over 5 years, -1% over 3 years and 2% over 10 years. The strong profit growth has come mostly from margins and recovery, not from growth in volumes or revenue.
- The company has a low interest coverage ratio and may be capitalizing interest cost. This suggests the true financing burden could be higher than the reported interest expense.
- The tax rate looks low relative to reported profits. As deferred tax benefits and one-time accounting effects normalise, future effective tax rates could rise and compress net profit.
- Promoter holding fell by 3.88% over the last 3 years, which some investors will read as a negative signal on alignment.
- The last-year ROE of 76% is inflated by one-time gains and is unlikely to be sustainable. Normalised returns are likely closer to the 10-year average ROE of 20% or lower in a downcycle for luxury auto demand.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- JLR recalls 23,677 US vehicles Sep 22
JLR North America is recalling 23,677 vehicles in the United States. Recalls bring remediation costs and can hurt the brand in a key export market.
- NSE ESG Leader rating, 72 Sep 7
NSE Sustainability gave Tata Motors PV an ESG score of 72 in its Leader category for FY26. The independent assessment is based on public disclosures.
- SES reaffirms B+ ESG rating Sep 21
SES ESG Research reaffirmed Tata Motors PV's B+ ESG rating for FY26, with an adjusted score of 77.9. It is the second independent ESG endorsement this month.
- JLR £1.7bn savings, 4,000 job cuts Sep 7
JLR announced a transformation programme that targets £1.7 billion in savings over two years. It will cut 4,000 global roles, excluding direct manufacturing jobs. The plan should help margins, but it also points to pressure on JLR's cost structure and demand.
- Exec seeks policy push on tech Sep 2
A Tata Motors PV executive asked the government to create an enabling environment for the auto sector, with a focus on advanced automotive technology. This is policy advocacy with no direct financial impact.
TL;DR: Tata Motors PV's ESG profile looks strong, with two independent FY26 ratings: an NSE score of 72 in the Leader category and a B+ from SES (adjusted score 77.9). The main risks come from JLR, which faces a US recall of 23,677 vehicles and is restructuring to save £1.7bn, including 4,000 job cuts, a sign of ongoing margin and demand pressure. On balance the news is mixed but stable, with no major deterioration in the domestic PV business. The next things to watch are recall costs, how well JLR delivers the savings, and domestic volume trends.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 | 95,799 |
| Expenses | 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 | 89,623 |
| Operating Profit | 13,217 | 13,767 | 15,418 | 16,685 | 15,248 | 9,914 | 10,402 | 14,387 | 8,162 | -1,404 | 879 | 11,259 | 6,176 |
| OPM % | 13% | 13% | 14% | 14% | 14% | 12% | 11% | 15% | 9% | -1.9% | 1.2% | 11% | 6% |
| Other Income | 895 | 1,557 | 1,604 | 1,412 | 6,553 | 1,920 | 2,730 | 2,361 | 2,690 | 81,507 | 39 | 1,877 | 1,113 |
| Interest | 2,615 | 2,652 | 2,485 | 1,645 | 1,471 | 1,094 | 843 | 828 | 692 | 686 | 682 | 767 | 835 |
| Depreciation | 6,633 | 6,637 | 6,850 | 7,143 | 6,565 | 5,467 | 4,863 | 4,717 | 4,851 | 4,871 | 4,969 | 5,092 | 4,880 |
| PBT | 4,864 | 6,035 | 7,687 | 9,309 | 13,765 | 5,273 | 7,426 | 11,203 | 5,309 | 74,546 | -4,733 | 7,277 | 1,574 |
| Tax % | 32% | 36% | 7% | -88% | 23% | 33% | 26% | 24% | 25% | -2% | -26% | 19% | 45% |
| Net Profit | 3,301 | 3,832 | 7,145 | 17,528 | 10,587 | 3,521 | 5,484 | 8,556 | 4,003 | 76,248 | -3,483 | 5,878 | 859 |
| EPS in Rs | 9.64 | 11.33 | 21.14 | 52.37 | 31.63 | 9.36 | 14.69 | 23.01 | 10.66 | 207 | -9.47 | 15.7 | 2.1 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,43,703 |
| 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 | 3,26,793 |
| 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 | 16,910 |
| OPM % | 15% | 14% | 11% | 11% | 8% | 7% | 13% | 9% | 9% | 13% | 13% | 6% | 4.9% |
| Other Income | 714 | -2,670 | 1,869 | 5,933 | -26,686 | 102 | -11,118 | 2,424 | 6,664 | 4,807 | 14,219 | 86,291 | 84,536 |
| 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 | 2,970 |
| 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 | 19,812 |
| 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 | 78,664 |
| 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 | 79,502 |
| 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 | 215 |
| Div. Payout % | 0% | 1% | 0% | 0% | 0% | 0% | 0% | 0% | 32% | 7% | 8% | 1% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY09–FY27.
Documents
Frequently Asked Questions about Tata Motors Passenger Vehicles
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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 TMCV 40% stack [1]
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