Tata Motors Passenger Vehicles (TMPV)

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Tata Motors Passenger Vehicles (TMPV) · mywealthgrid

About

Tata Motors Passenger Vehicles, demerged from the parent Tata Motors, operates JLR luxury vehicles alongside Indian passenger cars and electric vehicles across consumer segments from mass-market to premium. With a market cap of ₹1.23 trillion and current price of ₹334.5, the company achieved strong recovery in Mar 2026 FY26 after losses in Dec 2025.

Founded: 1945
Face value: ₹2

Market cap

₹1,02,886 Cr

P/E

1.3×

P/B

0.9×

Dividend yield

1.1%

ROE

72.2%

ROCE

2.3%

Debt / equity

0.62

OPM

5.6%

EPS (TTM)

₹215.0

Book value

₹304.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme profitability volatility: Net profit swung from ₹5,878 Cr (Mar 2026, OPM 10.68%) to -₹3,483 Cr loss (Dec 2025); OPM ranged -1.94% to 12.45% across quarters
Severe stock underperformance: Down 48.26% YoY with 52w range ₹296–₹720; P/E of 1.5 despite reported 72.2% ROE signals market doubt about earnings quality — verify what's driving the valuation disconnect
Thin operating margins: 5.63% average leaves minimal cushion for cost inflation or competitive pricing pressure
Demerger execution risk: Newly independent entity; verify management depth, operational separation from parent, and JLR integration stability

Generated analysis · source review pending

Growth drivers

Margin recovery demonstrated in Mar 2026 FY26 with EPS 15.71 and OPM 10.68% versus Dec 2025 losses; verify if structural improvement or seasonal cyclical pattern
EV portfolio in India's policy-supported but nascent EV market; verify current EV revenue contribution, production capacity, and competitive standing versus Tata and Mahindra
JLR luxury brand within portfolio; verify market share, pricing sustainability, and export revenue potential versus BMW, Mercedes-Benz, Audi
Moderate leverage at D/E 0.62 enabled four dividend payouts since 2023; verify if payout sustainability withstands current profitability swings

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹279.4-0.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 49.4% (3-yr avg)
+Profit CAGR of 224.4% over the last 3 years

Cons

−Thin operating margin of 5.6%
−Modest revenue growth of 6.1% a year over the last 5 years
−Weak interest coverage of 1.7×
−Low dividend payout of 1.4% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

52/100

Business quality: 35
Growth: 25
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,74,492	2,95,409	3,01,938	2,61,068	2,49,795	2,78,454	3,45,967	4,37,928	4,39,695	3,35,582
COGS	1,51,970	1,85,850	1,96,321	1,67,131	1,58,292	1,80,886	2,26,470	2,72,756	2,71,786	2,14,082
Gross profit	1,22,522	1,09,559	1,05,617	93,937	91,503	97,568	1,19,497	1,65,172	1,67,909	1,21,500
	92,934	72,755	80,743	76,950	59,595	72,922	87,241	1,04,934	1,11,484	1,02,157
	29,589	36,805	24,874	16,987	31,908	24,646	32,256	60,238	56,425	19,343
OPM %	10.8%	12.5%	8.2%	6.5%	12.8%	8.9%	9.3%	13.8%	12.8%	5.8%
Depreciation	17,905	21,554	23,591	21,425	23,547	24,836	24,860	27,270	23,256	19,784
Interest	4,238	4,682	5,759	7,243	8,097	9,312	10,225	9,986	5,083	2,827
	755	2,864	-26,686	102	-11,118	2,424	6,224	4,973	10,565	85,667
Profit before tax	—	13,433	-31,162	-11,580	-10,853	-7,077	3,394	27,955	38,651	82,399
Tax	—	4,342	-2,437	395	2,542	4,231	704	-3,852	10,502	-246
Tax %	—	32.3%	-7.8%	3.4%	23.4%	59.8%	20.7%	-13.8%	27.2%	-0.3%
	7,557	9,091	-28,724	-11,975	-13,395	-11,309	2,690	31,807	28,149	82,645
PAT margin %	2.8%	3.1%	-9.5%	-4.6%	-5.4%	-4.1%	0.8%	7.3%	6.4%	24.6%
EPS (₹)	—	26.5	-84.9	-34.9	-37	-29.9	6.3	82	78.8	-0.6
EPS adjusted (₹)	22.3	113.4	-101.3	-33.6	-35.1	-29.9	6.3	81.9	75.6	223.6
	—	0%	—	—	—	—	31.8%	7.3%	7.6%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	720	766	766	766	767	736	737
Reserves	54,629	57,383	94,749	59,500	62,359	54,481	43,795	44,556	84,152	1,15,408	1,11,331
Minority interest	—	—	—	—	—	1,573	4,271	7,278	8,176	6,610	6,774
	67,762	74,489	77,994	90,968	99,678	1,35,905	1,39,677	1,25,660	98,500	62,499	69,953
	1,15,109	1,41,203	1,57,928	1,56,047	1,59,365	1,50,401	1,42,111	1,57,821	1,79,070	1,93,389	1,93,127
Total equity & liabilities	2,38,144	2,73,754	3,31,351	3,07,195	3,22,121	3,43,126	3,30,620	3,36,081	3,70,664	3,78,642	3,81,922
	88,905	95,944	1,21,414	1,11,234	1,20,832	1,38,708	1,38,855	1,32,080	1,21,285	1,15,697	1,04,656
CWIP	8,853	10,187	16,143	8,538	8,600	8,377	3,529	5,220	10,937	17,624	26,500
Investments	—	—	—	—	—	24,620	29,380	26,379	22,971	35,656	26,313
	1,40,386	1,67,623	1,93,794	1,87,422	1,92,690	1,71,421	1,58,856	1,72,403	2,15,470	2,09,665	2,24,453
Total assets	2,38,144	2,73,754	3,31,351	3,07,195	3,22,121	3,43,126	3,30,620	3,36,081	3,70,664	3,78,642	3,81,922

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
- Jaguar and Land Rover	2,73,303	2,680	2,71,124	1,63,125	1,07,999	2.48
Passenger Vehicle	58,465	825

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35%	36%	36.6%	35%	34.5%	37.7%	38.2%	36.2%
EBITDA margin %	8.2%	6.9%	12.9%	8.9%	9.2%	13.6%	12.8%	5.6%
EBIT margin %	0.4%	-1.3%	3.5%	-0%	2%	7.4%	7.5%	-0.3%
PAT margin %	-9.5%	-4.6%	-5.4%	-4.1%	0.8%	7.3%	6.4%	24.6%
Working capital
Receivable days	23	16	19	16	17	14	11	14
Inventory days	73	82	83	71	66	64	63	85
Payable days	127	139	175	141	116	126	131	158
NWC days	-32	-42	-74	-53	-34	-48	-56	-59
Leverage
Current ratio	0.85	0.85	0.93	0.98	0.98	0.97	0.96	0.84
Debt to EBITDA	3.69	5.54	4.21	5.65	3.94	1.65	1.11	3.7
Debt to equity	1.51	1.58	2.46	3.13	2.77	1.16	0.54	0.62
Interest coverage	0.7	-0.1	1.4	0.3	1.1	3.8	7.7	1.7
Asset turnover	0.98	0.81	0.73	0.84	1.03	1.18	1.16	0.88
Return ratios
Return on assets %	-9.4%	-3.7%	-3.9%	-3.4%	0.8%	8.6%	7.4%	21.6%
Return on capital employed %	2.3%	-0.3%	6.2%	1.6%	6.5%	20.2%	19.1%	2.3%
Return on equity %	-47.7%	-19%	-24.2%	-25.4%	5.9%	37.5%	24.2%	73.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.38%	46.37%	46.36%	46.36%	42.58%	42.58%	42.58%	42.57%	42.57%	42.56%	42.56%	42.51%
	18.41%	18.62%	19.2%	18.17%	20.55%	18.66%	17.84%	17.18%	17.13%	17.88%	17.29%	17.11%
	17.45%	17.34%	16.08%	16.02%	16.37%	16.79%	17.14%	17.19%	17.02%	15.08%	16.78%	16.97%
	0%	0%	0%	0%	0%	0%	0%	0%	0.32%	0.32%	0.32%	0.32%
	17.76%	17.67%	18.36%	19.45%	20.5%	21.97%	22.44%	23.06%	22.96%	24.16%	23.05%	23.09%
No. of shareholders	—	—	—	—	—	—	—	—	66,55,776	66,73,646	63,78,032	62,15,151

Promoter holding down 3.87 percentage points since Sep 2023.

24 deals · 23 Aug 2021 – 13 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Mar 2026	RADHAKISHAN SHIVKISHAN DAMANI	Block	BSE	Sell	16,00,000	₹325.00	₹52.00 Cr
13 Mar 2026	DERIVE TRADING AND RESORTS PRIVATE LIMITED	Block	BSE	Buy	16,00,000	₹325.00	₹52.00 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	21,37,496	₹395.95	₹84.63 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	21,37,496	₹395.95	₹84.63 Cr
19 Sept 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	14,53,904	₹432.50	₹62.88 Cr
19 Sept 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	14,53,904	₹432.50	₹62.88 Cr
1 Aug 2022	ISHARES MSCI INDIA ETF	Block	BSE	Buy	19,61,072	₹449.60	₹88.17 Cr
1 Aug 2022	ISHARES INDIA INDEX MAURITIUS COMPANY	Block	BSE	Sell	19,61,072	₹449.60	₹88.17 Cr
1 Aug 2022	ISHARES INDIA MAURITIUS CO	Block	BSE	Sell	2,75,788	₹449.60	₹12.40 Cr
1 Aug 2022	ISHARES INDIA 50 ETF	Block	BSE	Buy	2,75,788	₹449.60	₹12.40 Cr

1–10 of 24

1 / 3

Mr. Chandrasekaran NatarajanNon-Executive - Non Independent Director-Chairperson related to Promoter
Ms. Vedika BhandarkarNon-Executive - Independent Director
Mr. Al Noor RamjiNon-Executive - Independent Director
Mrs. Usha SangwanNon-Executive - Independent Director
Mr. Bharat Tilakraj PuriNon-Executive - Independent Director
Ms. Sudha KrishnanNon-Executive - Independent Director
Mr. Pathamadai Balachandran BalajiNon-Executive - Non Independent Director
Mr. Shailesh ChandraExecutive Director
Mr. Dhiman GuptaChief Financial Officer
Mr. Maloy Kumar GuptaCompany Secretary and Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹283.5 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹283.6	+2.1	+0.7%	₹283.6	54,778	-971	5,458	1600
23 Nov 2026	₹284.9	+1.6	+0.6%	₹284.9	5,257	-3	451	1600
29 Dec 2026	₹286.5	+1.4	+0.5%	₹286.5	60	+60	88	1600

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

148

across 21 fund houses

Held by these funds

6.56%

of the company's equity

All mutual funds

10.05%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

148 schemes · 21 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	4.05 Cr	1,252.02	0.59%	1.101%	+2.13 L
Balanced Advantage Fund	SBI Mutual Fund	2.26 Cr	696.99	1.67%	0.613%	-0
Value Fund	ICICI Prudential Mutual Fund	2.24 Cr	691.73	1.15%	0.608%	-0
Contra Fund	SBI Mutual Fund	1.64 Cr	506.34	1.06%	0.445%	+40 L
India Opportunities Fund	ICICI Prudential Mutual Fund	1.55 Cr	479.67	1.25%	0.422%	+7.72 L
Focused FundNEW	ICICI Prudential Mutual Fund	1.49 Cr	461.31	2.57%	0.406%	—
ETF NIFTY 50 BEES	Nippon India Mutual Fund	1.27 Cr	392.9	0.59%	0.345%	+2.56 L
Large Cap Fund	ICICI Prudential Mutual Fund	1.19 Cr	366.37	0.46%	0.322%	-0

1–8 of 148

1 / 19

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we are enclosing herewith a Press Release titled ''Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) ....1 Oct 2026 · Press Release / Media Release
Please find enclosed the response of the Company on the news article, the content of which is self-explanatory.29 Sept 2026
The Exchange has sought clarification from Tata Motors Passenger Vehicles Ltd on September 29, 2026, with reference to news appeared in https://www.moneycontrol.com/ dated September 29, ....29 Sept 2026 · Clarification

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

1 Oct 2026, 1:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35%	36%	36.6%	35%	34.5%	37.7%	38.2%	36.2%
EBITDA margin %	8.2%	6.9%	12.9%	8.9%	9.2%	13.6%	12.8%	5.6%
EBIT margin %	0.4%	-1.3%	3.5%	-0%	2%	7.4%	7.5%	-0.3%
PAT margin %	-9.5%	-4.6%	-5.4%	-4.1%	0.8%	7.3%	6.4%	24.6%
Working capital
Receivable days	23	16	19	16	17	14	11	14
Inventory days	73	82	83	71	66	64	63	85
Payable days	127	139	175	141	116	126	131	158
NWC days	-32	-42	-74	-53	-34	-48	-56	-59
Leverage
Current ratio	0.85	0.85	0.93	0.98	0.98	0.97	0.96	0.84
Debt to EBITDA	3.69	5.54	4.21	5.65	3.94	1.65	1.11	3.7
Debt to equity	1.51	1.58	2.46	3.13	2.77	1.16	0.54	0.62
Interest coverage	0.7	-0.1	1.4	0.3	1.1	3.8	7.7	1.7
Asset turnover	0.98	0.81	0.73	0.84	1.03	1.18	1.16	0.88
Return ratios
Return on assets %	-9.4%	-3.7%	-3.9%	-3.4%	0.8%	8.6%	7.4%	21.6%
Return on capital employed %	2.3%	-0.3%	6.2%	1.6%	6.5%	20.2%	19.1%	2.3%
Return on equity %	-47.7%	-19%	-24.2%	-25.4%	5.9%	37.5%	24.2%	73.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Maruti Suzuki IndiaMARUTIMARUTI	₹3,57,976 Cr	₹3,57,976 Cr	₹1,97,181 Cr	₹21,131 Cr	11.7%	₹14,334 Cr	8%	17.8%	14.4%	-19
Mahindra & MahindraM&MM&M	₹3,54,640 Cr	₹4,84,255 Cr	₹2,11,375 Cr	₹39,317 Cr	18.6%	₹18,470 Cr	9.4%	17%	20.1%	-30
Hyundai Motor India LimitedHYUNDAIHYUNDAI	₹1,64,450 Cr	₹1,65,447 Cr	₹70,685 Cr	₹7,925 Cr	12.2%	₹4,951 Cr	7.7%	35.5%	29.9%	-15
Tata Motors Passenger VehiclesTMPVTMPV	₹1,02,886 Cr	₹1,72,839 Cr	₹3,43,703 Cr	₹16,910 Cr	5.6%	₹79,242 Cr	24.6%	2.3%	72.2%	-59
Force Motors LtdFORCEMOTFORCEMOT	₹22,176 Cr	₹22,176 Cr	₹9,200 Cr	₹1,479 Cr	16.4%	₹1,252 Cr	13.4%	33.1%	33.5%	20
Olectra Greentech LimitedOLECTRAOLECTRA	₹9,000 Cr	₹9,380 Cr	₹2,540 Cr	₹350 Cr	14.3%	₹180 Cr	7.8%	22.1%	15.8%	54
Mercury Ev-Tech LimitedMERCURYEVMERCURYEV	₹704 Cr	₹708 Cr	₹22 Cr	₹3 Cr	13.2%	₹2 Cr	9%	3%	3%	205
Hindustan Motors LtdHINDMOTORSHINDMOTORS	₹309 Cr	₹309 Cr	₹1 Cr	₹-4 Cr	—	₹12 Cr	—	25.1%	-0.1%	—

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
658	-19	265	₹17.1	270	₹4.1	3,205	+9	1,328
484	-66	375	₹14.1	275	₹5.6	1,784	+36	1,078
2,069	+28	2,800	₹11.0	280	₹7.6	2,788	+149	2,381
1,537	+417	3,729	₹8.5	285	₹10.0	1,629	+259	1,344
2,308	+374	6,319	₹6.5	290	₹13.0	853	-23	1,690
989	+11	1,561	₹5.0	295	₹16.5	280	+29	684
4,911	+347	6,477	₹3.8	300	₹20.1	371	+22	2,160
1,329	+231	3,319	₹2.9	305	₹22.5	3	0	299

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 1:20 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
29 Sept 2026, 9:45 pm	Others	Rumour verification - Regulation 30(11)	PDF
29 Sept 2026, 2:05 pm	Company Update Clarification	Clarification sought from Tata Motors Passenger Vehicles Ltd	—
22 Sept 2026, 11:25 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 5:38 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating	PDF
21 Sept 2026, 5:06 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
7 Sept 2026, 8:57 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 3:41 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37,900	30,199	23,857	18,891	26,633	29,018	14,283	35,388	67,915	63,102	13,041
	-37,504	-38,080	-26,202	-19,711	-34,170	-26,126	-4,775	-16,804	-22,828	-47,594	-24,810
	-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	-3,400	-1,675	-332	8,010	-4,148	12,796	6,128	-7,659	8,081	-3,278	-13,113
Free cash flow	—	—	—	—	—	17,243	5,243	26,895	54,941	47,913	-542
CFO / Operating profit %	—	102.1%	69.1%	76.6%	148.1%	89.9%	57.8%	110.9%	114.1%	112.4%	69%

Tata Motors Passenger Vehicles

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

13

1

1

31

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

- Jaguar and Land Rover · revenue

Tata Motors Passenger Vehicles

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends13

Board meetings1

Stock splits1

Option chain31

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

- Jaguar and Land Rover · revenue

3

3

13

1

1

31