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Tata Motors

TMCV NSE
₹402.80 −1.40 (−0.35%)
P/E
23.56
View as Markdown
MCP
Close 4 Nov 2026 ₹402.80 +73.35 +22.3% 1Y
Start ₹329.45

Key Fundamentals

LargecapAgricultural Commercial & Construction VehiclesCapital Goods

Price-based figures as of · TTM

ROCE
35.90%
Debt to Equity
0.44
EPS (TTM)
₹17.10
Book Value
₹41.51
Market Cap
—
P/E (TTM)
23.56
P/B
9.70
ROE
34.00%
Dividend Yield
0.99%
EBITDA
₹8,741 Cr
52W High
₹509.00
52W Low
₹306.30
Day Range
₹400.65 – ₹410.00
Volume
77,46,540

Peer Comparison

Industrials › Automobiles › Commercial Vehicles

Tata Motors peer comparison
Tata Motors (this company)
₹402.8023.56₹1,50,000 Cr9.700.99%34.00%35.90%₹87,197 Cr₹4,187 Cr
Ashok Leyland
₹154.0326.02₹90,487 Cr6.352.29%27.40%13.60%₹57,723 Cr₹3,731 Cr
SML Mahindra
₹4,928.8048.51₹6,946 Cr12.740.48%35.40%30.90%₹3,064 Cr₹148 Cr
Atul Auto
₹390.5022.94₹1,064 Cr2.210.78%9.30%11.30%₹890 Cr₹49 Cr
Median 4 companies₹396.6524.79₹48,717 Cr8.020.89%30.70%22.25%₹30,394 Cr₹1,940 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 93/100

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
83
Strong
Cheap vs sector & own history 24% weight
Growth
44
Weak
Sales & profit trajectory 9% weight
Financial Health
20
Poor
Solvency, leverage, coverage 9% weight
Momentum
19
Poor
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

1
  • Stock is trading at 11.7 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsNeutral252
Moving AveragesStrong Bearish901

Key readings

RSI (14)
43.03
Neutral
MACD (12,26,9)
−8.56
Bullish
SMA (50)
431.60
Bearish
SMA (200)
430.14
Bearish

As of

Analyst Rating

Based on 20 analysts
BUY90%

18 of 20 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
18
90%
HOLD
2
10%
SELL
0
0%

Growth Rate

From the financial statements below. 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
1YIrregular period
TTM+15.43%

Net profit

Net profit growth by window
1YIrregular period
TTM−8.78%

Operating cash flow

Operating cash flow growth by window
1YIrregular period
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
1YIrregular period
TTM+1.95 pp

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,827 Cr +11.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-30, Tata Motors TMCV trades at ₹396.35 with a market cap of ₹1,45,967 Cr, a P/E (TTM) of 23.18x, and ROE of 23.79%. The stock sits roughly 22% below its 52-week high of ₹509 while being 29% above its 52-week low of ₹306.30, reflecting meaningful price volatility over the past year.

Bull Case 7
  • TTM profit growth of 53% signals strong earnings momentum, comfortably outpacing sales growth and indicating margin expansion.
  • ROE of 23.79% (with last year's ROE at 34%) demonstrates consistently high return on shareholder equity, well above the cost of capital for most industrial businesses.
  • ROCE of 25.51% indicates efficient deployment of total capital employed, suggesting the core commercial vehicle business generates attractive returns.
  • Debt-to-equity ratio of 0.44 is moderate, and the company has been actively reducing debt, improving balance sheet resilience.
  • TTM sales growth of 15% reflects healthy top-line expansion in the commercial vehicle segment, pointing to strong demand or market share gains.
  • P/E (TTM) of 23.18x, paired with 53% TTM profit growth, implies a PEG ratio well below 1, suggesting earnings growth is running ahead of the valuation multiple.
  • The stock trading at ₹396.35 — roughly 29% above the 52-week low of ₹306.30 — shows recovery from recent lows, indicating renewed buyer interest.
Bear Case 5
  • Price-to-book of 9.55x (flagged at 11.7x book value by screening metrics) is elevated for an auto/CV business, which is asset-heavy and typically commands lower multiples.
  • While debt-to-equity of 0.44 is manageable, it is not debt-free; in a cyclical downturn, even moderate leverage can pressure free cash flows in the capital-intensive CV segment.
  • Commercial vehicle demand is inherently cyclical and tied to GDP growth, infrastructure spending, and freight economics — a macro slowdown could reverse the current 15% sales growth trajectory.
  • TTM EPS of ₹17.10 supports the current P/E of 23.18x, but any earnings miss or margin compression could quickly make the valuation appear stretched at these levels.
  • Last year's ROE of 34% compared to the current 23.79% shows a declining trend in return on equity, which may indicate normalizing profitability after a peak cycle.

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

AI News Digest

9h ago

TL;DR: Tata Motors is executing on multiple fronts: Q2FY27 delivered a dramatic profit turnaround with ₹2,138 crore PAT, 42% volume growth, and strong free cash flow of ₹4,600 crore. The completed €3.91 billion Iveco acquisition transforms it into the world's fourth-largest CV maker, while PV volumes overtook Mahindra for the No. 2 spot. Key risks are commodity-driven margin pressure, Iveco integration complexity with elevated leverage, and intensifying EV competition. The trend is clearly improving on topline and volumes, but margin expansion and successful Iveco integration over the next 12-18 months will determine whether the growth translates into sustained value creation.

Headwinds 4
  • Commodity costs squeezing margins Oct 24

    Rising steel and rubber costs created a 540bps YoY headwind in Q2FY27, pushing standalone EBITDA margin down 90bps YoY to 11.7% despite three price hikes this year.

  • Iveco integration and leverage risk Oct 27

    The €3.91 billion Iveco acquisition will be funded largely by a bridge loan, with debt/EBITDA potentially spiking to ~3.5x and annual interest costs approaching ₹2,660 crore. Iveco's own EBIT margin at 5.3% will dilute the combined margin from Tata's ~9%.

  • EV competition intensifying Oct 21

    Mahindra's EV share surged from ~6% to 20% in a year on BE and XEV models, while JSW MG Motor holds ~25% share, pressuring Tata PV's EV leadership position.

Positives 7
  • Iveco takeover completed at 89.4% Oct 27

    Tata Motors completed its €3.91 billion Iveco acquisition with 89.42% share acceptance, creating the world's fourth-largest CV maker with 540,000+ vehicles/year and $25B+ combined revenue. Full integration to commence next quarter.

  • Q2 profit swings to ₹2,138 crore Oct 22

    Standalone PAT swung to ₹2,138 crore from a ₹1,021 crore loss YoY. Revenue jumped 42% to ₹23,930 crore, with free cash flow of ₹4,600 crore taking net cash to ₹11,300 crore.

  • CV volumes surging 42% YoY Oct 6

    Q2FY27 wholesale volumes hit 135,114 units (+42.7% YoY), with domestic market share rising 110bps to 36.2% in H1FY27. International CV volumes surged 177% YoY to 21,132 units.

Neutral 2
  • Deloitte appointed as auditor Oct 31

    Tata Motors appointed Deloitte Haskins & Sells LLP as statutory auditors following BSR & Co. LLP's resignation, citing audit alignment with the Iveco acquisition.

  • Iveco offer raised to €14.40 Oct 10

    Tata Motors raised its Iveco tender offer by €0.30 to €14.40 per share, declared as best and final, adding ~€81 million to the total payout due to regulatory delays.

Quarterly Results

₹ Cr
TMCV quarterly results, ₹ crore
Particulars Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
17,535
18,819
21,863
17,324
18,585
21,847
26,098
20,667
25,338
Expenses
15,828
16,786
19,432
15,248
16,553
19,260
22,771
17,395
23,398
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
697
Interest
408
352
319
254
256
198
166
135
100
Depreciation
541
557
592
480
472
483
510
508
539
PBT
964
1,531
1,592
1,674
−561
925
2,623
2,970
1,998
Tax %
48%
12%
16%
17%
55%
24%
32%
14%
37%
Net Profit
498
1,355
1,340
1,397
−867
705
1,793
2,556
1,254
EPS (₹)
—
—
—
—
—
1.91
4.87
6.95
—

Sep 2026: from the results filed on 23 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
TMCV profit and loss, annual, ₹ crore
Particulars Mar 2025 10mMar 2026TTM
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 (₹)
—
8.23
—
Div. Payout %
0%
49%
—

Balance Sheet

₹ Cr
TMCV balance sheet, annual, ₹ crore
Particulars Mar 2025Mar 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

₹ Cr
TMCV cash flow, annual, ₹ crore
Particulars Mar 2025Mar 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

TMCV financial ratios, annual
Particulars Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Tata Motors insights

49 extracted metrics across FY23–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 42.51%
  • FIIs 19.03%
  • DIIs 18.60%
  • Public 17.15%
  • Others 2.66%
  • Government 0.05%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Tata Motors

What does Tata Motors Ltd do?
Founded in 1945, Tata Motors Ltd is one of India's largest automobile manufacturers and a part of the Tata Group.
Where is Tata Motors Ltd (TMCV) listed?
Tata Motors Ltd trades as TMCV on the NSE and under code 544569 on the BSE.
Which sector does Tata Motors Ltd belong to?
Tata Motors Ltd is classified under the Automobiles sector, in the Commercial Vehicles industry.
What is the PE ratio of Tata Motors Ltd?
Tata Motors Ltd trades at a PE ratio of 23.56 as of 4 Nov 2026, on earnings per share of ₹17.1, against a book value of ₹41.51 per share.
What is the 52-week high and low of Tata Motors Ltd?
Over the last 52 weeks Tata Motors Ltd has traded between ₹306.3 and ₹509 as of 4 Nov 2026.
Does Tata Motors Ltd pay dividends?
Tata Motors Ltd has a dividend yield of 0.99%.
What is the Return on Equity (ROE) of Tata Motors Ltd?
Tata Motors Ltd reported a return on equity of 34.00%. Its debt-to-equity ratio is 0.44.

Company Information

Founded in 1945, Tata Motors Ltd is one of India's largest automobile manufacturers and a part of the Tata Group.

Website cv.tatamotors.com
Listed 12 Nov 2025
Face Value ₹2

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