Tata Motors Passenger Vehicles

Automobiles F&O

TMPV NSE

NSE: TMPV BSE: 500570 Cars & Utility Vehicles

₹278.50 +1.80 (+0.65%)

P/E: Not meaningful: last twelve months’ earnings are mostly a one-off item

View as Markdown

MCP

Close 4 Nov 2026 ₹278.50 −129.35 −31.7% 1Y

Start ₹407.85

Key Fundamentals

MidcapAutomobilesConsumer Discretionary

Price-based figures as of 04 Nov 2026, 15:59 IST · EPS basis: Consolidated · TTM

ROCE: 2.73%
Debt to Equity: 0.71
EPS (TTM): ₹215.18
Book Value: ₹304.28

Market Cap: —
P/E (TTM): Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B: 0.92
ROE: 75.70%
Dividend Yield: 1.08%
EBITDA: ₹24,684 Cr
52W High: ₹413.70
52W Low: ₹259.10
Day Range: ₹274.20 – ₹281.35
Volume: 92,93,718

Peer Comparison

Consumer Discretionary › Automobiles › Cars & Utility Vehicles › Passenger Cars & Utility Vehicles

Tata Motors Passenger Vehicles peer comparison

Maruti	₹11,995.00	28.04	₹3,73,667 Cr	3.46	1.18%	14.30%	18.90%	₹2,08,192 Cr	₹13,451 Cr
Mahindra & Mahindra	₹2,961.90	19.94	₹3,64,230 Cr	3.95	1.13%	20.30%	15.10%	₹2,11,375 Cr	₹20,243 Cr
Hyundai Motor India	₹2,063.00	36.64	₹1,64,832 Cr	8.23	1.03%	29.90%	38.40%	₹73,920 Cr	₹4,575 Cr
Tata Motors Passenger Vehicles (this company)	₹278.50	—	₹1,02,686 Cr	0.92	1.08%	75.70%	2.73%	₹3,43,703 Cr	₹79,502 Cr
Force Motors	₹18,148.00	19.10	₹23,063 Cr	5.16	0.28%	26.10%	36.00%	₹9,200 Cr	₹1,253 Cr
Olectra Greentech	₹1,058.70	48.99	₹8,392 Cr	7.10	0.06%	15.60%	21.00%	₹2,540 Cr	₹180 Cr
Median 6 companies	₹2,512.45	28.04	₹1,33,759 Cr	4.56	1.06%	23.20%	19.95%	₹1,41,056 Cr	₹9,013 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. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of 4 Nov 2026. How it works →

Overall score

40 Weak

Data confidence 98/100

Category scores

Quality: 24; Poor; Returns, margins, earnings quality 22% weight
Valuation: 75; Strong; Cheap vs sector & own history 24% weight
Growth: 8; Poor; Sales & profit trajectory 9% weight
Financial Health: 35; Poor; Solvency, leverage, coverage 9% weight
Momentum: 10; Poor; Trend strength, vol-adjusted 12% weight
Ownership: 42; Weak; 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

Stock is trading at 0.93 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

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%

Technical Indicators

Technical signals: verdict and indicator counts
Group	Signal	Bearish	Neutral	Bullish
Overall	Bearish	8	5	6
Oscillators	Neutral	2	5	2
Moving Averages	Strong Bearish	6	0	4

Oscillators

Neutral

Bearish

Neutral

Bullish

Overall

Bearish

Neutral

Bullish

Moving Averages

Strong Bearish

Bearish

Neutral

Bullish

Key readings

RSI (14): 49.19; Neutral
MACD (12,26,9): −6.02; Bullish
SMA (50): 291.21; Bearish
SMA (200): 335.69; Bearish

As of 4 Nov 2026

Analyst Rating

Based on 25 analysts

10 of 25 analysts rate Buy, 7 Hold, 8 Sell.

As of 4 Nov 2026

BUY

40%

HOLD

28%

SELL

32%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y	+2.08%
5Y	+6.08%
3Y	−1.01%
1Y	−8.33%
TTM	−5.62%

Net profit

Net profit growth by window
10Y	+21.61%
5Y	Turned to profit
3Y	+213.20%
1Y	+193.60%
TTM	+268.68%

Operating cash flow

Operating cash flow growth by window
10Y	−10.12%
5Y	−14.77%
3Y	−28.31%
1Y	−79.33%
TTM	—

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

Operating margin· change in pp

Operating margin growth by window
10Y	−8.48 pp
5Y	−7.35 pp
3Y	−3.62 pp
1Y	−7.53 pp
TTM	−6.85 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017	₹2,69,693 Cr
Mar 2018	₹2,91,550 Cr
Mar 2019	₹3,01,938 Cr
Mar 2020	₹2,61,068 Cr
Mar 2021	₹2,49,795 Cr
Mar 2022	₹2,78,454 Cr
Mar 2023	₹3,45,967 Cr
Mar 2024	₹4,34,016 Cr
Mar 2025	₹3,66,094 Cr
Mar 2026	₹3,35,582 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017	₹7,557 Cr
Mar 2018	₹9,091 Cr
Mar 2019	−₹28,724 Cr
Mar 2020	−₹11,975 Cr
Mar 2021	−₹13,395 Cr
Mar 2022	−₹11,309 Cr
Mar 2023	₹2,690 Cr
Mar 2024	₹31,807 Cr
Mar 2025	₹28,149 Cr
Mar 2026	₹82,645 Cr

Analyst Forecasts

Forecast For

FY27 consensus · EBITDA

₹35,421 Cr +43.5% vs FY26

Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026

AI opinion · based on fundamentals

Risk high

As of 2026-11-03, Tata Motors Passenger Vehicles Ltd trades at ₹276.7 with a market cap of ₹1,02,060 Cr, a P/E (TTM) of 1.29 and a P/B of 0.91. The company shows a sharp divergence between its strong multi-year profit CAGR and a steep TTM profit decline of -94%, set against weak sales growth and a negative current ROE of -1.16%.

Bull Case 8

Stock trades at a P/B of 0.91, below book value, suggesting the market is pricing the equity at a discount to its net asset base
5-year compounded profit CAGR of 101% demonstrates the company's ability to deliver substantial earnings growth over a medium-term horizon
3-year average ROE of 52.4% indicates historically efficient use of shareholder equity to generate profits
Last-year ROE of 76% was well above most automobile peers, reflecting a period of exceptionally high return generation
P/E (TTM) of 1.29 is extremely low on an absolute basis, meaning the stock is priced at a fraction of its trailing twelve-month earnings
Debt-to-equity ratio of 0.71 is moderate for a capital-intensive automobile business, suggesting the balance sheet is not excessively leveraged
Dividend yield of 1.1% provides some income return to shareholders at the current price of ₹276.7
10-year compounded profit CAGR of 21% shows the company has been able to grow profits meaningfully across a full business cycle

Bear Case 8

TTM profit has declined by -94%, signalling a severe collapse in earnings in the most recent period
TTM sales have contracted by -6% and the 5-year compounded sales CAGR is only 6%, pointing to persistent top-line weakness
Current ROE is -1.16% and ROCE is just 0.55%, indicating the company is presently generating near-zero or negative returns on deployed capital
Earnings include an other income component of ₹84,536 Cr, raising questions about the quality and sustainability of reported profits
The stock is down roughly 33% from its 52-week high of ₹413.7, reflecting significant erosion in market confidence
Promoter holding has decreased by 3.87% over the last three years, which may signal reduced promoter confidence
Low interest coverage ratio suggests operating profits may not comfortably service the company's interest obligations
The 1-year stock CAGR of -31% and 10-year stock CAGR of -2% show the stock has destroyed value for holders across both short and long time frames

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

AI News Digest

9h ago

TL;DR: TMPV delivered a strong Oct 2026 with 23% YoY volume growth led by robust domestic demand and a breakout 75% jump in EV sales. International volumes, while small in absolute terms, showed explosive growth. No notable headwinds emerged from the latest data. The momentum across ICE and EV segments suggests an improving demand trend heading into the festive quarter.

Positives 3

Oct volumes surge 23% YoY Nov 1

Total sales reached 75,426 units in Oct 2026, up 23% YoY, with domestic PV sales growing 21% to 73,894 units.
EV sales jump 75% YoY Nov 1

EV volumes expanded 75% YoY to 16,244 units in Oct 2026, signaling strong traction in the electric portfolio.
International biz rockets 852% Nov 1

PV International Business volumes surged 852% YoY to 1,532 units in Oct 2026, albeit off a small base.

Quarterly Results

₹ Cr

TMPV quarterly results, ₹ crore
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	1,05,128	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	6,636	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	17,529	10,587	3,521	5,484	8,556	4,003	76,248	−3,483	5,878	859
EPS (₹)	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

₹ Cr

TMPV profit and loss, annual, ₹ crore
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 (₹)	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

₹ Cr

TMPV balance sheet, annual, ₹ crore
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

₹ Cr

TMPV cash flow, annual, ₹ crore
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

TMPV financial ratios, annual
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

Beta

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

66 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

Promoters 42.50%
Public 21.58%
DIIs 17.92%
FIIs 15.32%
Others 2.62%
Government 0.06%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Q1 FY27 concall · Aug 2026
Transcript PPT Recording
Concall · Jun 2026
PPT Recording
Q4 FY26 concall · Jun 2026
Transcript PPT
Concall · May 2026
PPT Recording
Q3 FY26 concall · Feb 2026
Transcript PPT Recording

Frequently Asked Questions about Tata Motors Passenger Vehicles

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.

Where is Tata Motors Passenger Vehicles Ltd (TMPV) listed?

Tata Motors Passenger Vehicles Ltd trades as TMPV on the NSE and under code 500570 on the BSE.

Which sector does Tata Motors Passenger Vehicles Ltd belong to?

Tata Motors Passenger Vehicles Ltd is classified under the Automobiles sector, in the Cars & Utility Vehicles industry.

What is the 52-week high and low of Tata Motors Passenger Vehicles Ltd?

Over the last 52 weeks Tata Motors Passenger Vehicles Ltd has traded between ₹259.1 and ₹413.7 as of 4 Nov 2026.

Does Tata Motors Passenger Vehicles Ltd pay dividends?

Tata Motors Passenger Vehicles Ltd has a dividend yield of 1.08%.

What is the Return on Equity (ROE) of Tata Motors Passenger Vehicles Ltd?

Tata Motors Passenger Vehicles Ltd reported a return on equity of 75.70%. Its debt-to-equity ratio is 0.71.

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Tata Motors Passenger Vehicles

Key Fundamentals

Peer Comparison

Overall score

Category scores

Key Insights

Strengths

Weaknesses

Technical Indicators

Oscillators

Overall

Moving Averages

Key readings

Analyst Rating

Growth Rate

Revenue

Net profit

Operating cash flow

Operating margin· change in pp

Revenue by year

Net profit by year

Analyst Forecasts

AI Analysis — Bull vs Bear

AI News Digest

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Insights

Shareholding Pattern

Documents

Frequently Asked Questions about Tata Motors Passenger Vehicles

Company Information

For AI agents and developers

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