Tata Motors Passenger Vehicles logo

Tata Motors Passenger Vehicles

TMPV NSE

Key Fundamentals

MidcapCars & Utility VehiclesAutomobiles
Market Cap
1.1L Cr
Volatility
Low Risk
P/E Ratio
1.4
EBITDA
₹24,684 Cr
Return on Equity
-1.16%
Debt to Equity
0.71
Book Value
₹304.29
EPS
₹102.18
52W High
₹447.79
52W Low
₹294.3

Tapetide Score

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

Key Insights

Strengths

3
  • Stock is trading at 0.99 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: -3.88%

Growth Rate

Revenue Growth
-8.09% lower than 3Y
Net Income Growth
-107% lower than 3Y
Cash Flow Change
-79.33% higher than 3Y
ROE
-107% lower than 3Y
ROCE
-96.4% higher than 3Y
EBITDA Margin (Avg.)
-49.79% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Tata Motors Passenger Vehicles Ltd trades at a market cap of ₹1,09,380 Cr with a P/B of 0.99 and a PE of 1.4, reflecting a sharp TTM profit decline of -94% despite strong 5-year profit CAGR of 101%. The company shows exceptional historical ROE (76% last year, 52% 3-year average) but faces headwinds from slowing sales growth and declining promoter holding.

Bull Case 7
  • Stock trades at 0.99x book value, below par, suggesting the market is pricing in significant pessimism relative to net assets
  • 5-year compounded profit growth of 101% CAGR demonstrates the business underwent a substantial earnings turnaround over the medium term
  • Last year ROE of 76% and 3-year average ROE of 52.4% indicate highly efficient capital deployment in recent years
  • PE ratio of 1.4x is extremely low on a trailing basis, implying the stock is priced for a near-total earnings collapse — any recovery could re-rate the multiple significantly
  • 10-year compounded profit CAGR of 21% shows the business has generated meaningful long-term earnings growth through cycles
  • 5-year stock CAGR of 11% shows the equity has delivered positive returns over a medium-term horizon despite recent weakness
  • Dividend yield of 1% provides a modest income floor for shareholders while the business navigates a cyclical downturn
Bear Case 8
  • TTM profit has declined by -94%, signalling a severe earnings deterioration that may indicate structural rather than cyclical issues
  • Other income of ₹84,536 Cr is extraordinarily large relative to the ₹1,09,380 Cr market cap, raising questions about the quality and sustainability of reported earnings
  • Sales growth of just 6.08% CAGR over 5 years and -6% TTM indicates the top line is stagnating and now contracting
  • Low interest coverage ratio flags potential debt-servicing stress, especially in a period of falling profitability
  • Promoter holding has decreased by 3.88% over the last 3 years, which may signal reduced insider confidence or dilution
  • 1-year stock return of -30% reflects significant market repricing and negative momentum
  • Company may be capitalizing interest costs, which would understate true operating expenses and inflate reported profitability
  • Apparently low tax rate raises concerns about the sustainability of reported net income and potential future tax normalization

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • August sales miss analyst estimates Sep 1

    Total August sales of 67,753 units missed analyst estimates of 70,000 units despite a strong 56% YoY increase from 43,315 units.

  • Sanand plant flood damage Aug 20

    Flooding disrupted Sanand plant operations with estimated non-material damage of ₹35-40 crore before full restoration was confirmed.

  • Price hikes up to ₹25k Aug 21

    Car and SUV prices raised by up to ₹25,000 effective Sep 1, 2026, citing rising input costs and inflation, which could weigh on demand.

  • RBI fine for FEMA breach Aug 21

    RBI ordered payment of ₹2 lakh compounding amount for historical non-compliance regarding an overseas investment structure from 2015.

Positives 4
  • August EV volumes surge 94% YoY Sep 1

    EV volumes jumped 94% YoY to 16,549 units across domestic and international markets, with domestic PV sales up 59% to 65,253 units.

  • ESG Leader rating from NSE Sep 7

    Awarded ESG rating of 72 under the Leader category by NSE Sustainability for FY26 based on independent assessment of public disclosures.

  • 5G connectivity in Sierra.ev Aug 25

    Partnership with Tata Communications to integrate 5G connectivity into Sierra.ev via the MOVE platform, enabling software-defined vehicle capabilities.

  • Tata.Cars brand identity launch Aug 28

    Introduced new Tata.Cars brand identity for the passenger vehicle business, targeting India's rising consumer aspirations with a distinct branding initiative.

Neutral 3
  • JLR targets £1.7bn savings, 4k cuts Sep 7

    Jaguar Land Rover announced a transformation programme targeting £1.7 billion in savings over two years, reducing global workforce by 4,000 roles excluding direct manufacturing.

  • Exec urges govt tech policy support Sep 2

    A TMPV executive called on the government to create an enabling environment focused on advanced automotive technology and policy support for the sector.

  • Analyst meet hosted Sep 2 Aug 28

    Tata Motors Passenger Vehicles hosted a physical meeting with analysts and institutional investors including major asset managers and pension funds on September 2, 2026.

TL;DR: TMPV is delivering strong volume growth with August sales up 56% YoY and EV volumes surging 94%, signalling robust demand and a successful EV push. However, sales missed analyst estimates of 70,000 units and price hikes of up to ₹25,000 could temper near-term demand. The ESG Leader rating and 5G tech partnerships strengthen the long-term brand narrative. The trend is broadly improving on volume momentum, but watch for whether price hikes and analyst expectation gaps widen in coming months.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others2.36%Govt.0.31%Promot.42.51%DIIs16.98%FIIs17.11%Public20.74%As ofJun 2026

Documents

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. 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 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 Consumer Discretionary sector, in the Automobiles industry.
What is the market capitalisation of Tata Motors Passenger Vehicles Ltd?
Tata Motors Passenger Vehicles Ltd has a market capitalisation of ₹1,09,380 Cr, which places it in the Large Cap band.
What is the PE ratio of Tata Motors Passenger Vehicles Ltd?
Tata Motors Passenger Vehicles Ltd trades at a PE ratio of 1.40, on earnings per share of ₹102.18, against a book value of ₹304.29 per share.
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 ₹294.3 and ₹447.79.
Does Tata Motors Passenger Vehicles Ltd pay dividends?
Tata Motors Passenger Vehicles Ltd has a dividend yield of 1.00%.
What is the Return on Equity (ROE) of Tata Motors Passenger Vehicles Ltd?
Tata Motors Passenger Vehicles Ltd reported a return on equity of -1.16%. Its debt-to-equity ratio is 0.71.

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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