Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Tata Motors Ltd. (New)
NSE: TMCVConsumer CyclicalAuto Manufacturers
- Last close
- ₹396.35
- Day change
- −₹3.95 (−0.99%)vs
- Market cap
- ₹1.46 lakh crIndian rupees
- Research updated
- 4 reports
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About Tata Motors Ltd. (New)
Tata Motors Ltd. represents a newly listed entity specializing in the commercial vehicles segment, following the landmark demerger of Tata Motors’ passenger and commercial vehicle businesses. The company is dedicated to the design, manufacture, and distribution of a wide array of commercial vehicles—including trucks, buses, and light utility vehicles—serving logistics, public transportation, construction, and various industrial sectors across India and global markets. This separation enables Tata Motors Ltd. to focus on operational efficiency, innovation, and market leadership in the commercial vehicle segment, allowing for sharper strategic alignment and targeted investments. The company, with a substantial market capitalization and delivery volume, plays an integral role in India’s economic infrastructure, supporting large-scale goods movement, fleet services, and urban mobility solutions. Its listing under the new structure marks a significant shift in the Indian auto industry by creating two specialized and independently traded entities, enhancing transparency and investor focus on sectoral performance dynamics.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: TMCV
- Chief executive
- Mr. Girish Arun Wagh
- Employees
- 20,635
- Headquarters
- Mumbai, India
- ISIN
- INE1TAE01010
- Website
- tatamotors.com
Public research · Report of
Business model & financial foundation
Tata Motors (CV) (NSE: TMCV), Commercial vehicles (trucks, buses, small commercial vehicles and pickups): revenue of ₹83,855 crore in FY26 (+45.1% on FY25), an EBITDA margin of 9.1%, net profit of ₹3,051 crore and net cash of ₹13,713 crore.
- Revenue, FY26 (₹ crore)
- 83,855
- consolidated
- Revenue growth, FY26
- +45.1%
- on FY25
- EBITDA margin, FY26
- 9.1%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 3,051
- to owners
- Return on equity, FY26
- 26.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -13,713
- Net debt as the company states it (negative for net cash)
- Market capitalisation (₹ crore)
- 1,45,838
- at the close of 23 Oct 2026
Company profile
Tata Motors Ltd (formerly TML Commercial Vehicles) is India's largest commercial vehicle maker, demerged from the old Tata Motors on 1 Oct 2025. It sells heavy, intermediate and light trucks, small commercial vehicles and pickups, buses and vans, with spares, services and the FleetEdge telematics platform, and had a 35.7% domestic CV registration share in FY26 (HCV 55.0%). It holds a listed stake in Tata Capital through TMF Holdings and is bidding EUR 14.40 a share for Iveco Group (ex-defence) via a tender offer closing 26 Oct 2026.
| Item | Value |
|---|---|
| Legal name | Tata Motors Limited (formerly TML Commercial Vehicles Limited) |
| Exchange and ticker | NSE: TMCV; BSE: 544569 |
| ISIN | INE1TAE01010 |
| Sector | Automobiles |
| Industry | Commercial vehicles (trucks, buses, small commercial vehicles and pickups) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹1,45,838 crore (23 Oct 2026) |
| Shares outstanding | 368.00 crore shares (FY26) |
| Price | ₹396.0 (close, 23 Oct 2026) |
| Website | https://cv.tatamotors.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (promoter group 42.51%).
| Entity | Holding | Business |
|---|---|---|
| TML CV Holdings Pte. Ltd. (Singapore) | 100% | Holding vehicle; owns TML CV Holdings B.V., the offeror for Iveco Group N.V. |
| TML Smart City Mobility Solutions Limited | 100% | Electric bus operations under gross-cost contracts |
| Tata Motors Body Solutions Limited | 100% | Vehicle body building |
| TML CV Mobility Solutions Limited | 100% | Mobility and fleet services |
| Freight Commerce Solutions (Freight Tiger) | 63.6% | Digital freight platform; subsidiary from May 2026 |
| Tata Hitachi Construction Machinery (associate) | 39.74% | Construction equipment; equity-accounted associate |
Demerged from the old Tata Motors (now Tata Motors Passenger Vehicles) under a composite scheme, appointed date 1 Jul 2025, effective 1 Oct 2025; comparatives restated from 1 Jul 2024. The AR states no material subsidiary in FY26. 16 subsidiaries, 6 associates, 2 JVs, 1 joint operation (Tata Cummins) at 31 Mar 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 42.56% | 42.56% | 42.56% | 42.51% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 18.29% | 19.03% | 18.58% | 19.03% |
| Domestic institutions | 17.17% | 17.84% | 18.45% | 18.60% |
| of which mutual funds | 9.70% | 10.59% | 11.28% | 11.58% |
| Retail | 16.39% | 15.42% | 15.29% | 14.58% |
| Other | 5.59% | 5.15% | 5.12% | 5.29% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Commercial Vehicle | 82,611 | 98.8% | 8,727 | 98.5% |
| Others | 968.0 | 1.2% | 135.0 | 1.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ashok Leyland (ASHOKLEY) | Number two in domestic M&HCV and LCV; closest listed pure-play CV comparable |
| Eicher Motors (EICHERMOT) | Owns 54.4% of VE Commercial Vehicles (Volvo-Eicher), the third-largest truck and bus maker |
| Mahindra & Mahindra (M&M) | Leader in small commercial vehicles and pickups, competitor to SCV&PU |
| Force Motors (FORCEMOT) | Vans, buses and passenger carriers; competitor in CV passenger |
| SML Mahindra (SMLMAH) | Buses and ILMCV trucks; small CV maker now controlled by Mahindra |
| Iveco Group N.V. | Acquisition target (Euronext Milan); European truck, bus and powertrain benchmark |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 4,31,212 | 57,788 | 83,855 |
| Cost of revenue (vendor classification) * | 2,74,853 | 39,996 | 57,927 |
| Other operating costs (vendor classification) * | 84,528 | 8,681 | 11,214 |
| EBITDA (vendor classification) * | 65,622 | 28,660 | 8,866 |
| EBIT * | 36,023 | 5,167 | 5,537 |
| Finance cost | 7,594 | 1,079 | 874.0 |
| Profit before tax | 28,429 | 4,088 | 4,494 |
| Tax expense | -4,024 | 893.0 | 1,633 |
| Profit after tax | 32,453 | 3,195 | 3,030 |
| Diluted EPS (₹) | 87.02 | 8.68 | 8.23 |
| Other income | 1,124 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 56,732 | ||
| Employee benefit expense | 5,804 | ||
| Other expenses | 13,702 | ||
| EBITDA (revenue less operating expenses) | 7,617 | ||
| Depreciation and amortisation | 1,945 | ||
| Exceptional items (a charge is negative) | -1,428 | ||
| Share of associates and joint ventures | 169.0 | ||
| Profit attributable to owners | 3,051 | ||
| Basic EPS (₹) | 8.23 | ||
| Non-controlling interests | 0.00 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | n.a. | 10,533 | 12,734 |
| Borrowings (non-current and current) | 4,817 | ||
| Cash and cash equivalents | n.a. | 1,033 | 6,899 |
| Trade receivables (current) | 16,952 | 3,064 | 2,721 |
| Inventories | 47,788 | 4,625 | 5,448 |
| Trade payables (current) | 93,978 | 14,376 | 15,704 |
| Property, plant and equipment | 11,036 | ||
| Capital work in progress | 11,216 | 753.0 | 712.0 |
| Total assets | 3,70,664 | 46,851 | 52,309 |
| Net debt as the company states it (negative for net cash) | -13,713 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 36,210 | 63,102 | 14,981 |
| Free cash flow (vendor definition) * | 36,501 | 25,060 | 12,733 |
| Dividends paid (an outflow is negative) | -769.0 | -2,303 | 0.00 |
| Capital expenditure (an outflow is negative) | -12,744 | -2,248 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 368.23 | 368.23 | 368.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 18,819 | 21,863 | 17,325 | 18,585 | 21,847 | 26,098 | 20,667 | 25,338 |
| Cost of revenue (vendor classification) * | 12,686 | 14,749 | 11,368 | 14,942 | 17,916 | 14,236 | ||
| Other operating costs (vendor classification) * | 2,978 | 3,544 | 2,807 | 3,100 | 3,686 | 2,917 | ||
| EBITDA (vendor classification) * | 2,464 | 2,762 | 2,418 | 3,249 | 3,064 | 3,692 | ||
| EBIT * | 1,883 | 1,911 | 1,928 | 1,123 | 2,789 | 3,105 | ||
| Finance cost | 352.0 | 319.0 | 254.0 | 256.0 | 198.0 | 166.0 | 135.0 | 100.0 |
| Profit before tax | 1,531 | 1,592 | 1,636 | -549.0 | 891.0 | 2,516 | 2,946 | 1,955 |
| Tax expense | 176.0 | 252.0 | 277.0 | 306.0 | 220.0 | 830.0 | 414.0 | 744.0 |
| Profit for period | 1,355 | 1,340 | 1,399 | -867.0 | 705.0 | 1,793 | 2,556 | 1,254 |
| Diluted EPS (₹) | 3.68 | 3.64 | 3.79 | -2.35 | 1.91 | 4.87 | 6.95 | 3.41 |
| Other income | 303.0 | 172.0 | 332.0 | 317.0 | 396.0 | 436.0 | ||
| Cost of materials | 11,368 | 12,506 | 14,942 | 17,916 | 14,236 | 17,716 | ||
| Employee benefit expense | 1,450 | 1,447 | 1,450 | 1,457 | 1,590 | 1,580 | ||
| Other expenses | 2,430 | 4,615 | 2,572 | 4,085 | 1,569 | 4,102 | ||
| EBITDA (as filed) | 2,077 | 17.0 | 2,883 | 2,640 | 3,272 | 1,940 | ||
| Depreciation and amortisation | 480.0 | 472.0 | 483.0 | 510.0 | 508.0 | 539.0 | ||
| Exceptional items | -10.0 | -10.0 | -1,643 | 235.0 | -79.0 | 218.0 | ||
| Share of associates/JVs | 40.0 | -12.0 | 34.0 | 107.0 | 24.0 | 43.0 | ||
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | -4.00 | -3.00 | ||
| Profit attributable to owners | 1,399 | -867.0 | 705.0 | 1,793 | 2,560 | 1,257 | ||
| Basic EPS (₹) | -2.35 | 1.91 | 4.87 | 6.95 | 3.41 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | -86.6% | 45.1% | |
| EBITDA margin | 9.1% | ||
| Net margin | 3.6% | ||
| Return on equity | 26.2% | ||
| Return on capital employed | 31.5% | ||
| Return on assets | 6.2% | ||
| Net debt (₹ crore) | -13,713 | ||
| Net debt / EBITDA | -1.80x | ||
| Interest cover | 4.74x | 4.79x | 6.34x |
| Asset turnover | 1.16x | 0.28x | 1.69x |
| Receivable days | 14 | 19 | 12 |
| Inventory days (on revenue) | 40 | 29 | 24 |
| Payable days (on revenue) | 80 | 91 | 68 |
| Cash conversion | 4.91x | ||
| Capex intensity | 3.0% | 2.7% | |
| Free cash flow (₹ crore) | 23,466 | 12,733 | |
| Dividend payout | 0.0% | ||
| EPS, diluted (₹) | 87.02 | 8.68 | 8.23 |
| Book value per share (₹) | 28.60 | 34.60 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt as the company states it (negative for net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Motors Ltd. (New) includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tata Motors Ltd. (New)
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