Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,410.00 last close on 9 Oct 2026 +1.16%
Research updated
Tata Motors Passenger Vehicles Limited
NSE: TMPVConsumer CyclicalAuto Manufacturers
- Last close
- ₹279.90
- Day change
- +₹6.90 (+2.53%)vs
- Market cap
- ₹1.05 lakh crIndian rupees
- Research updated
- 1 report
About Tata Motors Passenger Vehicles
Tata Motors Passenger Vehicles Limited is an Indian automotive manufacturer specializing in the design, production, and sale of passenger vehicles including cars and SUVs. It operates as the passenger vehicle-focused entity formed after Tata Motors' 2025 demerger, which separated its commercial vehicle operations. The company is acclaimed for its trendsetting designs, advanced features, and strong emphasis on safety, offering a diverse portfolio across various fuel types and body styles. Tata Motors Passenger Vehicles has a significant presence in the rapidly growing Indian passenger vehicle market, ranking as the third largest manufacturer in this sector. It is a key player in India's electric mobility revolution through its subsidiary Tata Passenger Electric Mobility, which develops electric vehicles powered by proprietary advanced technologies and is focused on expanding the EV ecosystem. The company leverages a vast manufacturing and distribution network across India and several international markets, providing vehicles renowned for their performance, connectivity, and comfort. Tata Motors Passenger Vehicles plays an essential role in shaping both conventional and electric personal mobility solutions within India and beyond.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: TMPV
- Chief executive
- Mr. Shailesh Chandra
- Employees
- 60,332
- Headquarters
- Mumbai, India
- ISIN
- INE155A01022
- Website
- tatamotors.com
Public research · Report of
Business model & financial foundation
Tata Motors PV (TMPV) (NSE: TMPV), Passenger vehicles and luxury automobiles (Jaguar Land Rover): revenue of ₹3,35,582 crore in FY26 (-8.3% on FY25), an EBITDA margin of 5.6%, net profit of ₹-1,632 crore and net debt of ₹21,684 crore.
- Revenue, FY26 (₹ crore)
- 3,35,582
- consolidated
- Revenue growth, FY26
- -8.3%
- on FY25
- EBITDA margin, FY26
- 5.6%
- EBITDA derived (rev - cogs - employee - other_opex) / revenue
- Net profit, FY26 (₹ crore)
- -1,632
- to owners
- Return on equity, FY26
- -1.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 21,684
- Net debt (borrowings - cash - bank - current investments)
- Market capitalisation (₹ crore)
- 1,11,094
- at the close of 12 Oct 2026
Company profile
Tata Motors Passenger Vehicles is the Tata group's passenger-car business after the demerger of commercial vehicles in October 2025. About four-fifths of revenue is Jaguar Land Rover, the UK luxury maker of Range Rover, Defender and Discovery, which is mid-way through a costly Jaguar electric relaunch and recovering from a five-week cyber-attack shutdown and US tariffs in FY26. The rest is the India passenger-vehicle and EV business, the number two player by share in Q1 FY27 with EVs about a fifth of its sales.
| Item | Value |
|---|---|
| Legal name | Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) |
| Exchange and ticker | NSE: TMPV; BSE: 500570 |
| ISIN | INE155A01022 |
| Sector | Consumer Cyclical |
| Industry | Passenger vehicles and luxury automobiles (Jaguar Land Rover) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | BSR & Co. LLP |
| Market capitalisation | ₹1,11,094 crore (12 Oct 2026) |
| Shares outstanding | 368.20 crore shares (FY26) |
| Price | ₹279.9 (close, 12 Oct 2026) |
| 52-week range | ₹272.2 - ₹679.4 (to 12 Oct 2026) |
| Website | https://www.tatamotors.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (promoter).
| Entity | Holding | Business |
|---|---|---|
| Jaguar Land Rover Automotive plc | 100% | UK-based luxury vehicles: Range Rover, Defender, Discovery, Jaguar; reports in GBP under IFRS |
| Tata Passenger Electric Mobility Limited | 100% | India electric passenger vehicles and EV R&D/capex |
| Tata Motors Passenger Vehicles business (India ICE PV) | 100% | India passenger vehicles (Nexon, Punch, Tiago, Harrier, Safari, Sierra) |
Commercial-vehicle business demerged into Tata Motors Limited (formerly TMCV) effective 1 Oct 2025; the listed entity renamed from Tata Motors Limited to Tata Motors Passenger Vehicles Limited. Full subsidiary schedule (AOC-1) not read this run.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 42.57% | 42.56% | 42.56% | 42.51% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.13% | 17.88% | 17.29% | 17.11% |
| Domestic institutions | 17.28% | 15.34% | 17.04% | 17.23% |
| of which mutual funds | 10.10% | 8.82% | 9.95% | 10.05% |
| Retail | 18.14% | |||
| Other | 23.02% | 24.22% | 23.11% | 4.98% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tata Motors Passenger Vehicles (NSE: TMPV) is the passenger-vehicle company left after the commercial-vehicle demerger, which took effect on 1 Oct 2025 (record date 14 Oct 2025).
It has two operating businesses:
- JLR. About 81% of FY26 revenue: Rs273,303 cr of Rs335,582 cr. JLR is a UK-based luxury maker. Range Rover, Range Rover Sport and Defender made up 76.5% of FY26 wholesales.
- Tata PV. Rs58,465 cr of FY26 revenue. It sells ICE, CNG and EV cars in India and is #2 by registration share (14.3% in Q1 FY27).
JLR's economics run on four things: wholesale volume, revenue per unit (mix less retail VME), GBP translation, and a heavy fixed-cost and investment base. FY26 capex including capitalised development was Rs36,282 cr.
JLR does not control US tariffs, Chinese luxury demand or sterling. It does control mix, price and its own cost programme, the £1.7bn of savings over two years.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Passenger Vehicle (Tata PV, India incl. EV) | 58,465 | 17.3% | 825.0 | 19.5% |
| Jaguar and Land Rover | 2,73,303 | 81.0% | 2,680 | 63.4% |
| Others (IT services) | 5,513 | 1.6% | 721.0 | 17.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Maruti Suzuki India (MARUTI) | |
| Mahindra & Mahindra (M&M) | India SUV competitor for share in the #2-#3 position; EV rival |
| Hyundai Motor India (HYUNDAI) | India PV peer contesting the #2 rank; listed 2024 |
| Tata Motors Limited (commercial vehicles, demerged) (TMCV) | Sister demerged entity; shared history and Tata group governance |
| BMW AG | |
| Mercedes-Benz Group | Global luxury OEM peer for JLR exposed to the same US tariff and China demand |
| Porsche AG | Luxury peer with similar US/China exposure and EV transition stress |
| Aston Martin Lagonda | UK-based luxury peer exposed to UK-US tariff regime |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations (continuing ops) | 3,55,084 | 3,66,094 | 3,35,582 |
| Cost of revenue (vendor classification) * | 2,73,971 | 2,15,851 | |
| Other operating costs (vendor classification) * | 94,092 | 86,762 | |
| EBITDA (vendor classification) * | 62,275 | 24,615 | |
| EBIT * | 38,863 | 1,204 | |
| Finance costs | 3,901 | 2,827 | |
| PBT continuing ops (after exceptional) | 28,454 | -1,623 | |
| Tax continuing ops (signed) | 9,060 | -246.0 | |
| PAT continuing operations | 19,394 | -1,377 | |
| Diluted EPS continuing ops (INR) | 53.98 | -4.43 | |
| Materials + purchases for sale + inventory change | 2,21,432 | 2,14,082 | |
| Employee benefits expense | 42,110 | 45,150 | |
| Product development/engineering expenses | 10,318 | 11,863 | |
| Foreign exchange loss/(gain), net (signed) | -1,034 | 1,292 | |
| Amount transferred to capital and other accounts | -29,612 | -31,549 | |
| Other expenses (item j) | 74,887 | 76,025 | |
| Other opex (total exp less cogs, employee, finance, D&A) | 54,475 | 57,453 | |
| EBITDA derived (rev - cogs - employee - other_opex) | 48,077 | 18,897 | |
| Company-reported consolidated EBITDA | n.r. | 22,820 | |
| Other income | 5,437 | 5,787 | |
| Depreciation and amortisation | 21,102 | 19,784 | |
| Share of equity-accounted investees (signed) | 139.0 | 446.0 | |
| Exceptional items, effect on profit (gain +, loss -) | -196.0 | -4,142 | |
| NCI share of profit | 319.0 | 255.0 | |
| Continuing-ops profit to shareholders | 19,075 | -1,632 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 1,16,144 | 1,12,068 | |
| Borrowings (non-current + current) | 62,499 | 69,953 | |
| Cash and cash equivalents | 34,349 | 22,880 | |
| Trade receivables | 13,248 | 12,619 | |
| Inventories | 47,269 | 50,126 | |
| Trade payables incl. acceptances | 97,368 | 92,780 | |
| Net property, plant and equipment * | 2,456 | 2,290 | |
| Capital work in progress * | 18,038 | 26,859 | |
| Total assets * | 3,78,642 | 3,81,922 | |
| Other bank balances | 6,485 | 6,804 | |
| Current investments | 27,199 | 18,585 | |
| Net debt (borrowings - cash - bank - current investments) | -5,534 | 21,684 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations (group, as reported) | 63,102 | 13,041 | |
| Free cash flow (vendor definition) * | 25,060 | -23,241 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -2,303 | -2,203 | |
| Capex: PPE plus intangibles (incl. capitalised development), as reported | -38,042 | -36,282 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 353.14 | 368.20 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (continuing ops) | 83,656 | 94,472 | 98,377 | 87,677 | 72,349 | 70,108 | 1,05,447 | 95,799 |
| Cost of revenue (vendor classification) * | 62,235 | 69,422 | 76,403 | 66,890 | 47,946 | 43,823 | 66,578 | 60,245 |
| Other operating costs (vendor classification) * | 23,777 | 27,168 | 875.0 | 23,033 | 22,211 | 21,804 | 23,254 | 25,086 |
| EBITDA (vendor classification) * | 13,838 | 14,833 | 16,144 | 11,875 | 101.0 | 1,048 | 12,842 | 7,471 |
| EBIT * | 7,801 | 9,399 | 10,703 | 6,499 | -7,384 | -4,051 | 8,044 | 2,409 |
| Finance costs | 1,094 | 843.0 | 828.0 | 692.0 | 686.0 | 682.0 | 767.0 | 835.0 |
| PBT from continuing operations (after exceptional) | 4,808 | 6,106 | 9,888 | 3,903 | -8,070 | -4,733 | 7,277 | 1,574 |
| Tax expense/(credit), continuing ops | 1,752 | 1,942 | 2,647 | 1,306 | -1,702 | -1,250 | 1,399 | 715.0 |
| PAT from continuing operations | 3,056 | 4,164 | 7,241 | 2,597 | -6,368 | -3,483 | 5,878 | 859.0 |
| Diluted EPS from continuing operations (INR) | 8.66 | 11.09 | 19.43 | 6.84 | -17.50 | -9.47 | 15.70 | 2.10 |
| Materials + purchases for sale + inventory change | 50,759 | 56,933 | 59,734 | 55,735 | 47,946 | 43,823 | 66,578 | n.r. |
| Employee benefits expense | 10,139 | 10,484 | 11,267 | 11,040 | 10,831 | 11,381 | 11,898 | n.r. |
| Product development/engineering expenses | 2,766 | 2,588 | 2,353 | 2,447 | 3,539 | 3,240 | 2,637 | n.r. |
| Foreign exchange loss/(gain), net (signed, loss positive) | -436.0 | -63.0 | -239.0 | -404.0 | 361.0 | 62.0 | 1,273 | n.r. |
| Amount transferred to capital and other accounts (as reported, negative) | -7,475 | -7,606 | -7,274 | -7,475 | -7,602 | -7,841 | -8,631 | n.r. |
| Other expenses (item j) | 18,054 | 21,656 | 18,168 | 18,172 | 18,672 | 18,564 | 20,617 | n.r. |
| Other opex (total exp less cogs, employee, finance, D&A) | 12,844 | 16,575 | 12,989 | 12,740 | 14,976 | 14,025 | 15,712 | n.r. |
| EBITDA (revenue less cogs, employee cost and other opex; derived) | 9,914 | 10,480 | 14,387 | 8,162 | -1,404 | 879.0 | 11,259 | 6,192 |
| Other income | 1,363 | 1,409 | 1,306 | 1,226 | 1,461 | 1,467 | 1,633 | 1,129 |
| Depreciation and amortisation | 5,467 | 4,863 | 4,717 | 4,851 | 4,871 | 4,969 | 5,092 | 4,880 |
| Share of profit/(loss) of equity-accounted investees (signed) | 61.0 | -77.0 | 50.0 | 105.0 | 38.0 | 169.0 | 134.0 | 0.00 |
| Exceptional items, effect on profit (gain +, loss -) | 31.0 | 0.00 | -310.0 | -47.0 | -2,608 | -1,597 | 110.0 | -32.0 |
| Non-controlling interests share of profit | 75.0 | 79.0 | 86.0 | 79.0 | 78.0 | 3.00 | 95.0 | 84.0 |
| Continuing-ops profit attributable to shareholders | 2,981 | 4,085 | 7,155 | 2,518 | -6,446 | -3,486 | 5,783 | 775.0 |
| Company-reported consolidated EBITDA (press release, rounded) | n.r. | n.r. | n.r. | n.r. | -100.0 | 1,500 | 13,900 | 7,100 |
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 | 3.1% | -8.3% | |
| EBITDA margin | 13.1% | 5.6% | |
| Net margin | 5.2% | -0.5% | |
| Return on equity | 16.4% | -1.4% | |
| Return on capital employed | 21.8% | 0.7% | |
| Return on assets | 5.0% | -0.4% | |
| Net debt (₹ crore) | -5,534 | 21,684 | |
| Net debt / EBITDA | -0.12x | 1.15x | |
| Interest cover | 9.96x | 0.43x | |
| Asset turnover | 0.97x | 0.88x | |
| Receivable days | 13 | 14 | |
| Inventory days (on revenue) | 47 | 55 | |
| Payable days (on revenue) | 97 | 101 | |
| Cash conversion | 3.31x | -7.99x | |
| Capex intensity | 10.4% | 10.8% | |
| Free cash flow (₹ crore) | 25,060 | -23,241 | |
| Dividend payout | 12.1% | -135.0% | |
| EPS, diluted (₹) | 53.98 | -4.43 | |
| Book value per share (₹) | 328.9 | 304.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA derived (rev - cogs - employee - other_opex) / 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 (borrowings - cash - bank - current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA derived (rev - cogs - employee - other_opex).
- 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 continuing ops (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 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 Passenger Vehicles 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.
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- 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.
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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 Passenger Vehicles
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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