Overview

Detailed Summary

Tata Motors Passenger Vehicles Limited (TMPVL) is the passenger vehicles arm of Tata Motors, designing, manufacturing and selling IC-engine and electric passenger cars in India and globally, and consolidating Jaguar Land Rover (JLR) results for group reporting; TMPVL includes TPEML, FIAPL JV interests and international PV operations.
Q3 FY26 consolidated revenue was ₹70,108 Cr with reported EBITDA margin of 2.2% and PBT (bei) loss of ~₹3,136 Cr, driven by JLR production disruption from a cyber incident that removed c.50,000 units of production and materially increased working capital and cash outflows.
Domestic passenger vehicles showed resilience: TMPV revenue was ₹15,317 Cr in Q3 with EBITDA 7.0% and PBT (bei) ~₹302 Cr, supported by record wholesales of ~170.5k units, strong Sierra bookings, and EV volumes up ~50% YoY with an exit EV market share of ~46% in December.
JLR remains a material earnings and cash contributor globally but is under near-term stress: Q3 revenue £4.5bn, EBIT (6.8)%, free cash outflow ~£1.5bn in the quarter, higher net debt and tariff, FX and VME headwinds; management reaffirmed FY26 guidance for group EBIT 0–2% and negative free cash flow of £2.2–2.5bn.
The group is investing heavily in product and engineering: domestic YTD investment ~₹3,843 Cr, JLR Q3 investment £1bn, and the company has announced an Investor Day in June 2026 to update on enterprise missions, cost transformation and product launch timelines.

Sector: Automobiles
Industry: Passenger Cars & Utility Vehicles
Market Cap: 1,26,140 Cr
Volatility: High Risk
P/E Ratio: 13.9
Industry P/E: 28.8
PEG Ratio: 0.3
P/B Ratio: 1.1
52W High: 450.27
52W Low: 294.15

Sales CAGR

1Y: 1.31%
3Y: 13.67%
5Y: 9.58%
10Y: 4.33%

Profit CAGR

1Y: -11.50%
3Y: —
5Y: —
10Y: —

ROE

TTM: 10.89%
3Y: 22.96%
5Y: 9.82%
10Y: 4.02%

ROCE

TTM: 10.18%
3Y: 15.00%
5Y: 9.26%
10Y: 5.98%

Technicals

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Peers

Consumer Discretionary Automobiles

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
M&M		3021.65	4,05,614 Cr	21.63	4.89	0.75	17.18	14.07	5.77
HYUNDAI		1694.70	1,45,924 Cr	23.78	8.31	1.17	32.56	40.26	18.45
TMPV		308.65	1,26,140 Cr	13.90	1.14	1.75	10.89	10.18	26.38
FORCEMOT		21199.95	29,802 Cr	20.42	8.50	0.18	23.39	30.08	25.61
OLECTRA		1025.00	9,722 Cr	58.84	8.66	0.03	12.73	16.77	6.04
MERCURYEV		24.59	604 Cr	91.07	2.15	0.00	3.15	4.36	1.55
HINDMOTORS		13.42	350 Cr	-8.83	12.13	0.00	18.95	23.30	5.61
Median: 7 Co.	—	1025.00	29,802 Cr	21.63	8.31	0.18	17.18	16.77	6.04

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,05,129	1,10,577	1,19,986	1,08,048	1,01,450	1,13,575	1,19,503	1,04,407	18,585	70,108
Expenses	91,362	95,159	1,02,851	92,263	89,291	1,00,494	1,02,685	94,183	18,568	69,229
Operating Profit	13,767	15,418	17,135	15,785	12,159	13,081	16,818	10,224	17	879
OPM %	13.10	13.94	14.28	14.61	11.99	11.52	14.07	9.79	0.09	1.25
Other Income	1,557	1,604	1,619	1,747	1,647	1,726	1,057	1,595	150	39
Interest	2,652	2,485	2,234	2,088	2,034	1,725	1,076	938	256	682
Depreciation	6,637	6,850	7,151	6,574	6,005	5,408	5,295	5,320	472	4,969
Profit Before Tax	6,035	7,687	9,369	8,870	5,767	7,674	11,504	5,561	-561	-4,733
Tax %	36.50	7.05	-87.10	35.83	40.18	27.31	25.63	28.02	-54.55	26.41
Net Profit	3,832	7,145	17,529	5,692	3,450	5,578	8,556	4,003	-867	-3,483
EPS in Rs	8.84	16.53	40.94	13.09	9.71	14.80	23.38	10.65	-2.35	-9.47

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,74,492	2,92,341	3,01,938	2,61,068	2,49,795	2,78,454	3,45,967	4,37,928	4,39,695	4,38,935
Expenses	2,40,104	2,60,093	2,77,274	2,43,081	2,17,507	2,53,734	3,14,151	3,78,389	3,84,479	3,86,653
Operating Profit	34,388	32,248	24,664	17,987	32,287	24,720	31,816	59,538	55,216	52,282
OPM %	12.53	11.03	8.17	6.89	12.93	8.88	9.20	13.60	12.56	11.91
Other Income	1,869	5,933	-26,686	102	-11,118	2,424	6,664	5,673	6,903	6,025
Interest	4,238	4,682	5,759	7,243	8,097	9,312	10,225	9,986	5,083	5,773
Depreciation	17,905	21,554	23,591	21,425	23,547	24,836	24,860	27,270	23,256	22,028
Profit Before Tax	9,315	11,155	-31,371	-10,580	-10,474	-7,003	3,394	27,955	33,780	30,506
Tax %	34.90	38.92	7.77	-3.74	-24.27	-60.42	20.74	-13.78	31.09	29.24
Net Profit	6,064	6,813	-28,934	-10,975	-13,016	-11,235	2,690	31,807	23,278	21,587
EPS in Rs	17.31	20.85	-66.57	-27.92	-31.92	-26.94	5.66	73.84	60.97	22.21
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	31.80	7.33	7.62	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	679	679	679	679	720	766	766	766	767	736
Reserves	78,273	57,383	94,749	59,500	62,359	54,481	43,795	44,556	84,152	1,15,408
Borrowings	61,961	74,489	77,994	91,141	1,05,655	1,42,131	1,46,449	1,34,113	1,07,263	71,540
Other Liabilities	1,26,228	1,41,203	1,57,928	1,55,874	1,53,387	1,45,749	1,39,610	1,56,646	1,78,483	1,90,958
Total Liabilities	2,67,141	2,73,754	3,31,351	3,07,195	3,22,121	3,43,126	3,30,620	3,36,081	3,70,664	3,78,642
Fixed Assets	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
CWIP	25,919	33,699	40,034	31,884	35,622	20,964	10,251	14,275	35,698	65,806
Investments	23,767	20,338	20,813	15,771	16,308	24,620	29,380	26,379	22,971	35,656
Other Assets	1,10,223	1,23,774	1,49,090	1,48,306	1,43,083	1,58,834	1,52,134	1,63,348	1,90,709	1,61,483
Total Assets	2,67,141	2,73,754	3,31,351	3,07,195	3,22,121	3,43,126	3,30,620	3,36,081	3,70,664	3,78,642

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	39,167	30,199	23,857	18,891	26,633	29,001	14,283	—	—	63,102
Cash from Investing Activity	-38,611	-38,080	-26,446	-19,467	-34,170	-26,126	-4,775	0.00	0.00	-50,825
Cash from Financing Activity	-3,193	6,205	2,012	8,830	3,390	9,904	-3,380	—	—	-18,786
Net Cash Flow	-2,637	-1,675	-576	8,254	-4,148	12,778	6,128	0.00	0.00	-6,509

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	46.39%	46.39%	46.38%	46.37%	46.36%	46.36%	42.58%	42.58%	42.58%	42.57%	42.57%	42.56%
FIIs	15.35%	17.72%	18.41%	18.62%	19.20%	18.17%	20.55%	18.66%	17.84%	17.18%	17.13%	17.88%
DIIs	19.40%	18.89%	17.52%	17.40%	16.14%	16.08%	16.43%	16.85%	17.20%	17.24%	17.34%	15.39%
Public	18.86%	16.99%	17.70%	17.60%	18.30%	19.39%	20.44%	21.91%	22.39%	23.01%	22.97%	24.16%
Total Shareholders	38,14,831	35,02,408	37,73,314	41,84,369	46,16,908	50,98,550	57,27,234	64,62,123	67,28,246	67,52,775	66,55,776	66,73,646

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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