NSE: TMPV · BSE: 500570
TATA MOTORS PASS VEH LTD
Makes and sells passenger cars and SUVs, operating through two distinct businesses — a wholly-owned UK luxury subsidiary, Jaguar Land Rover, and an India passenger vehicle business covering mass-market and premium hatchbacks, sedans and SUVs. In FY26, consolidated revenue was ₹3,35,582 crore, with Jaguar and Land Rover contributing 81% of segment revenue and India PV 17.3%. Both businesses ran on thin margins (JLR 1.0% segment EBIT, India PV 1.4%), with India PV returning to growth in the second half after GST 2.0 and regaining the #2 position in Vahan market share, while its electric vehicles retained leadership of the India EV segment. JLR is in a transition phase, launching a product renewal cycle including the Range Rover EV and a new Jaguar, supported by a cost-out programme to lower its breakeven volumes. Materials at 58.3% of revenue are the largest cost line, followed by other operating expenses at 17.1% and employee costs at 13.5%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Jaguar and Land Rover (81%), Passenger Vehicle (India) (17%), Others (2%). Cyclical, capital-intensive passenger vehicle OEM spanning India mass-market and global premium luxury.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,78,454 | 3,45,967 | 4,37,928 | 4,39,695 | 3,35,582 |
| EBITDA (ex other income) | 24,091 | 33,510 | 58,561 | 55,588 | 14,755 |
| margin % | 8.7 | 9.7 | 13.4 | 12.6 | 4.4 |
| Owners' profit | (11,441) | 2,414 | 31,399 | 27,830 | 82,390 |
| EPS, as reported (₹) | (29.88) | 6.29 | 81.95 | 78.80 | (0.61) |
| ROE % · ROCE % | (23.2) · 1.3 | 5.1 · 7.3 | 34.2 · 18.9 | 22.9 · 18.2 | 69.5 · 0.3 |
| Debt / equity (x) | 2.86 | 2.39 | 1.06 | 0.51 | 0.59 |
| Cash from operations | 14,283 | 35,388 | 67,915 | 63,102 | 13,041 |
| Capex | (9,039) | (8,493) | (12,975) | (15,189) | (13,583) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,01,450 | 1,13,575 | 1,19,503 | 1,04,407 | 72,349 | 70,108 | 1,05,447 | 95,799 |
| Profit before tax | 5,685 | 7,712 | 11,390 | 5,429 | (8,108) | (4,902) | 7,143 | 1,558 |
| Net profit | 3,450 | 5,578 | 8,556 | 4,003 | 76,248 | (3,483) | 5,878 | 859 |
| EPS (₹) | 9.72 | 14.81 | 23.40 | 10.66 | (17.50) | (9.47) | 15.71 | 2.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Passenger Vehicle | 34,059 | 9.6 |
| (b) Corporate/Unallocable | 27 | 0.0 |
| - Jaguar and Land Rover | 2,73,303 | 77.2 |
| Others | 5,699 | 1.6 |
| (a) Commercial Vehicle | 17,009 | 4.8 |
| (b) Passenger Vehicle | 24,406 | 6.9 |
| (c) Corporate/Unallocable | 264 | 0.1 |
| Total, before eliminations | 3,54,767 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. | 3,62,943 | 25.3 | 3.39 | 14.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD | 3,45,071 | 17.4 | 3.15 | 11.7 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,51,693 | 30.6 | 7.58 | 15.1 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD ◆ | 97,137 | — | 0.82 | 7.0 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED | 22,529 | 18.0 | 5.37 | 12.0 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 8,073 | 45.6 | 6.55 | 24.0 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 285 | 68.3 | 8.91 | — | (0.1) | (0.2) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 4.9 | 4 of 17 | 81% |
| ROCE | (0.9) | 10.9 | 17 of 20 | 16% |
| ROE | 69.5 | 14.6 | 1 of 17 | 100% |
| Debt / Equity | 0.6 | 0.6 | 10 of 17 | 44% |
| EBITDA margin | 7.6 | 10.9 | 10 of 17 | 44% |
| Revenue growth | (8.2) | 29.7 | 15 of 16 | 7% |
| Profit growth | (78.5) | 16.9 | 14 of 17 | 19% |
| Market cap | 97137 | 16718 | 8 of 21 | 65% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 12 Oct 2026 · Tata Motors PV and Stellantis sign definitive product and tech partnership | compliance | low | — | — |
| 6 Oct 2026 · Tata Motors PV Q2 FY27 SIAM data shows strong volume growth | business updates | medium | — | — |
| 6 Oct 2026 · Tata Motors PV reports listed debt securities details as on Sept 30, 2026 | compliance | minimal | — | — |
| 3 Oct 2026 · JLR reports Q2 FY27 wholesale and retail sales | business updates | medium | — | — |
| 1 Oct 2026 · Q2 FY27 total sales rise 40% YoY to 201,723 units; EV sales jump 90% | compliance | low | — | — |
| 29 Sept 2026 · TMPV denies knowledge of Tata Sons listing negotiations after share fall | regulatory legal | high | — | — |
| 29 Sept 2026 · NSE seeks clarification on share price fall news | regulatory legal | high | — | — |
| 22 Sept 2026 · Trading Window Closed From Sept 23 Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Tata Motors PV gets ESG rating of B+ with score 77.9 | business updates | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.