Manufactures and sells commercial vehicles in India and internationally, spanning heavy and intermediate trucks, buses, small commercial vehicles (SCVs) and pickups, plus electric variants across these segments. Following an October 2025 demerger, the listed entity operates as a pure-play commercial vehicle maker. The Commercial Vehicle segment accounts for 98.5% of FY26 revenue at Rs 82,611 cr, with segment EBIT of Rs 8,727 cr; 'Others' contributes 1.2% at Rs 968 cr. Total FY26 revenue was Rs 83,855 cr, with materials at 58.2% of revenue (steel, aluminium, copper, precious metals, plus rupee movements) the dominant cost. Q4 FY26 saw 17 new next-generation truck launches and an Indonesia export programme began shipping. It has secured over 3,400 electric CV orders spanning freight, logistics and passenger mobility. The Iveco acquisition awaits French and Spanish regulatory approvals and is expected to close in Q2 FY27. July 2026 monthly sales reached 39,641 units, up 37% year-on-year, with domestic sales of 33,876 units and international 5,765 units. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commercial Vehicle (99%), Others (1%), Corporate/Unallocable (0%). Cyclical, asset-heavy commercial vehicle manufacturing with growing electric CV mix
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 83,855 |
| EBITDA (ex other income) | 6,189 |
| margin % | 7.4 |
| Owners' profit | 3,051 |
| EPS, as reported (₹) | 8.23 |
| ROE % · ROCE % | 23.8 · 24.7 |
| Debt / equity (x) | 0.38 |
| Cash from operations | 14,981 |
| Capex | (1,321) |
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 18,585 | 21,847 | 26,098 | 20,667 |
| Profit before tax | (549) | 891 | 2,516 | 2,946 |
| Net profit | (867) | 705 | 1,793 | 2,556 |
| EPS (₹) | (2.35) | 1.91 | 4.87 | 6.95 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Commercial Vehicle | 25,699 | 38.6 |
| Corporate/Unallocable | 148 | 0.2 |
| Others | 781 | 1.2 |
| Commercial vehicle | 39,904 | 60.0 |
| Total, before eliminations | 66,532 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED ◆ | 1,59,966 | 38.1 | 12.56 | 21.6 | 23.8 | 20.7 | — | 17.4 |
| ASHOK LEYLAND LTD | 96,185 | 27.7 | 5.19 | 14.1 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED | 9,544 | 61.0 | 18.38 | — | 30.8 | 35.2 | — | 10.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Tata Motors sends NCLT-ordered notices for merger of two wholly-owned subsidiaries | strategic transactions | medium | — | — |
| 9 Sept 2026 · Tata Motors schedules meetings with 12 institutional investors on Sep 22 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Tata Motors allots 89,048 shares under employee incentive scheme | capital market events | low | — | — |
| 4 Sept 2026 · Tata Motors launches all-cash tender offer for Iveco Group at EUR 14.1 per share | strategic transactions | critical | — | — |
| 4 Sept 2026 · Tata Motors subsidiary launches tender offer for Iveco Group at Euro 14.10 per share | strategic transactions | critical | — | — |
| 4 Sept 2026 · Tata Motors schedules group meetings with investors on Sep 10 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Tata Motors unit gets Italian regulator nod for Iveco tender offer | compliance | low | — | — |
| 1 Sept 2026 · Tata Motors subsidiary clears all hurdles for Iveco Group tender offer | strategic transactions | critical | — | — |
| 1 Sept 2026 · Tata Motors CV sales up 49% YoY at 44,411 units in Aug 2026 | business updates | medium | — | — |
| 28 Aug 2026 · Tata Motors to meet analysts and institutional investors on September 2 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| ATUL AUTO LIMITED | 1,234 | 26.1 | 2.52 | 16.0 | 8.8 | 10.4 | 22.7 | 8.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.1 | 29.6 | 9 of 11 | 20% |
| P/B | 12.6 | 5.2 | 9 of 11 | 20% |
| ROCE | 20.7 | 12.3 | 4 of 11 | 70% |
| ROE | 23.8 | 16.2 | 2 of 11 | 90% |
| Debt / Equity | 0.4 | 0.3 | 8 of 11 | 30% |
| EBITDA margin | 17.4 | 15.2 | 5 of 12 | 64% |
| Market cap | 159966 | 8147 | 1 of 12 | 100% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
