NSE: TMCV · BSE: 544569
TATA MOTORS LIMITED
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
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED ◆ | 1,47,234 | 35.1 | 11.56 | 19.9 | 23.8 | 20.7 | — | 17.4 |
| ASHOK LEYLAND LTD | 84,848 | 24.4 | 4.57 | 13.0 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED | 6,911 | 44.2 | 13.31 | — | 30.8 | 35.2 | — | 10.6 |
| ATUL AUTO LIMITED | 1,143 | 24.2 | 2.33 | 14.9 | 8.8 | 10.4 | 22.7 | 8.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.1 | 27.8 | 9 of 11 | 20% |
| P/B | 11.6 | 4.6 | 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 | 147234 | 6625 | 1 of 12 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Iveco tender offer reaches 89.42% and becomes unconditional | compliance | low | — | — |
| 27 Oct 2026 · Q2 FY27: 42% revenue growth and strong cash flow, but commodity pressure persists | investor communications | medium | — | — |
| 27 Oct 2026 · Amazon to deploy 3,000 Tata electric trucks in India | compliance | low | — | — |
| 27 Oct 2026 · Iveco tender offer passes ownership threshold at 89.42% | compliance | low | — | — |
| 24 Oct 2026 · Tata Motors Q2 profit of Rs 1,254 crore; revenue up 37 percent | compliance | minimal | — | — |
| 23 Oct 2026 · Tata Motors shares Q2 FY27 earnings call recording | investor communications | low | — | — |
| 23 Oct 2026 · Q2 sales and profit rise; Iveco offer nears completion | investor communications | medium | — | — |
| 23 Oct 2026 · Tata Motors Q2 FY27: revenue up 42%, profit after tax ₹2,138 crore | results | high | — | — |
| 21 Oct 2026 · Tata Motors gets ESG score of 71, placed in Leader category | business updates | low | — | — |
| 13 Oct 2026 · Tata Motors files SEBI debt securities status report as on Sept 30, 2026 | credit debt | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
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.