TMPV

Tata Motors Passenger Vehicles Limited

India's passenger-vehicle business, from mass-market hatchbacks to Jaguar Land Rover

Consumer Discretionary›Automobile and Auto Components›Automobiles›Passenger Cars & Utility Vehicles

tatamotors.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹286.85
Market cap
1,05,861 Cr
Stock P/E
Loss (TTM EPS ₹-9.14)
P/B
0.94
Dividend yield
2.1%
ROE (FY26)
69.3%
ROCE (FY26)
45.3%
Operating margin (FY26)
-0.3%
Debt / equity (FY26)
0.62
OCF / EBITDA (FY26)
69.0%
OCF / EBITDA (3Y)
107.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Tata Motors Passenger Vehicles (formerly Tata Motors Limited) sells Tata-brand cars, SUVs and electric vehicles in India and, through Jaguar Land Rover (JLR), premium vehicles such as Range Rover and Defender to customers worldwide.

Company snapshot

4thBy market cap

Ranked among 7 companies in Passenger Cars & Utility Vehicles.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 71.6% of revenue

SegmentRevenue shareRevenuePBTAssets
(a) Commercial Vehicle
16.2%
18,431 Cr1,732 Cr34,144 Cr
(b) Passenger Vehicle
10.9%
12,354 Cr174 Cr23,451 Cr
(c) Corporate/Unallocable
0.1%
151 Cr-55 Cr1,433 Cr
- Jaguar and Land Rover
71.6%
81,263 Cr6,027 Cr2,13,021 Cr
- Tata and other brands vehicles—0 Cr0 Cr0 Cr
- Vehicle Financing
0.9%
991 Cr-68 Cr31,143 Cr
Automotive and related activity—0 Cr0 Cr0 Cr
Less: Inter segment eliminations—0 Cr-36 Cr-1,652 Cr
Less: Intra segment eliminations—-580 Cr-9 Cr-968 Cr
Others
1.4%
1,543 Cr235 Cr5,415 Cr

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 24.6% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Interest coverage of -0.3x — earnings barely cover interest payments, which is a warning sign.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,05,128 Cr1,10,577 Cr1,19,986 Cr1,08,048 Cr1,01,450 Cr1,13,575 Cr1,19,503 Cr1,04,407 Cr72,349 Cr70,108 Cr1,05,447 Cr95,799 Cr
Operating expenses (approx.)91,361 Cr95,159 Cr1,02,851 Cr92,263 Cr89,291 Cr1,00,494 Cr1,02,685 Cr94,183 Cr73,753 Cr69,229 Cr94,188 Cr89,623 Cr
EBITDA13,767 Cr15,418 Cr17,135 Cr15,785 Cr12,159 Cr13,081 Cr16,818 Cr10,224 Cr-1,404 Cr879 Cr11,259 Cr6,176 Cr
OPM %13.1%13.9%14.3%14.6%12.0%11.5%14.1%9.8%-1.9%1.3%10.7%6.4%
Other income1,631 Cr1,499 Cr1,460 Cr1,575 Cr1,566 Cr1,790 Cr1,509 Cr1,519 Cr1,461 Cr1,467 Cr1,633 Cr1,129 Cr
Interest2,652 Cr2,485 Cr2,234 Cr2,088 Cr2,034 Cr1,725 Cr1,076 Cr938 Cr686 Cr682 Cr767 Cr835 Cr
Depreciation6,636 Cr6,850 Cr7,151 Cr6,574 Cr6,005 Cr5,408 Cr5,295 Cr5,320 Cr4,871 Cr4,969 Cr5,092 Cr4,880 Cr
Profit before tax6,035 Cr7,687 Cr9,369 Cr8,870 Cr5,767 Cr7,674 Cr11,504 Cr5,561 Cr74,546 Cr-4,733 Cr7,277 Cr1,574 Cr
Tax %36.5%7.0%-87.1%35.8%40.2%27.3%25.6%28.0%-2.3%26.4%19.2%45.4%
Net profit3,832 Cr7,145 Cr17,529 Cr5,692 Cr3,450 Cr5,578 Cr8,556 Cr4,003 Cr76,248 Cr-3,483 Cr5,878 Cr859 Cr
EPS (₹)₹9.81₹18.32₹45.42₹14.51₹9.72₹14.81₹23.40₹10.66₹-17.50₹-9.47₹15.71₹2.10

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,74,492 Cr2,95,409 Cr3,01,938 Cr2,61,068 Cr2,49,795 Cr2,78,454 Cr3,45,967 Cr4,37,928 Cr4,39,695 Cr3,35,582 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,44,903 Cr2,60,883 Cr2,77,274 Cr2,43,081 Cr2,17,507 Cr2,53,734 Cr3,14,047 Cr3,78,389 Cr3,83,557 Cr3,16,685 CrSign in free for the trailing twelve months
EBITDA29,589 Cr34,526 Cr24,664 Cr17,987 Cr32,287 Cr24,720 Cr31,920 Cr59,538 Cr56,138 Cr18,897 CrSign in free for the trailing twelve months
OPM %10.8%11.7%8.2%6.9%12.9%8.9%9.2%13.6%12.8%5.6%Sign in free for the trailing twelve months
Other income755 Cr889 Cr2,965 Cr2,973 Cr2,643 Cr3,054 Cr4,633 Cr5,950 Cr6,244 Cr5,787 CrSign in free for the trailing twelve months
Interest4,238 Cr4,682 Cr5,759 Cr7,243 Cr8,097 Cr9,312 Cr10,225 Cr9,986 Cr5,083 Cr2,827 CrSign in free for the trailing twelve months
Depreciation17,905 Cr21,554 Cr23,591 Cr21,425 Cr23,547 Cr24,836 Cr24,860 Cr27,270 Cr23,256 Cr19,784 CrSign in free for the trailing twelve months
Profit before tax10,808 Cr13,433 Cr-31,162 Cr-11,580 Cr-10,853 Cr-7,077 Cr3,394 Cr27,955 Cr38,755 Cr82,651 CrSign in free for the trailing twelve months
Tax %30.1%32.3%7.8%-3.4%-23.4%-59.8%20.7%-13.8%27.4%0.0%Sign in free for the trailing twelve months
Net profit7,557 Cr9,091 Cr-28,724 Cr-11,975 Cr-13,395 Cr-11,309 Cr2,690 Cr31,807 Cr28,149 Cr82,645 CrSign in free for the trailing twelve months
EPS (₹)₹21.94₹26.46₹-84.89₹-34.88₹-36.99₹-29.88₹6.29₹81.95₹78.80₹-0.61Sign in free for the trailing twelve months
Dividend payout %——————5.2%2.4%8.2%2.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital679 Cr679 Cr679 Cr720 Cr766 Cr766 Cr766 Cr767 Cr736 Cr737 Cr
Reserves57,383 Cr94,749 Cr59,500 Cr62,359 Cr54,481 Cr43,795 Cr44,556 Cr84,152 Cr1,15,408 Cr1,11,331 Cr
Borrowings74,489 Cr77,994 Cr91,124 Cr99,678 Cr1,14,776 Cr1,39,677 Cr1,25,660 Cr98,500 Cr62,499 Cr69,953 Cr
Other liabilities1,40,750 Cr1,57,403 Cr1,55,368 Cr1,58,551 Cr1,71,530 Cr1,42,111 Cr1,57,821 Cr1,79,070 Cr1,93,389 Cr1,93,127 Cr
Total liabilities2,73,754 Cr3,31,351 Cr3,07,195 Cr3,22,121 Cr3,43,126 Cr3,30,620 Cr3,36,081 Cr3,70,664 Cr3,78,642 Cr3,81,922 Cr
Fixed assets (net)59,595 Cr73,868 Cr72,620 Cr84,158 Cr86,131 Cr87,586 Cr84,442 Cr81,184 Cr81,012 Cr73,329 Cr
CWIP10,187 Cr16,143 Cr8,538 Cr8,600 Cr8,377 Cr3,529 Cr5,220 Cr10,937 Cr17,624 Cr26,500 Cr
Investments20,338 Cr20,315 Cr15,179 Cr16,308 Cr24,620 Cr29,380 Cr26,379 Cr22,971 Cr35,656 Cr26,313 Cr
Loans & advances——1,269 Cr935 Cr1,749 Cr1,672 Cr2,303 Cr197 Cr72 Cr134 Cr
Inventories35,085 Cr42,138 Cr39,014 Cr37,457 Cr36,089 Cr35,240 Cr40,755 Cr47,788 Cr47,269 Cr50,126 Cr
Trade receivables14,076 Cr19,893 Cr18,996 Cr11,173 Cr30,547 Cr34,537 Cr15,738 Cr16,952 Cr13,248 Cr12,619 Cr
Cash & bank13,987 Cr14,717 Cr21,560 Cr18,468 Cr31,700 Cr38,159 Cr31,887 Cr40,015 Cr34,349 Cr22,880 Cr
Other assets1,20,487 Cr1,44,277 Cr1,30,019 Cr1,45,022 Cr1,23,912 Cr1,00,516 Cr1,29,357 Cr1,50,620 Cr1,49,412 Cr1,70,021 Cr
Total assets2,73,754 Cr3,31,351 Cr3,07,195 Cr3,22,121 Cr3,43,126 Cr3,30,620 Cr3,36,081 Cr3,70,664 Cr3,78,642 Cr3,81,922 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity30,199 Cr23,857 Cr18,891 Cr26,633 Cr29,018 Cr14,283 Cr35,388 Cr67,915 Cr63,102 Cr13,041 Cr
Cash from investing-38,080 Cr-26,202 Cr-19,711 Cr-34,170 Cr-26,126 Cr-4,775 Cr-16,804 Cr-22,828 Cr-47,594 Cr-24,810 Cr
Cash from financing6,205 Cr2,012 Cr8,830 Cr3,390 Cr9,904 Cr-3,380 Cr-26,243 Cr-37,006 Cr-18,786 Cr-1,344 Cr
Net cash flow-1,675 Cr-332 Cr8,010 Cr-4,148 Cr13,250 Cr6,459 Cr-6,272 Cr8,128 Cr-5,666 Cr-11,469 Cr
Free cash flow (OCF − Capex)-268 Cr-11,221 Cr-16,413 Cr-3,069 Cr8,813 Cr-886 Cr17,292 Cr36,502 Cr25,060 Cr-23,241 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.3%10.4%-16.7%-2.7%-1.6%1.2%7.6%19.8%23.7%45.3%
ROE %12.7%9.5%-47.5%-18.9%-23.7%-23.4%4.6%33.7%22.7%69.3%
Debtor days19252316454517141114
Inventory days80897890938071707193
Days payable132152138159196158126138147173
Cash conversion cycle-33-39-36-54-58-33-38-54-65-66
OCF / EBITDA %102.1%69.1%76.6%148.1%89.9%57.8%110.9%114.1%112.4%69.0%
OCF / EBITDA % (3 years)——82.2%89.9%99.5%93.3%88.5%101.2%112.7%107.0%
Debt / equity1.280.821.511.582.083.132.771.160.540.62
Current ratio1.000.950.840.850.930.970.980.970.960.84
Net debt / EBITDA2.04—2.824.512.574.112.940.980.502.49