Auto stocks · Large cap · NSE
Tata Motors Limited (formerly TML Commercial Vehicles Limited) is the commercial vehicles segment of Tata Motors, including joint operations with Tata Cummins. It manufactures and sells commercial vehicles, offering a range of trucks, buses, and small commercial vehicles, and provides related parts and services.
SMA20 -6.4% / mo · MACD +
Latest mapped FPI equity flow was not positive. View sector evidence
Daily history is available from 2025-11-12; the requested 1Y window is partially covered.
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +19.3% · PAT +83.0% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +19% YoY · PAT +83% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20,667 Cr | +19.3% | -20.8% |
| EBITDA | ₹3,272 Cr | +57.6% | -1.7% |
| Operating margin | 16.0% | +400 bps | +300 bps |
| PAT | ₹2,556 Cr | +83.0% | +42.5% |
| PAT margin | 12.4% | +431 bps | +550 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 18/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Tata Motors' CV segment delivered strong Q4 FY26 performance with standalone wholesales up 25% YoY and revenue up 22% YoY. Full year FY26 saw 14% wholesale growth and 11% revenue growth, with EBITDA margins expanding to 13.2% and Auto ROCE reaching 72%.
The CV segment demonstrated robust financial and operational performance in FY26, driven by strong volumes, improved product mix, and disciplined cost management. Margin expansion and significant FCF generation are positive, though commodity inflation and export market sentiment bear watching.
Launched 17 Next-Generation Trucks and Ace Pro mini-truck, setting new standards for safety, profitability, and affordability.
Non-cyclical business growth at 1.6x cyclical business, aiding overall profitability and showing a CAGR 2.7x cyclical business CAGR.
Won pan-India orders of over 5,000 buses from State Transport Undertakings and secured a 70,000-unit order for Indonesia.
Launched Intra EV to broaden the electric range and deployed 3815 cumulative E-buses, with 250 new EV bus orders received.
GST 2.0-led consumption demand boosted Q4 to strong momentum, with consistent +15% E-way bill generation in Q4 FY26 vs Q4 FY25.
Overall fleet indicators and transporter profitability are healthy, with HCV cargo utilization remaining strong at 76.8% in April 2026.
A refreshed product portfolio, proactive risk mitigation, and disciplined execution position the company well for FY27.
Cautiously monitoring broad-based commodity inflation (Steel, Aluminum, Copper), which partially offset margin expansion in Q4 FY26.
Subdued sentiment in MENA export markets is a near-term headwind, impacting export volumes.
Diesel prices remain a key monitorable for operating economics and transporter profitability.
The West Asia conflict led to a slight March dip in freight rates and vessel transit delays, though exposure to impacted hubs is limited.
Broad-based commodity inflation (Steel, Aluminum, Copper) poses a risk to sustained margin expansion.
Subdued sentiment in MENA export markets and potential impacts from the West Asia conflict could affect international business.
Regulatory approvals for the proposed Iveco acquisition are still underway, with last pending approvals actively pursued for earliest closure.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (FY) comparison provides a holistic view of the business cycle and strategic execution, while quarterly (QoQ and YoY) comparisons highlight recent operational momentum, pricing discipline, and market share dynamics in a cyclical industry.
Q4 FY26 standalone wholesales were 131.8K units, up 25% YoY. Full year FY26 standalone wholesales were 428.1K units, up 14% YoY.
QoQ realisation improvement on back of pricing discipline and favorable mix. Annual revenues at ₹77K Cr, reflecting strong volumes and mix.
Overall VAHAN Market share for FY26 was 35.7% (vs 37.1% in FY25). HCV market share consolidated to 55.0% for FY26 (vs 53.9% in FY25).
HCV Cargo Fleet Utilization (active vehicle%) was 76.8% in April 2026, reflecting healthy and stable demand.
Management expects to complete the proposed acquisition of Iveco by Q2 FY27, with most regulatory approvals already received.
Investment spending for FY27 is expected to be in a similar range as FY26 (~₹3K Cr), prioritizing growth and technology investments.
Focus on continuing growth momentum by leveraging the new higher-payload truck portfolio and scaling the BEV Truck range.
Aim to drive profitable market share recovery across sub-segments while scaling government tender procurement and execution capabilities.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 13.9% (Q4 FY26 Standalone) | Sustained 'teens' EBITDA margin, which was delivered ahead of target. |
| Iveco Acquisition Closure | Regulatory approvals underway, last pending approvals being pursued. | Completion of the transaction by Q2 FY27 as expected by management. |
| Domestic Market Share | Overall VAHAN Market share at 35.7% for FY26. | Profitable market share recovery across sub-segments, especially in SCV & PU and CV Passenger. |
| Commodity Price Impact | Cautiously monitoring broad-based commodity inflation. | Management's ability to pass on rising input costs and maintain margin discipline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 76th percentile within Auto. Main check: results consistency is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Auto: 76th pctile, median 74 · Large: 74th pctile, median 73
29 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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