Auto stocks · Large cap · NSE
Tata Motors Passenger Vehicles Limited (TMPV) is the consolidated passenger vehicle business of Tata Motors, encompassing Tata Passenger Vehicles (PV) and Electric Vehicles (EV) in India, and Jaguar Land Rover (JLR) globally. It includes manufacturing, sales, and related operations.
full bear SMA stack · SMA20 -7.5% / mo · MACD + · near 52W low
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Strong fundamentals, management trust needs verification, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +9.3% · PAT -78.5% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
medium confidence · 3/4 claims checked
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -79% YoY · margin compression · Rev +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹95,799 Cr | +9.3% | -9.2% |
| EBITDA | ₹6,176 Cr | -24.3% | -45.1% |
| Operating margin | 6.0% | -300 bps | -500 bps |
| PAT | ₹859 Cr | -78.5% | -85.4% |
| PAT margin | 0.9% | -367 bps | -467 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 38.
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 78 · legacy U-Score band DEEP 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
Q1 FY27 consolidated revenue grew 9.3% YoY to 95.8K Cr, but EBITDA margin contracted 130 bps YoY to 7.4%. JLR faced volume declines and margin pressure, while India PV delivered strong volume and revenue growth, with EV volumes more than doubling YoY.
Consolidated results are under stress due to JLR's significant volume and profitability decline, driven by supply issues, geopolitical events, and model transitions. While India PV shows robust growth, its contribution is insufficient to offset JLR's drag on consolidated margins and FCF. Management's focus on new launches and cost control is critical, but execution risks remain high given the challenging environment.
Latest issuer-disclosed distribution across 4 reported categories.
Tata PV's EV off-take volumes grew 112% YoY, maintaining ~40% market share.
Sierra.ev, next-gen Tiago & Tiago.ev, Range Rover Electric, Range Rover GT, and Jaguar Type 01 are poised for launch.
JLR plans to double down on growth in North America.
Tata PV leverages growing demand for CNG and EV with its strong portfolio.
Tata PV plans to scale up production of key models and undertake capacity expansion to meet market demand.
JLR's Q1 investment spend was 0.9bn, in line with expectations for new product launches.
Strong PV industry volumes in India, supported by robust post-GST 2.0 demand environment.
High growth in green powertrains (EV & CNG) and favorable regulation & policies for EVs in India.
Tata PV reports a strong demand pipeline for its products.
Temporary supply constraints, including a fire at a major component supplier, affected JLR volumes.
Elevated commodity levels and unfavorable operational FX impacted margins for both JLR and Tata PV.
Middle East conflict and market conditions pushed JLR's retail VME up, impacting profitability.
Planned wind down of outgoing Jaguar models ahead of new launches affected JLR volumes.
Implications from global geopolitical developments remain a key monitorable for JLR.
Industry trends in the luxury segment are a key monitorable for JLR.
Persistent supply chain headwinds could continue to impact production and volumes.
Elevated commodity prices could continue to pressure margins if not fully passed through.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing overall growth and performance against the previous year, especially for the seasonal auto business. QoQ is important for JLR to track sequential recovery from supply constraints and model transitions, and for Tata PV to monitor momentum.
Down 9.2% YoY to 79.3K units.
Down 15.4% YoY to 79.9K units.
Up 46.1% YoY to 182.3K units.
Up 112% YoY to 11.5K units.
Seamless execution of launch pipeline, organization pivot to double down growth in North America, and achieving enterprise missions plan.
Debottlenecking supply chain, expanding production capacity, sustaining market leadership in EV, and mitigating cost headwinds to improve margins.
Drive brand-led growth and increase meaningful synergies across supplier ecosystem, software/digital technologies, and strategic partnerships.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| JLR Wholesale Volumes | 79.3K units (Q1 FY27) | Recovery from supply constraints and model transitions. |
| Tata PV EV Offtake Volumes | 11.5K units (Q1 FY27) | Sustained growth and market share amidst rising competition. |
| Consolidated EBITDA Margin | 7.4% (Q1 FY27) | Improvement from cost actions and commodity price moderation. |
| JLR Free Cash Flow | ( 998m) (Q1 FY27) | Positive FCF generation in subsequent quarters, typical for Q1 to be negative. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Domestic India business is net cash, providing flexibility to fund a rich product investment cycle that will be coming through in the years.
"fund the rich product investment cycle that will be coming through in the years"
JLR will continue to focus on growing its overseas business in the second half of the fiscal year.
"continue to focus on growing our overseas business"
Outcome check: Revenue YoY averaged -9.3% across 2 later quarter(s).
VME (Variable Marketing Expense) levels are anticipated to stay elevated for some time due to challenging market conditions.
"we anticipate VME levels to stay elevated for some time"
Outcome check: OPM moved from -2.0% to average 6.0% (+8.0 pp).
Production losses experienced will heavily impact Q3, with a return to normal expected in Q4 as pipeline fill completes.
"The production losses we have experienced will also impact quite heavily on Q3. It's only in Q4, as our pipeline fill completes that we will return to normal."
Outcome check: Revenue YoY averaged -9.3% across 2 later quarter(s).
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 16th percentile of the scored universe and 6th percentile within Auto. Main check: results consistency is weak at 17/100.
Mixed Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 6th pctile, median 74 · Large: 9th pctile, median 73
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
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.
Latest exchange and company disclosures found within the past two years.
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse