Tata Motors Passenger Vehicles Limited (TMPV)
Large CapAuto stocks · Large cap · NSE
Tata Motors Passenger Vehicles Limited (TMPV) is the demerged entity encompassing the India passenger vehicle business (ICE, CNG, EV) and Jaguar Land Rover (JLR) global luxury automotive operations. It focuses on SUVs and green powertrains in India, and premium luxury vehicles globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust needs verification, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated Q4 FY26 revenue up 7% YoY to ~Rs. 105,000 Cr, PBT before exceptionals Rs. 7,200 Cr. India PV business achieved record volumes and 50% YoY revenue growth in Q4. JLR recovered strongly with 95,000 wholesales and GBP829 million FCF in Q4.
India PV business showed a strong H2 rebound, achieving record volumes and market share, driven by new launches and green powertrains. JLR's Q4 recovery was robust, but full-year performance was impacted by production losses. Management is focused on new product launches, cost reduction, and supply chain resilience across both entities, which is critical for future performance.
New Product Launches
India PV launched Sierra, new Punch, Harrier/Safari petrol, Harrier.ev, and Punch.ev. JLR will launch Range Rover Electric, Range Rover Sport Electric, new Jaguar Type 01, and the first EMA car.
EV Mainstreaming
India PV focuses on higher range, price parity with ICE, faster charging, lifetime warranty, and TATA.ev mega charging hubs. JLR has 78,000 expressions of interest for Range Rover EV.
Strong Core Brand Demand
Demand for JLR's Range Rover, Range Rover Sport, and especially Defender remains very strong, with Defender defying industry norms.
CNG Portfolio Expansion
India PV's growth in CNG outpaces the industry, with CNG volumes now 27% of the portfolio.
India PV Capacity Enhancement
TMPV will ramp up production for new launches and enhance capacities to serve demand levels, both at its end and suppliers' end.
JLR UK Plant Investments
Investment was largely in facilities for new vehicles in UK plants and for new BEV powertrains at the Wolverhampton propulsion facility.
Sierra Production Ramp-up
Immediate milestone is to cross 10,000 units, with plans to further increase production in coming months, including for Sierra.ev.
India PV Industry Rebound
H2 FY26 saw 17% YoY growth, propelled by GST 2.0, favorable monsoon, repo rate cuts, and income tax relief. Industry touched a new high of 4.7 million units (8% YoY).
Growing Green Powertrain Preference
CNG and EV segments grew by over 20% and 80% YoY respectively, with EV sales seeing a step jump to over 2 lakh units.
Strong JLR Brand Demand
Demand for Range Rover, Range Rover Sport, and especially Defender remains very strong, boosted by Rally Win, Defender Trophy, and Oasis tour tie-up.
North America Growth Potential
North America is holding up well and is a growth potential market for JLR, where brands resonate strongly with high net worth individuals.
Middle East Conflict Impacts
Sales in the Middle East (6% of total sales mix) will be hit in Q1. Input price increases are certain through utility costs, freight rates, or petrochemical-sensitive components.
Geopolitical Volatility & Protectionism
Splintering geopolitics creates challenges from increasing protectionism, differing electrification appetites, and technology concerns, adding a painful cost burden.
Inflationary Pressures
Commodity prices like aluminum and copper are much higher than last year, visible even before the Middle East conflict.
Challenged Supply Chains
Supply chains are challenged by rules of origin requirements, potential 'made in Europe' rules, and shipping lane power struggles.
Commodity Price Headwinds
India PV faces 5-6% of revenue impact from commodity headwinds, with only 0.5% price increase taken in April and residual stress remaining.
Supply Chain Resilience
Need for proactive steps to build greater supply chain resilience, especially given geopolitical developments and ramp-up challenges for new models like Sierra.
JLR Warranty Costs
Warranty costs remained stubborn despite focus, with the cost of repair shooting through the roof, particularly in markets like the US.
Chinese OEM Competition
Chinese OEM competition is increasing in Europe and UK, requiring JLR to rely on brand strength and potential geopolitical tariff structures for protection.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for overall growth and assessing the impact of JLR's production issues over the full year. QoQ is crucial for India PV's 'story of two halves' and JLR's Q4 recovery, indicating sequential momentum and operational improvements.
India PV Volume Growth
Q4 FY26 volumes exceeded 2 lakh units, a record, with 37% YoY growth. Full year FY26 volumes reached 6.42 lakh units, growing 15% YoY, nearly twice the industry pace.
JLR Wholesale Volumes
Q4 wholesales were 95,000 units. Full year FY26 wholesales were 308,000 units. Defender volumes were up QoQ and YoY in Q4.
India PV EV Penetration
EV sales reached 92,000 units in FY26, a 43% YoY growth, maintaining over 40% market share. Q4 EV run rate was ~27,000 units, with a consistent monthly run rate of 9,000.
India PV CNG Penetration
CNG volumes are 27% of the portfolio, with over 1.7 lakh CNG vehicles sold, outpacing industry growth.
India PV FY27 Outlook
TMPV will look to deliver industry-beating growth in FY27, driven by a healthy order book, lean channel inventory, and strong traction across models.
JLR Strategic Priorities
Priorities are to grow the top line through brands, reset breakeven volume towards 300,000 units, and deliver multiple launches flawlessly.
Cost Reduction Initiatives
JLR is targeting GBP1.7 billion of savings over two years through launch excellence, three cost-focused missions, and foundational work on processes, data, and systems.
EV Investment Rebalancing
JLR will rebalance investments over time to ensure both ICE, PHEV, MHEV, and BEV offerings can be provided in parallel for longer than originally thought.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India PV Market Share | Consistently ranked number two in Vahan market share, crossing 14% in H2 FY26. | Sustained market share above 14% and continued #2 ranking in the domestic market. |
| JLR Breakeven Volume | Not explicitly stated, but management aims to bring it back down towards 300,000 units a year. | Progress on the GBP1.7 billion savings target over two years and its impact on breakeven volume. |
| India PV Sierra Production | Facing supply-side challenges, particularly on the casting side for the new engine. | Crossing 10,000 units and further increases in production, especially with the Sierra.ev launch. |
| India PV EV Monthly Run Rate | Consistently around 9,000 units per month, with Q4 at ~27,000 units. | Ramping up further beyond 10,000 units per month from this month onwards, aligning with strong demand. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
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).
Trend score and candlestick chart
23Bearishfull bear SMA stack · SMA20 -3.7% / mo · MACD − · near 52W low · sector -3.3pp vs Nifty (3M)
Technical chart
TMPVdaily · 1Y · AUTO-12.3%Daily history is available from 2025-10-24; the requested 1Y window is partially covered.
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 26% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 10.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.1%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 77 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 77 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 96.3%.
- Valuation contributes 30/30 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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
How to read this Trust Score
Mixed Trust · medium confidenceRead 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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 2.7%.
- ▸ROCE trend is -9.9%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 115.00
- P/B
- 1.03
- EV/EBITDA
- 5.28
- Market Cap
- 114722.00Cr
Profitability
- ROE
- 75.70%
- ROCE
- 2.73%
- ROA
- 20.97%
- Dividend Y
- 0.96%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 101.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 232.00%
Balance Sheet
- Debt/Equity
- 0.71
- Interest Coverage
- 5.69×
- Altman Z
- 1.83
- Book Value
- 304.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 13041.00 Cr
- EPS TTM
- 215.18
Shareholding
- Promoter Hold
- 42.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
Peers
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.