TrueCAGR
TATA MOTORS PASSENGER VEHICLES LIMITED · Research view

TATA MOTORS PASSENGER VEHICLES LIMITED

NSE: TMPVBSE: 500570ISIN INE155A01022Face value ₹2standalone
₹280
−0.34% · 2026-10-01 · 52-wk ₹280–₹417
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Sharp margin drop

EBITDA margin dropped 6.8 percentage points in a single year, from 14.2% to 7.4% — worth investigating.

Importance 71 / 95 · anomaly

StrengthTalking point

Returns at a multi-year high

ROE of 68.4% is the highest in 4 years (prior range -23.2% to 43.7%).

Importance 65 / 95 · profitability

StrengthTalking point

More profitable than peers

ROE of 68.4% is well above the passenger cars and utility vehicles median of 24.3%.

Importance 63 / 95 · profitability

StrengthTalking point

Debt reduced

Total debt is down from ₹1,39,677 to ₹69,953 over 4 years (49.9% lower); debt-to-equity moved 2.86× → 0.59×.

Importance 61 / 95 · financial health

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › Passenger Cars & Utility Vehicles.

Market cap
—
FY2026 revenue
₹57,859 cr
FY2026 net profit
₹87,569 cr
Net worth
₹24,960 cr
Total debt
₹2,249 cr
EPS (basic)
₹14.26
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 4 passenger cars & utility vehicles.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr02040608004590REVENUENET PROFIT47k-1,391FY2266k2,728FY2373k7,902FY2469k5,452FY2558k87,569FY26
RevenueNet profit
Watch

Reported net profit grew 193.6% (FY2025 → FY2026), but pre-tax profit was ₹-2,069 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.

Rule PROFIT_GREW_YOY

Revenue growth per year
+5.2%over 4 years
Revenue growth
−16.7%vs last year
Net profit growth
−31.0%vs last year
Change in net profit since FY22
+6396%

Revenue fell 23.7% year on year (FY2025 → FY2026).

Revenue has compounded at 4.8% a year over 4 years (₹2,78,454 → ₹3,35,582) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹859 cr, down 78.5% from ₹4,003 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Watch

Q1 FY27 net profit declined 78.5% while revenue declined 8.2% vs the same quarter last year — a gap of 70.3 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Concern

Q1 FY27 EBIT was ₹2,425 cr, down 62.2% from ₹6,423 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr05010015020004080REVENUENET PROFIT1.01L3,450Q2 '251.14L5,578Q3 '251.20L8,556Q4 '251.04L4,003Q1 '2672k76,248Q2 '2670k-3,483Q3 '261.05L5,878Q4 '2696k859Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY251,01,450—3,450—3.4%
Q3 FY251,13,575+2.7%5,578−21.9%4.9%
Q4 FY251,19,503−0.4%8,556−51.2%7.2%
Q1 FY261,04,407−3.4%4,003−29.7%3.8%
Q2 FY2672,349−28.7%76,248+2110.1%105.4%
Q3 FY2670,108−38.3%−3,483−162.4%−5.0%
Q4 FY261,05,447−11.8%5,878−31.3%5.6%
Q1 FY2795,799−8.2%859−78.5%0.9%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹3,43,703 crTTM
EBITDA
₹22,600 crTTM
EBIT
₹2,788 crTTM
PBT
₹−4,309 crTTM
Net profit
₹79,502 crTTM

C. Corporate actions

19 Jun 2026DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
14 Oct 2025DemergerSpin Off
4 Jun 2025DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
11 Jun 2024DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
11 Jun 2024DividendSpecial Dividend - Rs. - 3.0000 — ₹3.00/share
28 Jul 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
18 Jul 2016DividendDividend - Rs. - 0.2000 — ₹0.20/share
6 Apr 2015Rights issueRight Issue of Equity Shares
9 Jul 2014DividendDividend - Rs. - 2.0000 — ₹2.00/share
30 Jul 2013DividendDividend - Rs. - 2.0000 — ₹2.00/share
18 Jul 2012DividendDividend - Rs. - 4.0000 — ₹4.00/share
12 Sept 2011Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
19 Jul 2011DividendDividend - Rs. - 20.0000 — ₹20.00/share
10 Aug 2010DividendDividend - Rs. - 15.0000 — ₹15.00/share
3 Aug 2009DividendDividend - Rs. - 6.0000 — ₹6.00/share
9 Sept 2008Rights issueRight Issue of Equity Shares
16 Jun 2008DividendDividend - Rs. - 15.0000 — ₹15.00/share
3 Sept 2001Rights issueRight Issue of Fully Convertible Debentures
3 Sept 2001Rights issueRight Issue of Non Convertible Debentures
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
-5%0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%105%110%115%120%125%130%135%140%14.7%137.4%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 68.4% is the highest in 4 years (prior range -23.2% to 43.7%).

Rule ROE_AT_MULTI_YEAR_HIGH

EBITDA margin now
14.7%
5-year range
4.6–15.6%
ROE FY2026
299.9%
ROCE FY2026
16.6%

ROE of 68.4% is well above the passenger cars and utility vehicles median of 24.3%.

EBITDA margin of 7.4% is the thinnest in 4 years (prior range 10.0% to 15.0%).

EBITDA margin of 7.4% is below the passenger cars and utility vehicles median of 13.8%.

ROE rose from 26.1% to 68.4%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹-2,069) — the operating return moved less than this.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr013274020kFY2222kFY2330kFY2433kFY2525kFY26
Net worth (shareholders' funds)
Strength

Total debt is down from ₹1,39,677 to ₹69,953 over 4 years (49.9% lower); debt-to-equity moved 2.86× → 0.59×.

Rule DEBT_FELL_MULTIYEAR

Operating cash flow vs net profit₹ crore · FY22–FY26
0k30k60k90k5k-1kFY225k3kFY239k8kFY2410k5kFY253k88kFY26
Operating cash flowNet profit
Total debt
₹2,249 cr
Operating cash flow ÷ net profit
0.03×FY2026
Free cash flow
₹933 cr
Current ratio
0.77×

Operating cash flow was only 0.16× reported profit (FY2026).

Net worth compounded at 24.9% a year over 4 years (₹48,832 → ₹1,18,842) — though FY2024 saw a one-off step-change of 77% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Free cash flow has been positive in 4 of the last 5 years.

Operating profit covers interest only 1.73× (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 4 passenger cars & utility vehicles (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

TMPV · 4th of 4 · set median 11.1%

M&M24.8%MARUTI19.9%HYUNDAI2.3%TMPV-23.7%

EBITDA margin

TMPV · 4th of 4 · set median 13.8%

M&M20.4%MARUTI14.1%HYUNDAI13.5%TMPV7.4%

Return on equity

TMPV · 1st of 4 · set median 24.3%

TMPV68.4%HYUNDAI29.9%M&M18.8%MARUTI14.4%

P/E ratio

TMPV · set median 25.0×

M&M15.7×MARUTI25.0×HYUNDAI33.2×
P / E
—TTM to Jun 26
P / B
—latest book
P / S
—TTM sales
Earnings yield
—TTM to Jun 26

On the trailing twelve months. Last full year: · ROE 68.4%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2025-10 to 2026-10₹ per share · split / bonus adjusted
0k₹28020252026

Long-term price performance is shown above.

1-year return
—
3-year return
—
5-year return
—
From 52-wk high
−32.9%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹318
vs 200-day avg
Below₹345
RSI (14)
25.7oversold
MACD histogram
-1.6
From 52-wk high
−32.9%
From 52-wk low
0.0%
30-day volatility
21.2%ann.
6-month return
−7.7%
RSI (14) · 0–10025.7 — oversold
0305070100OVERSOLDOVERBOUGHT25.7
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Sharp margin drop
    EBITDA margin dropped 6.8 percentage points in a single year, from 14.2% to 7.4% — worth investigating.
    MARGIN_SHARP_DROP · conviction 71
  • Concern
    Margins at a multi-year low
    EBITDA margin of 7.4% is the thinnest in 4 years (prior range 10.0% to 15.0%).
    MARGIN_AT_MULTI_YEAR_LOW · conviction 58
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.16× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 58
  • Concern
    Thinner margins than peers
    EBITDA margin of 7.4% is below the passenger cars and utility vehicles median of 13.8%.
    MARGIN_BELOW_PEER_MEDIAN · conviction 49
  • Watch
    Returns improving
    ROE rose from 26.1% to 68.4%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹-2,069) — the operating return moved less than this.
    ROE_IMPROVED_YOY · conviction 49
  • Watch
    Reported profit carries a one-off
    FY2026 pre-tax profit includes a ₹4,142 exceptional charge (200.2% of PBT) — the underlying trend differs from the reported number.
    PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
  • Watch
    Profit growing
    Reported net profit grew 193.6% (FY2025 → FY2026), but pre-tax profit was ₹-2,069 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
    PROFIT_GREW_YOY · conviction 47
  • Concern
    Revenue fell
    Revenue fell 23.7% year on year (FY2025 → FY2026).
    REVENUE_DECLINED_YOY · conviction 46
  • Concern
    Thin interest cover
    Operating profit covers interest only 1.73× (FY2026).
    INTEREST_COVER_LOW · conviction 44
  • The price-adjusted series does not correct for 4 rights issues (ex-dates 2001-09-03, 2001-09-03, 2008-09-09, 2015-04-06) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue47,26465,75773,30369,41957,859
Total income47,92466,57874,45372,21563,726
EBITDA2,1595,3528,76510,8078,497
Profit before tax−1,6401,2557,8517,3524,996
Net profit−1,3912,7287,9025,45287,569
EPS (₹)−3.67.120.615.414.3
Net worth19,94422,47030,14333,44224,960
Total debt23,23318,87213,7718,6082,249
Operating cash flow5,2824,7758,6629,7952,991
Free cash flow4,0914,1377,6968,921933
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—39.111.5-5.3-16.7
Profit growth YoY——189.7-31.0—
Profitability
EBITDA margin %4.68.112.015.614.7
Net margin %-2.94.110.67.5137.4
Return on equity %-7.012.930.017.1299.9
Return on capital %0.98.515.820.516.6
Leverage & cash
Debt to equity1.160.840.460.260.09
Cash flow ÷ profit—1.751.101.800.03
Current ratio0.580.450.560.610.77
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.