TMPV
Large CapTata Motors Passenger Vehicles Limited
Auto
Tata Motors Passenger Vehicles Limited (TMPV) is the passenger vehicle arm of Tata Motors, encompassing Tata PV, EV India, FIAPL joint operations, and international PV+EV business. It also includes Jaguar Land Rover Automotive plc (JLR), a luxury automotive manufacturer.
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.
Investable fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
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 31 Mar 2026
Bad · 0/100PAT -31% YoY · margin compression · Rev +7% YoY · +50% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,05,447 Cr | +7.2% | +50.4% |
| EBITDA | ₹11,259 Cr | -21.7% | +1180.9% |
| Operating margin | 11.0% | -400 bps | +1000 bps |
| PAT | ₹5,878 Cr | -31.3% | NDF |
| PAT margin | 5.6% | -313 bps | +1054 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Q4 FY26 revenue up 7.2% YoY to ₹105.4K Cr, with EBITDA at 13.1%. Full year revenue down 8.3% YoY to ₹335.6K Cr, EBITDA 6.8%. JLR recovered in Q4 post cyber incident, while TMPV India delivered record volumes and improved margins.
Consolidated FY26 results were significantly impacted by JLR's cyber incident, China market challenges, and Jaguar model wind-down, leading to a sharp decline in PBT and negative FCF. However, JLR showed strong Q4 recovery. TMPV India delivered record volumes, gained market share, and improved profitability, driven by new launches and alternate powertrains, partially offsetting JLR's challenges.
New Product Launches
Strong demand for Sierra, New Tata Punch launched, Harrier and Safari now available in Petrol Powertrains, Harrier.ev unleashes a Bold New League of SUVs, new Jaguar launch planned.
EV Adoption
Highest ever annual EV sales of 92K units; sustained market leadership with 92.2% market share in FY26.
SUV-led Growth
Nexon & Punch emerged as powerful brands - #1 & #3 PV models in H2, driving SUV-led growth in India.
Multi-Powertrain Strategy
Leveraging growing demand for EVs and CNG with strong portfolio and front-end actions.
Capacity Expansion
Focus on capacity expansion (especially new launches) and supply chain resilience to meet demand.
Strong JLR Brand Demand
Demand still strong for Range Rover and Range Rover Sport in North America; underlying demand for SUVs across Range Rover, Defender, and Discovery remains robust in UK & Europe.
Sustained India PV Demand
Growth in demand sustaining in Apr & May’26 for the PV industry in India.
Preference for Greener Powertrains in India
EVs +80% and CNG +20% YoY in the India PV industry, driven by new launches and reduction in adoption barriers.
JLR China Market Challenges
Challenging competitive environment and Luxury Tax impacted heavily from July.
JLR Production Stoppages
Production stoppages following the cyber incident impacted full year volumes and free cash flow.
JLR Profitability Impacts
Profitability impacted by ongoing incremental US tariffs and increased VME.
TMPV Input Cost Challenges
Input cost challenges persist despite consistent growth driving margin improvement.
Geopolitical Challenges
Iran conflict impacting fuel prices and consumer confidence; global geopolitical challenges to be monitored for supply-chain risks and cost headwinds.
Regulatory Volatility
The industry faces ongoing regulatory challenges.
Supply Chain Risks
Global geopolitical and regulatory challenges to be monitored for supply-chain risks.
Cost Headwinds
Global geopolitical and regulatory challenges to be monitored for cost headwinds.
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.
Q4 results show significant sequential recovery for JLR post cyber incident, making QoQ relevant for momentum. YoY is crucial for assessing overall annual growth and comparing against prior year's performance for both segments, especially given the seasonality and full-year impacts.
Consolidated Global Wholesales
Q4 FY26: 297.1K units (+15.0% YoY); FY26: 949.5K units (-0.8% YoY)
Consolidated EBITDA Margin
Q4 FY26: 13.1% (-130 bps YoY); FY26: 6.8% (-660 bps YoY)
JLR Wholesale Volumes
Q4 FY26: 95.3K units (-14.5% YoY, +61.1% QoQ); FY26: 307.9K units (-23.2% YoY)
JLR Adjusted EBIT Margin
Q4 FY26: 9.2% (-150 bps YoY); FY26: 0.7% (-780 bps YoY)
JLR Priorities
Step up growth by leveraging House of Brands, reduce break-even volumes towards 300k in two years by extracting £1.7bn in savings through Enterprise Missions, and ensure flawless delivery of exciting launches over the next 18 months.
TMPV Priorities
Deliver profitable and industry-beating growth through recent launches, new products pipeline, multi-powertrain strategy, ramp up production, and improve profitability via operating leverage, mix, and structural cost reduction.
EV Priorities
Grow volumes across product portfolio, including greater penetration in the entry segment, and address key barriers to EV adoption such as affordability, charging infrastructure, range confidence, and battery assurance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| JLR Break-even volumes | Target towards 300k units in two years | Progress towards achieving the 300k unit break-even target. |
| JLR Enterprise Missions savings | Target £1.7bn cumulative over a 2-year period | Realization and impact of the targeted £1.7bn savings from Enterprise Missions. |
| JLR Investment spend | Planned £18bn over the five-year period from FY24 | Adherence to the planned investment spend and its impact on new product launches. |
| TMPV India Market Share | 14%+ in H2 FY26, #2 OEM | Sustained #2 market position and continued growth in market share. |
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
56NeutralSMA20 +6.0% / mo
Technical chart
TMPVweekly · 3Y-3.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 rising (~5.7% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 32% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy 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 94.8%.
- Valuation contributes 30/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; 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
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 11th percentile of the scored universe and 4th percentile within Auto. Main check: results consistency is weak at 5/100.
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.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Auto: 4th pctile, median 71 · Large: 7th pctile, median 74
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Weak 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%.
- ▸ROE is low at 5.6%.
- ▸ROCE trend is -11.3%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.50
- P/B
- 1.28
- EV/EBITDA
- 5.75
- Market Cap
- 143301.00Cr
Profitability
- ROE
- 5.58%
- ROCE
- 2.73%
- ROA
- 21.64%
- Dividend Y
- 0.77%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.71
- Interest Coverage
- 6.68×
- Altman Z
- 1.87
- Book Value
- 304.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 13041.00 Cr
- EPS TTM
- 223.74
Shareholding
- Promoter Hold
- 42.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.