By Dalal Street Investment Journal (DSIJ)
Tata Motors Passenger Vehicles owns India PV/EV operations and JLR. This article covers growth, margin and execution factors.
This article covers Tata Motors Passenger Vehicles (NSE: TMPV), which owns India PV/EV and Jaguar Land Rover (JLR). Tata Motors Limited (NSE: TMCV) is a separate commercial vehicle company with its own share price.
Key Metric | TMPV (9 Oct 2026) |
|---|---|
Share price | ₹279 (1:51 pm IST) |
Market capitalisation | ₹1,02,848 crore |
52-week high/low | ₹422 / ₹272 |
P/E (displayed) | 103x |
P/B (approx.) | 0.92x |
Dividend yield | 1.08% |
FY26 revenue | ₹3,35,582 crore |
FY26 PAT (continuing) | ₹1,377 crore (loss) |
(Source: Screener intraday snapshot, 9 October 2026; FY26 annual report)
Because of the demerger and gains, P/E is not a measure of recurring profits. Normalised earnings, JLR cash flow, and debt are also relevant alongside P/B.
TMPV combines two businesses. In India, Tata sells passenger cars and electric vehicles, including the Nexon, Punch and Harrier families. JLR sells Range Rover, Defender, Discovery and Jaguar vehicles across overseas markets. Prices, margins, global demand, tariffs and exchange rates all influence the luxury model mix.
FY26 consolidated revenue from continuing operations was ₹3,35,582 crore. The company separately reported India PV revenue of ₹58,465 crore and JLR revenue of £22,911 million. The different currencies and intra-group eliminations mean these disclosures should not simply be added together.
FY26 Disclosed Revenue | Reported Amount |
|---|---|
TMPV consolidated, continuing | ₹3,35,582 crore |
India PV business | ₹58,465 crore |
JLR global business | £22,911 million |
Group underlying EBITDA margin | 6.8% |
(Source: TMPV FY26 results and integrated annual report; figures are not additive.)
The company also has different exposure by customer and geography: JLR is global and premium-led, while domestic Tata-branded passenger vehicles compete on model launches, dealer reach, ownership cost and EV technology.
Business Footprint | Principal Markets |
|---|---|
India PV / electric cars | India |
Jaguar Land Rover | UK, US, Europe, China and others |
Comparisons need care. FY24 is a historical pre-demerger group figure that includes commercial vehicles; FY25 and FY26 below are the restated continuing operations of TMPV after separating CV. They cannot be used to calculate a like-for-like three-year CAGR.
Financials (₹ crore) | FY24* | FY25 | FY26 |
|---|---|---|---|
Revenue from operations | ₹4,34,016 | ₹3,66,094 | ₹3,35,582 |
Revenue growth | Not comparable | Not comparable | 8.3% decline |
Profit after tax | ₹31,807 | ₹19,394 | ₹1,377 loss |
PAT growth | Not comparable | Not comparable | Loss |
Underlying EBITDA margin | Not comparable | 13.4% | 6.8% |
(*FY24: historical combined group, Screener. FY25 and FY26: continuing operations figures in TMPV FY26 annual report. Margins are the company-reported underlying EBITDA)
FY26 revenue declined 8.3%, and the underlying EBITDA margin declined from 13.4% to 6.8%. The annual report links the pressure partly to US tariffs and a cyber incident that interrupted JLR production. The FY26 continuing operations loss was ₹1,377 crore, while demerger-related gains can make the overall group profit figures appear different.
TMPV trades at 0.92x book value, and corporate restructuring affects some earnings-based ratios. The 9 October Screener snapshot displayed a 103x P/E and 75.7% ROE; neither is a measure of sustainable profitability. JLR's capital intensity and the composition of group borrowings are also relevant.
Key Ratio (FY26/TTM) | TMPV |
|---|---|
P/E | 103x |
P/B | 0.92x |
ROE (reported) | 75.7% |
ROCE | 2.73% |
Debt to equity (FY26) | 0.71x |
Dividend yield | 1.08% |
(Source: Screener, 9 October 2026; FY26 debt-to-equity calculated using ₹79,109 crore borrowings and ₹1,12,068 crore equity.)
In the same market snapshot, Maruti Suzuki traded around 24.7x P/E and M&M around 17.8x. These are not direct fair value benchmarks: TMPV includes a multinational luxury car business, whereas its domestic peers have different margins and balance sheets.
On a technical basis, the share price of Tata Motors has shown a pattern of lower highs and lower lows on a weekly time frame. A near-term support level has been noted at ₹272.
A resistance level has been noted at ₹297. A move beyond this level would represent a change from the current pattern of lower highs and lower lows.
As of October 9, Tata Motors is trading below its short-term, medium-term and long-term moving averages on the daily chart. On the weekly chart, the stock is trading below its 10-week and 30-week moving averages and above the 100-week moving average.
Tata Group promoter ownership stayed close to 42.5% through the demerger period. Institutional ownership shifted modestly, and short-term share price moves should not be attributed to ownership changes alone.
Shareholding Pattern | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
Promoters | 42.57% | 42.56% | 42.56% | 42.51% |
FIIs | 17.13% | 17.88% | 17.29% | 17.11% |
DIIs | 17.29% | 15.34% | 17.05% | 17.23% |
Public & others | 23.02% | 24.19% | 23.11% | 23.14% |
(Source: ET Money quarterly shareholding disclosures)
From September 2025 to June 2026, promoter ownership decreased 0.06 percentage points, FIIs were broadly unchanged and DIIs shareholding was changed a bit. Ownership changes were small over the period.
Maruti and M&M are reference points for India's passenger car competition; TMCV represents the separate truck and bus business. TMPV also carries JLR exposure, so P/E comparisons are less direct.
Stock Name | Market Cap (₹ cr) | P/E (Displayed) | P/B (Approx.) | ROE | Core Exposure |
|---|---|---|---|---|---|
TMPV | 1,02,848 | 103x | 0.92x | 75.7% | PV, EV, JLR |
3,54,237 | 24.7x | 3.31x | 14.3% | India PV | |
M&M | 3,41,516 | 17.8x | 3.67x | 20.3% | SUVs, tractors |
(Source: Screener consolidated company profiles, accessed 9 October 2026.)
A lower P/B can be linked to expectations for returns on the group’s asset base. P/B alone does not indicate value; returns on invested capital and cash generation are related data points.
JLR Demand and China: A prolonged luxury car slowdown, lower China sales, or tariffs could reduce JLR volumes and margins.
Launch and Transition Costs: New electric and luxury products require investment before they establish demand and profitability.
Forex, Debt and Cash Flow: Currency changes, financing costs and negative free cash flow can offset reported revenue.
Domestic EV Competition: More electric SUVs from Mahindra, MG and other rivals could affect Tata’s market share and pricing.
TMPV includes Tata's passenger vehicle brands, JLR’s Range Rover, Defender, Discovery and Jaguar brands, and, by September 2026 registrations, about 41% of India’s electric passenger car retail. The FY26 continuing operations loss, JLR margin pressure, and variable cash flows complicate a straightforward valuation conclusion. IBEF notes that India’s passenger car and EV markets continue to expand, though sector growth does not indicate company-level returns.
At about 0.92x price-to-book value on 9 October, JLR EBIT margins, China sales, free cash flow, domestic PV profitability and debt are data points linked to valuation.
JLR sold approximately 82,400 wholesale vehicles in Q2 FY27, compared with 79,288 in Q1 and 66,165 a year earlier. However, retail sales were about 79,000 units versus 85,371 in Q2 FY26. China region wholesale volumes were 6,100, down from 11,370 a year earlier.
Range Rover, Range Rover Sport and Defender represented 77.6% of Q2 wholesales. JLR said the June 2026 cessation of locally produced joint venture vehicles also affected China retail numbers. Q2 financial results had not been released as of 9 October; volume data does not indicate margin trends.
The scheme took effect in October 2025. The existing parent became Tata Motors Passenger Vehicles (TMPV), retaining domestic PV/EV and JLR. The demerged commercial vehicle company began trading as Tata Motors Limited (TMCV) on 12 November 2025. Shareholders received one CV share for each qualifying old Tata Motors share; the two current market prices are separate.
Comparison | TMPV | TMCV | Investor Implication |
|---|---|---|---|
Core operations | PV, EV and JLR | Trucks, buses and CV | Different demand cycles |
9 Oct price | ~₹279 (1:51 pm) | ₹414.55 (1:03 pm) | Two separate shares |
Value drivers | Luxury margins, EVs | CV volumes, costs | Assessed separately |
(Source: Tata Motors demerger announcement; Tata group 12 November 2025 listing note; Screener and Business Standard, 9 October 2026.)
The 1:1 distribution is historical; current investor value is determined by today’s holdings, shares outstanding, subsequent corporate actions, and separate market capitalisations.
Tata had 14,791 electric passenger car registrations in September 2026, according to FADA-based industry reporting. That was roughly 41% of the approximately 36,108 electric passenger vehicles reported for the month. Different data providers can show modestly different totals as they update registrations.
Market share does not by itself indicate returns. Batteries, price cuts, model launches and warranty costs affect EV economics, while SUVs and newer platforms influence the broader PV margin. Government support for charging infrastructure is linked to adoption, although the PM E-DRIVE demand incentives are targeted mainly at specified vehicle classes, not a blanket subsidy for private electric cars.
Source: Dalal Street Investment Journal (DSIJ), Opstra, BSE
CV demerger gains and the distinction between continuing and discontinued operations affect headline earnings. FY26 continuing operations recorded a loss.
JLR China volumes, margins and free cash flow, domestic PV and EV profitability, debt, product launches and separate TMCV performance.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
