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Tata Motors' commercial-vehicle business (trucks, vans, buses), demerged in 2025 as the continuing 'Tata Motors' entity.
Tata Motors' commercial-vehicle business (trucks, vans, buses), demerged in 2025 as the continuing 'Tata Motors' entity.
Sells trucks, vans and buses to fleet operators, so volumes follow freight activity and truck-replacement cycles; bus orders often come from state transport bodies through large tenders. In the 2025 demerger the passenger-car business, including Jaguar Land Rover, moved into a separate listed company, and this entity kept the commercial-vehicle line.
In one line: India's Paccar/Navistar for trucks and buses.
Moat: narrow (brand, distribution, installed base). Long-standing #1 India truck brand and service network, inherited from the pre-demerger Tata Motors.
Headquarters: Mumbai, India · Founded: 1945 · Employees: 40,578
Size Tata Motors (TMCV.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $16.6B, the 60th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹425.50 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -8.2% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth The operating margin is 9.2% (peer median 5.7%).
Valuation It trades at 20.7× forward earnings against a peer median of 11.1× (6th most expensive of 19).
Capital Return on invested capital runs 76.8 points above its cost of capital (16.8% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | |
|---|---|---|
| Revenue | ₹940B | ₹839B |
| Revenue growth | — | — |
| Gross profit | ₹220B | ₹138B |
| EBITDA | ₹107B | ₹90.4B |
| Net income | ₹63.1B | ₹30.3B |
| Free cash flow | n/a | ₹134B |
| Capital expenditure | n/a | ₹22.5B |
| Total debt | ₹37.8B | ₹56.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tata Motors TMCV.NS | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% |
| Ashok Leyland ASHOKLEY.NS | $10.7B | +1% | +16% | 17% | 24.8× | n/a |
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% |
| Eicher Motors EICHERMOT.NS | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TMCV.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | +3.0% | 9th lowest of 21 |
| 6-month return | -2.0% | -8.2% | 10th highest of 21 |
| Distance from 52-week high | -16.4% | -26.6% | 8th highest of 21 |
| Operating margin | 9.2% | 5.7% | 6th highest of 21 |
| Forward P/E | 20.7× | 11.1× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 17.8% | 1.0% | 3rd most demanding of 13 |
| ROIC minus cost of capital | +76.8 pp | +0.4 pp | 2nd highest of 20 |
| EV / EBITDA | 13.9× | 11.1× | 5th most expensive of 11 |
| Net debt / EBITDA | -0.8× | -0.6× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| Great Wall Motor 2333.HK | Hong Kong | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% | +15.6% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |