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Tata's passenger-car and EV business plus Jaguar Land Rover, spun off from the original Tata Motors entity.
Tata's passenger-car and EV business plus Jaguar Land Rover, spun off from the original Tata Motors entity.
After a 2025 split that sent trucks and buses into a separate listed company, this entity holds the cars, EVs and Jaguar Land Rover. JLR's mostly UK-built luxury vehicles make up the larger part of group revenue, while the Indian business supplies the volume. Tata Sons, the group holding company, is the largest shareholder.
In one line: A Stellantis-style mix of mass-market EVs and a luxury British marque.
Moat: narrow (brand, installed base, IP / patents). India's EV first-mover advantage (Nexon EV) plus JLR's century-old luxury brand equity.
Headquarters: Mumbai, India · Founded: 1945 · Employees: 31,351
Size Tata Motors Passenger Vehicles (TMPV.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $11.4B, the 108th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹292.00 on 6 Nov 2026.
Performance Over six months the shares fell 18.7%, against -15.4% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 21.7% over the last twelve months (peer median +5.1%); the operating margin is -0.4% (peer median 4.3%).
Valuation It trades at 10.7× forward earnings against a peer median of 12.0× (6th cheapest of 16).
Capital Return on invested capital runs 13.9 points below its cost of capital (13.2% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹3.44T | ₹3.30T | ₹3.64T | ₹4.35T | ₹3.53T |
| Revenue growth | — | -9% | -16% | +23% | — |
| Gross profit | ₹911B | ₹779B | ₹1.05T | ₹813B | ₹565B |
| EBITDA | ₹186B | ₹151B | ₹461B | ₹599B | ₹390B |
| Net income | ₹792B | ₹824B | ₹278B | ₹314B | ₹24.1B |
| Free cash flow | n/a | -₹35.1B | ₹447B | ₹482B | ₹186B |
| Capital expenditure | n/a | ₹363B | ₹380B | ₹314B | ₹181B |
| Total debt | n/a | ₹814B | ₹740B | ₹1.07T | ₹1.34T |
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 Passenger Vehicles TMPV.NS | $11.4B | -19% | -22% | 0% | 10.7× | n/a |
| Maruti Suzuki India MARUTI.NS | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% |
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% |
| Hyundai Motor India HYUNDAI.NS | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% |
| Bayerische Motoren Werke BMW.DE | $40.3B | -22% | -6% | 6% | 9.7× | n/a |
| Mercedes-Benz MBG.DE | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% |
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 | TMPV.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.2% | +5.1% | 10th lowest of 21 |
| 6-month return | -18.7% | -15.4% | 10th lowest of 21 |
| Distance from 52-week high | -30.1% | -30.3% | 11th highest of 21 |
| Revenue growth (TTM) | -21.7% | +5.1% | 2nd lowest of 20 |
| Operating margin | -0.4% | 4.3% | 8th lowest of 21 |
| Forward P/E | 10.7× | 12.0× | 6th cheapest of 16 |
| ROIC minus cost of capital | -13.9 pp | -1.2 pp | 5th lowest of 19 |
| EV / EBITDA | 5.8× | 8.1× | 3rd cheapest of 11 |
| Net debt / EBITDA | 1.7× | 1.0× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Great Wall Motor 601633.SS | China | $15.0B | -29% | +8% | 2% | 15.1× | -7.1% | +16.4% |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| 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 |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% | +8.9% |