TMCV
Tata Motors share price & financials
- Price
- ₹414.65
- Market cap
- ₹1.7L Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Tata Motors Limited Q1 FY27
What went well
- Standalone Revenue grew 23% YoY to ₹19,300 crore, driven by 26% YoY volume growth.
- Standalone Free Cash Flow was ₹1,100 crore, a substantial improvement from negative ₹1,800 crore in Q1 FY26, largely due to efficient working capital management.
- Consolidated PBT before exceptional items surged 81% YoY to ₹3,000 crore, benefiting from a mark-to-market adjustment on Tata Capital investments.
What to watch
- Standalone EBITDA margin declined 60 bps YoY to 11.7%, and consolidated EBITDA margin declined 90 bps to 10.9%, primarily due to commodity inflation.
- Supply chain challenges, particularly for EV cells from China, are creating bottlenecks for Intra EV production, though debottlenecking actions are underway.
What Tata Motors Limited does
Tata Motors Limited (the demerged commercial-vehicles company, formerly TML Commercial Vehicles Ltd) designs, manufactures and sells the widest range of commercial vehicles in India — heavy trucks, intermediate/light/medium trucks, small commercial vehicles and pickups, and passenger carriers such as buses and vans. It earns from vehicle sales across these categories together with spare parts, service and digital fleet offerings, and operates through subsidiaries including Tata Daewoo (Korea), PT Tata Motors Indonesia and a joint operation with Tata Cummins for engines. It is India's largest CV manufacturer and is expanding an electric-vehicle and e-bus portfolio alongside its diesel range.
Segments
- Heavy Commercial Vehicles (HCV)
- Intermediate, Light & Medium CV (ILMCV)
- Small Commercial Vehicles & Pickups (SCV & PU)
- CV Passenger
- Parts & Services
- Market position
- No. 1 — India's largest commercial-vehicle manufacturer (VAHAN, FY26)
- Vehicles sold (FY26)
- 435,227
- Manufacturing sites
- 11 (Jamshedpur, Pantnagar, Dharwad, Pune, Lucknow)
- R&D / engineering centres
- 3
- Dealer network
- 314 dealers across India (North 104, West 80, East 72, South 58)
- Connected vehicles (FleetEdge)
- Over 1 million
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 6 delivered 1 missed 10 open- EBITDA Margin delivered said Q2 FY26 Promised: Sustained double-digit EBITDA Q1 FY27: Achieved 12th consecutive quarter with 11.7% standalone and 10.9% consolidated EBITDA margin.
- Volume Growth delivered said Q2 FY26 Promised: Single-digit to higher single-digit growth across segments in H2 Q1 FY27: Historical target, period has passed.
- Regulatory Approvals Timeline delayed said Q2 FY26 Promised: Approvals to come through by around February-March 2026 Q1 FY27: Timeline pushed again. Closure now expected by early November 2026 (Q3 FY27), vs prior guidance of Q2 FY27, due to one pending regulatory approval.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.3%, net profit up 83.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17,535 | 18,819 | 21,863 | 17,324 | 18,585 +6% | 21,847 +16% | 26,098 +19% | 20,667 +19% |
| EBITDA | 1,707 | 2,033 | 2,431 | 2,076 | 2,032 +19% | 2,587 +27% | 3,327 +37% | 3,272 +58% |
| Net profit | 498 | 1,355 | 1,340 | 1,397 | -867 −274% | 705 −48% | 1,793 +34% | 2,556 +83% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.6% YTD
YTD: ₹427.75 on 1 Jan 2026 → ₹434.55. High ₹505.3 (27 Feb 2026), low ₹358.35 (11 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.6%
- 12 Aug
- Q4 FY26
- −0.7%
- 13 May
- Q3 FY26
- +0.5%
- 29 Jan
- Q2 FY26
- −2.6%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹83.9k Cr |
| Operating profit | ₹10.0k Cr |
| Operating margin | 12.0% |
| Interest | ₹874 Cr |
| Depreciation | ₹1.9k Cr |
| Net profit | ₹3.0k Cr |
| Net margin | 3.6% |
| Cash from operations | ₹15.0k Cr |
| Free cash flow | ₹12.9k Cr |
| ROCE | 36.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹0 Cr | ₹736 Cr |
| Reserves | ₹10.5k Cr | ₹12.0k Cr |
| Borrowings | ₹9.9k Cr | ₹5.6k Cr |
| Other liabilities | ₹26.4k Cr | ₹34.0k Cr |
| Total liabilities | ₹46.9k Cr | ₹52.3k Cr |
| Fixed assets | ₹13.7k Cr | ₹14.0k Cr |
| Capital work in progress | ₹1.9k Cr | ₹2.0k Cr |
| Investments | ₹5.3k Cr | ₹13.3k Cr |
| Other assets | ₹26.0k Cr | ₹23.0k Cr |
| Total assets | ₹46.9k Cr | ₹52.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public trimmed −1.57 pp while DIIs added +1.28 pp. The shareholder count shrank 9% to 55,45,816.
- Promoters
- 42.6%
- FIIs
- 18.6%
- DIIs
- 18.2%
- Government
- 0.3%
- Public
- 20.3%
Since Dec 2025
- Public −1.57 pp
- DIIs +1.28 pp
- FIIs +0.29 pp
How it drifted, 3 quarters
Over this window the public fell from 21.9% to 20.3% — −1.6 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 42.6%, FIIs 18.3%, DIIs 16.9%, Government 0.3%, Public 21.9%.Mar '26: Promoters 42.6%, FIIs 19.0%, DIIs 17.6%, Government 0.3%, Public 20.5%.Jun '26: Promoters 42.6%, FIIs 18.6%, DIIs 18.2%, Government 0.3%, Public 20.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Value Fund Mutual fund newly disclosed 3.57% held
- HDFC Trustee Company Ltd. A/C HDFC Large Cap Fund Mutual fund +0.21 pp 1.25% held
- Artifex Systems Slovakia s. r. o. (formerly known as IAC Group (Slovakia) s.r.o.) newly disclosed 0.00% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
- TComm Turkey Dijital Çözümler Limited Şirketi newly disclosed 0.00% held
- Tata International West Asia FZCO (formerly known as Tata International West Asia DMCC) newly disclosed 0.00% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tata Motors Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Sons Private Limited | 40.14% | unchanged |
| Life Insurance Corporation Of India Insurer | 4.29% | −0.36 pp |
| ICICI Prudential Value Fund Mutual fund | 3.57% | newly disclosed |
| SBI Large Cap Fund Mutual fund | 2.76% | unchanged |
| Tata Industries Limited | 1.96% | unchanged |
| Rekha Jhunjhunwala - 2 | 1.32% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Large Cap Fund Mutual fund | 1.25% | +0.21 pp |
| Government Of Singapore - E Sovereign | 1.02% | unchanged |
| Tata Investment Corporation Ltd | 0.30% | unchanged |
| Ewart Investments Limited | 0.09% | unchanged |
| Tata Chemicals Limited | 0.05% | unchanged |
| The Tata Power Company Limited | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TMCV
Filings to Aug 2026
1 new, 12 added, 3 trimmed, 1 sold out — net −9.88 L shares (−0.6%).
- Held by funds
- ₹7.3k Cr
- 39 schemes
- Biggest holder
- SBI Large Cap Fund
- ₹1.8k Cr · 3.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹1.8k Cr | held | Nov '25 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹1.0k Cr | held | Nov '25 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹749 Cr | held | Oct '25 |
| SBI Contra Fund SBI Mutual Fund | ₹584 Cr | held | Oct '25 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹498 Cr | held | Oct '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹376 Cr | held | Oct '25 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹347 Cr | +2.37 L | Mar '26 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹306 Cr | held | Oct '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 3 trimmed — net −9.88 L shares (−0.6%)
- Funds are sitting on
- +27%
- vs est. average cost
- Held by funds
- ₹7.3k Cr
- 39 schemes · ≈ 3.8% of the company
- Biggest holder
- SBI Large Cap Fund
- ₹1.8k Cr · 3.3% of that fund
- Longest holder
- SBI Contra Fund
- 11 mo · since Oct '25
Shares held by these funds −1%
Oct '25 15.92 cr shares Jul '26
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Tata Motors Limited
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