TMPV
Tata Motors Passenger Vehicles share price & financials
- Price
- ₹337.4
- Market cap
- ₹1.2L Cr
- Calls analysed
- 6
Tata Motors Passenger Vehicles Limited Q1 FY27
What went well
- India business revenue grew 65% YoY to Rs. 18,000 crores.
- India business volumes increased 46% YoY to 182,000 units, nearly twice the industry growth rate.
- EV penetration in India reached 19% in Q1, exiting at 23% in June and July, with volumes tracking 15,000 units/month.
What to watch
- Consolidated EBIT margins were 2.4%, and PBT was Rs. 1,600 Cr, down year-on-year.
- JLR wholesales were down about 10% YoY, partly due to temporary supply constraints and Middle East conflict.
What Tata Motors Passenger Vehicles Limited does
Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) is the passenger-mobility arm of the Tata group, created when Tata Motors was demerged into separate commercial-vehicle and personal-mobility listed companies. It operates through two automotive sub-segments: Tata Passenger Vehicles, which makes and sells petrol, diesel, CNG and electric cars and SUVs in India, and UK-based Jaguar Land Rover (JLR), which designs and sells luxury vehicles worldwide. It is India's second-largest passenger-vehicle maker and the domestic electric-vehicle leader, while JLR runs a house of four global luxury brands.
Segments
- Tata Passenger Vehicles (Tata PV, incl. Tata EV)
- Jaguar Land Rover (JLR)
- Others
- India passenger-vehicle market rank
- No.2 in India (H2 FY26, by Vahan registrations)
- JLR brand portfolio
- Four brands: Range Rover, Defender, Discovery, Jaguar
- India PV annual sales
- 6.4+ lakh units (FY26, highest ever)
- India EV market position
- No.1 EV maker in India (domestic EV leader)
- India EV sales
- 92,000 units (FY26, highest ever)
- India CNG vehicle sales
- 1.7+ lakh units (FY26)
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 5 delivered 1 missed 15 open- JLR FY26 EBIT Margin delivered, diluted said Q1 FY26 Promised: 5% to 7% guidance for the year Q1 FY27: Promise concluded in FY26.
- Agratas India Cell Plant Commissioning went quiet said Q2 FY26 Promised: Stand up India first by end of next year (2026) Q1 FY27: No mention of progress on the Agratas plant commissioning timeline, target for end of 2026 is approaching.
- India PV ICE EBITDA Margin at risk said Q4 FY25 Promised: Recovery towards 10% plus Q1 FY27: Q1 EBITDA margin dropped to 4% due to commodity impact. Management guides for flattish margins in Q2.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 58.9%, net profit down 98.6% 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 | 12,055 | 12,141 | 12,977 | 11,038 | 12,955 +7% | 15,268 +26% | 18,598 +43% | 17,535 +59% |
| EBITDA | 749 | 644 | 819 | 375 | 507 −32% | 689 +7% | 1,059 +29% | 445 +19% |
| Net profit | 661 | 1,471 | 1,593 | 5,266 | 82,081 +12318% | -233 −116% | 455 −71% | 75 −99% |
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 −29.2% 1Y
1Y: ₹425.46 on 10 Sept 2025 → ₹301.1. High ₹431.49 (17 Sept 2025), low ₹296.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 19 Aug
- Q4 FY26
- +0.0%
- 20 May
- Q3 FY26
- −0.3%
- 5 Feb
- Q2 FY26
- −1.7%
- 14 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
Revenue fell 11.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹73.3k Cr | ₹54.0k Cr | ₹57.9k Cr |
| Operating profit | ₹7.6k Cr | ₹4.1k Cr | ₹2.6k Cr |
| Operating margin | 10.4% | 7.6% | 4.5% |
| Interest | ₹1.7k Cr | ₹566 Cr | ₹246 Cr |
| Depreciation | ₹2.0k Cr | ₹2.5k Cr | ₹2.7k Cr |
| Net profit | ₹7.9k Cr | ₹5.9k Cr | ₹87.6k Cr |
| Net margin | 10.8% | 10.9% | 151.3% |
| Cash from operations | ₹8.7k Cr | ₹13.6k Cr | ₹3.0k Cr |
| Free cash flow | ₹6.7k Cr | ₹8.7k Cr | ₹-1.0k Cr |
| ROCE | 16.0% | 6.0% | 16.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹766 Cr | ₹766 Cr | ₹766 Cr | ₹767 Cr | ₹737 Cr | ₹737 Cr |
| Reserves | ₹18.3k Cr | ₹19.2k Cr | ₹21.7k Cr | ₹29.4k Cr | ₹110.0k Cr | ₹24.2k Cr |
| Borrowings | ₹22.4k Cr | ₹23.5k Cr | ₹19.3k Cr | ₹14.2k Cr | ₹67.3k Cr | ₹2.9k Cr |
| Other liabilities | ₹23.6k Cr | ₹20.4k Cr | ₹20.0k Cr | ₹21.7k Cr | ₹166.3k Cr | ₹15.5k Cr |
| Total liabilities | ₹65.1k Cr | ₹63.9k Cr | ₹61.7k Cr | ₹66.0k Cr | ₹344.3k Cr | ₹43.3k Cr |
| Fixed assets | ₹26.4k Cr | ₹14.1k Cr | ₹14.5k Cr | ₹14.3k Cr | ₹165.0k Cr | ₹15.3k Cr |
| Capital work in progress | ₹3.0k Cr | ₹1.5k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹21.7k Cr | ₹1.4k Cr |
| Investments | ₹17.7k Cr | ₹34.4k Cr | ₹32.3k Cr | ₹32.3k Cr | ₹26.2k Cr | ₹13.9k Cr |
| Other assets | ₹17.9k Cr | ₹14.0k Cr | ₹13.8k Cr | ₹18.1k Cr | ₹131.3k Cr | ₹12.7k Cr |
| Total assets | ₹65.1k Cr | ₹63.9k Cr | ₹61.7k Cr | ₹66.0k Cr | ₹344.3k Cr | ₹43.3k 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
The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 62,15,151.
- Promoters
- 42.5%
- FIIs
- 17.1%
- DIIs
- 17.0%
- Government
- 0.3%
- Public
- 23.1%
Since Jun 2025
- Public +0.08 pp
- Promoters −0.06 pp
- FIIs −0.06 pp
How it drifted, 12 quarters
Over this window the public went from 17.7% to 23.1% — +5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 46.4%, FIIs 18.4%, DIIs 17.4%, Government 0.1%, Public 17.7%.Dec '23: Promoters 46.4%, FIIs 18.6%, DIIs 17.3%, Government 0.1%, Public 17.6%.Mar '24: Promoters 46.4%, FIIs 19.2%, DIIs 16.0%, Government 0.1%, Public 18.3%.Jun '24: Promoters 46.4%, FIIs 18.2%, DIIs 15.9%, Government 0.1%, Public 19.4%.Sep '24: Promoters 42.6%, FIIs 20.5%, DIIs 16.1%, Government 0.3%, Public 20.5%.Dec '24: Promoters 42.6%, FIIs 18.7%, DIIs 16.5%, Government 0.3%, Public 21.9%.Mar '25: Promoters 42.6%, FIIs 17.8%, DIIs 16.9%, Government 0.3%, Public 22.4%.Jun '25: Promoters 42.6%, FIIs 17.2%, DIIs 16.9%, Government 0.3%, Public 23.0%.Sep '25: Promoters 42.6%, FIIs 17.1%, DIIs 17.0%, Government 0.3%, Public 23.0%.Dec '25: Promoters 42.6%, FIIs 17.9%, DIIs 15.1%, Government 0.3%, Public 24.1%.Mar '26: Promoters 42.6%, FIIs 17.3%, DIIs 16.8%, Government 0.3%, Public 23.1%.Jun '26: Promoters 42.5%, FIIs 17.1%, DIIs 17.0%, Government 0.3%, Public 23.1%.
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.
- 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 Tata International West Asia DMCC) newly disclosed 0.00% held
- Artifex Systems Slovakia s. r. o. (formerly IAC Group (Slovakia) s.r.o.) newly disclosed 0.00% held
The same filing shows 3 holders trimming and 0 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 Passenger Vehicles 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 | 4.75% | unchanged |
| ICICI Prudential Value Fund Mutual fund | 2.86% | −0.44 pp |
| SBI Nifty 50 ETF Mutual fund | 2.27% | −0.11 pp |
| Tata Industries Limited | 1.96% | unchanged |
| Rekha Jhunjhunwala | 1.33% | unchanged |
| Tata Investment Corporation Ltd | 0.30% | unchanged |
| Ewart Investments Limited | 0.09% | unchanged |
| The Tata Power Company Limited | 0.01% | unchanged |
| Tata Chemicals Limited | 0.00% | −0.05 pp |
| Tata Steel Limited | 0.00% | unchanged |
| Tata Projects Limited | 0.00% | 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 TMPV
Filings to Aug 2026
0 new, 19 added, 6 trimmed, 2 sold out — net +44.78 L shares (+3.4%).
- Held by funds
- ₹4.3k Cr
- 35 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹1.3k Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.3k Cr | +2.13 L | Mar '25 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹697 Cr | held | Mar '25 |
| SBI Contra Fund SBI Mutual Fund | ₹506 Cr | +40.00 L | Mar '25 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹393 Cr | +2.56 L | Oct '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹245 Cr | held | Nov '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹228 Cr | −10.98 L | Mar '25 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹180 Cr | held | Nov '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹133 Cr | held | Nov '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
19 added, 6 trimmed — net +44.78 L shares (+3.4%)
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹4.3k Cr
- 35 schemes · ≈ 3.9% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹1.3k Cr · 0.6% of that fund
Shares held by these funds +30%
Mar '25 13.49 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Tata Motors Passenger Vehicles Limited
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