Tata Motors Passenger Vehicles Limited (TMPV)
₹286.85 -0.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tata Motors' revenue was ₹95,799 Cr (+9.3% year on year, -9.1% on the previous quarter), and net profit ₹859 Cr (-78.5% year on year); the operating margin was 6.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹95,799 | +9.3% | -9.1% |
| Operating profit | ₹6,176 | -24.3% | -45.1% |
| Net profit | ₹859 | -78.5% | -85.4% |
| EPS (₹) | 2.10 | -80.3% | -86.6% |
| Operating margin | 6.4% | — | — |
TMPV delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.09% of the TMPV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.67%. That is close to its usual level. In TMPV futures, open interest fell 0.75% while the futures price fell 0.47%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 46.2% · 59.4% · 58.8% · 50.2% · 50.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tata Motors Passenger Vehicles Limited (TMPV) and its subsidiary TPEM have signed a definitive agreement with Stellantis to expand their long-standing partnership into advanced vehicle technology and product collaboration. Under the agreement, TMPV will license its vehicle architecture and technology to Stellantis, which will adapt it for over 50 global export markets. Production of the co-developed vehicles will take place at Fiat India Automobiles Private Limited (FIAPL), the existing 50:50 joint venture facility in Ranjangaon, Pune. This formalises the earlier Memorandum of Understanding signed in February 2026 without disclosing specific financial consideration or royalty terms.
- Definitive agreement signed on October 12, 2026, formalising the February 2026 MoU
- Provides Stellantis access to TMPV vehicle architecture to address requirements of 50+ global markets
- Vehicles will be manufactured in India at FIAPL, the 50:50 joint venture between TMPV and Stellantis
- TMPV brings vehicle architecture while Stellantis brings global engineering across its 14 automotive brands
Tata Motors Passenger Vehicles released its SIAM volume figures for the July to September 2026 quarter (Q2 FY27). Domestic sales for the high-volume UVC segment (Nexon, Punch) surged to 119,324 units compared to 86,782 units in the prior-year period. The newly expanding UV1 category (Curvv, Sierra) saw domestic sales climb sharply to 25,365 units from 5,274 units in Q2 FY26. Total domestic sales across all reported passenger categories rose to 196,674 units compared to 140,189 units in the corresponding quarter last year.
- UVC segment (Nexon, Punch) domestic sales rose to 119,324 units in Jul-Sep 2026 from 86,782 units in Jul-Sep 2025
- UV1 segment (Curvv, Sierra) domestic sales expanded to 25,365 units compared to 5,274 units in Jul-Sep 2025
- Compact segment (Tiago, Tigor, Altroz) domestic sales rose to 36,574 units from 33,918 units year-on-year
- UV2 segment (Safari, Harrier, Sumo) domestic sales reached 15,411 units versus 14,215 units in the year-ago period
- Exports across passenger segments totaled 5,049 units for the quarter compared to 4,208 units in Jul-Sep 2025
Tata Motors Passenger Vehicles Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited. It confirms that all securities received for dematerialisation were processed, confirmed or rejected, and mutilated in accordance with prescribed timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 5, 2026
- Certifies timely dematerialisation, listing, and cancellation of physical certificates
Tata Motors Passenger Vehicles Limited has submitted an intimation regarding a press release issued by its wholly owned subsidiary, Jaguar Land Rover Automotive plc (JLR), detailing its wholesale and retail sales for Q2 FY27. However, the specific sales volumes and percentage changes are not contained in the filing extract provided. Investors must review the underlying JLR press release enclosure for exact volume data to evaluate operational performance.
- Intimation under Regulation 30 covering JLR Q2 FY27 wholesale and retail sales
- JLR remains a wholly owned subsidiary of Tata Motors Passenger Vehicles Limited
- Detailed sales figures omitted from the primary disclosure letter
Tata Motors Passenger Vehicles Limited reported total Q2 FY27 sales of 201,723 units, up 40% YoY from 144,397 units in Q2 FY26. Electric Vehicle (EV) sales surged 90% YoY to 47,150 units, reaching an EV portfolio penetration of 23%. Together, EV and CNG variants contributed 51% of total sales during the quarter. Monthly volumes for September 2026 stood at 70,210 units, representing 15% YoY growth.
- Total sales grew 40% YoY to 201,723 units in Q2 FY27 versus 144,397 units in Q2 FY26
- EV volumes surged 90% YoY to 47,150 units in Q2 FY27, accounting for 23% portfolio penetration
- Domestic PV sales rose 40% YoY to 196,674 units during Q2 FY27
- Greener powertrains (EV + CNG) represented 51% of total quarterly volumes
- September 2026 total sales crossed the 70,000 threshold at 70,210 units, up 15% YoY
Tata Motors Passenger Vehicles Limited (TMPV) replied to an exchange query regarding news reports of share price declines of up to 3% linked to Tata Sons listing speculations. The company stated it has no knowledge of any negotiations regarding the matter and is unaware of any undisclosed material information. TMPV noted it cannot assess any material impact as it is unaware of the negotiations reported. Operational performance remains anchored to underlying automotive operations rather than parent listing rumours.
- Responded to news reporting TMPV and Tata Chemicals shares fall up to 3% on September 29, 2026
- Company confirmed zero knowledge of any negotiations cited in the media report
- Confirmed no undisclosed price-sensitive information exists that would explain share trading movement
- Stated inability to assess financial or operational impact due to lack of knowledge of reported events
Tata Motors Passenger Vehicles Limited has announced a schedule of physical group meetings with multiple institutional investors and analysts set for September 11, 2026. The meetings are divided across two time slots at 12:00 Noon and 4:00 PM. Participants include major funds such as Aditya Birla AMC, Kotak Mutual Fund, Nippon India Mutual Fund, and SBI Pension Fund. The filing is a standard regulatory intimation pursuant to SEBI Listing Regulations with no operational updates disclosed.
- Physical group investor meetings scheduled for September 11, 2026
- 15 institutional entities scheduled for the 12:00 Noon session
- 11 institutional entities scheduled for the 4:00 PM session
Tata Motors Passenger Vehicles Limited has received an updated Environmental, Social, and Governance (ESG) rating of 72 from NSE Sustainability Ratings & Analytics Limited, placing the company in the 'Leader' category. The rating was independently prepared based on publicly available disclosures for FY 2025-26 without direct company engagement. While this reflects strong sustainability standing, it has no direct financial or operational impact on current earnings.
- Overall ESG Rating revised to 72 by NSE Sustainability Ratings & Analytics Limited
- Company placed under the 'Leader' category based on FY 2025-26 disclosures
- Rating was assigned independently using public data without company mandate/engagement
Jaguar Land Rover (JLR), a wholly owned subsidiary of Tata Motors Passenger Vehicles Limited, has outlined updates to its 'Growth Reimagined' transformation programme. JLR is targeting approximately £1.7 billion in operational savings over the next two years to lower its break-even volume towards 300,000 units. To achieve this, JLR plans to cut around 4,000 non-manufacturing roles from its global workforce of 43,000 over two years. The cost savings will support its planned £15-18 billion investment in electrification and digital technologies over the next 5 years, which includes launching 5 new electric models in the next 2 years.
- Targeting ~£1.7 billion in operational savings over 2 years to reduce break-even volume towards 300,000 units
- Reducing global workforce by around 4,000 roles out of 43,000 employees over the next two years
- Committed to investing £15-18 billion over the next 5 years into electrification, digital tech, and advanced manufacturing
- Planning to launch 5 new electric models across its brands over the next 2 years
Tata Motors Passenger Vehicles Limited reported total passenger vehicle (PV) sales of 67,753 units for August 2026, marking a 56% YoY growth compared to 43,315 units in August 2025. Domestic PV sales grew 59% YoY to 65,253 units, while international sales grew 8% YoY to 2,500 units. Electric Vehicle (EV) sales (domestic and export) saw sharp expansion, rising 94% YoY to 16,549 units compared to 8,540 units in August 2025. The EV segment represented roughly 24.4% of total vehicle sales during the month.
- Total PV sales (including EV) rose 56% YoY to 67,753 units in August 2026
- Domestic PV sales surged 59% YoY to 65,253 units from 41,001 units in August 2025
- EV volumes (Domestic + IB) increased 94% YoY to 16,549 units vs 8,540 units in August 2025
- PV International Business grew 8% YoY to 2,500 units compared to 2,314 units
Tata Motors Passenger Vehicles Limited has informed the exchanges regarding a physical group meeting scheduled for September 2, 2026, at 4:00 p.m. IST. The interaction will involve multiple institutional investors and asset management firms, including Aditya Birla Sun Life AMC, HDFC Life Insurance, Kotak Mutual Fund, and Quant Mutual Fund, among others. Such disclosures are standard regulatory filings required under Regulation 30 of the SEBI LODR Regulations.
- Physical group meeting with analysts and institutional investors scheduled for September 2, 2026
- Meeting time confirmed for 4:00 p.m. IST
- Interaction includes over 30 institutional funds and asset managers such as Canara Robeco, DSP, Edelweiss, and Quant Mutual Fund
Tata Motors Passenger Vehicles Limited (TMPV) has announced a collaboration with Tata Communications to deploy in-built 5G cellular connectivity in its newly launched Sierra.ev. The integration connects Tata Communications MOVE platform with TMPV's Software-Defined Vehicle (SDV) platform 'N.IO' to support AI-enabled applications, remote diagnostics, and over-the-air updates. Financial terms and contract values were not disclosed in the press release. The partnership enhances TMPV's connected vehicle capabilities as it targets growth in its domestic EV portfolio, where it holds an estimated 42% market share.
- Partners with Tata Communications to deploy in-built 5G cellular connectivity in the Sierra.ev
- Integrates Tata Communications MOVE Connected Vehicle Platform with TMPV's N.IO SDV platform
- Enables faster over-the-air updates, AI applications, real-time remote diagnostics, and subscription pack purchases
- Financial value and commercial terms of the technology partnership were not disclosed
Tata Motors Passenger Vehicles Limited has received a Compounding Order from the Reserve Bank of India (RBI) imposing a compounding fee of ₹2,00,000. The matter pertained to a historical ODI-FDI structure created in 2015 without prior RBI approval under Regulation 5(1) of FEMA regulations. The company had already divested this underlying overseas investment in March 2022. The company confirmed there is no material impact on operations or financials.
- Compounding fee of ₹2,00,000 imposed by RBI Foreign Exchange Department, Mumbai
- Pertains to non-compliance under Regulation 5(1) of FEMA Regulations for an ODI-FDI structure established in 2015
- The underlying foreign direct investment structure was divested in March 2022
- Compounding order received on August 20, 2026, fully closing the historical compliance matter
Tata Motors Passenger Vehicles Limited has announced a price hike across its entire passenger vehicle lineup, covering both ICE and EV models, by up to Rs 25,000 effective September 1, 2026. The price revision is aimed at partially passing on rising input costs and sustained inflationary pressures to end consumers. TMPV, which reported TTM revenue of Rs 1,65,907 Cr and an operating margin of 8.3%, aims to protect product margins through this revision. The exact price increase will vary across models and variants.
- Price increase of up to Rs 25,000 across passenger car and SUV portfolio
- Effective date set for September 1, 2026
- Applicable across both internal combustion engine (ICE) and electric vehicle (EV) models
- Adjustment undertaken to partially offset higher input costs and inflationary pressures
Tata Motors Passenger Vehicles Limited announced that normal operations have been restored at its Sanand, Gujarat plants and supplier facilities following flood-related disruptions from heavy rainfall in late July 2026. The estimated damage caused by the natural calamity is non-material at ₹35 cr to ₹40 cr. The company plans to lodge an insurance claim of under ₹30 cr. Management confirmed there is no material impact on the overall operations or financials of the company, which reported TTM revenues of ₹1,65,907 cr.
- Normalcy of operations restored at Sanand plants and supplier facilities in Gujarat
- Estimated total damage caused by flooding is non-material at ₹35 cr – ₹40 cr
- Insurance claim to be lodged is estimated to be non-material at <Rs.30 cr
- Disruption reported to have no material impact on financials or operations
Financial Performance
Revenue Growth by Segment
Domestic Passenger Vehicle (PV) revenue grew 15% YoY in Q2 FY26. Conversely, Jaguar Land Rover (JLR) revenue declined 24% YoY in Q2 FY26 due to a cyber incident that disrupted production and wholesales. Proforma consolidated revenue for FY25 (PV + JLR) stood at INR 362,665 Cr.
Geographic Revenue Split
The business is split between Domestic India (PV and EV) and Global markets (JLR). JLR wholesales reached 66,000 units in Q2 FY26, a 24% YoY reduction. Domestic PV market share was ~12.5% in H1 FY26.
Profitability Margins
Consolidated PAT margin was 5.4% in FY25, down from 7.47% in FY24. Domestic PV operating margins declined by 100 bps to 5.0% in H1 FY26 due to adverse realizations. JLR reported a negative EBIT margin of 8.6% in Q2 FY26 due to high operating leverage and production losses.
EBITDA Margin
Domestic PV standalone OPBDIT/OI was 6.0% for FY25, down from 7.0% in FY24. JLR's full-year FY26 EBIT margin is guided to be between 0% and 2% positive, reflecting a recovery from the Q2 cyber disruption.
Capital Expenditure
Domestic PV investment spend was INR 1,300 Cr in Q2 FY26. JLR's total investment spending in Q2 FY26 was £828 million (approx. INR 8,800 Cr), with £629 million dedicated to engineering costs to support the transition to electric platforms.
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL AA+/Stable/CRISIL A1+' ratings. Interest coverage ratio improved significantly to 15.3x in FY25 from 7.99x in FY24, indicating a robust financial risk profile despite the CV demerger.
Operational Drivers
Raw Materials
Specific materials include steel, aluminum, copper, and lithium-ion cells for EV batteries. While specific cost percentages per material are not disclosed, the company has dedicated teams for 'material cost reduction' to protect margins.
Import Sources
Not specifically disclosed in the provided documents, though JLR operates plants in the UK, Slovakia (Nitra), and China (CJLR JV).
Key Suppliers
FIAPL (Joint Operation) is a key partner for domestic manufacturing. CJLR is the joint venture partner in China.
Capacity Expansion
JLR plants in Wolverhampton, Nitra, and Solihull are currently operating at capacity levels following the October 2025 restart. Domestic PV is expanding its network and customer service footprint to sustain growth.
Raw Material Costs
Raw material costs are managed through 'high-value missions' for cost reduction. Adverse realizations impacted domestic PV margins by 100 bps in H1 FY26.
Manufacturing Efficiency
JLR production was halted in September 2025 but resumed in phases starting October 8, 2025. Domestic PV is focusing on 'structural actions' to strengthen the network.
Logistics & Distribution
Distribution is supported by a network of 500+ retailers for JLR, who are undergoing programs to leverage high-end 'Halo' and 'Bespoke' products.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be driven by the 'mainstreaming' of EVs, with new launches like Harrier.ev and Sierra.ev. JLR is modernizing the Jaguar brand to be all-electric by 2026 and focusing on high-margin Land Rover special editions.
Products & Services
Passenger vehicles, SUVs, and luxury cars including internal combustion engine (ICE), CNG, and Electric Vehicles (EV).
Brand Portfolio
Tata Motors, Jaguar, Land Rover, Range Rover, Defender, Discovery, Nexon.ev, Harrier.ev, Curvv, Sierra.ev.
New Products/Services
Launch of Nexon.ev, Harrier.ev, and Curvv. Harrier.ev drove quarterly EV offtakes to 24,000 units. Sierra.ev is expected to further contribute to the 17% EV penetration rate.
Market Expansion
Focus on strengthening the domestic network and expanding the EV portfolio to maintain a leadership position in the Indian EV segment (currently ~42% market share).
Market Share & Ranking
Domestic PV market share is ~12.5% (Ranked among top players). EV market share is ~42% as of Q2 FY26.
Strategic Alliances
Joint Venture with Chery (CJLR) in China and Joint Operation with FIAPL in India for manufacturing.
External Factors
Industry Trends
The industry is shifting toward electrification. TMPV's EV penetration rose from 12% to 17% YoY. Jaguar will be 100% electric by 2026.
Competitive Landscape
Intense competition in the global luxury segment (JLR) and rising competition in the domestic EV space from new entrants.
Competitive Moat
Moat is built on JLR's strong legacy in the global luxury market and TMPV's early-mover advantage in the Indian EV space. Sustainability is supported by the Tata Group's financial flexibility.
Macro Economic Sensitivity
The domestic PV business is subject to inherent cyclicality. JLR is sensitive to global economic conditions affecting luxury demand.
Consumer Behavior
Shift toward SUVs and EVs; CNG and EV now account for 45% of the domestic portfolio mix.
Geopolitical Risks
Potential impacts from trade tariffs and changes in government regulations regarding EV subsidies (PLI scheme).
Regulatory & Governance
Industry Regulations
PLI (Production Linked Incentive) scheme eligibility: 30% of Q2 EV volumes qualified; Nexon.ev qualification in Q3 will increase this to ~55%.
Environmental Compliance
Targeting Net Zero GHG emissions by 2040 for PV business. Portfolio mix keeps CAFE (Corporate Average Fuel Economy) scores well below regulatory thresholds.
Taxation Policy Impact
JLR reported a cash tax of £93 million in Q2 FY26. Domestic PV cash tax was INR 28 Cr in Q2 FY26.
Risk Analysis
Key Uncertainties
Cyber security risks (high impact), volatility in EV demand, and capital-intensive nature of the luxury auto business.
Geographic Concentration Risk
JLR has significant exposure to the UK, Europe, and China. Domestic PV is concentrated in the Indian market.
Third Party Dependencies
Dependency on third-party agencies for business valuation (INR 94,000 Cr for CV demerger) and joint venture partners like Chery.
Technology Obsolescence Risk
Risk of falling behind in the rapid transition to EVs, mitigated by the 'Jaguar all-electric by 2026' strategy.
Credit & Counterparty Risk
Strong financial flexibility due to Tata Group support; JLR maintains a net cash position.
