KIRA
KIRA Research · Automobile · Passenger Vehicles + JLR (luxury auto)

Tata Motors Passenger Vehicles Limited

NSE: TMPV · BSE: 500570 · ISIN INE155A01022 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: Not yet scoredLargeFigures: INR crore; basis shown per row

KIRA view

Restructuring-era research case. FY26 hit by cyber halt + tariffs; net debt Rs30,710cr. Pre/post-demerger comparability is a permanent structural note: prior-period growth/margin/debt/ROCE must use scheme pro-forma comparatives, NOT old TATAMOTORS consolidateds. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • JLR wholesales 307.9K units in FY26 vs 400.9K in FY25 (−23.2%) (S11). SOURCED S11
  • India PV volumes ANALYSIS
  • EV ramp ANALYSIS

Competitive position — peers

  • M&M ANALYSIS
  • Maruti Suzuki ANALYSIS
  • global luxury OEMs (JLR comp set) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹3,35,582 crConsol.SOURCEDS10, S12
Revenue growth (YoY)FY26-8.3%Consol.SOURCEDS10
PBT beiFY26₹2,519 crConsol.SOURCEDS10
exceptional itemsFY26₹4,142 crConsol.SOURCEDS10
PBT continuing opsFY26 · continuing₹-1,623 crConsol.SOURCEDS10
JLR revenueFY26£22,911 mnConsol.SOURCEDS10, S11
JLR revenue growthFY26-20.9%Consol.SOURCEDS11, S12
JLR pre exc PBTQ2FY26£-485 mnConsol.SOURCEDS13, S11
RevenueFY25₹3,66,094 crConsol.SOURCEDS10

Growth drivers

  • JLR volume recovery post-cyber ANALYSIS
  • EV transition (India + JLR) ANALYSIS
  • Premium/luxury mix ANALYSIS

Recent developments

  • Demerger effective 1 Oct 2025 (appointed date 1 Jul 2025); the CV business is listed separately as Tata Motors Limited (TMCV) — excluded from this record. SOURCED S10
  • JLR cyber incident: production halted 2 Sep 2025, phased restart from 8 Oct 2025; Q2 exceptional cyber costs £196m. SOURCED S13
  • FY26 audited results filed 14 May 2026; final dividend ₹3 per share recommended. (Publication of the FY26 Integrated Annual Report was not verified in this pass.) SOURCED S10, S12

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
EBITDA marginFY266.8%Consol.SOURCEDS12, S11

Notes

  • Q2FY26 JLR loss (£(485)m pre-exceptional) followed the cyber incident: production halted 2 Sep 2025 and restarted in phases from 8 Oct 2025 (~5 weeks); US tariffs also weighed. SOURCED S13

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
Net debt2026-03-31₹30,700 crConsol.SOURCEDS11, S12

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Governance, regulatory & litigation

  • Demerger of the commercial-vehicles undertaking into Tata Motors Limited (formerly TML Commercial Vehicles Limited) became effective 1 Oct 2025 (appointed date 1 Jul 2025); the listed parent was renamed Tata Motors Passenger Vehicles Limited. An exceptional gain of ₹82,318 crore was recognised on the disposal in discontinued operations. [Company disclosure] SOURCED S10

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • JLR margin cyclicality + tariffs ANALYSIS
  • Currency (GBP/INR/USD) ANALYSIS
  • EV transition execution ANALYSIS
  • Elevated net debt post-stoppage ANALYSIS

Key questions to monitor

  • TMPV/TMCV demerger: FY26 is the first clean year; pre-demerger comparisons need restated figures. ANALYSIS

Sources

IDDocumentPublisherTypeDateAuthority
S90Tata Motors Passenger Vehicles Ltd — INE155A01022 / 500570 / TMPVInvestOnlinemarket-data page (identity cross-check)2026-09-28SECONDARY
S10Audited financial results Q4 & FY26 — Reg. 30 filing (Tata Motors Passenger Vehicles Limited, formerly Tata Motors Limited)Tata Motors Passenger Vehicles Limitedaudited results (exchange filing)2026-05-14PRIMARY
S11Investor presentation Q4 FY26 — intimation to BSE/NSE (Sc no. 18915)Tata Motors Passenger Vehicles Limitedinvestor presentation (exchange filing)2026-05-14PRIMARY
S12TMPV Consolidated Q4 FY26 Results (press release)Tata Motors Passenger Vehicles Limitedresults press release2026-05-14PRIMARY
S13JLR performance impacted in challenging quarter (Q2 FY26 results)JLR (Jaguar Land Rover Automotive plc)results press release (subsidiary)2025-11PRIMARY
S14August 2026 sales release — letter to BSE (500570) and NSE (TMPV), Sc no. 18985Tata Motors Passenger Vehicles Limitedstock exchange intimation2026-09-01PRIMARY
S15NSE quote — Tata Motors Passenger Vehicles Limited (INE155A01022)National Stock Exchange of Indiaexchange listing page (ISIN shown in indexed page title; page body not machine-retrievable)2026-09-28PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
7 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · balance_sheet.consolidated_net_debt
    Kimi ₹30,710 crore with no period vs primary ₹30.7K crore.
    S11/S12 state ₹30.7K crore at 31-Mar-2026; value set to ₹30,700 crore with as-on date 2026-03-31. S11, S12