Tata Motors Passenger Vehicles Ltd(TMPV)

NSE: TMPVBSE: 500570

₹ 265.45-1.50%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 97,765 crNext results: 13 Nov 2026Website: www.tatamotors.comUpdated: 24 Oct 2026

About

Tata Motors Passenger Vehicles Ltd (TMPV) designs, manufactures and sells passenger cars and utility vehicles in India and, through its subsidiary Jaguar Land Rover (JLR), luxury vehicles globally. Following the demerger of its commercial vehicle business effective October 2025, the group now comprises two segments: JLR (81% of FY26 revenue at ₹2,73,303 Cr) and India Passenger Vehicles (17.3% at ₹58,465 Cr). In India, TMPV held a 14.3% domestic market share in Q1 FY27, ranking #2 among passenger vehicle makers.^[1]

Business segments

Jaguar Land Rover contributed ₹2,73,303 Cr in revenue (81% of group) with EBIT of ₹2,680 Cr (1.0% margin) in FY26.^[1]
India Passenger Vehicles contributed ₹58,465 Cr in revenue (17.3% of group) with EBIT of ₹825 Cr (1.4% margin) in FY26.^[1]
The CV business demerger was completed with appointed date July 1, 2025 and effective date October 1, 2025; TMPV now reports only JLR and India PV segments.^[2]
Tata PV includes Tata Motors Passenger Vehicles Limited, Tata Passenger Electric Mobility Limited, Tata Motors Design Tech Centre plc, Trilix S.R.L and the joint operation Fiat India Automobiles Private Limited (FY25 annual report).^[3]

India PV portfolio and brands

India PV portfolio spans ICE, CNG and EV powertrains; Punch and Nexon ranked among the top-3 selling models in Q1 FY27.^[4]
CNG volumes reached 1.7 lakh units in FY26, representing 27% of the India PV portfolio.^[5]
Sierra.ev launched in Q1 FY27 alongside Tiago ICE and Tiago.ev facelifts, broadening the EV lineup.^[4]
Harrier and Safari petrol variants (1.5-litre) were launched in November - December 2025, with petrol expected to contribute 30 - 35% of Harrier/Safari volumes.^[6]
TMPV operates 6 EV nameplates in India as of Q4 FY26, targeting 10 nameplates by FY31.^[5]
The acti.ev pure EV architecture, introduced in FY24 with Punch.ev as its first product, underpins future products from the electric mobility portfolio.^[7]
The Hyperion gasoline direct injection engine was developed in-house and introduced on the Curvv (FY25).^[3]

JLR portfolio and brands

JLR sells Range Rover, Range Rover Sport, Defender, Discovery and Jaguar nameplates; average selling price was £75.3k per unit in Q1 FY27.^[4]
JLR licensed the Freelander brand to Chery for a China-first launch, earning brand royalties and 50% of CJLR toll-conversion income.^[5]
Range Rover Electric production is scheduled to start September 2026, with Range Rover Sport Electric also launching in CY2026.^[4]
Jaguar Type 01 and Range Rover GT are planned for early CY2027; legacy Jaguar models are in planned wind-down ahead of the Type 01 launch.^[4]

Key operating volumes and market share

TMPV India wholesale volumes: 182k+ units in Q1 FY27 (+46% YoY), versus industry growth of 24%; domestic market share 14.3% (+200 bps YoY).^[4]
TMPV India full-year FY26 wholesale volumes: 641.6k units (+15.3% YoY), versus industry growth of ~8%.^[5]
TMPV India EV offtake: 33,947 units in Q1 FY27 (+112% YoY); domestic EV market share 42.7% in Q1 FY27, 43% at July 2026 exit.^[4]
EV monthly run-rate crossed 15,000 units at June 2026 exit; EV mix was 19% of TMPV India sales in Q1 FY27, exiting at 24% in July.^[4]
Utility vehicle sales rose 11.4%, from 388,486 units in FY24 to 432,735 in FY25.^[3]
JLR wholesale volumes: 79.3k units in Q1 FY27 (-9.2% YoY); full-year FY26 wholesales were 307.9k units (-23.2% YoY) impacted by the cyber incident.^[4]
JLR VME rose to 7.1% of revenues in Q1 FY27, up from 4.1% in Q1 FY26, driven by China economic stress, luxury tax headwinds and US promotional spend.^[4]
JLR China wholesales fell 25% YoY in Q1 FY27; management characterised the deterioration as structural and permanent.^[4]

Manufacturing capacity and operations

TMPV India current installed capacity is ~900k units per annum; monthly production was ~63,000 units in Q1 FY27.^[5]
JLR manufactures at Solihull (Range Rover, Range Rover Sport) and other UK plants; Solihull production was disrupted by a supplier fire in early Q1 FY27.^[4]
EV+CNG powertrains represented 43% of TMPV India volumes on a year-to-date FY26 basis.^[6]
PLI accruals for TMPV India totalled ₹1,044 Cr in FY26 and ₹313 Cr in Q1 FY27; full EV portfolio PLI certification expected by Q4 FY27.^[5]

Distribution and exports

TMPV re-entered the South African market in FY26, driving export volumes to 10,000+ units, a 4x jump from 2,540 units in FY25.^[5]
As of FY25, the Tata CV and PV export footprint covered 40 countries across SAARC, Africa, the Middle East, Southeast Asia and Latin America.^[3]
TMPV dealer inventory stood at ~27 days in October 2025.^[2]
In FY25, more than 1,300 new service bays were added and over 450 workshops modernised.^[3]
TMPV is targeting sales network expansion to 3,200+ outlets and service network to 3,000+ by FY31, roughly double and triple current levels respectively.^[5]

Expansion and capex plans

TMPV India plans to add 400k+ annual capacity within 2 - 3 years to reach 1.3mn total from the current ~900k, targeting monthly production of 65,000 - 70,000 units in coming months.^[5]
Sierra production capacity debottlenecking is planned to kick in from October 2026.^[4]
JLR planned investment spend for FY27 is £3.7bn; five-year total investment from FY24 is £18bn.^[5]
Agratas India battery cell manufacturing plant is targeted to be operational by end of FY27, with a UK plant to follow.^[2]
JLR targets £1.7bn cumulative savings over FY27 - FY28 via Enterprise Missions to reduce its breakeven volume toward 300k units.^[5]

Recent developments

JLR signed an MoU with Stellantis in Q1 FY27 to co-develop and produce Defender-brand vehicles for the US market in North America; a definitive agreement is targeted by end of CY2026.^[4]
Avinya's launch was delayed from end-2026 to 2027 following a platform strategy shift to the Freelander platform of CJLR.^[4]
A cyber incident in September 2025 shut all JLR manufacturing plants and cost approximately 50,000 units of production across Q2 and Q3 FY26.^[2]
Sierra launched in December 2025 and secured over 70,000 bookings on Day 1, with a six-to-seven-month waiting period at launch.^[6]
JLR FY27 full-year guidance (unchanged as of Q1 FY27): revenue £26bn, adjusted EBIT margin ~4%, investment £3.7bn, free cash flow breakeven.^[4]

Market Cap

₹97,765 Cr

High / Low

₹418 / 259

Stock P/E

1.2

Price / Book

0.9

Book Value

₹304

EPS

₹223.7

No. of Shares

368.24 Cr

ROCE

2.7%

ROE

72.2%

OPM

1.4%

Debt / Equity

0.62

Sales

₹3,35,582 Cr

Net Profit

₹82,645 Cr

Promoter holding

42.5%

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Tata Motors Passenger Vehicles Ltd(TMPV)

About

Business segments

India PV portfolio and brands

JLR portfolio and brands

Key operating volumes and market share

Manufacturing capacity and operations

Distribution and exports

Expansion and capex plans

Recent developments

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