Tata Motors Ltd(TMCV)

NSE: TMCVBSE: 544569

₹ 383.5-3.08%refreshed 26 Oct, 03:58 pm ISTMarket cap: ₹ 1.41 L crWebsite: www.tatamotors.comUpdated: 24 Oct 2026

About

Tata Motors Ltd (TMCV) is India's largest commercial vehicle manufacturer, producing trucks, buses, and light commercial vehicles across the full tonnage range. The company reported FY26 revenue of ₹83,855 crore. Its H1 FY27 VAHAN domestic market share was 36.2%, up 110bps vs FY26, and Q2 FY27 wholesales were 135.1K units, up 42% YoY.^[1][2]

Business segments

Commercial Vehicles is the sole reported segment, contributing 98.5% of FY26 revenue (₹82,611 cr) and an EBIT of ₹8,727 cr at a 10.6% EBIT margin.^[3]

Products and brands

Heavy commercial vehicles (HCV) cover full-load trucks; the Azura series is a new ILMCV platform spanning 7 - 19 tonnes launched in Q3 FY26.^[4]
Small commercial vehicle (SCV) pickup range includes Ace Pro (most affordable 4-wheel mini-truck launched June 2025), Ace LNT, Ace Gold, and Intra models.^[5]
Electric CV range covers SCV (Ace Pro EV, Intra EV) and trucks from 7t to 55t on the I-MOEV architecture, launched at Q3 FY26.^[4]
CV Passenger segment covers buses; bus bodybuilding capacity was expanded ~15% through debottlenecking at Automotive Corporation of Goa (ACG) in Q3 FY26.^[4]
FleetEdge is a connected-vehicle digital platform with 1.1 million vehicles on its installed base as of Q1 FY27; Freight Tiger (digital logistics) became a subsidiary in May 2026.^[6]

Key operating volumes

Wholesales were 135.1K units in Q2 FY27, up 42% YoY, with double-digit growth across segments; H1 FY27 wholesales were 243.8K, up 35%.^[2]
HCV wholesales were 33.8K in Q2 FY27, up 41% YoY; truck volumes rose 34% YoY on demand and new HCV and ILMCV launches.^[2]
Industry offtake (TIV) grew 28% YoY in Q2 FY27.^[2]
Q1 FY27 segment wholesale: HCV 26,400 units (+22% YoY), SCV Pickup 38,300 units (+35% YoY), CV Passenger 18,700 units (+23% YoY), Exports 8,100 units (+35% YoY).^[6]
EV volumes grew 143% in Q2 FY27; SCV EV retails were 4.4K+ in Q2 FY27, 2.9x YoY, vs 3,200+ in Q1 FY27.^[2][6]
Non-cyclical revenue (Parts & Services, FleetEdge, Smart City) CAGR is running at 2.7x the cyclical business CAGR as of FY26.^[5]

Market share

VAHAN domestic CV market share was 36.2% in H1 FY27, up 110bps vs FY26; Q1 FY27 share was 36.8%.^[2][6]
CV Passenger VAHAN share rose 500bps to 41.1% in H1 FY27, while ILMCV share fell 170bps.^[2]
HCV VAHAN market share: 56.3% in Q1 FY27 (+50 bps QoQ), the highest HCV offtake share in a decade.^[6]

Customers and distribution

International business volumes were 21.1K in Q2 FY27, up 177% YoY, driven by the Indonesia order.^[2]
Indonesia: 70,000-unit order (Yodha and Ultra T.7), the largest-ever export order, with deliveries begun in Q1 FY27 and to be fulfilled across FY27 and FY28.^[6]
International business grew 54% YoY for full-year FY26, primarily led by SAARC countries.^[5]
Bus tender wins totalling ~6,000 units in Q3 FY26 from Maharashtra (MSRTC), Gujarat, Northwest Karnataka, and Telangana, to be delivered over 10 - 12 months.^[4]

Expansion and capex

Investment spending guided at 2% - 4% of revenue for FY27, broadly similar to FY26 (~₹3,000 cr).^[5]
Bus bodybuilding capacity at ACG (Automotive Corporation of Goa) to be further expanded to productionise EV buses.^[4]
The company plans to accelerate SCV portfolio growth and EV adoption and to scale electric buses in Q3 FY27.^[2]

Recent developments

Iveco tender offer acceptance period closes 26 Oct 2026 with settlement on 30 Oct 2026; consolidation is to begin in Q3 FY27.^[2]
Freight Tiger became a subsidiary in May 2026 after Tata Motors acquired an additional ~18.1% stake for ₹95.66 cr, bringing total holding to ~63.6%.^[6]
A 2.5% price increase was taken on 1 July 2026.^[6]
Demerger effective 1 October 2025: TML Commercial Vehicles renamed Tata Motors Ltd and listed separately on exchanges with ticker TMCV.^[7]

Market Cap

₹1,41,235 Cr

High / Low

₹509 / 306

Stock P/E

34.8

Price / Book

11.4

Book Value

₹35

EPS

₹8.2

No. of Shares

368.23 Cr

ROCE

38.1%

ROE

23.8%

OPM

8.0%

Debt / Equity

0.38

Sales

₹83,855 Cr

Net Profit

₹3,030 Cr

Promoter holding

42.5%

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Tata Motors Ltd(TMCV)

About

Business segments

Products and brands

Key operating volumes

Market share

Customers and distribution

Expansion and capex

Recent developments

Signal history

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