Tata Motors PV
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Tata Motors Passenger Vehicles (TMPV) is navigating a bifurcated landscape, with strong growth in its domestic market driven by electric vehicle (EV) adoption, while facing significant challenges in its Jaguar Land Rover (JLR) segment. Management's focus on expanding EV offerings and enhancing operational efficiency is crucial for sustaining revenue growth and improving margins. The India business is projected to achieve a 15% CAGR in volumes through FY31, supported by a robust product pipeline and capacity expansion. However, JLR's ongoing supply chain issues and geopolitical uncertainties pose risks to the consolidated outlook. Vista's forecast reflects these dynamics, anticipating stable margins and a premium valuation despite the headwinds. The overall market environment remains supportive, with a projected CAGR of 6.82% for the passenger vehicle sector, although competitive pricing pressures persist. Key opportunities include the successful launch of new EV models and market share gains in India, while watchpoints include JLR's execution risks and commodity cost inflation. The next 12-24 months will be critical for TMPV as it seeks to balance domestic growth with JLR's recovery efforts
Why We Like This Stock
- Strong domestic growth driven by EV adoption and a robust product pipeline
- Management's focus on operational efficiency and cost reduction initiatives at JLR
- Projected 15% CAGR in volumes for the India business through FY31
Things To Watch Out For
- Significant headwinds in the JLR segment due to supply chain constraints and geopolitical uncertainties
- Rising input costs and competitive pricing pressures impacting margins
- Execution risks related to new product launches and market response
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 434,016 | 439,695 | 335,582 | 384,486 | 440,488 |
| Profit Before Tax (Cr.) | 29,368 | 34,330 | 2,073 | -1,839 | 7,879 |
| PBT Margin | 6.8% | 7.8% | 61.8% | -0.5% | 1.8% |
| Net Profit (Cr.) | 23,791 | 32,716 | 2,519 | -1,379 | 5,311 |
| Earnings Per Share | 63.5 | 87.9 | 7.5 | -3.4 | 14.4 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| BofA | ▼ Reduce | 335 | 17-Jun-2026 |
| CLSA | ▲ Outperform | 452 | 14-Aug-2026 |
| Citigroup | ▼ Sell | 305 | 14-Aug-2026 |
| Deven Choksey | ► Add | 395 | 18-May-2026 |
| Emkay Global | ► Hold | 390 | 17-Jun-2026 |
| Geojit Financials | ▲ Buy | 241 | 01-Apr-2026 |
| Goldman Sachs | ► Hold | 355 | 17-Jun-2026 |
| HSBC | ► Hold | 400 | 02-Jul-2026 |
| ICICI Securities | ► Hold | 370 | 24-Jun-2026 |
| Jeffries | ▼ Underperform | 300 | 13-Aug-2026 |
| Kotak Securities | ▼ Sell | 310 | 23-Jun-2026 |
| Macguire | ▲ Outperform | 381 | 14-Aug-2026 |
| Moneycontrol | ► Equalweight | 346 | 14-Aug-2026 |
| Morgan Stanley | ► Equalweight | 367 | 14-Aug-2026 |
| Motilal Oswal | ▼ Sell | 310 | 14-Aug-2026 |
| Nomura | ► Neutral | 389 | 14-Aug-2026 |
| Nuvama | ▲ Buy | 470 | 23-Jun-2026 |
Company Overview
Show Company Profile
Tata Motors Passenger Vehicles Limited designs, develops, manufactures, and sells various automotive vehicles. The company offers passenger and electric vehicles, as well as related spare parts and accessories. It also manufactures engines for industrial applications. In addition, the company provides information technology and vehicle financing services. It operates in India, China, the United States, the United Kingdom, rest of Europe, and internationally. The company was formerly known as Tata Motors Limited and changed its name to Tata Motors Passenger Vehicles Limited in October 2025. Tata Motors Passenger Vehicles Limited was incorporated in 1945 and is headquartered in Mumbai, India.