Tata Motors PV
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Tata Motors Passenger Vehicles (TMPV) is navigating a bifurcated landscape, with strong domestic growth driven by electric vehicle (EV) adoption, while facing challenges in its Jaguar Land Rover (JLR) segment. Management's focus on a multi-powertrain strategy, including significant EV launches and capacity expansion, supports Vista's forecast of a 15% CAGR in domestic volumes through FY31. The India business is capitalizing on robust consumer demand, particularly for SUVs and EVs, which is expected to enhance revenue growth and stabilize margins. However, JLR's ongoing supply chain issues and geopolitical uncertainties pose risks to overall profitability. Despite these headwinds, TMPV's strategic initiatives, including cost reductions and operational efficiencies, are designed to mitigate pressures and enhance long-term value. The macro environment remains cautiously optimistic, with improving economic indicators, although inflation and rising fuel costs could temper consumer sentiment. Over the next 12-24 months, key opportunities include expanding EV market share and leveraging new product launches, while watchpoints include JLR's execution risks and commodity cost pressures
Why We Like This Stock
- Strong domestic growth driven by robust demand for electric vehicles and SUVs
- Management's strategic focus on cost reduction and operational efficiency to enhance profitability
- Ambitious targets for volume growth and market share expansion in the Indian passenger vehicle segment
Things To Watch Out For
- Ongoing supply chain constraints and geopolitical uncertainties affecting JLR's profitability
- Rising input costs and inflationary pressures impacting margins across the consolidated entity
- Execution risks related to new product launches and market response, particularly in the JLR segment
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 434,016 | 439,695 | 335,582 | 383,819 | 430,247 |
| Profit Before Tax (Cr.) | 29,368 | 34,330 | 2,073 | 3,991 | 7,916 |
| PBT Margin | 6.8% | 7.8% | 0.6% | 1.0% | 1.8% |
| Net Profit (Cr.) | 23,791 | 32,716 | 2,519 | 2,993 | 5,336 |
| Earnings Per Share | 63.5 | 87.9 | 7.5 | 7.3 | 14.5 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Kotak Securities | ▼ Sell | 285 | 01-Sep-2026 |
| Axis Securities | ▼ Reduce | 290 | 14-Aug-2026 |
| CLSA | ▲ Outperform | 452 | 14-Aug-2026 |
| Citigroup | ▼ Sell | 305 | 14-Aug-2026 |
| ICICI Securities | ▲ Buy | 375 | 14-Aug-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 | 450 | 14-Aug-2026 |
| Jeffries | ▼ Underperform | 300 | 13-Aug-2026 |
| HSBC | ► Hold | 400 | 02-Jul-2026 |
| BofA | ▼ Reduce | 335 | 17-Jun-2026 |
| Emkay Global | ► Hold | 390 | 17-Jun-2026 |
| Goldman Sachs | ► Hold | 355 | 17-Jun-2026 |
| Deven Choksey | ► Add | 395 | 18-May-2026 |
| Geojit Financials | ▲ Buy | 241 | 01-Apr-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.