Tata Motors Passenger Vehicles Ltd
NSE:TMPV
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Tata Motors Passenger Vehicles Ltd
Tata Motors Ltd. is an automobile manufacturer with a portfolio that includes a range of cars, utility vehicles, trucks, buses, and defense vehicles. The company is headquartered in Mumbai, Maharashtra and currently employs 86,259 full-time employees. The company went IPO on 2008-10-05. The firm is engaged in the passenger vehicles business, including its investments in the electric vehicle business and Jaguar Land Rover (JLR) operations. Its portfolio, spanning multiple body styles and fuel types, caters to diverse mobility needs. Its passenger vehicles include Curvv, Nexon iCNG, Tiago & Tigor 2025, Harrier & Safari Stealth, Altroz, Punch, and others. The Company’s electric vehicles include Curvv.ev, Nexon.ev, Tiago.ev, Punch.ev, and Xpres-T.
Tata Motors Ltd. is an automobile manufacturer with a portfolio that includes a range of cars, utility vehicles, trucks, buses, and defense vehicles. The company is headquartered in Mumbai, Maharashtra and currently employs 86,259 full-time employees. The company went IPO on 2008-10-05. The firm is engaged in the passenger vehicles business, including its investments in the electric vehicle business and Jaguar Land Rover (JLR) operations. Its portfolio, spanning multiple body styles and fuel types, caters to diverse mobility needs. Its passenger vehicles include Curvv, Nexon iCNG, Tiago & Tigor 2025, Harrier & Safari Stealth, Altroz, Punch, and others. The Company’s electric vehicles include Curvv.ev, Nexon.ev, Tiago.ev, Punch.ev, and Xpres-T.
Revenue Growth: Tata Motors’ commercial vehicle business reported Q2 FY '26 revenue of INR 18,400 crores, up 6.6% year-on-year, with wholesale volumes up 12% YoY.
Margin Expansion: EBITDA margin rose to 12.2% and EBIT margin improved by 200 basis points YoY to 9.8%, driven by higher volumes and better realizations.
Strong Cash Flow: Free cash flow hit INR 2,200 crores in Q2 and a record INR 4,170 crores for H1, with management expecting this to remain consistent as volumes grow.
Market Share Recovery: After a soft start, market share in trucks rebounded strongly in H2 of Q2, and management expects further gains aided by new model launches and recent tender wins.
GST Reduction Impact: GST rate cuts were promptly passed on to customers, boosting demand—especially among B2C and LCV buyers—and improving operating costs.
Export Surge: Exports grew 75% YoY, with international business now back at pre-COVID levels, fueled by recoveries in Sri Lanka, the Middle East, and Africa.
EV & Digital Focus: Major EV bus deliveries and new digital subscription offerings are driving growth in non-cyclical, high-margin business areas.
One-Off Loss: Consolidated PBT was impacted by a INR 2,000 crore mark-to-market loss on Tata Capital, though underlying profitability remained robust.