Tata Motors Ltd.
TMCVIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
4 transcript(s)/analyst meet(s) served; 4 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (4 of 4 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20251118 | 2025-09-30 | yes | |
| DUPLICATE | 20251118 | 2025-09-30 | no | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| DUPLICATE | 20260203 | 2025-12-31 | no | |
| TRANSCRIPT | 20260519 | 2026-03-31 | yes | |
| DUPLICATE | 20260519 | 2026-03-31 | no | |
| TRANSCRIPT | 20260818 | 2026-06-30 | yes | |
| DUPLICATE | 20260818 | 2026-06-30 | no |
TMCV
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 437.15 |
| 52-week range | not reported for this period |
| Return 1M | -7.95% |
| Return 3M | 1.22% |
| Return 1Y | not reported for this period |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 20,667.00 |
| Other income | 396.00 |
| Total income | 21,063.00 |
| Cost of materials consumed | 12,771.00 |
| Purchases of stock-in-trade | 2,136.00 |
| Changes in inventories | -671.00 |
| Employee benefit expense | 1,590.00 |
| Finance costs | 135.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.43 | 0.00 |
| institutions foreign | 0.19 | -0.00 |
| institutions domestic | 0.18 | 0.01 |
| mutual funds | 0.11 | 0.01 |
| public | 0.57 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| DUPLICATE | 2026-06-30 | 4 |
| TRANSCRIPT | 2026-06-30 | 4 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Revenue from operations | 18,585.00 | 21,847.00 | 26,098.00 | 20,667.00 |
| Other income | 172.00 | 332.00 | 317.00 | 396.00 |
| Total income | 18,757.00 | 22,179.00 | 26,415.00 | 21,063.00 |
| Cost of materials consumed | 10,416.00 | 12,531.00 | 15,085.00 | 12,771.00 |
| Purchases of stock-in-trade | 1,805.00 | 2,045.00 | 2,532.00 | 2,136.00 |
| Changes in inventories | 285.00 | 366.00 | 299.00 | -671.00 |
| Employee benefit expense | 1,447.00 | 1,450.00 | 1,457.00 | 1,590.00 |
| Finance costs | 256.00 | 198.00 | 166.00 | 135.00 |
| Depreciation and amortisation | 472.00 | 483.00 | 510.00 | 508.00 |
| Other expenses | 4,615.00 | 2,572.00 | 4,085.00 | 1,569.00 |
| Total expenses | 19,296.00 | 19,645.00 | 24,134.00 | 18,038.00 |
| Profit before exceptional items and tax | -539.00 | 2,534.00 | 2,281.00 | 3,025.00 |
| Exceptional items | -10.00 | -1,643.00 | 235.00 | -79.00 |
| Profit before tax | -549.00 | 891.00 | 2,516.00 | 2,946.00 |
| Current tax | 290.00 | 107.00 | 634.00 | 406.00 |
| Deferred tax | 16.00 | 113.00 | 196.00 | 8.00 |
| Tax expense | 306.00 | 220.00 | 830.00 | 414.00 |
| Profit for the period | -867.00 | 705.00 | 1,793.00 | 2,556.00 |
| Profit attributable to owners | -867.00 | 705.00 | 1,793.00 | 2,560.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | -4.00 |
| Other comprehensive income | -89.00 | -50.00 | 1.00 | -11.00 |
| Total comprehensive income | -956.00 | 655.00 | 1,794.00 | 2,545.00 |
| Earnings per share, basic | -2.35 | 1.91 | 4.87 | 6.95 |
| Earnings per share, diluted | -2.35 | 1.91 | 4.87 | 6.95 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 83,855.00 |
| Other income | 1,124.00 |
| Total income | 84,979.00 |
| Cost of materials consumed | 48,840.00 |
| Purchases of stock-in-trade | 8,184.00 |
| Changes in inventories | -292.00 |
| Employee benefit expense | 5,804.00 |
| Finance costs | 874.00 |
| Depreciation and amortisation | 1,945.00 |
| Other expenses | 13,702.00 |
| Total expenses | 79,057.00 |
| Profit before exceptional items and tax | 5,922.00 |
| Exceptional items | -1,428.00 |
| Profit before tax | 4,494.00 |
| Current tax | 1,068.00 |
| Deferred tax | 565.00 |
| Tax expense | 1,633.00 |
| Profit for the period | 3,030.00 |
| Profit attributable to owners | 3,051.00 |
| Profit attributable to non-controlling interests | 0.00 |
| Other comprehensive income | 21.00 |
| Total comprehensive income | 3,051.00 |
| Earnings per share, basic | 8.23 |
| Earnings per share, diluted | 8.23 |
Balance sheet, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Total assets | 45,279.00 | 52,309.00 |
| Non-current assets | 29,328.00 | 29,100.00 |
| Current assets | 15,950.00 | 23,208.00 |
| Property, plant and equipment | 11,742.00 | 11,036.00 |
| Capital work-in-progress | 666.00 | 712.00 |
| Goodwill | 0.00 | 0.00 |
| Other intangible assets | 1,971.00 | 2,926.00 |
| Inventories | 5,934.00 | 5,448.00 |
| Trade receivables | 3,498.00 | 2,721.00 |
| Cash and cash equivalents | 1,849.00 | 6,899.00 |
| Total equity and liabilities | 45,279.00 | 52,309.00 |
| Equity | 10,269.00 | 12,734.00 |
| Equity share capital | 0.00 | 736.00 |
| Other equity | 10,269.00 | 11,998.00 |
| Total liabilities | 35,010.00 | 39,575.00 |
| Non-current liabilities | 9,716.00 | 8,972.00 |
| Current liabilities | 25,294.00 | 30,603.00 |
| Borrowings, non-current | 3,162.00 | 1,344.00 |
| Borrowings, current | 5,086.00 | 3,473.00 |
| Trade payables | 14,606.00 | 15,704.00 |
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 1,534.00 | 14,981.00 |
| Net cash from investing activities | 1,646.00 | -3,451.00 |
| Net cash from financing activities | -2,391.00 | -6,090.00 |
| Purchase of property, plant and equipment | 680.00 | 1,321.00 |
| Net increase in cash | 816.00 | 5,866.00 |
| con:CFO.BEFORE_TAX | 1,888.00 | 15,923.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 354.00 | 942.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 219.00 | 0.00 |
| con:INVESTMENTS_SOLD | 1,813.00 | 0.00 |
| con:PPE_DISPOSALS | 29.00 | 145.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 20.00 | 20.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2025-11-12 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Promoter and promoter group | 0.43 | 0.43 | 0.43 | 0.43 |
| Domestic institutions | 0.16 | 0.17 | 0.18 | 0.18 |
| Mutual funds | 0.09 | 0.10 | 0.11 | 0.11 |
| Insurance companies | 0.06 | 0.07 | 0.06 | 0.06 |
| Foreign institutions | 0.18 | 0.18 | 0.19 | 0.19 |
| Government | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 0.57 | 0.57 | 0.57 | 0.57 |
| Non-institutional | 0.23 | 0.22 | 0.21 | 0.20 |
| Shares outstanding | 3682331373 | 3682331373 | 3682331373 | 3682488958 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-18 | Q1FY27 | Next slide please., Sneha Gavankar | Read the call |
| 2026-05-19 | Q4FY26 | Apollo CV Awards 2026., G.V. Ramanan, Sneha Gavankar | Read the call |
| 2026-02-03 | Q3FY26 | Sneha Gavankar | Read the call |
| 2025-11-18 | Q2FY26 | Sneha Gavankar | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|
| Capex | With that, we arrive at a cash profit after tax of around ₹1,800 cr. Capex was ₹554 crore, lower than the ₹639 crore Tata Motors Limited August 12, 20… | — | Has it changed your CapEx plans for FY'26 and FY'27? | Performance was driven by strong operating profitability, efficient working capital management, controlled CapEx execution, and lower finance cost. |
| Capital allocation | Net cash stood at ₹7,100 crore as of June 30th, against ₹7,500 crore at March-end and this is after the ₹1,473 crore dividend payout during the quarte… | On the Iveco acquisition, the regulatory approvals are underway Tata Motors Limited November 13, 2025 and the initial funding through bridge loan has … | And we also have an acquisition cost, which is part of our IVECO acquisition, around ₹82 crores. | And how are you looking at the acquisition of a 6-7% stake in Iveco by an activist hedge fund from the market? |
| Costs | Now coming to costs, is there more cost pressure ahead? | Now as far as Northeast is concerned, bulk of the transportation on this sector is more of bulk commodities, which is minerals and raw materials. | Material and other costs increased largely on account of precious metal volatility, and fixed cost savings were lower largely due to D&A coming down b… | Variable cost impact of 50 bps on account of elevated material cost due to inflation in key commodities, including steel, aluminium, and copper. |
| Debt and cash | Free cash flow was ₹1,100 crore, against a negative ₹1,800 crore in Q1 last year. | Q2 FY'26 saw a strong free cash flow of ₹2,200 crores. | The free cash flow was strong in Q3 at approximately ₹4,800 crores, outperforming the corresponding quarter last year. | On capital allocation, free cash flow generation was approximately Rs. |
| Demand | In addition to that, we've also seen some supply chain challenges, especially due to increase in demand in almost all the auto segments, be it two-whe… | Double-digit growth in IMCV and SCV product line and demand drivers gained momentum. | In terms of fleet utilization, post GST, one has seen increased demand, especially in specific sectors like auto, consumer durables, etc. And that has… | 66,000 crores in FY23. Our revenue improved 11% YoY in FY26. The underlining demand trajectory has been firmly upward. |
| Guidance | All information requests have been addressed, and we expect final clearance by the end of August 2026. | We expect our FCF to be consistent with the likely growth in H2 volume. | Investment expenditure amounts to ₹2,000 crores, which has been pretty consistent with the guidance provided earlier. | We expect the transaction closure by Q2 FY27. The Board has recommended a final dividend of Rs. |
| Margin | EBIT margin was 9.4%, down only 20 basis points and PBT before exceptional items was ₹2,100 crore, up 26% year-on-year. | For the financial highlights for Q2, the revenue was at ₹ 18.4 crores, up 6.6% Y-o-Y, with a double-digit EBITDA at 12.2% and PBT at ₹1,700 crores. | Margins continued to expand, with EBITDA margin rising by 30 basis points. | While I'm really pleased with the margin story, EBITDA margins have expanded from 7.8% in FY23 to 13.2% in FY26. That's nearly 550 bps of structural i… |
| People | As far as fleet utilization is concerned, this is our data from the FleetEdge that we have deployed now almost on 1.2 million vehicles. | Let me start with the fleet utilization first of all. | The tippers also are seeing higher utilization. | Fleet utilization actually held at healthy levels through the year. |
| Pricing | First is the commodity inflation, which continues to be there, which will be managed through first line of attack which is cost management, but we've … | And as Ramanan said, I think we were the first one to immediately indicate the pricing list, and therefore, the drop in prices. | How significant is it, and have you taken any price hike to offset it? | 24,500 crores, marking a 22% YoY increase due to continued quarter-on-quarter ASP improvement driven by pricing discipline and favorable mix. |
| Revenue growth | It’s important to note that this growth was broad-based across every product line and each in double digits. | — | International business continued its Tata Motors Limited January 29, 2026 This transcript has been refined for readability; and does not purport to be… | Starting with the top line revenue, came in at Rs. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2026-05-19 | Q4FY26 | G.V. Ramanan | So, we expect FY27 also our guidance would remain similar, 2% to 4% of revenue. |