Tata Motors Passenger Vehicles Ltd.
TMPVConsumer Discretionary 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
17 transcript(s)/analyst meet(s) served; 0 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 (11 of 17 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220518 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220804 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221116 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230519 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230801 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231108 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240208 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240516 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240807 | 2024-06-30 | yes | |
| ANALYST_MEET | 20241114 | 2024-09-30 | yes | |
| ANALYST_MEET | 20250203 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250517 | 2025-03-31 | yes | |
| ANALYST_MEET | 20250814 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251120 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260211 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260520 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260819 | 2026-06-30 | yes |
TMPV
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 | 295.00 |
| 52-week range | 295.0 – 718.35 |
| Return 1M | -6.13% |
| Return 3M | -16.48% |
| Return 1Y | -56.81% |
| Return 3Y | -52.32% |
| Return 5Y | -7.22% |
| 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 | 95,799.00 |
| Other income | 1,129.00 |
| Total income | 96,928.00 |
| Cost of materials consumed | 60,835.00 |
| Purchases of stock-in-trade | 4,884.00 |
| Changes in inventories | -5,474.00 |
| Employee benefit expense | 12,738.00 |
| Finance costs | 835.00 |
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 | 0.17 | -0.00 |
| institutions domestic | 0.17 | 0.00 |
| mutual funds | 0.10 | 0.00 |
| public | 0.57 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2025-06-30 | 3 |
| TRANSCRIPT | 2026-06-30 | 14 |
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 | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 79,611.00 | 88,489.00 | 105,932.00 | 102,236.00 | 105,128.00 | 110,577.00 | 119,986.00 | 108,048.00 | 101,450.00 | 113,575.00 | 119,503.00 | 104,407.00 | 72,349.00 | 70,108.00 | 105,447.00 | 95,799.00 |
| Other income | 1,039.00 | 1,130.00 | 1,577.00 | 1,361.00 | 1,631.00 | 1,499.00 | 1,460.00 | 1,575.00 | 1,566.00 | 1,790.00 | 1,509.00 | 1,519.00 | 1,461.00 | 1,467.00 | 1,633.00 | 1,129.00 |
| Total income | 80,650.00 | 89,619.00 | 107,509.00 | 103,597.00 | 106,759.00 | 112,076.00 | 121,446.00 | 109,623.00 | 103,016.00 | 115,365.00 | 121,012.00 | 105,926.00 | 73,810.00 | 71,575.00 | 107,080.00 | 96,928.00 |
| Cost of materials consumed | 48,040.00 | 53,356.00 | 60,212.00 | 62,479.00 | 57,985.00 | 63,850.00 | 64,963.00 | 62,714.00 | 53,711.00 | 60,798.00 | 63,925.00 | 64,590.00 | 36,300.00 | 49,826.00 | 55,465.00 | 60,835.00 |
| Purchases of stock-in-trade | 5,324.00 | 5,471.00 | 6,248.00 | 7,607.00 | 3,929.00 | 6,094.00 | 7,414.00 | 6,316.00 | 8,584.00 | 6,355.00 | 6,548.00 | 5,581.00 | 3,678.00 | 4,389.00 | 4,989.00 | 4,884.00 |
| Changes in inventories | -770.00 | -1,369.00 | 1,735.00 | -6,303.00 | 4,996.00 | -1,667.00 | 1,408.00 | -3,117.00 | -60.00 | 2,269.00 | 3,744.00 | -3,281.00 | 7,968.00 | -10,392.00 | 6,124.00 | -5,474.00 |
| Employee benefit expense | 7,898.00 | 8,593.00 | 9,378.00 | 9,852.00 | 10,099.00 | 11,102.00 | 11,434.00 | 11,802.00 | 11,718.00 | 12,011.00 | 12,663.00 | 12,491.00 | 10,831.00 | 11,381.00 | 11,898.00 | 12,738.00 |
| Finance costs | 2,487.00 | 2,676.00 | 2,642.00 | 2,615.00 | 2,652.00 | 2,485.00 | 2,234.00 | 2,088.00 | 2,034.00 | 1,725.00 | 1,076.00 | 938.00 | 686.00 | 682.00 | 767.00 | 835.00 |
| Depreciation and amortisation | 5,897.00 | 6,072.00 | 7,050.00 | 6,633.00 | 6,636.00 | 6,850.00 | 7,151.00 | 6,574.00 | 6,005.00 | 5,408.00 | 5,295.00 | 5,320.00 | 4,871.00 | 4,969.00 | 5,092.00 | 4,880.00 |
| Other expenses | 13,546.00 | 11,617.00 | 15,246.00 | 15,383.00 | 14,353.00 | 15,779.00 | 17,632.00 | 14,548.00 | 15,338.00 | 19,061.00 | 15,805.00 | 14,802.00 | 14,976.00 | 14,025.00 | 15,712.00 | 16,640.00 |
| Total expenses | 82,424.00 | 86,416.00 | 102,510.00 | 98,267.00 | 100,649.00 | 104,494.00 | 112,235.00 | 100,925.00 | 97,330.00 | 107,627.00 | 109,056.00 | 100,441.00 | 79,310.00 | 74,880.00 | 100,047.00 | 95,338.00 |
| Profit before exceptional items and tax | -1,774.00 | 3,203.00 | 4,999.00 | 5,330.00 | 6,110.00 | 7,582.00 | 9,211.00 | 8,698.00 | 5,686.00 | 7,738.00 | 11,956.00 | 5,485.00 | -5,500.00 | -3,305.00 | 7,033.00 | 1,590.00 |
| Exceptional items | 313.00 | -0.00 | -215.00 | -677.00 | -124.00 | -88.00 | -88.00 | 43.00 | -1.00 | -26.00 | -566.00 | -56.00 | -2,608.00 | -1,597.00 | 110.00 | -32.00 |
| Profit before tax | -1,461.00 | 3,203.00 | 4,784.00 | 4,653.00 | 5,986.00 | 7,494.00 | 9,123.00 | 8,741.00 | 5,685.00 | 7,712.00 | 11,390.00 | 5,429.00 | -8,108.00 | -4,902.00 | 7,143.00 | 1,558.00 |
| Current tax | 716.00 | 826.00 | 1,117.00 | 1,358.00 | 1,115.00 | 1,145.00 | 1,319.00 | 1,138.00 | 1,197.00 | 1,161.00 | 1,527.00 | 1,464.00 | 1,065.00 | 548.00 | 581.00 | 917.00 |
| Deferred tax | -1,173.00 | -563.00 | -1,737.00 | 205.00 | 1,088.00 | -603.00 | -9,478.00 | 2,040.00 | 1,120.00 | 935.00 | 1,421.00 | 94.00 | -2,767.00 | -1,798.00 | 818.00 | -202.00 |
| Tax expense | -457.00 | 263.00 | -621.00 | 1,563.00 | 2,203.00 | 542.00 | -8,159.00 | 3,178.00 | 2,317.00 | 2,096.00 | 2,948.00 | 1,558.00 | -1,702.00 | -1,250.00 | 1,399.00 | 715.00 |
| Profit for the period | -898.00 | 3,043.00 | 5,496.00 | 3,301.00 | 3,832.00 | 7,145.00 | 17,529.00 | 5,692.00 | 3,450.00 | 5,578.00 | 8,556.00 | 4,003.00 | 76,248.00 | -3,483.00 | 5,878.00 | 859.00 |
| Profit attributable to owners | -945.00 | 2,958.00 | 5,408.00 | 3,203.00 | 3,764.00 | 7,025.00 | 17,407.00 | 5,566.00 | 3,343.00 | 5,451.00 | 8,470.00 | 3,924.00 | 76,170.00 | -3,486.00 | 5,783.00 | 775.00 |
| Profit attributable to non-controlling interests | 46.00 | 85.00 | 88.00 | 98.00 | 68.00 | 120.00 | 121.00 | 126.00 | 107.00 | 127.00 | 86.00 | 79.00 | 78.00 | 3.00 | 95.00 | 84.00 |
| Other comprehensive income | -9,400.00 | 8,030.00 | 2,818.00 | 5,806.00 | -3,723.00 | 4,601.00 | -360.00 | -33.00 | 9,676.00 | -10,503.00 | 7,009.00 | 12,544.00 | -2,016.00 | 408.00 | -1,273.00 | -733.00 |
| Total comprehensive income | -10,298.00 | 11,073.00 | 8,314.00 | 9,106.00 | 109.00 | 11,747.00 | 17,168.00 | 5,659.00 | 13,126.00 | -4,925.00 | 15,565.00 | 16,547.00 | 74,232.00 | -3,075.00 | 4,605.00 | 126.00 |
| Earnings per share, basic | -2.47 | 7.71 | 14.11 | 8.35 | 9.81 | 18.32 | 45.42 | 14.51 | 9.72 | 14.81 | 23.40 | 10.66 | -17.50 | -9.47 | 15.71 | 2.10 |
| Earnings per share, diluted | -2.47 | 7.71 | 14.10 | 8.34 | 9.80 | 18.30 | 45.36 | 14.50 | 9.71 | 14.80 | 23.39 | 10.65 | -17.50 | -9.47 | 15.70 | 2.10 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 301,938.00 | 261,068.00 | 249,795.00 | 278,454.00 | 345,967.00 | 437,928.00 | 439,695.00 | 335,582.00 |
| Other income | 2,965.00 | 2,973.00 | 2,643.00 | 3,054.00 | 4,633.00 | 5,950.00 | 6,244.00 | 5,787.00 |
| Total income | 304,904.00 | 264,041.00 | 252,438.00 | 281,507.00 | 350,600.00 | 443,878.00 | 445,939.00 | 341,369.00 |
| Cost of materials consumed | 181,009.00 | 152,671.00 | 141,357.00 | 160,921.00 | 208,944.00 | 249,278.00 | 241,148.00 | 195,585.00 |
| Purchases of stock-in-trade | 13,259.00 | 12,228.00 | 12,250.00 | 18,375.00 | 22,307.00 | 25,043.00 | 27,802.00 | 16,836.00 |
| Changes in inventories | 2,053.00 | 2,231.00 | 4,684.00 | 1,590.00 | -4,782.00 | -1,566.00 | 2,836.00 | 1,661.00 |
| Employee benefit expense | 33,244.00 | 30,439.00 | 27,648.00 | 30,809.00 | 33,655.00 | 42,487.00 | 47,767.00 | 45,150.00 |
| Finance costs | 5,759.00 | 7,243.00 | 8,097.00 | 9,312.00 | 10,225.00 | 9,986.00 | 5,083.00 | 2,827.00 |
| Depreciation and amortisation | 23,591.00 | 21,425.00 | 23,547.00 | 24,836.00 | 24,860.00 | 27,270.00 | 23,256.00 | 19,784.00 |
| Other expenses | 47,709.00 | 45,511.00 | 31,567.00 | 42,039.00 | 53,923.00 | 63,147.00 | 64,004.00 | 57,453.00 |
| Total expenses | 306,623.00 | 271,750.00 | 249,151.00 | 287,881.00 | 349,133.00 | 415,645.00 | 411,896.00 | 339,296.00 |
| Profit before exceptional items and tax | -1,720.00 | -7,709.00 | 3,287.00 | -6,374.00 | 1,467.00 | 28,232.00 | 34,043.00 | 2,073.00 |
| Exceptional items | -29,652.00 | -2,871.00 | -13,761.00 | -630.00 | 1,591.00 | -977.00 | -550.00 | -4,142.00 |
| Profit before tax | -31,371.00 | -10,580.00 | -10,474.00 | -7,003.00 | 3,058.00 | 27,255.00 | 33,493.00 | -2,069.00 |
| Current tax | 2,225.00 | 1,893.00 | 1,710.00 | 2,670.00 | 3,258.00 | 4,937.00 | 5,023.00 | 3,621.00 |
| Deferred tax | -4,663.00 | -1,498.00 | 832.00 | 1,561.00 | -2,554.00 | -8,789.00 | 5,479.00 | -3,867.00 |
| Tax expense | -2,437.00 | 395.00 | 2,542.00 | 4,231.00 | 704.00 | -3,852.00 | 10,502.00 | -246.00 |
| Profit for the period | -28,724.00 | -11,975.00 | -13,395.00 | -11,309.00 | 2,690.00 | 31,807.00 | 28,149.00 | 82,645.00 |
| Profit attributable to owners | -34,402.00 | -12,071.00 | -13,451.00 | -11,441.00 | 2,414.00 | 31,399.00 | 27,830.00 | 82,390.00 |
| Profit attributable to non-controlling interests | 102.00 | 96.00 | 56.00 | 133.00 | 276.00 | 408.00 | 319.00 | 255.00 |
| Other comprehensive income | -5,576.00 | 11,504.00 | 2,919.00 | -455.00 | -1,915.00 | 6,324.00 | 6,462.00 | 9,662.00 |
| Total comprehensive income | -34,300.00 | -471.00 | -10,476.00 | -11,764.00 | 775.00 | 38,131.00 | 34,611.00 | 92,307.00 |
| Earnings per share, basic | -84.89 | -34.88 | -36.99 | -29.88 | 6.29 | 81.95 | 78.80 | -0.61 |
| Earnings per share, diluted | -84.89 | -34.88 | -36.99 | -29.88 | 6.29 | 81.88 | 78.75 | -0.61 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 315,640.00 | 336,081.00 | 347,002.00 | 370,664.00 | 390,656.00 | 378,642.00 | 344,264.00 | 381,922.00 |
| Non-current assets | 177,342.00 | 184,553.00 | 185,053.00 | 202,272.00 | 224,110.00 | 218,317.00 | 224,955.00 | 243,174.00 |
| Current assets | 137,719.00 | 151,528.00 | 161,949.00 | 167,718.00 | 165,401.00 | 159,811.00 | 118,761.00 | 137,857.00 |
| Property, plant and equipment | 82,785.00 | 84,442.00 | 81,038.00 | 81,184.00 | 81,975.00 | 81,012.00 | 71,766.00 | 73,329.00 |
| Capital work-in-progress | 1,797.00 | 5,220.00 | 9,091.00 | 10,937.00 | 15,526.00 | 17,624.00 | 21,746.00 | 26,500.00 |
| Goodwill | 786.00 | 841.00 | 844.00 | 860.00 | 1,345.00 | 895.00 | 950.00 | 1,428.00 |
| Other intangible assets | 46,069.00 | 46,797.00 | 42,611.00 | 39,241.00 | 37,046.00 | 33,790.00 | 30,807.00 | 29,899.00 |
| Inventories | 37,906.00 | 40,755.00 | 45,987.00 | 47,788.00 | 54,682.00 | 47,269.00 | 40,230.00 | 50,126.00 |
| Trade receivables | 13,304.00 | 15,738.00 | 17,094.00 | 16,952.00 | 13,685.00 | 13,248.00 | 7,410.00 | 12,619.00 |
| Cash and cash equivalents | 30,589.00 | 31,887.00 | 34,140.00 | 40,015.00 | 24,127.00 | 34,349.00 | 23,424.00 | 22,880.00 |
| Total equity and liabilities | 315,640.00 | 336,081.00 | 347,002.00 | 370,664.00 | 390,656.00 | 378,642.00 | 344,264.00 | 381,922.00 |
| Equity | 30,864.00 | 52,600.00 | 60,881.00 | 93,094.00 | 109,248.00 | 122,754.00 | 117,347.00 | 118,842.00 |
| Equity share capital | 766.00 | 766.00 | 766.00 | 766.00 | 736.00 | 736.00 | 737.00 | 737.00 |
| Other equity | 25,409.00 | 44,556.00 | 52,877.00 | 84,152.00 | 100,326.00 | 115,408.00 | 110,009.00 | 111,331.00 |
| Total liabilities | 284,775.00 | 283,482.00 | 286,121.00 | 277,570.00 | 281,408.00 | 255,888.00 | 226,917.00 | 263,080.00 |
| Non-current liabilities | 136,150.00 | 128,455.00 | 121,884.00 | 103,953.00 | 104,046.00 | 89,204.00 | 94,005.00 | 98,775.00 |
| Current liabilities | 148,626.00 | 155,027.00 | 164,237.00 | 173,617.00 | 176,839.00 | 166,684.00 | 132,912.00 | 164,305.00 |
| Borrowings, non-current | 94,155.00 | 88,696.00 | 80,870.00 | 62,149.00 | 58,569.00 | 40,217.00 | 44,987.00 | 44,248.00 |
| Borrowings, current | 42,339.00 | 36,965.00 | 38,598.00 | 36,352.00 | 38,691.00 | 22,282.00 | 13,514.00 | 25,705.00 |
| Trade payables | 65,003.00 | 72,056.00 | 73,844.00 | 93,979.00 | 88,139.00 | 97,368.00 | 71,244.00 | 92,780.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 650.00 | 35,388.00 | 27,246.00 | 67,915.00 | 19,558.00 | 63,102.00 | -1,826.00 | 13,041.00 |
| Net cash from investing activities | 124.00 | -16,804.00 | -11,637.00 | -22,828.00 | -26,020.00 | -47,594.00 | -5,366.00 | -24,810.00 |
| Net cash from financing activities | -8,191.00 | -26,243.00 | -12,950.00 | -37,006.00 | -9,991.00 | -18,786.00 | -5,968.00 | -1,344.00 |
| Purchase of property, plant and equipment | 3,402.00 | 8,493.00 | 5,499.00 | 12,975.00 | 7,447.00 | 15,189.00 | 6,455.00 | 13,583.00 |
| Net increase in cash | -7,570.00 | -6,272.00 | 2,253.00 | 8,128.00 | -15,888.00 | -5,666.00 | -10,925.00 | -11,469.00 |
| con:CFO.BEFORE_TAX | 2,261.00 | 38,567.00 | 28,996.00 | 72,432.00 | 21,736.00 | 67,093.00 | 539.00 | 16,355.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 1,611.00 | 3,179.00 | 1,749.00 | 4,516.00 | 2,178.00 | 3,991.00 | 2,365.00 | 3,314.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 632.00 | 12,677.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 111.00 | 0.00 | 10,582.00 |
| con:PPE_DISPOSALS | 91.00 | 285.00 | 91.00 | 231.00 | 477.00 | 974.00 | 60.00 | 46.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 765.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 688.00 | 0.00 | 512.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.00 | 20.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 |
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 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-01 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 46.39 | 46.38 | 46.37 | 46.36 | 46.36 | 41.86 | 42.58 | 42.58 | 42.58 | 42.57 | 0.43 | 0.43 | 0.43 | 0.43 |
| Domestic institutions | 17.45 | 17.45 | 17.34 | 16.08 | 16.02 | 13.40 | 16.37 | 16.79 | 17.14 | 17.19 | 0.17 | 0.15 | 0.17 | 0.17 |
| Mutual funds | — | — | — | — | — | — | — | — | 10.61 | 10.18 | 0.10 | 0.09 | 0.10 | 0.10 |
| Insurance companies | 7.93 | 6.70 | 5.95 | 5.64 | 5.16 | 4.52 | 4.76 | 5.07 | 5.72 | 6.21 | 0.06 | 0.06 | 0.06 | 0.06 |
| Foreign institutions | 19.10 | 18.41 | 18.62 | 19.20 | 18.17 | 18.13 | 20.55 | 18.66 | 17.84 | 17.18 | 0.17 | 0.18 | 0.17 | 0.17 |
| Government | — | — | — | — | — | — | — | — | 0.06 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 53.61 | 53.62 | 53.63 | 53.64 | 53.64 | 58.14 | 57.42 | 57.42 | 57.42 | 57.43 | 0.57 | 0.57 | 0.57 | 0.57 |
| Non-institutional | 16.99 | 17.70 | 17.60 | 18.30 | 19.39 | 26.55 | 20.44 | 21.91 | 22.39 | 23.01 | 0.23 | 0.24 | 0.23 | 0.23 |
| Shares outstanding | 3275764935 | 3322293723 | 3322823838 | 3323738431 | 3323978342 | 3680609986 | 3680883550 | 3681124326 | 3681348172 | 3681461755 | 3682274083 | 3682330803 | 3682376993 | 3682582332 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Jaguar Land Rover North America LLC | Subsidiaries | Sale of goods or services | 346,597,900,000.00 | 2 |
| Shanghai Jaguar Land Rover Automotive Services Company Limit | Subsidiaries | Sale of goods or services | 205,161,900,000.00 | 1 |
| Tata Motors Passenger Vehicles Limited | Subsidiaries | Any other transaction, Dividend received, Interest p | 100,643,400,000.00 | 8 |
| Tata Passenger Electric Mobility Limited | Subsidiaries | Any other transaction, Interest paid, Purchase of go | 93,598,700,000.00 | 8 |
| TML Holdings Pte. Limited | Subsidiaries | Any other transaction, Dividend paid, Dividend recei | 54,525,600,000.00 | 6 |
| Jaguar Land Rover France SAS | Subsidiaries | Sale of goods or services | 42,504,400,000.00 | 3 |
| Fiat India Automobiles Private Limited | Joint Operations | Any other transaction, Interest paid, Interest recei | 41,233,500,000.00 | 12 |
| Jaguar Land Rover Deutschland GmbH | Subsidiaries | Sale of goods or services | 39,633,400,000.00 | 3 |
| Tata Technologies Limited | Subsidiaries | Any other transaction, Dividend paid, Dividend recei | 37,599,300,000.00 | 37 |
| Jaguar Land Rover Italia Spa | Subsidiaries | Sale of goods or services | 36,922,400,000.00 | 3 |
| Tata Capital Limited | Promotors group | Any other transaction, Dividend received, Interest p | 32,536,900,000.00 | 29 |
| Jaguar Land Rover Canada ULC | Subsidiaries | Sale of goods or services | 28,493,800,000.00 | 2 |
| Tata Cummins Private Limited | Joint Operations | Any other transaction, Purchase of goods or services | 26,023,100,000.00 | 5 |
| Jaguar Land Rover limited | Subsidiaries | Sale of goods or services | 23,647,300,000.00 | 11 |
| Jaguar Land Rover Belux NV | Subsidiaries | Sale of goods or services | 23,251,000,000.00 | 3 |
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 | |
|---|---|---|---|
| 2026-08-19 | Q1FY27 | Presentation, please. | Read the call |
| 2026-05-20 | Q4FY26 | Presentation | Read the call |
| 2026-02-11 | Q3FY26 | Presentation | Read the call |
| 2025-11-20 | Q2FY26 | Connecting Aspirations, Dhiman Gupta, Presentation, VEHICLES LIMITED | Read the call |
| 2025-08-14 | Q1FY26 | Mridul Agarwal, P.B. Balaji, Relations team., by Moody's. | Read the call |
| 2025-05-17 | Q4FY25 | PB Balaji: | Read the call |
| 2025-02-03 | Q3FY25 | P.B. Balaji, Presentation | Read the call |
| 2024-11-14 | Q2FY25 | Anish Gurav, MOTORS LIMITED, ROVER, slide, please., the Investor Relations Team. | Read the call |
| 2024-08-07 | Q1FY25 | Anish Gurav, MOTORS LIMITED, TATA MOTORS LIMITED, TMPVL AND TPEML. | Read the call |
| 2024-05-16 | Q4FY24 | Over to you, sir., Presentation | Read the call |
| 2024-02-08 | Q3FY24 | Presentation, team. | Read the call |
| 2023-11-08 | Q2FY24 | Presentation, team. | Read the call |
| 2023-08-01 | Q1FY24 | Presentation | Read the call |
| 2023-05-19 | Q4FY23 | PB Balaji: | Read the call |
| 2022-11-16 | Q2FY23 | LIMITED | Read the call |
| 2022-08-04 | Q1FY23 | LIMITED, PB Balaji: | Read the call |
| 2022-05-18 | Q4FY22 | LIMITED, PB Balaji: | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | The Capex spends, we are trending towards the Rs. | And most importantly, all the significant step-up in Capex, completely getting funded by the cash profits. | — | 6,000 crores of capex is what we will be spending in, but rest assured, FCF will remain positive despite the significant step-up in investments, no ch… | On the cash flows, overall the operating – the cash profit after tax and capex. | Overall, CV, PV, the main one to call out is, Capex is well funded by the operating cash, and nothing abnormal there. | Kapil is saying on CapEx plan can you give us a plan for FY26? | — |
| Capital allocation | Can you go back to the Freight Tiger acquisition and just talk about what benefits you expect out of that? | — | GBP 100 million related to one-offs in campaigns and buyback provisions in the USA. | So as such, other than for dividend reporting purposes, it doesn't have much of a relevance in the overall scheme of things. | This is also something which we are happy about, a dividend of Rs. | Thanks to this performance, the Board has recommended a dividend of Rs. | Tata Motors Limited May 13, 2025 3 special dividend. | Tata Motors Passenger Vehicles Limited May 14, 2026 The Board has approved a dividend of Rs. |
| Costs | — | In the next column, we do have the goal of offsetting VME changes with cost savings, which, as you can see in the middle column, was not the case this … | In structural costs, I mentioned the P&L effect of restocking, and finally dollar weakness continued in the quarter, and it combined with an upward re-r… | And then the contribution costs from a material cost perspective that's accumulated amounts as a result of the challenges in the marketplace now, infl… | — | About half of that GBP 267 million is related to raw materials, which were quite benign in terms of cost in the fourth quarter. | The benefit of cost savings, how much can it flow through in FY26? | Enterprise cost-out missions to deliver the GBP1.7 billion savings is going to be our top priority so that we can take the cash breakeven volumes down… |
| Debt and cash | Due to this, the net debt is now down to Rs. | 4,700 crores, resulting in a net debt closing at Rs. | FCF for the quarter was at negative ~Rs.18,000 Cr, largely because of adverse working capital movement and operating profits at JLR. | And net debt of course comes down to Rs. | 3.5 lakh crores and ended the year with a positive free cash flow of Rs. | And that has allowed us to exceed our net debt commitment and bring net debt down to a closing value of GBP 732 million at year-end. | 50,000 crores over the last two years, thereby delivering our deleveraging commitment. | 11,000 Cr, as we managed to unwind some of the working capital reversals that we saw in Q2 and Q3. For the full year, all the metrics remained down as… |
| Demand | Defender is down, but this is not any demand issue. | Tariffs and a progressive breakdown of global free trade are a concern, as is the disconnect between consumer demand for BEVs and government emission r… | Whilst we continue to make some progress on material costs, we had two significant warranty bookings for campaigns and buybacks that drove warranty hig… | VME continues to be very low, again a symptom of where we actually are in terms of demand being much higher than supply. | This has been a key demand for the retail Tata Motors Limited May 12, 2023 shareholders and I always maintained a turnaround is not complete unless we… | We do expect to have to spend a little bit more in terms of demand generation, and we will offset that operationally with cost reduction. | The rest is largely due to the extension of our ICE portfolio as we adjust to global BEV demand. | Let's start with the key highlights for the year, FY26. A story of two halves for the India business - started with muted volumes in H1 but a very str… |
| Guidance | So just looking ahead in terms of guidance. | We are holding full year guidance for EBIT margin and net cash positive. | As our plants are now back to operating at full pace, we will look to build this position back in Q4 to end the year within our guidance levels. | So we'll monitor that going forward, but we have no anticipation we will be at these levels for following quarters, a guidance for next year is still … | We are showing good progress in terms of getting Range Rover and Range Rover Sport through our facility in Solihull, went up 2,600 units per week duri… | EBIT, 9.2% in the quarter and 8.5% full-year, that's in line with our updated and increased guidance at the end of H1. | We delivered what we committed to our guidance, despite extremely challenging situations elsewhere. | This performance allowed us to achieve our external guidance for the year. |
| Margin | EBIT margin has now doubled year-over-year. | Discovery was flat, so the compensating gains are in the higher margin Range Rover brand in particular. | EBITDA margin and EBIT margin for the quarter stood at 7% and 1.2%, respectively, about a 1% gain on a quarter-on-quarter basis. | Financially, I think, this is the performance of the overall CV: Tata branded CV business delivered an EBITDA of 5.9% and EBIT of 3.4%. | 1 lakh crores with an EBITDA of 13.3%, and the profit before tax and exceptional item of Rs. | And finally, on a full - year basis, revenue grew almost 27% with an EBITDA of 14.3% and an EBIT of 8.3%. | I just chose some five-year intervals for this, a record high revenue, almost record high EBITDA of almost Rs. | The favorable industry demand tailwinds and the new launches helped drive two record quarters for us, delivering offtake volumes of 170,000 in Q3 and … |
| People | — | The utilization has started growing in all the segments on a quarter-on-quarter basis, especially towards the end of November, there has been a good g… | — | But otherwise, overall, I think the trend has been good because of fleet utilizations and freight availability has been going up. | Now with more than 390,000 connected trucks towards the end of FY23, and the monthly active usage is continuously increasing and customers are seeing … | I think, during the year the fleet utilizations also improved, freight rates also stabilized. | Average utilization in trucks and buses has grown quarter-on-quarter and the transporter profitability has also improved marginally. | As far as another piece that will come through is that CJLR utilization and the toll conversion will be the second revenue stream as 50% of that does … |
| Pricing | However, I think there is a little bit of a story to tell in relation to net pricing and contribution costs because those columns look quite different … | Yes, that probably addresses the question that's later coming through from Kapil saying that how should we be looking at EV margins, including PLI, as… | It's not quite so easy to answer in terms of how much of our price increases from the tariff changes have actually stuck and how much have been compens… | Pricing of almost 10.6% has been put through, just to manage the inflation that we are dealing with. | If you look at pricing and material cost together, this is the picture that I expected to happen and I told you would happen when we sat down last qua… | Pricing actions across the board are done in a surgical manner and of course, mix continuing to play a very big role for this. | And then it's about optimization of pricing and VME, and also the model mix, which is expected to become richer with the new launches. | On the supply side, input price increases are certain to happen, either directly through utility costs or freight rates or by the many components that… |
| Revenue growth | On the financial performance, 19% revenue growth, with an EBITDA now touching 11.1%. | In terms of EV offtakes, our offtakes in the personal segments remain strong with a growth of 15% on a year-on-year basis. | The JLR Tata Motors Passenger Vehicles Limited February 5, 2026 incident offsetting some of the strong robust topline growth that we saw in India post … | And you see that within the growth of the actual order banks. | So, I think the industry continued its growth in volumes, and one saw growth of 22% over the same quarter last year. | International markets, I think while the top line has remained flat, we have been able to maintain the market shares and in fact improve profitability q… | — | Our priorities are to grow our top line through our brands, whilst resetting our breakeven volume and delivering multiple launches flawlessly. |
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 |
|---|---|---|---|
| 2023-08-01 | Q1FY24 | Presentation | 15% decline in the wholesales and 14% decline in retails and that's something part of it, we did signal in the last quarter when we said there is a fair amount of buildup that has happened because of the BS6 Phase 2 migration and we expect to see this now normalize as we go forward. |
| 2023-08-01 | Q1FY24 | Presentation | 8,000 crores, and we are on track for that. |
| 2023-11-08 | Q2FY24 | team. | Actually, it went up from 12.7% to 13% but that's a number that we expect to stay fairly static until we launch our new BEV, starting with the Range Rover BEV at the end of next year. |
| 2023-11-08 | Q2FY24 | team. | So, we expect our volumes to recover, we expect inflation to moderate and we are changing our guidance in terms of EBIT from prior guidance of 6% plus to around 8%. |
| 2023-11-08 | Q2FY24 | team. | 8000 crore spend this year and we are on track to deliver on that number and that just ensures that the overall product plans are all well funded. |
| 2023-11-08 | Q2FY24 | team. | I will draw your attention to the improved indication on what we are likely to land the year at in JLR likely to be more around 8% for this year and we do believe we can sustain it thereon. |
| 2023-11-08 | Q2FY24 | team. | The guidance for EBIT margins increased to 8%. |
| 2023-11-08 | Q2FY24 | team. | Can you refresh any view to the 10% EBIT margin that you've given for FY 2026 given that you have updated the guidance for the current year to 8%? |
| 2024-05-16 | Q4FY24 | Over to you, sir. | We expect investment spend to be around GBP 3.5 billion, and we are holding our target to be net debt zero by the end of this financial year. |
| 2024-05-16 | Q4FY24 | Over to you, sir. | 8,300 Cr. There are some sure questions, I already see what is likely to be JLR's investment and what is ours - about GBP 3.5 billion in JLR and broadly similar lines for Tata Motors. |
| 2024-05-16 | Q4FY24 | Over to you, sir. | So why is a flattish guidance of 8.5%? |
| 2024-08-07 | Q1FY25 | TATA MOTORS LIMITED | One of the most important number is the asset ratio as on the appointed date, we expect it to be broadly 60:40, that is 60% as CV 40% as the residual PV that will be there. |