Tata Motors Limited (TMCV)
Founded in 1945, Tata Motors Ltd is one of India’s largest automobile manufacturers and a part of the Tata Group.
Business Overview Post Demerger: The commercial-vehicle undertaking was demerged into TML Commercial Vehicles Ltd w.e.f. 01.10.2025. The company was renamed Tata Motors Ltd on 29.10.2025. Passenger vehicles, passenger EVs and JLR are not part of this entity.
Business Segments
The company manufactures pickups, SCVs, intermediate and light trucks, heavy trucks, buses and vans.
New Launches In July,26, the company launched the new Ultra Prime and Starbus Prime bus ranges alongwith LPO 1620 CNG, Ultra Prime LPO 412, Ultra Skool 9/9 EV, Ultra Prime RE Concept, Magic EV and Winger Plus.
Market Share
As of FY26, company has a 35.7% Market share. It aims to be at 40% by FY28.
Geographical Presence It operates across India and South Korea and sells in 40+ countries covering Africa, the Middle East, Latin America, Southeast Asia and SAARC markets.
Shareholding Pattern (June 2026)
Financial Summary
| Particular | Mar 2025 10m | Mar-26 |
| Sales – | 58,217 | 83,855 |
| Sales Growth % | 44.04% | |
| Expenses + | 52045 | 76238 |
| Operating Profit | 6,172 | 7,617 |
| OPM % | 11% | 9% |
| Net Profit + | 3,195 | 3,030 |
| EPS in Rs | 8 | |
| Dividend Payout % | 0% | 49% |
Synopsis of Financials
- Revenue: ₹20,700 crore (+19% YoY)
- EBITDA margin: 10.9% (down 90 bps)
- EBIT margin: 8.5% (down 80 bps)
- PBT (pre-exceptionals): ₹3,000 crore (+81%), includes mark-to-market adjustment on Tata Capital investments
Final Outlook
Tata Motors Commercial Vehicles has shown strong business momentum following the demerger, supported by healthy revenue growth, strong market share, new product launches, and improving cash generation. The company delivered a strong Q1 FY27 with 23% standalone revenue growth and significantly improved free cash flow, while maintaining a strong net cash position and high Auto ROCE. Its leadership in commercial vehicles, growing electric vehicle portfolio, and target of increasing market share to 40% by FY28 provide attractive long-term growth opportunities.
Recent Performance – Q1 FY27:
TMCV delivered a strong start to FY27, particularly on the revenue and cash-flow front.
- Standalone revenue reached ₹19,300 Cr, up 23% YoY.
- EBITDA stood at ₹2,300 Cr, with an 11.7% margin.
- PBT before exceptional items increased 26% YoY to ₹2,100 Cr.
- Free Cash Flow improved significantly to ₹1,100 Cr, compared with negative ₹1,800 Cr in the previous year.
- Net cash stood at ₹7,100 Cr.
- Auto ROCE remained strong at 68%.
- Consolidated revenue was ₹20,700 Cr, up 19% YoY.
Tata Motors Commercial Vehicles remains a strong player in India’s commercial vehicle market, supported by its leading market position, diversified product portfolio, improving cash generation, and strong balance sheet. The company’s 35.7% market share, ambitious target of reaching 40% by FY28, and continuous launch of new and electric vehicles provide a solid foundation for future growth.
