# Tata Motors Passenger Vehicles (TMPV.NSE)

Canonical: https://gigainvestors.com/s/TMPV.NSE

Analysis as of: 2026-10-16T07:33:24.490Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 287.05 per share; close as of 2026-10-15.

Estimated value: low INR 260.46 per share, central INR 283.17 per share, high INR 311.97 per share. Buy at or below the central value INR 283.17 per share. Valuation as of 2026-10-16T07:33:24.490Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 4

- Operating margin variation: 1.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.00×

- FY2020: -0.01×

- FY2021: 0.03×

- FY2022: -0.00×

- FY2023: 0.02×

- FY2024: 0.07×

- FY2025: 0.07×

- FY2026: -0.00×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: -0.1%

- Conservative return floor, median: 3.5%

- Conservative return floor, second lowest: -0.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: -0.1%

- FY2023: 3.9%

- FY2024: 21.0%

- FY2025: 14.0%

- FY2026: -0.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 1.04T

- Net income, five-year total: INR 1.33T

- Return on incremental invested capital: -50.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: -8.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.29×

- FY2023: 2.53×

- FY2024: 0.94×

- FY2025: 0.31×

- FY2026: 0.77×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 26.45 to 81.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: INR -254B

- Cumulative retained earnings: INR 807B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 15.2%

- Per-share value change: INR 55.43

- Per-share value, starting three-year median: INR 26.45

- Per-share value, ending three-year median: INR 81.88

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 947B

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 25.82

- FY2018: INR 26.45

- FY2019: INR -84.89

- FY2020: INR -34.88

- FY2021: INR -36.99

- FY2022: INR -29.88

- FY2023: INR 6.29

- FY2024: INR 81.88

- FY2025: INR 78.75

- FY2026: INR 223.74

### accounting: fail

- Sloan accruals exceed 10%

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 18.3%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.16×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.3%

- FY2018: -4.5%

- FY2019: -15.6%

- FY2020: -12.1%

- FY2021: -12.4%

- FY2022: -7.8%

- FY2023: -9.9%

- FY2024: -9.9%

- FY2025: -9.4%

- FY2026: 18.3%

## Holders

## Price story

Down 75% since Jul 2024 · sales -8.3%

Story as of 2026-10-16T09:59:56.054Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

### Sales · FY2025–2026

sales -8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 2.70T 

- FY2018: INR 2.92T 

- FY2019: INR 3.02T 

- FY2020: INR 2.61T 

- FY2021: INR 2.50T 

- FY2022: INR 2.78T 

- FY2023: INR 3.46T 

- FY2024: INR 4.34T 

- FY2025: INR 3.66T 

- FY2026: INR 3.36T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in passenger cars & utility vehicles; annual sales are INR 3.4 trillion.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2026: revenue 3355820000000; operatingIncome -10650000000; margin = operatingIncome / revenue.

### Why customers stay

It earns 3.9% on its capital.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2024: operatingIncome / revenue = 7%.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2025: operatingIncome / revenue = 7.3%.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2026: operatingIncome / revenue = -0.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.490Z); 10-year return on capital observations [[2022,-0.0006128379109931177],[2023,0.03881411288727659],[2024,0.21008181026884287],[2025,0.14002370593676133],[2026,-0.006653546996532658]]; median 0.03881411288727659. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.8% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2017: growth capex 0; upkeep 160720000000; owner earnings 92870000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2018: growth capex 82026021904.46185; upkeep 268763978095.53815; owner earnings 36666021904.46185. Growth capex / owner earnings = 2.2371126630042237.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2023: growth capex 0; upkeep 192300000000; cash acquisitions 0; owner earnings 61053470111.52416. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2024: growth capex 41750000000; upkeep 272390000000; cash acquisitions 0; owner earnings 294749900000. Growth capex plus acquisitions / owner earnings = 0.14164551031230205.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2025: growth capex 0; upkeep 380420000000; cash acquisitions 6880000000; owner earnings 84970000000. Growth capex plus acquisitions / owner earnings = 0.08096975403083441.

- Source: https://www.screener.in/company/TMPV/consolidated/ (filed 2026-10-16T07:33:24.490Z); FY2026: growth capex 0; upkeep 362820000000; cash acquisitions 5120000000; owner earnings 637470000000. Growth capex plus acquisitions / owner earnings = 0.008031750513749667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.490Z); Dividend observations: [[2017,1210000000],[2018,960000000],[2019,950000000],[2020,570000000],[2021,300000000],[2022,1000000000],[2023,1410000000],[2024,10590000000],[2025,24920000000],[2026,24250000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual growth was 62.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.490Z); Ten-year compound average after fade. Initial solved rate 0.0032233260202253478. Price 287.05; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.35282065126965 → FY2026 173.11268090787718. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 459.30 per share

- 2016-12: INR 472.00 per share

- 2017-01: INR 523.55 per share

- 2017-02: INR 456.75 per share

- 2017-03: INR 465.85 per share

- 2017-04: INR 458.90 per share

- 2017-05: INR 476.15 per share

- 2017-06: INR 432.55 per share

- 2017-07: INR 444.60 per share

- 2017-08: INR 376.55 per share

- 2017-09: INR 401.50 per share

- 2017-10: INR 428.40 per share

- 2017-11: INR 404.15 per share

- 2017-12: INR 431.85 per share

- 2018-01: INR 399.50 per share

- 2018-02: INR 369.90 per share

- 2018-03: INR 326.85 per share

- 2018-04: INR 340.40 per share

- 2018-05: INR 282.50 per share

- 2018-06: INR 269.30 per share

- 2018-07: INR 264.10 per share

- 2018-08: INR 267.50 per share

- 2018-09: INR 223.70 per share

- 2018-10: INR 179.10 per share

- 2018-11: INR 171.95 per share

- 2018-12: INR 172.70 per share

- 2019-01: INR 181.20 per share

- 2019-02: INR 177.45 per share

- 2019-03: INR 174.25 per share

- 2019-04: INR 214.30 per share

- 2019-05: INR 172.60 per share

- 2019-06: INR 162.55 per share

- 2019-07: INR 135.60 per share

- 2019-08: INR 116.70 per share

- 2019-09: INR 117.45 per share

- 2019-10: INR 177.70 per share

- 2019-11: INR 161.50 per share

- 2019-12: INR 185.15 per share

- 2020-01: INR 176.60 per share

- 2020-02: INR 128.95 per share

- 2020-03: INR 71.05 per share

- 2020-04: INR 93.25 per share

- 2020-05: INR 87.00 per share

- 2020-06: INR 98.25 per share

- 2020-07: INR 104.65 per share

- 2020-08: INR 143.20 per share

- 2020-09: INR 133.30 per share

- 2020-10: INR 132.65 per share

- 2020-11: INR 180.35 per share

- 2020-12: INR 183.85 per share

- 2021-01: INR 262.70 per share

- 2021-02: INR 322.95 per share

- 2021-03: INR 301.80 per share

- 2021-04: INR 293.85 per share

- 2021-05: INR 318.75 per share

- 2021-06: INR 339.60 per share

- 2021-07: INR 293.95 per share

- 2021-08: INR 287.30 per share

- 2021-09: INR 333.35 per share

- 2021-10: INR 483.70 per share

- 2021-11: INR 458.60 per share

- 2021-12: INR 482.40 per share

- 2022-01: INR 517.75 per share

- 2022-02: INR 454.05 per share

- 2022-03: INR 433.75 per share

- 2022-04: INR 437.60 per share

- 2022-05: INR 443.55 per share

- 2022-06: INR 411.80 per share

- 2022-07: INR 449.60 per share

- 2022-08: INR 471.10 per share

- 2022-09: INR 404.60 per share

- 2022-10: INR 412.75 per share

- 2022-11: INR 439.40 per share

- 2022-12: INR 387.95 per share

- 2023-01: INR 452.10 per share

- 2023-02: INR 420.70 per share

- 2023-03: INR 420.80 per share

- 2023-04: INR 484.95 per share

- 2023-05: INR 526.30 per share

- 2023-06: INR 595.55 per share

- 2023-07: INR 644.30 per share

- 2023-08: INR 601.00 per share

- 2023-09: INR 630.20 per share

- 2023-10: INR 628.65 per share

- 2023-11: INR 706.40 per share

- 2023-12: INR 779.95 per share

- 2024-01: INR 884.20 per share

- 2024-02: INR 950.20 per share

- 2024-03: INR 992.80 per share

- 2024-04: INR 1,007.90 per share

- 2024-05: INR 923.00 per share

- 2024-06: INR 989.75 per share

- 2024-07: INR 1,156.65 per share

- 2024-08: INR 1,111.35 per share

- 2024-09: INR 974.65 per share

- 2024-10: INR 834.05 per share

- 2024-11: INR 786.45 per share

- 2024-12: INR 740.15 per share

- 2025-01: INR 716.10 per share

- 2025-02: INR 620.65 per share

- 2025-03: INR 674.45 per share

- 2025-04: INR 644.25 per share

- 2025-05: INR 719.50 per share

- 2025-06: INR 688.00 per share

- 2025-07: INR 665.95 per share

- 2025-08: INR 669.00 per share

- 2025-09: INR 680.20 per share

- 2025-10: INR 410.00 per share

- 2025-11: INR 356.80 per share

- 2025-12: INR 367.35 per share

- 2026-01: INR 350.05 per share

- 2026-02: INR 382.65 per share

- 2026-03: INR 296.20 per share

- 2026-04: INR 341.55 per share

- 2026-05: INR 393.90 per share

- 2026-06: INR 352.20 per share

- 2026-07: INR 339.75 per share

- 2026-08: INR 308.85 per share

- 2026-09: INR 283.50 per share

- 2026-10: INR 287.05 per share

## Annual estimated value (INR per share)

- FY2019: low INR 183.08 per share, central INR 195.09 per share, high INR 210.32 per share

- FY2020: low INR 92.47 per share, central INR 93.63 per share, high INR 95.10 per share

- FY2025: low INR 271.94 per share, central INR 299.42 per share, high INR 326.55 per share

- FY2026: low INR 260.46 per share, central INR 283.17 per share, high INR 311.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.119Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations