Tata Motors Passenger Vehicles financials and balance sheet

NSE: TMPVBSE: 500570AutomobilesLarge Cap

Formerly Tata Motors

₹264.60₹5.40 (2.00%)BSE ₹265.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹270.00.

52-week range of traded prices to 23 Oct 2026

₹259.35Low, 23 Oct 2026₹419.00High, 30 Oct 2025

Next results date: the board meets on 13 Nov 2026 to consider: financial results.

Market cap: ₹97,452 Cr79th largest listed
P/E: Demergerin the last 12 months
P/B: 0.9
Dividend yield: 1.13%
ROE: Demergernew accounts awaited
ROCE: Demergernew accounts awaited
Debt to equity: 0.59
Volume, NSE: 1,04,68,78551.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Motors Passenger Vehicles annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.6% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company reports the part of the business demerged on 14 Oct 2025 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,35,582
Materials and goods−2,14,082
Employee costs−45,150
Other expenses−57,453
Operating profit18,897
Depreciation−19,784
Other income+5,787
One-off items−4,142
Finance costs−2,827
Profit before tax−2,069
Tax+246
Joint ventures+446
Discontinued businesses+84,022
Net profit82,645

What the company owns

Plant, investments and other assets₹2,70,908 Cr
Inventory₹50,126 Cr
Cash and bank₹29,684 Cr
Current investments₹18,585 Cr
Receivables₹12,619 Cr

What pays for it: net worth and liabilities

Net worth₹1,18,842 Cr
Other liabilities₹1,00,347 Cr
Owed to suppliers₹92,780 Cr
Borrowings₹69,953 Cr

Tata Motors Passenger Vehicles business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. The demerger of 14 Oct 2025 fell inside the year to Mar 2026. That year's accounts report a discontinued business, which these segments may include.Tata Motors Passenger Vehicles segment results by quarter

Revenue by segment

₹3,37,281 CrTotal

- Jaguar and Land Rover₹2,73,303 Cr81.0% of total
Passenger Vehicle₹58,465 Cr17.3% of total
Others₹5,513 Cr1.6% of total

Profit by segment

- Jaguar and Land Rover₹2,680 Cr63.4% of total
Passenger Vehicle₹825 Cr19.5% of total
Others₹721 Cr17.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

- Jaguar and Land Rover
Revenue, ₹ crore
2,23,514
2,08,040
1,93,823
1,87,697
2,22,860
3,02,825
3,14,220
2,73,303
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,278
594
7,691
−439
3,482
25,382
27,764
2,680
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Passenger Vehicle
Revenue, ₹ crore
14,470
10,482
16,606
31,515
47,868
52,353
48,445
58,465
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,388
−2,868
−1,564
−660
542
1,016
472
825
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3,626
3,047
2,612
3,809
4,809
5,875
6,019
5,513
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
505
382
319
625
826
968
939
721
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
- Tata and other brands vehicles
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Automotive and related activity
Revenue, ₹ crore
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,03,447	2,62,194	2,50,636	2,79,893	3,50,947	4,43,943	4,43,790	3,37,281
Company revenue, as in its results	3,01,938	2,61,068	2,49,795	2,78,454	3,45,967	4,37,928	4,39,695	3,35,582
Revenue	2,23,514	2,08,040	1,93,823	1,87,697	2,22,860	3,02,825	3,14,220	2,73,303
Revenue growth	–	−6.9%	−6.8%	−3.2%	18.7%	35.9%	3.8%	−13.0%
Profit	−1,278	594	7,691	−439	3,482	25,382	27,764	2,680
Profit growth	–	–	1,194.7%	–	–	629.0%	9.4%	−90.3%
Margin	−0.6%	0.3%	4.0%	−0.2%	1.6%	8.4%	8.8%	1.0%
Return on capital	−2.0%	–	11.8%	–	4.6%	37.6%	35.6%	2.5%
Assets	1,70,434	–	1,79,342	38,995	1,81,844	1,96,066	2,21,224	2,71,124
Liabilities	1,07,296	–	1,14,420	94,698	1,06,380	1,28,511	1,43,273	1,63,125
Capital employed	63,137	–	64,921	−55,704	75,464	67,555	77,951	1,07,999
Revenue	14,470	10,482	16,606	31,515	47,868	52,353	48,445	58,465
Revenue growth	–	−27.6%	58.4%	89.8%	51.9%	9.4%	−7.5%	20.7%
Profit	−1,388	−2,868	−1,564	−660	542	1,016	472	825
Profit growth	–	–	–	–	–	87.4%	−53.5%	74.8%
Margin	−9.6%	−27.4%	−9.4%	−2.1%	1.1%	1.9%	1.0%	1.4%
Return on capital	−8.8%	–	−15.2%	−13.4%	7.8%	14.7%	5.4%	9.1%
Assets	19,446	–	16,297	15,877	19,592	21,386	22,963	27,487
Liabilities	3,688	–	6,036	10,932	12,619	14,458	14,201	18,438
Capital employed	15,759	–	10,261	4,945	6,973	6,928	8,762	9,049
Revenue	3,626	3,047	2,612	3,809	4,809	5,875	6,019	5,513
Revenue growth	–	−16.0%	−14.3%	45.8%	26.2%	22.2%	2.5%	−8.4%
Profit	505	382	319	625	826	968	939	721
Profit growth	–	−24.4%	−16.4%	95.6%	32.3%	17.2%	−3.0%	−23.2%
Margin	13.9%	12.5%	12.2%	16.4%	17.2%	16.5%	15.6%	13.1%
Return on capital	34.3%	–	33.0%	43.2%	45.9%	45.5%	38.7%	22.7%
Assets	2,004	–	2,478	3,465	4,051	4,567	5,532	7,051
Liabilities	529	–	1,508	2,020	2,252	2,436	3,106	3,878
Capital employed	1,475	–	969	1,445	1,799	2,130	2,426	3,173
	0	0	0	0	0	0	0	0
Profit	0	0	0	0	0	0	0	0
Assets	0	–	0	0	0	0	0	0
Liabilities	0	–	0	0	0	0	0	0
Capital employed	0	–	0	0	0	0	0	0
	–	–	–	–	0	0	0	0
Profit	–	–	–	–	0	0	0	0
Assets	–	–	–	–	0	0	0	0
Liabilities	–	–	–	–	0	0	0	0
Capital employed	–	–	–	–	0	0	0	0
Revenue	58,137	36,329	33,104	52,287	70,816	78,791	75,055	–
Revenue growth	–	−37.5%	−8.9%	57.9%	35.4%	11.3%	−4.7%	–
Profit	4,116	−368	−305	210	3,693	6,483	6,814	–
Profit growth	–	–	–	–	1,656.9%	75.5%	5.1%	–
Margin	7.1%	−1.0%	−0.9%	0.4%	5.2%	8.2%	9.1%	–
Return on capital	37.5%	–	−3.4%	2.3%	47.9%	80.4%	82.8%	–
Assets	26,927	–	27,087	30,408	30,251	32,514	33,380	–
Liabilities	15,938	–	18,039	21,231	22,543	24,449	25,147	–
Capital employed	10,990	–	9,048	9,177	7,708	8,065	8,233	–
Revenue	3,700	4,295	4,490	4,585	4,595	4,099	51	–
Revenue growth	–	16.1%	4.5%	2.1%	0.2%	−10.8%	–	–
Profit	−314	−225	−57	−253	−1,385	−897	−270	–
Margin	−8.5%	−5.2%	−1.3%	−5.5%	−30.1%	−21.9%	−529.4%	–
Return on capital	−0.8%	–	−0.1%	–	−4.0%	−2.8%	−3.3%	–
Assets	38,262	–	39,566	0	35,843	33,347	8,172	–
Liabilities	711	–	837	966	1,241	1,543	22	–
Capital employed	37,550	–	38,728	−966	34,602	31,805	8,150	–
	0	0	0	–	–	–	–	–
Profit	0	0	0	–	–	–	–	–
Return on capital	0.0%	–	0.0%	–	–	–	–	–
Assets	162	–	221	–	–	–	–	–
Liabilities	0	–	0	–	–	–	–	–
Capital employed	162	–	221	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
Capital employed	0	–	–	–	–	–	–	–
Revenue	111	216	283	314	360	593	591	154
Profit	−363	−256	−75	−62	−158	−280	−516	−313
Assets	1,648	0	2,086	857	1,475	1,505	1,404	2,425
Liabilities	1,752	0	1,106	210	1,252	1,144	1,477	629
Revenue	−276	−71	−125	−618	−3,858	−4,637	−2,413	−53
Profit	−120	0	0	−90	−18	−105	−19	−12
Assets	0	0	0	1,72,274	−2,391	−1,540	−703	0
Liabilities	−338	0	0	−89	−2,257	−1,232	−446	0
	–	–	–	0	0	0	0	0
Profit	–	–	–	54	15	26	−118	−72
Assets	–	–	–	−1,129	−1,227	−1,385	−1,611	−1,181
Liabilities	–	–	–	−270	−312	−506	−570	−473
Revenue	0	−1,271	−999	–	–	–	–	–
Profit	0	−55	67	–	–	–	–	–
Assets	−1,225	0	−1,270	–	–	–	–	–
Liabilities	−252	0	−271	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Tata Motors Passenger Vehicles quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	2,74,492	2,95,409	3,01,938	2,61,068	2,49,795	2,78,454	3,45,967	4,37,928	4,39,695	3,35,582
	2,44,903	2,60,883	2,77,274	2,43,081	2,17,507	2,53,734	3,14,047	3,78,389	3,83,557	3,16,685
Materials and goods bought	1,52,747	1,87,229	1,96,321	1,67,131	1,58,292	1,80,886	2,26,470	2,72,756	2,71,786	2,14,082
Employee costs	–	–	33,244	30,439	27,648	30,809	33,655	42,487	47,767	45,150
Other expenses	–	–	47,709	45,511	31,567	42,039	53,923	63,147	64,004	57,453
Operating profit before depreciation	29,589	34,526	24,664	17,987	32,287	24,720	31,920	59,538	56,138	18,897
Operating margin	10.8%	11.7%	8.2%	6.9%	12.9%	8.9%	9.2%	13.6%	12.8%	5.6%
Materials, % of revenue	–	–	65.0%	64.0%	63.4%	65.0%	65.5%	62.3%	61.8%	63.8%
Employee costs, % of revenue	–	–	11.0%	11.7%	11.1%	11.1%	9.7%	9.7%	10.9%	13.5%
Other expenses, % of revenue	–	–	15.8%	17.4%	12.6%	15.1%	15.6%	14.4%	14.6%	17.1%
Depreciation and amortisation	17,905	21,554	23,591	21,425	23,547	24,836	24,860	27,270	23,256	19,784
Operating profit after depreciation	11,684	12,973	1,074	−3,438	8,741	−116	7,059	32,268	32,882	−887
Other income	755	889	2,965	2,973	2,643	3,054	4,633	5,950	6,244	5,787
Finance costs	4,238	4,682	5,759	7,243	8,097	9,312	10,225	9,986	5,083	2,827
Profit before one-off items and tax	8,200	9,180	−1,720	−7,709	3,287	−6,374	1,467	28,232	34,043	2,073
One-off items	1,115	1,975	−29,652	−2,871	−13,761	−630	1,591	−977	−550	−4,142
Profit before tax	9,315	11,155	−31,371	−10,580	−10,474	−7,003	3,058	27,255	33,493	−2,069
	3,251	4,342	−2,437	395	2,542	4,231	704	−3,852	10,502	−246
Current tax	3,138	3,303	2,225	1,893	1,710	2,670	3,258	4,937	5,023	3,621
Deferred tax	114	1,038	−4,663	−1,498	832	1,561	−2,554	−8,789	5,479	−3,867
Share of profit of joint ventures and associates	1,493	2,278	210	−1,000	−379	−74	336	700	287	446
Profit from discontinued businesses	–	–	–	–	–	–	–	–	4,871	84,022
	7,557	9,091	−28,724	−11,975	−13,395	−11,309	2,690	31,807	28,149	82,645
Belonging to the company's shareholders	–	–	−28,826	−12,071	−13,451	−11,441	2,414	31,399	27,830	82,390
Belonging to outside owners of subsidiaries	–	–	102	96	56	133	276	408	319	255
Other comprehensive income	–	–	−5,576	11,504	2,919	−455	−1,915	6,324	6,462	9,662
Total comprehensive income	–	–	−34,300	−471	−10,476	−11,764	775	38,131	34,611	92,307
Net margin	2.8%	3.1%	−9.5%	−4.6%	−5.4%	−4.1%	0.8%	7.3%	–	–
Net margin without joint ventures and associates	2.2%	2.3%	−9.6%	−4.2%	−5.2%	−4.0%	0.7%	7.1%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the years to Mar 2025 and Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 21 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	60,703	63,892	56,820	48,832	52,600	93,094	1,22,754	1,18,842
	60,180	63,079	55,247	44,561	45,322	84,918	1,16,144	1,12,068
Share capital	679	720	766	766	766	767	736	737
Reserves	59,500	62,359	54,481	43,795	44,556	84,152	1,15,408	1,11,331
Belonging to outside owners of subsidiaries	523	814	1,573	4,271	7,278	8,176	6,610	6,774
	91,124	99,678	1,14,776	1,39,677	1,25,660	98,500	62,499	69,953
Repayable after a year	70,974	83,316	93,113	97,759	88,696	62,149	40,217	44,248
Repayable within a year	20,150	16,363	21,663	41,918	36,965	36,352	22,282	25,705
	1,45,457	1,40,454	1,57,749	1,50,680	1,55,027	1,73,617	1,66,684	1,64,305
Trade payables	68,514	66,398	76,040	69,750	72,056	93,979	97,368	92,780
Other financial liabilities	36,033	37,358	35,669	15,230	21,909	16,478	15,717	13,696
Other liabilities	9,546	8,966	10,443	11,762	11,033	12,990	13,340	14,262
Provisions	10,197	10,329	12,848	10,766	11,811	12,291	15,831	16,265
Tax owed	1,018	1,040	1,086	1,254	1,254	1,527	2,146	1,597
	1,01,034	1,17,775	1,28,556	1,31,105	1,28,455	1,03,953	89,204	98,775
Other financial liabilities	2,793	9,021	–	11,296	15,891	11,891	11,007	12,087
Other liabilities	13,922	8,760	12,313	7,535	9,264	12,234	15,376	16,282
Provisions	11,855	14,737	13,607	12,956	13,197	16,537	20,935	23,425
Deferred tax	1,491	1,942	1,556	1,558	1,407	1,143	1,669	2,733
Trade payables	0	0	7,968	0	0	0	0	0
Liabilities going with businesses held for sale	–	–	–	3	–	–	–	–
	3,07,195	3,22,121	3,43,126	3,30,620	3,36,081	3,70,664	3,78,642	3,81,922
Held for sale or for a demerger	754	194	221	524	–	674	514	891
	1,83,763	2,02,534	1,96,238	1,83,642	1,84,553	2,02,272	2,18,317	2,43,174
Plant in use, after depreciation	72,620	84,158	86,131	87,586	84,442	81,184	81,012	73,329
Plant being built	8,538	8,600	8,377	3,529	5,220	10,937	17,624	26,500
Intangible assets	37,867	42,172	51,773	50,462	46,797	39,241	33,790	29,899
Goodwill	748	777	804	807	841	860	895	1,428
Intangible assets being developed	23,346	27,023	12,587	6,722	9,055	24,761	48,182	76,154
Investments	1,498	1,028	1,368	2,321	2,865	3,378	2,923	2,248
Stakes in joint ventures and associates	4,743	4,419	4,201	4,349	4,676	5,340	5,534	5,480
Loans given	407	783	1,205	843	871	442	99	19
Other financial assets	25,907	22,735	5,814	5,179	14,444	15,179	12,185	7,005
Deferred tax	5,151	5,458	4,520	3,871	5,185	13,099	7,176	14,976
Trade receivables	0	0	16,847	11,136	0	0	0	0
Other assets	2,939	5,382	2,612	6,836	10,158	7,850	8,897	6,136
	1,22,677	1,19,393	1,46,667	1,46,454	1,51,528	1,67,718	1,59,811	1,37,857
Inventories	39,014	37,457	36,089	35,240	40,755	47,788	47,269	50,126
Trade receivables	18,996	11,173	30,547	34,537	15,738	16,952	13,248	12,619
Cash and cash equivalents	21,560	18,468	31,700	38,159	31,887	40,015	34,349	22,880
Other bank balances	11,089	15,259	15,092	2,510	5,129	5,792	6,485	6,804
Current investments	8,938	10,862	19,051	22,709	18,838	14,253	27,199	18,585
Loans given	1,269	935	1,749	1,672	2,303	197	72	134
Other financial assets	14,765	18,832	5,274	3,800	26,204	32,191	18,984	11,265
Tax paid in advance	184	143	865	260	259	101	411	804
Other assets	6,862	6,265	6,298	7,566	10,415	10,429	11,794	14,640
Net debt	49,537	55,090	48,932	76,299	69,807	38,440	−5,534	21,684

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	29,018	14,283	35,388	67,915	63,102	13,041
	34,518	16,192	38,567	72,432	67,093	16,355
	−756	−10,474	−3,127	7,325	8,156	−9,038
Receivables	−1,118	337	−2,830	−1,151	3,573	−1,587
Inventories	3,815	597	−5,665	−7,265	2,127	−4,318
Payables	5,748	−7,012	6,945	13,706	1,303	−1,973
Other working capital	−9,200	−4,396	−1,577	2,035	1,153	−1,160
Tax paid	2,105	−1,910	−3,179	−4,516	−3,991	−3,314
Interest paid	−8,097	0	0	0	0	0
Capital spending	11,776	9,039	8,493	12,975	15,189	13,583
Free cash flow	17,243	5,243	26,895	54,941	47,913	−542
	−26,126	−4,775	−16,804	−22,828	−47,594	−24,810
Plant and property sold	351	230	285	231	974	46
Companies bought	0	0	0	0	−688	−512
Interest received	428	653	973	2,493	2,420	1,940
Dividends received	18	32	68	96	175	199
	9,904	−3,380	−26,243	−37,006	−18,786	−1,344
Borrowings raised	51,150	52,401	44,441	21,824	13,384	26,425
Borrowings repaid	−29,709	−44,890	−63,418	−47,332	−21,443	−18,110
Interest paid	−8,123	−9,251	−9,336	−9,332	−5,814	−5,111
Lease payments	−1,477	−1,559	−1,517	−1,924	−2,393	−2,145
Dividends paid	2	100	141	769	2,303	2,203
Shares bought back	0	0	296	0	63	0
Shares issued	2,603	19	20	82	35	22
Net change in cash	12,796	6,128	−7,659	8,081	−3,278	−13,113

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Tata Motors Passenger Vehicles dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹21.94	₹26.46	−₹84.89	−₹34.88	−₹36.99	−₹29.88	₹6.29	₹81.95	₹78.80	–
Diluted earnings per share	₹21.93	₹26.45	−₹84.89	−₹34.88	−₹36.99	−₹29.88	₹6.29	₹81.88	₹78.75	–
Dividend per share	–	–	–	–	–	–	₹2.00	₹6.00	₹6.00	₹3.00
Book value per share	–	–	₹177.20	₹175.33	₹144.28	₹116.37	₹118.33	₹221.57	₹315.61	₹304.34
Dividend payout	–	–	–	–	–	–	31.7%	7.3%	7.9%	1.3%
Shareholder yield	–	–	–	–	−2.8%	0.1%	0.3%	0.2%	0.9%	2.0%
Market cap at the year end (₹ crore)	1,34,507	94,373	50,312	21,947	93,225	1,44,029	1,39,760	3,29,892	2,48,273	1,09,071

Earnings per share is left blank for the year to Mar 2026: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Tata Motors Passenger Vehicles PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	–	7.6%	2.2%	−13.5%	−4.3%	11.5%	24.2%	26.6%	–	−23.7%
Operating profit growth	–	16.7%	−28.6%	−27.1%	79.5%	−23.4%	29.1%	86.5%	–	−66.3%
Net profit growth	−31.5%	20.3%	–	–	–	–	–	1,082.5%	–	193.6%
Earnings per share growth	−32.9%	20.6%	–	–	–	–	–	1,202.9%	–	–
	–	–	−47.9%	−19.6%	−22.7%	−22.9%	5.4%	48.2%	27.7%	72.2%
	–	–	–	28.3 pts	−3.2 pts	−0.2 pts	28.3 pts	42.8 pts	−20.5 pts	44.5 pts
From the net margin	–	–	–	24.7 pts	−3.2 pts	5.4 pts	26.8 pts	49.8 pts	–	–
From asset turnover	–	–	–	3.6 pts	2.2 pts	−1.7 pts	1.0 pts	10.7 pts	–	–
From borrowing	–	–	–	0.0 pts	−2.1 pts	−3.8 pts	0.5 pts	−17.7 pts	–	–
Return on capital employed	–	–	0.7%	−2.1%	5.1%	−0.1%	4.0%	16.8%	17.7%	−0.5%
Cash conversion	–	–	–	–	–	–	1,315.6%	213.5%	224.2%	15.8%
Interest cover	2.8	2.8	0.2	–	1.1	–	0.7	3.2	6.5	–
Debt to equity	–	–	1.50	1.56	2.02	2.86	2.39	1.06	0.51	0.59
Receivable days	–	–	23	16	45	45	17	14	11	14
Inventory days	–	–	73	82	83	71	66	64	63	85
Payable days	–	–	127	145	175	141	116	126	131	158
Cash conversion cycle, days	–	–	−32	−48	−47	−24	−34	−48	−56	−59
Working capital days	–	–	−53	−69	−81	−34	−24	−25	−44	−53
Asset turnover	–	–	0.98	0.83	0.75	0.83	1.04	1.24	1.17	0.88
Assets per rupee of net worth	–	–	5.10	5.11	5.62	6.75	7.42	5.43	3.73	3.33
Sales per rupee of plant	–	–	4.16	3.10	2.90	3.18	4.10	5.39	5.43	4.58
Capital spending to depreciation	–	–	–	–	0.50	0.36	0.34	0.48	0.65	0.69
Plant being built, % of plant in use	–	–	11.8%	10.2%	9.7%	4.0%	6.2%	13.5%	21.8%	36.1%

Revenue growth is left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020, Mar 2022 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 21.7%
Cash from operations against operating profit: 69.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	2.0%	6.1%	−1.0%
Profit growth, yearly rate	22.3%	–	224.4%
Return on equity, average	–	26.1%	49.4%
Return on capital employed, average	–	7.6%	11.4%
Operating margin, average	10.1%	10.0%	10.7%
Asset turnover, average	–	1.03	1.10
Cash conversion cycle, days, average	–	−44	−54
Interest cover, average	–	–	4.9
Debt to equity, average	–	1.48	0.72

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,93,729	1,44,058	13,041
Cash from investing	−1,16,811	−95,232	−24,810
Cash from financing	−86,759	−57,136	−1,344
Capital spending	59,279	41,747	13,583
Dividends paid	5,516	5,275	2,203
Shares bought back	359	63	0
Shares issued for cash	177	139	22
Borrowings raised	1,58,474	61,633	26,425
Borrowings repaid	1,95,192	86,885	18,110

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	5	7	7	6	3
Altman Z-scorePublished threshold 1.81	–	–	1.03	1.03	1.13	1.39	1.63	2.63	2.48	1.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.44	−2.80	−3.27	−2.81	−3.07	−2.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.90	−6.18	−4.77	−3.76	3.37	24.83
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	5.07	2.66	1.01
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−27.65	177.73	1.59	−78.68	−18.87	−22.25	18.93
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	10.88	1.64	−16.62	−9.55	−3.18	−0.73	27.28
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.31	−5.12	−0.29	7.30	1.33	−2.62	−1.33
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.26	0.33	0.13	0.24	0.46	0.76	2.19
Effective tax ratePublished threshold 17.16 per cent	34.90	38.92	–	–	–	–	23.03	−14.13	31.36	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−80.94	−30.70	19.44	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
12 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		1,000
12 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Other	Stable	500
12 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	1,800
12 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		1,000
31 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		1,000
31 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	1,000
31 Jul 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	2,800
31 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	1,800
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Working Capital Limits	CARE A1+Review, Re-affirm		1,000
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BG	CARE AA+ / CARE A1+Review, Re-affirm	Stable	2,500
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital Limits	CARE AA+Review, Re-affirm	Stable	1,800
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		1,000
25 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Other	Stable	2,800
20 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Short Term DebtShort-term scale	WithdrawnRating Withdrawn		1,000
16 Oct 2025	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA+Withdrawn	Stable	1,100
16 Oct 2025	ICRA Limited (opens in a new tab)	Short Term DebtShort-term scale	[ICRA]A1+Withdrawn		1,000
16 Oct 2025	ICRA Limited (opens in a new tab)	Unallocated-UnallocatedLong and short-term scales	[ICRA]AA+ /[ICRA]A1+Update on Entity	Stable	2,800
10 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST - Daylight Overdraft Credit FacilityShort-term scale	WithdrawnWithdrawn
10 Oct 2025	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	WithdrawnWithdrawnProposed
10 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST - Working Capital LimitsShort-term scale	WithdrawnWithdrawn
10 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT - Term LoanLong-term scale	WithdrawnWithdrawn
8 Aug 2025	ICRA Limited (opens in a new tab)	Fund Based-Term LoanLong-term scale	[ICRA]AA+Update on Material event	Stable	1,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.