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Tata Motors Passenger Vehicles logo

Tata Motors Passenger Vehicles

TMPV.BO
22
Auto - Manufacturers · Consumer Cyclical
Price
₹325.25
-2.50 (-0.76%)
Market Cap
₹1.20T
Exchange
Bombay Stock Exchange
Winston Score
22
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+10.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.32B (2022) → 3.68B (2026)

Tata Motors Limited operates as a multifaceted automotive enterprise, involved in the conceptualization, manufacturing, and global distribution of a diverse range of vehicles. Its extensive offerings encompass passenger automobiles, sport utility vehicles, various light to heavy commercial vehicles, defense vehicles, pickups, specialized vans (wingers), buses, trucks, and electric vehicles, complemented by a selection of spare parts and accessories. Beyond vehicle production, the company fabricates engines for industrial and marine applications, produces essential commercial vehicle components like axles and transmissions, and supplies factory automation equipment. Furthermore, Tata Motors provides information technology and vehicle financing services. Its products are sold under prominent brand names including Tata, Daewoo, Harrier, Safari, Fiat, Nexon, Altroz, Punch, Tiago, Tigor, Jaguar, and Land Rover. The company maintains a broad international presence, with operations spanning India, China, the United States, the United Kingdom, mainland Europe, and other global regions. Founded in 1945, its main corporate office is located in Mumbai, India.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-12.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-31.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$118.6B/ year

Declining (-59% vs prior year)

3.6% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

$614.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Tata Motors Passenger Vehicles's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
36.5%
Modest — 36.5% gross margin
Operating Margin
-1.3%
Losing money on operations — -1.3%
ROCE
-0.8%
Weak — -0.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-20.8%
Shrinking sales (-20.8% YoY)
EPS YoY
-101.0%
Earnings shrinking (-101.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
-2%
Weak — only -2% of profit becomes cash
FCF Margin
-2.4%
Burning cash (-2.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.62
Moderate — manageable debt (0.62)
Interest Cover
1.13x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
N/A
Data not available
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
0.92%
Small dividend — 0.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+107.3%
Dividend growing fast (107.3% YoY)

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