# Tata Motors (TMCV) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/tmcv

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹425.6
- Change: -0.80%
- As of: 2026-11-06
- 1D return: -0.80%
- 5D return: +7.38%
- 1M return: +3.00%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

TMCV closed at ₹425.60 on November 6, 2026, following a high-severity downward gap that widened the weekly range by 10.8% despite a modest -0.8% daily return. This event followed an extreme volume surge (+3.97x) on November 5, signaling intense participation and potential distribution or capitulation. The technical structure is mixed: while the monthly Supertrend remains bullish and price holds above key short-term moving averages (20-day EMA/SMA), the daily trend has turned bearish with price trading below the 200-day SMA and Supertrend. ADX readings of 26.74 on the daily chart indicate an established but potentially weakening trend, whereas the weekly ADX of 19.33 suggests weak conviction. Price sits near the upper end of its 20-day range (+76.4%) but is down 15.8% from recent highs. Immediate resistance lies at the pivot level of ₹428.63, with support at ₹423.94. A break below ₹423.94 would confirm further downside pressure toward ₹417.37, while a sustained move above ₹428.63 would be required to neutralize the bearish daily bias.

- High-Severity Downward Gap: On Nov 6, TMCV opened lower with a weekly range expansion of +10.8%, following an extreme volume spike (+3.97x) on Nov 5, indicating significant selling pressure or profit-taking.
- Mixed Trend Signals: Monthly trend is bullish (price above Supertrend), but daily trend is bearish (price below 200-day SMA and Supertrend); daily ADX (26.74) shows established trend strength, while weekly ADX (19.33) indicates weakness.
- Key Levels: Immediate resistance at ₹428.63 (pivot, +0.71%); next resistance at ₹433.26 (+1.80%). Support at ₹423.94 (-0.39%); secondary support at ₹417.37 (-1.93%).
- Range Position: Price is in the top quartile of its 20-day range (+76.4%) but remains 15.8% below available highs, with annualized volatility at 38.4% and current drawdown at -15.8%.

- Shooting Star
- Bearish Engulfing Reversal
- Inside Bar
- Doji

### News Context

Tata Motors (TMCV) faces a near-term operational and financial challenge following its acquisition of Iveco Group, which reported a €45 million loss in the July-September 2026 quarter. This marks the second consecutive quarterly deficit for the European commercial vehicle maker, complicating Tata’s turnaround efforts while it manages acquisition debt and restructuring restrictions. On the strategic front, Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni to discuss industrial ties, highlighting the successful acquisition of an 89.42% controlling stake for nearly €3.43 billion, which positions the combined entity as a global commercial vehicle powerhouse with operations in over 130 countries.

On the consumer-facing side, Tata Motors’ digital security was flagged by CERT-In for vulnerabilities in its iRA 2.0 and iRA.ev mobile apps, including hardcoded credentials and improper SSL pinning. The company stated that mandatory software updates rolled out in August and September 2026 addressed these issues, with no evidence of data compromise or unauthorized access. Meanwhile, Karvy Stock Broking issued a short-term trading recommendation to buy Tata Motors shares around ₹745–750, targeting levels between ₹765 and ₹775 with a stoploss at ₹735, valid for one to two days.

- Iveco reported a €45 million loss for Q2 FY2027 (July-Sept), marking its second consecutive quarterly deficit and presenting a significant turnaround challenge for Tata Motors amid acquisition debt and restructuring constraints.
- Tata Motors completed the acquisition of an 89.42% stake in Iveco Group for nearly €3.43 billion; Chairman N Chandrasekaran recently met Italian PM Giorgia Meloni to reinforce strategic industrial ties post-acquisition.
- CERT-In flagged security vulnerabilities in Tata Motors’ iRA 2.0 and iRA.ev apps, citing risks like hardcoded credentials; the company confirmed fixes were implemented via mandatory updates in August and September 2026 with no evidence of data breach.
- Karvy Stock Broking advised a short-term buy for Tata Motors shares around ₹745–750, setting targets at ₹765–775 and a stoploss at ₹735, valid for a one-to-two-day horizon.

- [Dhanteras 2026: Gold, Silver Sales Expected To Rise 20-30% In Value Terms On Auspicious Occasion](https://www.news18.com/business/savings-and-investments/dhanteras-2026-gold-silver-sales-expected-to-rise-20-30-in-value-terms-on-auspicious-occasion-10414881.html)
- [Tata Motors finds task cut out for Iveco turnaround after twin losses | Company Business News](https://www.livemint.com/companies/news/tata-motors-finds-task-cut-out-for-iveco-turnaround-after-twin-losses-11793883786516.html)
- [Buy Tata Motors for target of Rs 765-775:Karvy](https://economictimes.indiatimes.com/buy-tata-motors-for-target-of-rs-765-775karvy/articleshow/6006624.cms)
- [CERT-In flags vulnerability in Tata Motors’ mobile apps iRA 2.0, iRA.ev](https://www.thehindubusinessline.com/companies/cert-in-flags-vulnerability-in-tata-motors-mobile-apps-ira-20-iraev/article71669300.ece)
- [Tata Sons Chairman Chandrasekaran meets Italian PM Meloni after Iveco acquisition](https://economictimes.indiatimes.com/industry/auto/lcv-hcv/tata-motors-acquires-iveco-group-a-game-changer-in-global-commercial-vehicle-market-chairman-chandrasekaran-meets-italian-pm-meloni/articleshow/135566598.cms)

### What Changed

As of November 6, 2026, Tata Motors faces a significant operational challenge with the acquisition of Iveco, which reported a €45 million loss in the July–September quarter. This marks the second consecutive quarterly deficit for the entity, complicating the turnaround effort while Tata Motors manages acquisition debt and restructuring restrictions. Concurrently, the stock traded at ₹425.60 on this date, down from ₹429.05 previously, though no directional trend was established. Brokers have issued short-term trading recommendations targeting levels between ₹765 and ₹775, but these are distinct from fundamental corporate developments. The broader market context includes festive demand drivers in unrelated sectors, such as expected gold and silver sales growth, which do not directly impact Tata Motors' current financial position.

- Iveco reported a €45 million loss for Q2 (July–September) 2026, marking its second consecutive quarterly deficit under Tata Motors' control.
- Tata Motors must manage the Iveco turnaround while carrying acquisition debt and adhering to conditions that restrict immediate restructuring.
- TMCV price stood at ₹425.60 on November 6, 2026, compared to a previous reading of ₹429.05, with no defined daily or weekly trend.

- [Dhanteras 2026: Gold, Silver Sales Expected To Rise 20-30% In Value Terms On Auspicious Occasion](https://www.news18.com/business/savings-and-investments/dhanteras-2026-gold-silver-sales-expected-to-rise-20-30-in-value-terms-on-auspicious-occasion-10414881.html)
- [Tata Motors finds task cut out for Iveco turnaround after twin losses | Company Business News](https://www.livemint.com/companies/news/tata-motors-finds-task-cut-out-for-iveco-turnaround-after-twin-losses-11793883786516.html)
- [Buy Tata Motors for target of Rs 765-775:Karvy](https://economictimes.indiatimes.com/buy-tata-motors-for-target-of-rs-765-775karvy/articleshow/6006624.cms)

### Official Filings

Tata Motors Limited (NSE: TMCV) has completed the initial settlement of its voluntary tender offer for Iveco Group N.V., making Iveco an indirect subsidiary. The acquisition involved purchasing approximately 89.42% of Iveco’s common share capital (238,157,212 shares) at €14.4 per share, with a total cash consideration of INR 363,866,100,000 paid to tendering shareholders. This transaction brings together complementary commercial vehicle businesses with substantially no overlap in industrial and geographic footprints. Concurrently, Tata Motors reported strong October 2026 sales, with total commercial vehicle units rising 27% year-over-year to 47,652 units, driven by a 225% surge in international business sales. Governance updates include the appointment of Deloitte Haskins & Sells LLP as Statutory Auditor effective October 31, 2026, replacing B S R & Co. LLP following the Iveco acquisition to align audit firms within the group. Additionally, 41,981 equity shares were allotted under the Long Term Incentive Scheme, slightly increasing the paid-up capital.

- Iveco Acquisition Completed: Tata Motors acquired ~89.42% of Iveco Group N.V. via tender offer on October 30, 2026, paying €14.4 per share (total INR 363,866,100,000), creating an indirect subsidiary with complementary global footprints.
- Sales Momentum: October 2026 total CV sales reached 47,652 units (+27% YoY); domestic sales grew 13% to 39,784 units, while international sales surged 225% to 7,868 units.
- Auditor Change: Deloitte Haskins & Sells LLP appointed as Statutory Auditor effective October 31, 2026, filling the casual vacancy left by B S R & Co. LLP, whose resignation was linked to post-acquisition group alignment.
- Minor Capital Adjustment: Allotment of 41,981 fully paid equity shares (₹2 each) under the Share-based Long Term Incentive Scheme increased paid-up capital to ₹7,36,56,62,666.

- [Tata Motors Limited has informed the Exchange regarding a press release dated November 01, 2026, titled "Tata Motors Limited (formerly TML Commercial Vehicles Limited) Monthly Sales - October 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_01112026124958_NSEBSE.pdf)
- [Tata Motors Limited has informed the Exchange regarding Outcome of Board Meeting held on October 31, 2026 for change in Statutory Auditors. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026142803_NSEBSEFINAL.pdf)
- [Tata Motors Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026143024_NSEBSEFINAL.pdf)
- [TATA MOTORS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_26984_WebXMLFile_20261031_145942966.xml)
- [Tata Motors Limited has informed the Exchange about Resignation of Statutory Auditor |SUBJECT: Resignation of Statutory Auditor](https://nsearchives.nseindia.com/corporate/TMCV_ROSA_102750_KMP_Doc.zip)
- [Tata Motors Limited has informed the Exchange regarding Acquisition (including agreement to acquire) |SUBJECT: Acquisition (including agreement to acquire)-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_26984_WebXMLFile_20261031_150841274.xml)
- [Tata Motors Limited has informed the Exchange regarding allotment of 41,981 Equity Shares of ₹2/- each fully paid up under the Tata Motors Limited Share-based Long Term Incentive Scheme. |SUBJECT: Allotment of Securities](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026082159_Reg30ESOP.pdf)
- [TATA MOTORS LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_26984_WebXMLFile_20261030_083224762.xml)
- [Tata Motors Limited has informed the Exchange regarding a press release dated October 30, 2026, titled "Tata Motors completes the initial settlement of the Tender Offer for Iveco Group. Iveco Group has now become part of Tata Motors". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026201355_NSEBSELETTERFINALIVECOFINAL.pdf)
- [Tata Motors Limited has informed the Exchange about Acquisition |SUBJECT: Acquisition](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026201734_NSEBSELETTERFINALIVECOFINAL.pdf)

### Fundamentals

Tata Motors (NSE: TMCV) reported strong top-line momentum in Q2 FY2026-27, with Revenue from Operations rising to ₹25,338 crore, up 36% year-on-year. However, profitability metrics deteriorated sequentially compared to Q1; Net Profit fell to ₹1,254 crore from ₹2,556 crore, and EPS declined to ₹3.41 from ₹6.95. This contraction occurred despite higher sales, as Expenses rose sharply to ₹24,037 crore, compressing the PBT margin.

Financial health remains robust, supported by a significant deleveraging trend. Borrowings decreased consistently from ₹9,925 crore in Mar 2025 to ₹3,780 crore in Sep 2026. Interest costs also dropped substantially, falling to ₹100 crore in the latest quarter from ₹408 crore a year prior. Cash generation is strong, with Cash from Operating Activities reaching ₹14,981 crore for the full year ended Mar 2026, and cash reserves nearly tripling to ₹5,828 crore by Sep 2026. The company’s ROCE stands at 36%, indicating efficient capital utilization.

The key divergence between revenue growth and profit compression in Q2 warrants close monitoring. While long-term trends show healthy cash conversion and debt reduction, the sequential drop in operating efficiency in the most recent quarter suggests potential headwinds in cost management or pricing power that need clarification in upcoming disclosures.

- Revenue surged 36% YoY to ₹25,338 crore in Q2 FY2026-27, but Net Profit fell sequentially to ₹1,254 crore due to sharp expense increases.
- Borrowings have declined steadily to ₹3,780 crore (Sep 2026), and interest costs dropped to ₹100 crore, signaling improved leverage.
- Cash from Operating Activities reached ₹14,981 crore for FY2026, with cash reserves growing to ₹5,828 crore by Sep 2026.
- ROCE is strong at 36%, but the sequential profit decline in Q2 highlights a need to monitor expense control and margin stability.

### Bear Case

Tata Motors faces operational and financial headwinds from its acquisition of Iveco, which posted a €45 million loss in the July-September quarter, marking its second consecutive quarterly deficit. This performance necessitates a turnaround effort while Tata carries acquisition debt and adheres to restructuring restrictions. On the market side, daily technical indicators reflect bearish momentum, with the Supertrend direction signaling downside pressure and the 20-day simple moving average slope at -2.71%. The stock has experienced a current drawdown of -15.8% against a maximum historical drawdown of -29.1%, with annualized volatility at +38.4%. Additionally, CERT-In identified security vulnerabilities in the iRA 2.0 and iRA.ev mobile apps, including hardcoded credentials and improper SSL pinning, though Tata stated these were addressed via mandatory updates in August and September 2026 with no evidence of data compromise.

- Iveco reported a €45 million loss for the July-September quarter, its second consecutive quarterly deficit, requiring a turnaround under acquisition-debt constraints.
- Daily technical trend is bearish, with a current drawdown of -15.8% and an annualized volatility of +38.4%.
- CERT-In flagged security vulnerabilities in Tata Motors' iRA 2.0 and iRA.ev apps, citing risks like hardcoded credentials; the company implemented fixes in August-September 2026.

- [Dhanteras 2026: Gold, Silver Sales Expected To Rise 20-30% In Value Terms On Auspicious Occasion](https://www.news18.com/business/savings-and-investments/dhanteras-2026-gold-silver-sales-expected-to-rise-20-30-in-value-terms-on-auspicious-occasion-10414881.html)
- [Tata Motors finds task cut out for Iveco turnaround after twin losses | Company Business News](https://www.livemint.com/companies/news/tata-motors-finds-task-cut-out-for-iveco-turnaround-after-twin-losses-11793883786516.html)
- [Buy Tata Motors for target of Rs 765-775:Karvy](https://economictimes.indiatimes.com/buy-tata-motors-for-target-of-rs-765-775karvy/articleshow/6006624.cms)
- [CERT-In flags vulnerability in Tata Motors’ mobile apps iRA 2.0, iRA.ev](https://www.thehindubusinessline.com/companies/cert-in-flags-vulnerability-in-tata-motors-mobile-apps-ira-20-iraev/article71669300.ece)
- [Tata Sons Chairman Chandrasekaran meets Italian PM Meloni after Iveco acquisition](https://economictimes.indiatimes.com/industry/auto/lcv-hcv/tata-motors-acquires-iveco-group-a-game-changer-in-global-commercial-vehicle-market-chairman-chandrasekaran-meets-italian-pm-meloni/articleshow/135566598.cms)
- [Tata Motors Limited has informed the Exchange regarding a press release dated November 01, 2026, titled "Tata Motors Limited (formerly TML Commercial Vehicles Limited) Monthly Sales - October 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_01112026124958_NSEBSE.pdf)
- [Tata Motors Limited has informed the Exchange regarding Outcome of Board Meeting held on October 31, 2026 for change in Statutory Auditors. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026142803_NSEBSEFINAL.pdf)
- [Tata Motors Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026143024_NSEBSEFINAL.pdf)
- [TATA MOTORS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_26984_WebXMLFile_20261031_145942966.xml)
- [Tata Motors Limited has informed the Exchange about Resignation of Statutory Auditor |SUBJECT: Resignation of Statutory Auditor](https://nsearchives.nseindia.com/corporate/TMCV_ROSA_102750_KMP_Doc.zip)

### FAQs

**What is the current status of Tata Motors' acquisition of Iveco Group?**

Tata Motors has acquired an 89.42% controlling stake in Iveco Group for nearly €3.43 billion, transforming it into an indirect subsidiary. However, the unit reported a €45 million loss in the July-September quarter, marking its second consecutive quarterly deficit, which presents a significant turnaround challenge alongside the acquisition debt.

**How did Tata Motors perform in commercial vehicle sales for October 2026?**

Total commercial vehicle sales reached 47,652 units in October 2026, up 27% year-over-year from 37,530 units in October 2025. Domestic sales grew 13% to 39,784 units, while international business sales surged 225% to 7,868 units.

**Why did Tata Motors change its statutory auditor?**

On October 31, 2026, the Board appointed Deloitte Haskins & Sells LLP as the new Statutory Auditor, replacing B S R & Co. LLP. The resignation was driven by the completion of the Iveco acquisition, aiming to align audit firms within the group for synergies and consistency. No concerns were raised by the resigning auditor regarding management.

**What are the key technical price levels for TMCV on November 6, 2026?**

The stock closed at ₹425.60 with a market capitalization of approximately ₹1,58,010 crore. Immediate resistance sits at ₹428.63 (pivot) and ₹433.26 (high), while support levels are located at ₹423.94 (low) and ₹417.37 (low). The daily trend is bearish, though the monthly trend remains bullish.

- [Dhanteras 2026: Gold, Silver Sales Expected To Rise 20-30% In Value Terms On Auspicious Occasion](https://www.news18.com/business/savings-and-investments/dhanteras-2026-gold-silver-sales-expected-to-rise-20-30-in-value-terms-on-auspicious-occasion-10414881.html)
- [Tata Motors finds task cut out for Iveco turnaround after twin losses | Company Business News](https://www.livemint.com/companies/news/tata-motors-finds-task-cut-out-for-iveco-turnaround-after-twin-losses-11793883786516.html)
- [Buy Tata Motors for target of Rs 765-775:Karvy](https://economictimes.indiatimes.com/buy-tata-motors-for-target-of-rs-765-775karvy/articleshow/6006624.cms)
- [CERT-In flags vulnerability in Tata Motors’ mobile apps iRA 2.0, iRA.ev](https://www.thehindubusinessline.com/companies/cert-in-flags-vulnerability-in-tata-motors-mobile-apps-ira-20-iraev/article71669300.ece)
- [Tata Sons Chairman Chandrasekaran meets Italian PM Meloni after Iveco acquisition](https://economictimes.indiatimes.com/industry/auto/lcv-hcv/tata-motors-acquires-iveco-group-a-game-changer-in-global-commercial-vehicle-market-chairman-chandrasekaran-meets-italian-pm-meloni/articleshow/135566598.cms)
- [Tata Motors Limited has informed the Exchange regarding a press release dated November 01, 2026, titled "Tata Motors Limited (formerly TML Commercial Vehicles Limited) Monthly Sales - October 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_01112026124958_NSEBSE.pdf)
- [Tata Motors Limited has informed the Exchange regarding Outcome of Board Meeting held on October 31, 2026 for change in Statutory Auditors. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026142803_NSEBSEFINAL.pdf)
- [Tata Motors Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026143024_NSEBSEFINAL.pdf)
- [TATA MOTORS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_26984_WebXMLFile_20261031_145942966.xml)
- [Tata Motors Limited has informed the Exchange about Resignation of Statutory Auditor |SUBJECT: Resignation of Statutory Auditor](https://nsearchives.nseindia.com/corporate/TMCV_ROSA_102750_KMP_Doc.zip)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹428.63
- Risk regime: Price Risk Requires Attention

### Support levels
- 423.9375
- 415.0875
- 401.2828125

### Resistance levels
- 433.25625
- 445.28496093750005
- 459.275

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.80% |
| return_10 | +7.47% |
| return_1m | -1.89% |
| return_20 | +3.00% |
| return_3m | -7.41% |
| return_5 | +7.38% |
| return_6m | -0.97% |
| return_since_start | +31.34% |
| return_ytd | -0.50% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -29.08% |
| annualized_volatility | +38.42% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Tata Motors Limited Q2 FY2026-27: Revenue rises 23%, profit halves QoQ

Tata Motors Limited reported Q2 FY2026-27 revenue from operations of ₹25,338 crore, up 22.6% quarter on quarter and 36.3% year on year. Expenses rose 33.3% from Q1, while profit for the period fell 50.9% to ₹1,254 crore and earnings per share declined to ₹3.41 from ₹6.95.

## Revenue growth and expenses

Revenue from operations increased from ₹20,667 crore in Q1 FY2026-27 to ₹25,338 crore in Q2. Total expenses rose to ₹24,037 crore from ₹18,038 crore. Q2 expenses included ₹14,826 crore of materials consumed, ₹2,994 crore of purchases of stock in trade, ₹1,580 crore of employee benefit expense and ₹539 crore of depreciation and amortisation.

The faster quarter-on-quarter increase in expenses than revenue coincided with lower pre-exceptional profit, despite the substantial revenue growth.

## Profit and earnings

Profit before exceptional items and tax declined 42.6% quarter on quarter to ₹1,737 crore from ₹3,025 crore. Q2 included an exceptional gain of ₹218 crore, compared with an exceptional charge of ₹79 crore in Q1. Profit before tax was ₹1,955 crore, down from ₹2,946 crore.

Tax expense increased to ₹744 crore from ₹414 crore, while finance costs declined to ₹100 crore from ₹135 crore. Profit for the period was ₹1,254 crore; profit attributable to owners of the parent was ₹1,257 crore. EPS was ₹3.41, versus ₹6.95 in Q1.

## Cash flow and balance sheet

Operating cash flow was ₹4,464 crore in Q2. Investing activities used ₹1,573 crore and financing activities used ₹3,829 crore; reported free cash flow was ₹2,891 crore.

At 30 September 2026, cash and cash equivalents stood at ₹5,828 crore, compared with ₹6,899 crore at 31 March 2026. Current investments were ₹4,337 crore at quarter-end. Inventories rose to ₹8,217 crore from ₹5,448 crore and trade receivables to ₹3,620 crore from ₹2,721 crore over the same dates. Trade payables increased to ₹20,265 crore from ₹15,704 crore, and current liabilities reached ₹33,369 crore.

Total equity was ₹15,363 crore at 30 September, up from ₹12,734 crore at 31 March; total liabilities were ₹42,090 crore at quarter-end.

## Segment results and valuation

Segment revenue from operations was ₹25,338 crore in Q2. Segment profit before tax declined 32.7% quarter on quarter to ₹1,998 crore from ₹2,970 crore in Q1. Segment finance costs fell to ₹100 crore from ₹135 crore.

Quarterly EPS was ₹3.41 and trailing twelve-month EPS was ₹17.14. The reported price-to-earnings ratio was 24.17 times.

## Key Takeaway

Q2 delivered strong revenue growth, but the faster rise in expenses and higher tax expense accompanied a sharp quarter-on-quarter decline in profit and EPS. Positive operating cash flow and reported free cash flow supported the quarter, while higher inventories, receivables and payables marked notable balance-sheet movements since 31 March.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +42.56%
- FII holding: +18.58%
- DII holding: +18.19%
- Mutual fund holding: +11.28%
- Retail holding: +15.29%
- Promoter pledged: +0.00%

### Major reported shareholders

- Tata Sons Private Limited — +40.14% (Bodies Corporate)
- Life Insurance Corporation of India — +4.29%
- ICICI Prudential Value Fund — +3.57%
- SBI Large Cap Fund — +2.76%
- Tata Industries Limited — +1.96% (Bodies Corporate)
- Rekha Jhunjhunwala — +1.32%
- HDFC Trustee Company Ltd./HDFC Large Cap Fund — +1.25%
- Governement of Singapore — +1.02%
- Tata Investment Corporation Limited — +0.30% (Bodies Corporate)
- Ewart Investments Limited — +0.09% (Bodies Corporate)

## Official filings

- 2026-11-06 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_07112026002910_final.pdf)
- 2026-11-01 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_01112026124958_NSEBSE.pdf)
- 2026-10-31 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026142803_NSEBSEFINAL.pdf)
- 2026-10-31 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_31102026143024_NSEBSEFINAL.pdf)
- 2026-10-31 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_26984_WebXMLFile_20261031_145942966.xml)
- 2026-10-31 — Management Change: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMCV_ROSA_102750_KMP_Doc.zip)
- 2026-10-31 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_26984_WebXMLFile_20261031_150841274.xml)
- 2026-10-30 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026082159_Reg30ESOP.pdf)
- 2026-10-30 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_26984_WebXMLFile_20261030_083224762.xml)
- 2026-10-30 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026201355_NSEBSELETTERFINALIVECOFINAL.pdf)
- 2026-10-30 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_30102026201734_NSEBSELETTERFINALIVECOFINAL.pdf)
- 2026-10-28 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TMLCOMMERCIAL_28102026171839_NSEBSE.pdf)
- 2026-10-27 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_27102026125127_NSEBSELETTER_Press_release.pdf)
- 2026-10-27 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TML2_27102026193839_NSEBSETranscript.pdf)
- 2026-10-27 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TML2_27102026195840_NSEBSELETTER.pdf)
- 2026-10-27 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_26984_WebXMLFile_20261027_232703120.xml)
- 2026-10-26 — Press Release: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_27102026012641_NSEBSELETTER.pdf)
- 2026-10-24 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_24102026110247_LetterNSEBSEnewspaperCV.pdf)
- 2026-10-23 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_23102026154330_NSEBSELETTER.pdf)
- 2026-10-23 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TMLCOMMERCIAL_23102026155403_NSEBSELETTER.pdf)
- 2026-10-23 — Financial Results Filing: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744647_23102026041338_WEB.xml)
- 2026-10-23 — Financial Results Filing: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744646_23102026041238_WEB.xml)
- 2026-10-23 — Earnings Presentation: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_23102026171720_IR.pdf)
- 2026-10-23 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL_23102026224044_AudioandtranscriptletterCV.pdf)
- 2026-10-23 — Generic Announcement: Tata Motors Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_26984_WebXMLFile_20261023_224724390.xml)

## News and market events

- 2026-11-06 — Economic Times: **Auto sector sees strong Dhanteras deliveries, expects momentum to continue till Diwali** — Major automakers including Maruti Suzuki, Tata Motors, and Hyundai reported strong vehicle deliveries on Dhanteras, building on robust Navratri sales with demand holding across two-wheeler, passenger, and commercial segments. Industry executives noted that festive momentum is expected to continue through Diwali, supported by positive market sentiment and significant year-on-year growth in both new and pre-owned car markets. — [Source](https://economictimes.indiatimes.com/industry/auto/auto-news/auto-sector-sees-strong-dhanteras-deliveries-expects-momentum-to-continue-till-diwali/articleshow/135612686.cms)
- 2026-11-06 — DECCANCHRONICLE.COM: **Carmakers Record Robust Dhanteras Deliveries To Customers** — Major Indian automakers including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Hyundai reported robust vehicle deliveries on Dhanteras, signaling strong festive season demand. Maruti Suzuki delivered over 30,000 units while Tata Motors crossed 12,000, with both companies noting significant year-on-year retail growth since Ganesh Chaturthi. Mahindra & Mahindra highlighted its position as the fastest-growing SUV brand during the period, operating at full capacity with near-zero physical inventory. — [Source](https://www.deccanchronicle.com/business/autos/carmakers-record-robust-dhanteras-deliveries-to-customers-2002331)
- 2026-11-06 — News18: **Dhanteras 2026: Gold, Silver Sales Expected To Rise 20-30% In Value Terms On Auspicious Occasion** — Jewellers anticipate a 20-30% rise in gold and silver sales value for Dhanteras 2026, driven by price corrections from January peaks and festive demand, though volume growth is expected to remain flat as consumers shift toward lightweight jewellery. Industry leaders note that while younger buyers are increasingly favoring silver due to affordability, wedding-related purchases and salary inflows are supporting overall market activity despite concerns over inflation and geopolitical uncertainties. — [Source](https://www.news18.com/business/savings-and-investments/dhanteras-2026-gold-silver-sales-expected-to-rise-20-30-in-value-terms-on-auspicious-occasion-10414881.html)
- 2026-11-06 — Mint: **Tata Motors finds task cut out for Iveco turnaround after twin losses | Company Business News** — Tata Motors has assumed control of Iveco, which reported a €45 million loss in the July-September quarter, marking its second consecutive quarterly deficit this year. This development presents a significant challenge for Tata as it must manage the turnaround while carrying acquisition debt and adhering to conditions that restrict immediate restructuring. — [Source](https://www.livemint.com/companies/news/tata-motors-finds-task-cut-out-for-iveco-turnaround-after-twin-losses-11793883786516.html)
- 2026-11-05 — Economic Times: **Buy Tata Motors for target of Rs 765-775:Karvy** — Karvy Stock Broking has advised traders to buy Tata Motors shares around the Rs 745-750 price range, setting a stoploss at Rs 735 and targeting levels between Rs 765 and Rs 775. This trading recommendation is valid for a short-term period of one to two days. — [Source](https://economictimes.indiatimes.com/buy-tata-motors-for-target-of-rs-765-775karvy/articleshow/6006624.cms)
- 2026-11-05 — The Hindu: **CERT-In flags vulnerability in Tata Motors’ mobile apps iRA 2.0, iRA.ev** — CERT-In has flagged security vulnerabilities in Tata Motors' iRA 2.0 and iRA.ev mobile applications, citing risks such as hardcoded credentials and improper SSL pinning that could allow unauthorized access to vehicle-related data. Tata Motors stated that these issues were addressed through mandatory software updates rolled out in August and September 2026, with no evidence of actual data compromise or unauthorized access. — [Source](https://www.thehindubusinessline.com/companies/cert-in-flags-vulnerability-in-tata-motors-mobile-apps-ira-20-iraev/article71669300.ece)
- 2026-11-05 — Economic Times: **Tata Sons Chairman Chandrasekaran meets Italian PM Meloni after Iveco acquisition** — Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni to discuss the strategic industrial ties between India and Italy following Tata Motors' acquisition of an 89.42 per cent controlling stake in Iveco Group for nearly 3.43 billion euros. The meeting highlighted the Indian government's gratitude for the support received from Italian authorities during the transaction, which transforms Iveco into an indirect subsidiary of Tata Motors. This development positions the combined entity as a global commercial vehicle powerhouse with operations in over 130 countries and combine — [Source](https://economictimes.indiatimes.com/industry/auto/lcv-hcv/tata-motors-acquires-iveco-group-a-game-changer-in-global-commercial-vehicle-market-chairman-chandrasekaran-meets-italian-pm-meloni/articleshow/135566598.cms)
- 2026-11-05 — The Hindu: **N Chandrasekaran meets Italian PM Meloni after Tata Motors' Iveco deal** — Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni in Rome to discuss the strategic industrial ties strengthened by Tata Motors' acquisition of an 89.42% stake in Iveco Group for €3.43 billion. The meeting highlighted the Indian conglomerate's gratitude for government support during the transaction, which positions the combined entities as a global commercial vehicle powerhouse with operations in over 130 countries and combined revenues of €21 billion. — [Source](https://www.thehindubusinessline.com/companies/tata-sons-chairman-meets-italian-pm-giorgia-meloni-after-iveco-acquisition/article71669228.ece)
- 2026-11-05 — Economic Times: **Tata Motors, Ashok Leyland shares rocket up to 12%. Here are 2 reasons fuelling the sharp surge** — Shares of Tata Motors and Ashok Leyland surged up to 12% on Thursday, driven by a sharp decline in crude oil prices that eased fuel cost concerns for fleet operators. The rally was further supported by a broader market recovery and improved investor sentiment following US midterm election results that raised hopes for a negotiated settlement to the Iran conflict. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/tata-motors-ashok-leyland-shares-rocket-up-to-12-here-are-2-reasons-fuelling-the-sharp-surge/articleshow/135562576.cms)
- 2026-11-05 — BUSINESSTODAY: **Tata Motors shares gain 8% on Iveco synergy bets; Nomura, HSBC targets** — Tata Motors shares rose 8% despite Iveco's weak Q3 results, driven by analyst expectations that the acquisition will yield integration synergies and cost efficiencies. Nomura maintained a target of Rs 511 based on an SOTP valuation, citing stable European truck demand and expected profitability improvements in Iveco's industrial segment. HSBC retained a 'Buy' rating with a Rs 500 target, while consensus estimates suggest potential upside amid ongoing monitoring of execution risks. — [Source](https://www.businesstoday.in/markets/stocks/story/tata-motors-shares-gain-8-on-iveco-synergy-bets-nomura-hsbc-targets-565806-2026-11-05)
- 2026-11-05 — The Hindu: **Crude crash, US midterm wave send Nifty surging past 24,300** — Indian benchmark indices surged past key resistance levels, driven by a near 10% crash in crude oil prices and a decisive Democratic sweep in the US midterm elections that raised hopes for de-escalation in the US-Iran conflict. This global shift, combined with expectations of tax revisions in the upcoming Union Budget, has reversed foreign institutional investor sentiment, resulting in consecutive days of net equity purchases. While the rally reflects improved market breadth and technical strength, experts caution that the crude price decline remains expectation-driven and vulnerable to negoti — [Source](https://www.thehindubusinessline.com/markets/crude-crash-us-midterm-wave-send-nifty-surging-past-24300/article71668574.ece)
- 2026-11-05 — Mint: **Tata Motors Commercial Vehicles shares vroom 8% amid mega Sensex, Nifty rally | Time to book profits or hold? Details** — Tata Motors shares rose over 8% to an intraday high of ₹436.90, driven by a broader market rally fueled by easing crude oil prices and positive global cues following the US midterm elections. The stock's momentum was further supported by the company reporting a 27% year-on-year increase in commercial vehicle sales for October 2026, with international markets emerging as the strongest growth driver. — [Source](https://www.livemint.com/market/stock-market-news/tata-motors-commercial-vehicles-shares-vroom-8-amid-mega-sensex-nifty-rally-time-to-book-profits-or-hold-details-11793851200361.html)
- 2026-11-05 — The Hindu: **CERT-In flags security vulnerabilities in Tata Motors' iRA connected vehicle apps** — CERT-In has flagged four high-severity security vulnerabilities in select versions of Tata Motors’ iRA 2.0 and iRA.ev connected vehicle applications, warning that flaws could allow attackers to access user credentials and sensitive vehicle data. The affected versions are iRA 2.0 up to 26.7.3 and iRA.ev up to 26.7.2, with CERT-In advising users to upgrade to versions 26.8.2 and 26.9.1 respectively to mitigate risks of unauthorized access and data modification. — [Source](https://www.thehindubusinessline.com/companies/cert-in-flags-high-severity-security-vulnerabilities-in-tata-motors-ira-connected-vehicle-apps/article71668222.ece)
- 2026-11-04 — Mint: **Who is Tewolde Gebremariam? Why is Air India's new CEO in the news? What did he say? Know here | Company Business News** — Air India CEO Tewolde Gebremariam stated that the airline's full turnaround could take 15-20 years as it plans to expand its widebody fleet and long-haul operations. He indicated a strategic shift to route more Europe- and America-bound flights from Mumbai rather than Delhi due to airspace restrictions over Pakistan, while also exploring Bengaluru as a potential third hub. The new chief executive acknowledged rising fuel costs and geopolitical uncertainties as short-term challenges but expressed confidence in the carrier's long-term growth under Tata Group ownership. — [Source](https://www.livemint.com/companies/people/who-is-tewolde-gebremariam-why-is-air-indias-new-ceo-in-the-news-what-did-he-say-know-here-11793808431097.html)
- 2026-11-04 — Economic Times: **Indian auto's real test lies ahead after firecracker start to festive season** — India’s passenger vehicle wholesales reached a record 5.25-5.3 lakh units in October, driven by strong festive demand and record sales from Maruti Suzuki, Hyundai, and Mahindra. However, analysts warn that the industry faces a post-festive test as rising input costs and supply constraints may weigh on future growth, with Emay Global noting that commercial vehicle makers are better positioned to handle higher commodity prices. — [Source](https://cfo.economictimes.indiatimes.com/news/strategy-operations/indian-autos-real-test-lies-ahead-after-firecracker-start-to-festive-season/135518802)
- 2026-11-03 — Times of India: **TaMo looks at manufacturing Iveco in India** — Tata Motors has completed the initial settlement of its tender offer for a nearly 90% stake in Iveco, creating the world's fourth-largest commercial vehicle manufacturer in the trucks-above-six-tonnes segment. The combined group, valued at ₹21 billion, plans to explore manufacturing opportunities for Iveco products in India while preserving the Italian company's headquarters and operational identity. — [Source](https://timesofindia.indiatimes.com/business/india-business/tamo-looks-at-manufacturing-iveco-in-india/articleshow/135513573.cms)
- 2026-11-03 — Economic Times: **Tata Motors-Iveco will focus on building a global CV business: N Chandrasekaran** — Tata Motors has completed its $4.32 billion acquisition of Iveco Group, securing an 89.42% stake to create a combined entity with approximately $24 billion in annual revenues and a presence in over 130 countries. Chairman N Chandrasekaran emphasized that the deal is driven by growth and diversification rather than consolidation, aiming to leverage complementary geographical strengths and collaborate on electric vehicles, components, and decarbonization technologies. — [Source](https://economictimes.indiatimes.com/industry/auto/lcv-hcv/tata-motors-iveco-will-focus-on-building-a-global-cv-business-n-chandrasekaran/articleshow/135511563.cms)
- 2026-11-03 — REDIFF.COM: **Tata Motors-Iveco comb0 to form world's 4th largest CV group with Rs 2.28 lakh cr in revenue** — Tata Motors has acquired an 89.42 per cent stake in Italy's Iveco for approximately 3.43 billion euros, creating the world's fourth-largest commercial vehicle group with combined revenue of Rs 2.28 lakh crore. The transaction marks Tata Motors' largest acquisition since 2008, with N Chandrasekaran appointed as Chairperson and Olof Persson continuing as CEO of the combined entity. Management anticipates significant increases in volumes, revenues, and margin profiles over the next five years, while a tender offer acceptance period remains open until November 6, 2026. — [Source](https://www.rediff.com/business/report/auto-tata-motors-iveco-merger-indias-auto-giant-forms-worlds-4th-largest-cv-group/20261103.htm)
- 2026-11-03 — The Hindu: **Eyeing local assembly of Iveco CV models: Chairman N Chandrasekaran** — Iveco Group Chairman N Chandrasekaran confirmed that the company is actively working towards delisting its stock, indicating the process will be completed soon, though no specific timeline was provided. — [Source](https://www.thehindubusinessline.com/companies/tata-iveco-aims-for-6-lakh-annual-vehicle-sales-in-five-years-india-assembly-plans-underway/article71660738.ece)
- 2026-11-03 — BUSINESSTODAY: **Tata Motors to localise Iveco Group products for India: N Chandrasekaran** — Tata Motors Commercial Vehicles and Iveco Group are exploring opportunities to localise select Iveco products for the Indian market, with semi-knocked-down manufacturing identified as the initial step. N Chandrasekaran highlighted the complementarity between the two companies' portfolios, noting that Tata Motors products will also be evaluated for other markets under Iveco Group. The combined entity aims to leverage its global scale, ranking fourth in the above-six-tonne truck segment, to unlock growth across trucks, buses, and special vehicles. — [Source](https://www.businesstoday.in/auto/story/tata-motors-to-localise-iveco-group-products-for-india-n-chandrasekaran-565505-2026-11-03)
- 2026-11-03 — The Hindu: **Tata-Iveco €3.8-bn deal turns global ambition into reality; eyes cross-market expansion** — Tata Motors has completed its €3.8-billion acquisition of Iveco Group NV, creating a combined commercial vehicle entity ranked fourth globally with operations in over 130 countries and projected revenues exceeding €21 billion. The deal enables cross-market expansion, with Iveco products entering India and Tata-branded vehicles launching in markets where the Italian manufacturer has a strong presence, alongside shared technology and R&D resources. N Chandrasekaran, who has become Chairman of Iveco Group, emphasized that the union aims to accelerate innovation and sustainable mobility rather tha — [Source](https://www.thehindu.com/business/Industry/tata-iveco-38-bn-deal-turns-global-ambition-into-reality-eyes-cross-market-expansion/article71661063.ece)
- 2026-11-03 — MONEYCONTROL: **Tata Motors, Iveco to explore bringing select European truck models to India through CKD route** — Tata Motors and Iveco are exploring the possibility of introducing select European truck models to the Indian market via the Completely Knocked Down (CKD) route. This development indicates a potential expansion of their product portfolio in India, though specific details regarding the models or timeline remain unconfirmed. — [Source](https://www.moneycontrol.com/automobile/tata-motors-iveco-to-explore-bringing-select-european-truck-models-to-india-through-ckd-route-article-14067866.html)
- 2026-11-03 — Economic Times: **Indian auto's real test lies ahead after firecracker start to festive season** — India's passenger vehicle dispatches reached a record 5.25-5.3 lakh units in October, driven by strong wholesale growth of 13-15% year-on-year as Maruti Suzuki, Hyundai, and Mahindra posted record sales ahead of the Diwali festivities. While the festive season boosted demand, analysts note that shifting festival dates distorted retail comparisons and suggest the industry faces a significant test post-festive period due to rising input costs and supply constraints. — [Source](https://economictimes.indiatimes.com/industry/auto/auto-news/maruti-mahindra-tata-hyundai-indian-autos-real-test-lies-ahead-after-firecracker-start-to-festive-season-diwali/articleshow/135485968.cms)
- 2026-11-02 — The Hindu: **Passenger EV retail dips 4% amid supply crunch; overall PV market grows 15%** — October 2026 electric passenger vehicle retail registrations fell 4% amid supply bottlenecks at Tata Motors and declining Vinfast sales, causing EV penetration to slip to 7.2% despite robust festive demand and a 15.1% expansion in the overall passenger vehicle market. — [Source](https://www.thehindubusinessline.com/economy/logistics/passenger-ev-retail-dips-4-amid-supply-crunch-overall-pv-market-grows-15/article71653228.ece)
- 2026-11-02 — MONEYCONTROL: **Q3 off to a sparkling start; car sales at record high, daily UPI value hits Rs 1 lakh crore** — India's economic activity showed strong momentum in October, characterized by record-high passenger vehicle wholesales, daily UPI transaction values exceeding Rs 1 lakh crore, and a 22.9 percent surge in GST collections. This positive trend occurred despite external headwinds including geopolitical uncertainty, elevated commodity prices, and inflationary pressures. — [Source](https://www.moneycontrol.com/news/business/economy/q3-off-to-a-sparkling-start-car-sales-at-record-high-daily-upi-value-hits-rs-1-lakh-crore-14066098.html)

## Business profile

**Strategic vision:** Manufactures and sells commercial and passenger vehicles globally.

### Business segments
- **Commercial Vehicles:** This segment focuses on manufacturing trucks and buses, serving cargo and public transportation needs, and supporting national commerce and infrastructure.
- **Passenger Vehicles:** This segment encompasses passenger cars, utility vehicles, and electric vehicles, known for their design, features, and safety standards.

### Competitive strengths
- Engineering capabilities and manufacturing operations
- Ecosystem of services and solutions for commercial vehicles
- Diverse product portfolio catering to various mobility needs

## Related stocks

- [Ashok Leyland Limited (Auto)](https://faxioms.com/stocks/ashokley) — +1.10%
- [Bajaj Auto Limited (Auto)](https://faxioms.com/stocks/bajaj-auto) — +1.32%
- [Bharat Forge Limited (Auto)](https://faxioms.com/stocks/bharatforg) — -0.74%
- [Bosch Limited (Auto)](https://faxioms.com/stocks/boschltd) — -3.38%
- [Eicher Motors Limited (Auto)](https://faxioms.com/stocks/eichermot) — -0.56%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/tmcv
Markdown representation: https://faxioms.com/stocks/tmcv?render=md