Tata Motors Passenger Vehicles Ltd (NSE: TMPV) — Initiating Coverage with a Cautious Long-Term Buy Rating
Equity Research | Sector: Automobile — Passenger Vehicles | Listing: NSE & BSE | Date: 12-Jun-2026
Tata Motors Passenger Vehicles Limited (TMPV) is the newly-demerged, pure-play Indian passenger vehicle arm of the legacy Tata Motors group, encompassing the iconic Tata, Tiago, Tigor, Punch, Nexon, Harrier, and Safari brands alongside the rapidly scaling Tata.ev portfolio. This report initiates coverage on TMPV post-demerger and evaluates its structural position within the Indian PV (passenger vehicle) market, its EV (electric vehicle) leadership, its competitive moat versus Maruti Suzuki, Mahindra & Mahindra, and Hyundai, and the path to sustained profitability.
Section 1 — Executive Summary & Investment Thesis
| Parameter | Value |
|---|---|
| NSE Ticker | TMPV |
| BSE Code | 543544 |
| Sector | Automobile — Passenger Vehicles (PV) |
| Market Cap | ₹1,43,653 Cr |
| Current Price | ₹390 |
| 52-Week Range | ₹294 – ₹447 |
| Book Value (CMP context) | ₹447 |
| Trailing P/E | 22.6x |
| Sector P/E | 5.58x – 2.00x (bifurcated) |
| Dividend Yield | 2.73% |
| Index Membership | Nifty EV & New Age Automotive, Nifty Mobility |
| Promoter Holding | Tata Sons Pvt Ltd (majority) |
| Demerger Effective | November 2024 (Scheme of Arrangement) |
| Rating (Initiation) | BUY (Long-Term, 18-24 Month Horizon) |
| Conviction | Medium-High, with EV optionality |
TMPV represents one of the most strategically significant demerger plays in Indian markets over the last decade. The demerger of the passenger vehicle business from the legacy Tata Motors Limited (now primarily a CV + JLR holding) creates a pure-play Indian PV franchise with asymmetric optionality on India's nascent but rapidly scaling EV (electric vehicle) market. The Tata.ev portfolio — anchored by the Tiago.ev, Tigor.ev, Punch.ev, Nexon.ev, Harrier.ev, and the Sierra.ev concept — gives TMPV a commanding lead in the domestic EV PV market, with market share of approximately 35-40% in the four-wheeler EV segment as of FY25-FY26.
Investment Highlights:
- Demerger Catalyst: The November 2024 demerger unlocks standalone valuation for the PV business, removing the historical conglomerate discount that suppressed sum-of-the-parts (SOTP) fair value in the legacy entity.
- EV Leadership Moat: TMPV is the #1 player in the Indian four-wheeler EV market, with ~35-40% market share, leveraging in-house Ziptron technology, a wider dealer footprint (1,500+ touchpoints), and vertical integration through the Tata AutoComp Systems ecosystem.
- SUV Pivot Tailwind: The Nexon, Punch, Harrier, and Safari SUVs account for ~70% of the ICE (internal combustion engine) portfolio by volume and have pricing power that Maruti Suzuki is only beginning to match.
- JLR-Like Optionality Without the Drag: Unlike the legacy Tata Motors (CV + JLR) structure, TMPV offers investors clean exposure to Indian PV growth without the UK cyclicality of Jaguar Land Rover (JLR) or the domestic commercial vehicle (CV) cycle risk.
- Tata Group Synergies: Backed by the Tata Group conglomerate, TMPV benefits from Tata Steel (raw material procurement), Tata Power (EV charging infrastructure — the Tata Power EZ Charge network), TCS (digital manufacturing & supply chain AI), and Tata Capital (vehicle finance).
- Capex Cycle Peaking: The ₹15,000-20,000 Cr capex cycle on new product platforms (e.g., ACTI.ev architecture for Harrier.ev and Sierra.ev) is approaching peak, which should translate to operating leverage and FCF (free cash flow) inflection by FY27-FY28.
Key Risks:
- Margin Pressure from discounting to defend market share against Maruti Suzuki and Mahindra (whose XUV 3XO, XUV.e8, and Thar Roxx are formidable).
- China Rare Earth & LFP Battery Supply concentration risk.
- EV Demand Uncertainty if subsidy rationalization accelerates (e.g., reduction in FAME-II successor schemes).
- Working Capital Intensity in a ramp-up phase could pressure FCF.
- Competitive Intensity from Hyundai Motor India (post-IPO) and Renault re-entry.
Verdict: We initiate coverage on TMPV with a BUY rating and a 24-month target price of ₹475-510 (20-30% upside from CMP of ₹390), reflecting SOTP-based fair value that assigns 15x EV/EBITDA to the ICE business and 8x EV/Sales to the EV business with a 10% holding company discount. Investors with an 18-24 month horizon and high risk tolerance should accumulate on weakness. Short-term traders should await a decisive breakout above ₹447 (52-week high) on above-average volume.
Section 2 — Company Overview & Business Model
2.1 Corporate History & Demerger Context
| Milestone | Year | Significance |
|---|---|---|
| Tata Motors Founded | 1945 | Commercial vehicle heritage under Jamsetji Tata legacy |
| Tata Indica Launch | 1998 | India's first indigenously developed passenger car |
| Tata Nano Launch | 2008 | World's cheapest car at launch; symbolically iconic |
| JLR Acquisition | 2008 | $2.3 Bn acquisition of Jaguar Land Rover from Ford |
| Tata Tiago Launch | 2016 | Hat-trick platform revival in entry segment |
| Tata Nexon Launch | 2017 | First Tata SUV to achieve 5-star GNCAP rating |
| Nexon EV Launch | 2020 | First mainstream Indian EV SUV with Ziptron tech |
| Tata Punch Launch | 2021 | Micro-SUV category creator |
| Scheme of Arrangement (Demerger) | 2024 | PV business hived off into Tata Motors Passenger Vehicles Ltd (TMPV) |
| TMPV Listing (NSE/BSE) | Nov 2024 | Direct PV investor access via separate listing |
| Harrier.ev Launch | 2025 | Premium EV SUV on ACTI.ev platform |
| Sierra.ev Unveil | 2026 | Iconic brand revival in mid-size EV SUV segment |
TMPV inherits 75+ years of automotive heritage from the Tata Group, with Tata Sons Pvt Ltd remaining the promoter post-demerger. The Scheme of Arrangement was approved by the National Company Law Tribunal (NCLT) in 2024 and became effective on the appointed date, with shareholders of the legacy Tata Motors receiving shares of TMPV in a 1:1 ratio (or similar, as per the scheme record date). The result is a clean, India-domiciled, India-focused, pure-play PV entity with vertical integration advantages that few peers can match.
2.2 Product Portfolio Architecture
| Segment | ICE Models | EV Models | Price Range (Ex-Showroom, ₹) |
|---|---|---|---|
| Entry Hatchback | Tata Tiago, Tata Tigor | Tiago.ev, Tigor.ev | 5.0 L – 9.5 L |
| Compact SUV | Tata Punch, Tata Nexon | Punch.ev, Nexon.ev | 6.0 L – 14.5 L |
| Mid-Size SUV | Tata Curvv, Tata Harrier | Curvv.ev, Harrier.ev | 10.0 L – 22.0 L |
| Flagship SUV | Tata Safari | Safari.ev (upcoming) | 15.0 L – 26.0 L |
| Premium Lifestyle | Sierra (revival) | Sierra.ev (concept) | 20.0 L – 30.0 L (est.) |
TMPV has methodically transitioned from a mass-market hatchback player (2000s-2010s) to a SUV-led portfolio (2020s onwards). The SUV share of revenue has risen from ~30% in FY20 to ~70% in FY26, mirroring the broader Indian PV mix shift where SUVs now account for ~50% of total PV volumes. The Curvv coupe-SUV (FY25 launch) and the Sierra revival (FY26 unveil) signal TMPV's intent to push upmarket and capture higher realization per vehicle.
2.3 Manufacturing & Capacity Footprint
| Plant | Location | Annual Capacity (units) | Primary Output |
|---|---|---|---|
| Sanand Plant | Gujarat | ~3,00,000 | Tiago, Tigor, Tiago.ev, Tigor.ev |
| Pune Plant | Maharashtra | ~4,00,000 | Nexon, Punch, Harrier, Safari, Curvv, EVs |
| Pantnagar Plant | Uttarakhand | ~2,50,000 | Punch, Nexon (legacy lines) |
| Sanand Phase-2 (EV) | Gujarat | ~1,50,000 | EV-only production line (Acquired from Ford) |
| Total Installed | — | ~11,00,000 | Ramp-up to ~85% utilization by FY27 |
TMPV's total installed capacity of ~11 lakh units is comparable to Maruti Suzuki's ~22 lakh across Manesar + Kharkhoda but smaller than the industry leader's total. The Sanand Phase-2 plant, acquired from Ford India in 2022 for ₹726 Cr, was the first dedicated EV plant in India and gives TMPV a scalability advantage that Mahindra and Hyundai are still building out via the Chakan EV hub and Talegaon D-VOTTO plans respectively.
2.4 Distribution & Service Network
| Network Element | Count / Status | Industry Rank |
|---|---|---|
| Dealer Outlets (Sales) | ~1,500+ | #2 in India (after Maruti) |
| Service Touchpoints | ~2,200+ | #2 in India |
| EV-Specific Service Centers | ~850+ | #1 in India (clear leader) |
| Tier 2/3/4 City Coverage | ~650+ towns | Best-in-class rural reach |
| Tata Power EZ Charge Points | ~10,000+ (via Tata Power) | Largest EV charging network (private) |
| Annual Sales per Outlet | ~150-180 units | Lower than Maruti (~250), improving |
| Digital Sales (Click-to-Buy) | ~12% of bookings | Pandemic-accelerated channel |
TMPV's network strength in Tier 2/3/4 cities is a structural moat that complements the urban SUV focus of Mahindra and the metro-centric sales of Hyundai. The Tata Power charging partnership is a decisive EV moat — no peer has comparable in-house charging infrastructure at scale.
Section 3 — Industry Backdrop: Indian Passenger Vehicle Market
3.1 Market Size & Growth Trajectory
| Year | Industry PV Sales (Units) | YoY Growth | TMPV Market Share (%) | TMPV Rank |
|---|---|---|---|---|
| FY20 | 29,68,000 | -13.3% | ~4.5% | #5 |
| FY21 | 27,89,000 | -6.0% | ~6.0% | #4 |
| FY22 | 30,69,000 | +10.1% | ~7.5% | #4 |
| FY23 | 36,93,000 | +20.3% | ~8.5% | #3 |
| FY24 | 42,21,000 | +14.3% | ~9.5% | #3 |
| FY25 | 43,11,000 | +2.1% | ~10.5% | #3 |
| FY26E | ~45,50,000 | +5.5% | ~11.5% | #3 |
| FY30E | ~65,00,000 | CAGR ~9% | ~14-16% | #2/#3 |
India is the 3rd largest passenger vehicle market globally (after China and the USA) and the fastest-growing major PV market in FY24 with 14%+ growth. The structural drivers of rising disposable incomes, **low penetration (~30 PVs per 1000 people vs. China's 200+), urbanization, young demographic (median age 28), and replacement cycle are intact. TMPV's market share gain from 4.5% to 10.5% in 6 years is a structural story that should continue, supported by new product launches in the SUV and EV segments.
3.2 SUV-ization Trend & Realization Tailwind
| Segment | FY20 Mix (%) | FY25 Mix (%) | FY30E Mix (%) | Avg. Realization (₹ Lakh) |
|---|---|---|---|---|
| Hatchback | 45% | 32% | 25% | 5-7 L |
| Sedan | 18% | 12% | 9% | 9-13 L |
| SUV | 30% | 50% | 60% | 11-22 L |
| MPV | 5% | 4% | 4% | 12-18 L |
| EV (within PV) | <0.1% | ~8% | ~20-25% | 13-25 L |
SUVs are the defining growth engine of the Indian PV market and TMPV's portfolio is over-indexed to this trend. The Punch, Nexon, Curvv, Harrier, and Safari collectively address ~60% of industry SUV volume, while Maruti's Brezza and Grand Vitara, Mahindra's Scorpio/XUV series, and Hyundai's Creta/Venue are the principal competitive set.
3.3 EV Market Dynamics
| EV Indicator | FY23 | FY24 | FY25 | FY26E | FY30E |
|---|---|---|---|---|---|
| EV PV Sales (Units) | ~50,000 | ~1,00,000 | ~3,50,000 | ~5,50,000 | ~15,00,000+ |
| EV Penetration (% of PV) | 1.3% | 2.4% | 8.1% | ~12% | ~20-25% |
| TMPV EV Market Share | ~85% | ~70% | ~40% | ~35% | ~25-30% |
| Avg. EV Realization (₹ Lakh) | ~14 | ~13.5 | ~13.0 | ~14.5 | ~18-22 |
The 4W EV market in India is dominated by TMPV's Tata.ev portfolio, but competition is intensifying:
- MG Windsor EV (JSW MG Motor) — aggressive pricing at ₹9.99 L starting.
- Mahindra XUV.e8 / BE.05 — premium SUV EV launches.
- Hyundai Creta EV (FY26 launch) — strong brand pull.
- Maruti Suzuki eVX (FY26 launch) — Mass-market EV bet.
- BYD, VinFast — premium / mid-size imports.
- Tesla — long-awaited entry, FY27+ timing for Model 2/Y localized.
TMPV's first-mover advantage in EVs is real but eroding. The defensive moats are: (1) the Ziptron technology platform with 8-year battery warranty; (2) the Tata Power charging ecosystem; (3) the wide service footprint for EV-specific tooling; and (4) the scale economies in LFP battery sourcing via Tata AutoComp + Chinese partners.
3.4 Regulatory & Policy Environment
| Policy Lever | Status | Impact on TMPV |
|---|---|---|
| FAME-II Subsidy | Phased out (FY24) | Net negative for EV affordability |
| PLI Scheme (Auto) | ₹25,938 Cr outlay | Positive for capacity build-out |
| Battery PLI (ACC) | ₹18,100 Cr outlay | Positive for vertical integration |
| GST on EVs | 5% (vs 28% ICE + cess) | Structural tailwind |
| BS-VII Emission Norms | Effective Apr-2027 (likely) | Capex burden (Diesel exits) |
| CAFE-III (Corporate Average Fuel Economy) | Tightening | ICE pressure, EV incentive |
| RDE-II (Real Driving Emissions) | Effective 2026 | Modest capex |
| Tata Power EZ Charge Subsidy | State-led (Maharashtra, Karnataka, Delhi) | EV demand pull |
| Mandatory AC Charging at Buildings | Proposed in 14 states | Long-term tailwind |
TMPV is well-positioned for the BS-VII transition as its diesel portfolio is small (<10% of mix) and its petrol + CNG + EV mix is regulatory-defensive. The PLI scheme has been a tailwind for capex — TMPV did not directly receive PLI but benefits indirectly via supplier ecosystem development.
Section 4 — Financial Performance & Trajectory
4.1 Standalone P&L Snapshot (Combined/Hived-Up PV Business, Indicative)
| Particulars (₹ Cr) | FY22 | FY23 | FY24 | FY25 | FY26E | FY27E |
|---|---|---|---|---|---|---|
| Net Revenue (Net of excise) | 33,012 | 47,952 | 62,043 | 65,420 | 72,500 | 82,300 |
| YoY Growth | +22% | +45% | +29% | +5.4% | +10.8% | +13.5% |
| Raw Material Cost | 23,500 | 34,800 | 44,200 | 45,800 | 50,200 | 56,200 |
| % of Sales | 71.2% | 72.6% | 71.2% | 70.0% | 69.2% | 68.3% |
| Gross Profit | 9,512 | 13,152 | 17,843 | 19,620 | 22,300 | 26,100 |
| Gross Margin % | 28.8% | 27.4% | 28.8% | 30.0% | 30.8% | 31.7% |
| Employee Cost | 2,150 | 2,650 | 3,200 | 3,450 | 3,750 | 4,050 |
| Other Expenses | 5,800 | 7,400 | 9,100 | 10,200 | 10,800 | 11,800 |
| EBITDA | 1,562 | 3,102 | 5,543 | 5,970 | 7,750 | 10,250 |
| EBITDA Margin % | 4.7% | 6.5% | 8.9% | 9.1% | 10.7% | 12.5% |
| Depreciation & Amortization | 1,200 | 1,400 | 1,800 | 2,100 | 2,350 | 2,600 |
| EBIT | 362 | 1,702 | 3,743 | 3,870 | 5,400 | 7,650 |
| EBIT Margin % | 1.1% | 3.5% | 6.0% | 5.9% | 7.4% | 9.3% |
| Interest Expense (Net) | 820 | 950 | 1,100 | 850 | 600 | 400 |
| Exceptional Items | 300 | 0 | 1,200 | 500 | 0 | 0 |
| PBT | (758) | 752 | 1,443 | 2,520 | 4,800 | 7,250 |
| Tax | 0 | 180 | 360 | 630 | 1,200 | 1,815 |
| PAT | (758) | 572 | 1,083 | 1,890 | 3,600 | 5,435 |
| PAT Margin % | -2.3% | 1.2% | 1.7% | 2.9% | 5.0% | 6.6% |
Note: The above financials are indicative hived-up PV-business financials prepared on a management carve-out basis (post-demerger) and may differ from the reported numbers in the TMPV Red Herring Prospectus (RHP) and the post-listing quarterly filings. The hived-up data captures the standalone PV P&L with apportioned corporate costs, interest, and taxes. We have applied conservative adjustments to remove non-recurring items and exceptional charges related to platform write-offs, brand impairment (legacy Indica/Nano), and restructuring costs.
4.2 Key Financial Ratios
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26E | FY27E |
|---|---|---|---|---|---|---|
| Gross Margin | 28.8% | 27.4% | 28.8% | 30.0% | 30.8% | 31.7% |
| EBITDA Margin | 4.7% | 6.5% | 8.9% | 9.1% | 10.7% | 12.5% |
| EBIT Margin | 1.1% | 3.5% | 6.0% | 5.9% | 7.4% | 9.3% |
| Net Margin | -2.3% | 1.2% | 1.7% | 2.9% | 5.0% | 6.6% |
| ROE | NM | 5.2% | 8.5% | 12.1% | 18.5% | 22.4% |
| ROCE | 3.0% | 11.5% | 20.0% | 22.0% | 26.5% | 30.0% |
| ROIC | 2.5% | 9.0% | 15.5% | 17.0% | 21.0% | 24.5% |
| Debt/Equity | 0.95 | 0.80 | 0.55 | 0.40 | 0.25 | 0.10 |
| Net Debt/EBITDA | 3.2x | 1.8x | 0.6x | 0.1x | -0.3x | -0.6x |
| Interest Coverage | 0.4x | 1.8x | 3.4x | 4.6x | 9.0x | 19.1x |
| Working Capital / Sales | 8.5% | 7.2% | 6.0% | 5.5% | 5.0% | 4.5% |
| Capex / Sales | 7.0% | 6.0% | 6.5% | 5.0% | 4.5% | 4.0% |
| FCF / EBITDA | NM | 35% | 40% | 45% | 55% | 65% |
The financial trajectory is unmistakable: margins are inflecting from the low single-digit levels of FY22 to double-digit EBITDA by FY27E, driven by (1) operating leverage on a higher SUV mix, (2) EV cost reduction as LFP battery prices decline, (3) premiumization via Harrier/Safari/Curvv, (4) capacity utilization improving, and (5) raw material tailwinds (steel, aluminum, copper normalization). The debt deleveraging is equally compelling — TMPV is on track to become a net cash company by FY27, unlocking capital allocation optionality (buybacks, dividends, M&A).
4.3 Quarterly Trend (Post-Demerger, Indicative)
| Quarter | Volumes ('000) | Net Rev (₹ Cr) | EBITDA (%) | PAT (₹ Cr) | Net Cash (₹ Cr) |
|---|---|---|---|---|---|
| Q2 FY25 (Sep-24) | 130 | 15,800 | 9.5% | 480 | 2,100 |
| Q3 FY25 (Dec-24) | 138 | 16,500 | 9.8% | 520 | 2,800 |
| Q4 FY25 (Mar-25) | 155 | 18,200 | 10.5% | 650 | 3,500 |
| Q1 FY26 (Jun-25) | 142 | 16,800 | 9.8% | 580 | 4,000 |
| Q2 FY26 (Sep-25) | 150 | 18,000 | 10.6% | 720 | 4,500 |
| Q3 FY26 (Dec-25) | 160 | 19,200 | 11.4% | 880 | 5,200 |
| Q4 FY26 (Mar-26) | 172 | 20,500 | 12.0% | 1,020 | 6,000 |
| Q1 FY27E (Jun-26) | 165 | 20,000 | 11.8% | 1,000 | 6,800 |
The quarterly progression shows consistent margin expansion even amid volume volatility (e.g., Q1 FY26 saw a seasonal dip). The EBITDA margin has expanded from 9.5% in Q2 FY25 to 12.0% in Q4 FY26 — a 250 bps expansion in 5 quarters, which is exceptional for a capital-intensive auto OEM.
4.4 Returns Profile: From Sub-Par to Best-in-Class
| Return Metric | FY22 | FY25 | FY27E | Maruti | M&M |
|---|---|---|---|---|---|
| ROE | NM | 12.1% | 22.4% | 15.0% | 19.5% |
| ROCE | 3.0% | 22.0% | 30.0% | 18.0% | 22.0% |
| ROIC | 2.5% | 17.0% | 24.5% | 16.0% | 20.0% |
| FCF Yield | NM | 3.5% | 6.5% | 4.5% | 5.0% |
By FY27E, TMPV is expected to deliver best-in-class ROCE of ~30% — surpassing both Maruti Suzuki and Mahindra & Mahindra. This is a function of (1) higher mix of premium SUVs, (2) operating leverage, (3) capex moderation post-ACTI.ev platform deployment, and (4) working capital efficiency driven by digital supply chain initiatives powered by TCS partnerships.
Section 5 — Peer Comparison & Competitive Positioning
5.1 Market Share & Volume Benchmarks (FY25)
| OEM | FY25 Sales ('000) | Market Share | YoY Volume Growth | EV Share | SUV Share |
|---|---|---|---|---|---|
| Maruti Suzuki | ~1,750 | ~40.6% | +3.5% | <1% | ~30% |
| Hyundai Motor India | ~670 | ~15.5% | +2.0% | ~3% | ~55% |
| Tata Motors PV (TMPV) | ~575 | ~13.3% | +3.0% | ~32% | ~70% |
| Mahindra & Mahindra | ~545 | ~12.6% | +18.0% | ~5% | ~85% |
| Toyota Kirloskar | ~250 | ~5.8% | +12.0% | <1% | ~75% |
| Kia India | ~225 | ~5.2% | +5.0% | ~10% | ~80% |
| MG Motor (JSW) | ~95 | ~2.2% | +25.0% | ~50% | ~85% |
| Renault-Nissan | ~85 | ~2.0% | +8.0% | <1% | ~60% |
| Honda Cars | ~75 | ~1.7% | -10.0% | 0% | ~30% |
TMPV has firmly established itself as the #3 player in Indian PVs with a clear 3-player oligopoly forming — Maruti, Hyundai, TMPV/M&M as the dominant forces, with Mahindra closing in fast on TMPV's #3 spot. The demerger and standalone listing should help TMPV defend its position through sharper capital allocation and investor visibility.
5.2 Peer Financial Benchmarking (FY25 / FY26E, Indicative)
| Parameter | TMPV | Maruti | M&M (Auto) | Hyundai India | Kia |
|---|---|---|---|---|---|
| Net Revenue (₹ Cr) | ~65,000 | ~1,40,000 | ~70,000 | ~71,000 | ~31,000 |
| EBITDA Margin | 9.1% | 13.5% | 14.0% | 12.0% | 11.5% |
| EBIT Margin | 5.9% | 10.0% | 10.5% | 8.5% | 8.0% |
| Net Margin | 2.9% | 9.0% | 8.5% | 6.5% | 5.5% |
| ROCE | 22.0% | 18.0% | 22.0% | 20.0% | 18.0% |
| ROE | 12.1% | 15.0% | 19.5% | 17.0% | 15.0% |
| P/E (TTM) | 22.6x | 27.0x | 29.0x | 24.0x | 26.0x |
| EV/EBITDA | ~10.5x | ~17.0x | ~15.0x | ~13.0x | ~14.0x |
| Dividend Yield | 2.73% | 1.4% | 1.0% | 1.5% | 1.0% |
| Market Cap (₹ Cr) | 1,43,653 | ~3,80,000 | ~2,80,000 | ~1,50,000 | ~75,000 |
TMPV trades at a P/E discount to Maruti, M&M, Hyundai, and Kia despite comparable or superior growth in EV and SUV segments. The discount is not justified by fundamentals and should narrow as (1) standalone PV financials stabilize, (2) demerger-related noise dissipates, (3) margin expansion becomes evident, and (4) EV optionality is valued. This is a core valuation re-rating thesis.
5.3 Competitive Moat Assessment
| Moat Factor | TMPV Position | Maruti | M&M | Hyundai |
|---|---|---|---|---|
| Brand Equity | Strong (Tata legacy) | Very Strong | Strong | Very Strong |
| Dealer Network Breadth | #2 in India | #1 in India | #4 | #3 |
| EV Portfolio Depth | #1 in India | Catching Up | Building | Catching Up |
| Charging Infrastructure | #1 (Tata Power) | Limited | Limited | Limited |
| In-house R&D | Strong (Pune + Bangalore) | Moderate | Strong (Chakan) | Strong (Korea) |
| Tata Group Synergy | Highest | Low (Suzuki Japan) | Moderate (TechM) | Moderate |
| Cost Efficiency | Improving | Best-in-class | Strong | Strong |
| Premium SUV Strength | Building (Harrier/Safari) | Weak (Brezza only) | Very Strong (XUV/Thar) | Strong (Creta) |
| Diesel Portfolio | Limited | None | Strong | Limited |
| CNG Portfolio | #1 (Tiago/Tigor/Punch) | #2 | Limited | Limited |
TMPV's moats are (1) EV leadership (declining but still 2-3 years ahead), (2) Tata Power charging ecosystem (unique), (3) Tata Group synergy (unmatched), (4) Tier 2/3/4 reach (best-in-class), and (5) the iconic Tata brand (which carries trust, longevity, and emotional resonance). The key weakness is the lack of a strong premium SUV product to take on Mahindra's XUV700 / Thar and the gap in the entry-mid hatch segment where Maruti's Swift continues to dominate.
Section 6 — Strategy, Product Pipeline & EV Roadmap
6.1 New Product Launch Pipeline (FY26-FY28)
| Model | Launch Quarter | Segment | Powertrain | Est. Annual Volume ('000) | Est. Realization (₹ Lakh) |
|---|---|---|---|---|---|
| Harrier.ev | Q2 FY26 (launched) | Mid-SUV EV | EV (ACTI.ev) | 30-40 | 24-30 |
| Sierra.ev (Production) | Q4 FY26 / Q1 FY27 | Mid-SUV EV | EV (ACTI.ev) | 25-35 | 26-32 |
| Safari.ev | Q2 FY27 | Flagship SUV EV | EV (ACTI.ev) | 15-20 | 28-35 |
| Nexon Facelift (ICE) | Q1 FY27 | Compact SUV | Petrol / CNG / Diesel | 180-200 | 8-14 |
| Punch Facelift (ICE) | Q4 FY26 | Micro-SUV | Petrol / CNG | 220-250 | 6-10 |
| Curvv Coupe-SUV (ICE) | Q3 FY26 (launched) | Mid-SUV Coupe | Petrol / Diesel | 35-50 | 11-17 |
| Tata Avinya Series | Q3 FY27 / Q1 FY28 | Premium EV | EV (Born-EV) | 20-30 | 30-40 |
| Tata Punch EV Refresh | Q2 FY27 | Micro-SUV EV | EV (Ziptron) | 40-50 | 10-15 |
| Tata Altroz EV | Q4 FY27 | Premium Hatch EV | EV (Ziptron) | 15-20 | 12-16 |
| Tata Sierra (ICE) | Q1 FY28 | Mid-SUV | Petrol / Diesel | 30-40 | 15-22 |
TMPV's product pipeline is the most ambitious in its history. The ~10 launches in 3 years will (1) refresh the aging portfolio (Punch, Nexon, Tiago, Tigor), (2) deepen the EV presence (Harrier.ev, Sierra.ev, Safari.ev, Avinya), and (3) enter the premium EV space for the first time (Avinya). The Avinya concept (revealed in 2022) represents TMPV's "born-EV" platform with ~500 km range, LFP battery, and level-2 ADAS as standard.
6.2 ACTI.ev Platform & Born-EV Architecture
| Platform | Vehicle Class | Battery Range | L/W/H (m) | Wheelbase (mm) | Launch Year |
|---|---|---|---|---|---|
| Ziptron (Legacy EV) | Sub-compact to Compact | 200-300 km | Small | 2400-2500 | 2020 (Nexon EV) |
| ACTI.ev (Multi-energy) | Compact to Mid-SUV | 400-600 km | Medium | 2700-2800 | 2025 (Harrier.ev) |
| Born-EV / Avinya | Premium EV | 500-600 km | Large | 2900-3000 | 2027 (Avinya) |
| JTP (Performance) | Niche | TBD | Compact | 2450 | Future |
The ACTI.ev platform is TMPV's most strategically significant technology investment of the decade. It supports multiple powertrains (BEV, PHEV, REEV) on a single skateboard architecture, which dramatically reduces per-unit capex and accelerates time-to-market for new models. The ~₹4,000-5,000 Cr investment in ACTI.ev (over FY24-FY27) is front-loaded and should deleverage by FY28.
6.3 EV Strategy & Tata Power Ecosystem
| EV Vertical | Capability | Partner / In-house | Status |
|---|---|---|---|
| Battery Pack Assembly | LFP, NMC | Tata AutoComp + Tata | Operational (Sanand) |
| Cell Manufacturing | LFP | Tata + Agratas (UK gigafactory) | Under construction (2027 SOP) |
| Charging Infrastructure | DC Fast + AC Slow | Tata Power EZ Charge | 10,000+ points |
| Battery Recycling | Hydrometallurgy | Attero + Tata AutoComp | Operational (limited scale) |
| Software & ADAS | L2 / L2+ ADAS | In-house + Mobileye | Harrier.ev, Safari.ev |
| Connected Car | iRA 2.0 | In-house (TCS support) | Operational |
| OTA Updates | Remote upgrades | In-house | Operational |
| Vehicle-to-Grid (V2G) | Bi-directional charging | Tata Power | Pilot (Delhi) |
Tata AutoComp Systems — a Tata Group company — provides vertical integration across battery packs, motors, controllers, electronics, and plastics. The Agratas gigafactory (a Tata Group entity with ~£4 Bn UK investment) is building LFP cell capacity that will start feeding TMPV from FY28 onwards, providing long-term cell cost visibility and supply security. No peer has comparable vertical integration in the EV stack.
6.4 R&D, Engineering & Digital Initiatives
| R&D Center | Location | Headcount | Focus Area |
|---|---|---|---|
| TMPV Engineering Research Centre (ERC) | Pune | ~3,500 | Vehicle engineering, NVH, CAE |
| Tata Motors Innovation Centre | Bangalore | ~1,800 | Software, ADAS, Connected Car, AI/ML |
| TMPV Design Studio | Pune (within ERC) | ~300 | Exterior / Interior design, UX |
| UK Design Centre (legacy) | Coventry (UK) | ~150 | Premium design language (Sierra/Avinya) |
| R&D as % of Sales | — | — | ~3.5-4.0% (target 4.5% by FY28) |
R&D spend has risen from ~2.0% of sales (FY20) to ~3.5% of sales (FY25), and management has guided to 4.5% by FY28. The Bangalore Innovation Centre (focused on software, AI/ML, ADAS) is the fastest-growing site, reflecting the industry shift toward software-defined vehicles (SDV). The R&D output includes the ACTI.ev platform, the Ziptron EV tech stack, the iRA connected car platform, the ADAS suite, and the 5-star GNCAP safety engineering.
Section 7 — Valuation Framework & SOTP Analysis
7.1 Listed Peer EV/EBITDA Comparables
| OEM | EV/EBITDA (FY26E) | P/E (FY26E) | EV/Sales (FY26E) | Implied M-Cap (₹ Cr) |
|---|---|---|---|---|
| Maruti Suzuki | ~17.0x | ~27.0x | ~2.7x | ~3,80,000 |
| Mahindra & Mahindra | ~15.0x | ~29.0x | ~2.4x | ~2,80,000 |
| Hyundai Motor India | ~13.0x | ~24.0x | ~2.0x | ~1,50,000 |
| Kia India | ~14.0x | ~26.0x | ~2.3x | ~75,000 |
| Average (excl. TMPV) | ~14.75x | ~26.5x | ~2.35x | — |
| TMPV (Current) | ~10.5x | ~22.6x | ~1.6x | 1,43,653 |
| TMPV (Implied by avg.) | 14.75x | 26.5x | 2.35x | ~2,00,000-2,10,000 |
At a peer-implied multiple of ~14.75x EV/EBITDA on FY26E EBITDA of ₹7,750 Cr, the implied EV is ~₹1,14,000 Cr. Adding net cash of ~₹6,000 Cr (Q4 FY26) gives an implied equity value of ~₹1,20,000 Cr. At ~370 Cr shares outstanding (indicative), the implied price is ~₹325-340 — which is below CMP of ₹390, suggesting TMPV is already trading at a slight premium to peer multiples on the standalone basis.
However, this peer multiple analysis does not capture the EV optionality of TMPV — a critical valuation input that the legacy Tata Motors structure obscured.
7.2 SOTP Valuation: The Right Framework for TMPV
| Business Vertical | Valuation Basis | FY27E Metric | Multiple Applied | Implied Value (₹ Cr) | % of Total |
|---|---|---|---|---|---|
| Core ICE Business | EV/EBITDA | EBITDA ₹8,500 Cr | 12.0x | 1,02,000 | 55% |
| EV Business (Tata.ev) | EV/Sales | Sales ₹15,000 Cr | 2.5x | 37,500 | 20% |
| EV Optionality (Avinya, Future) | Real Option Value | N/A (probability-weighted) | — | 25,000 | 14% |
| Tata AutoComp Synergy | P/E on listed Tata AutoComp stake | Listed + unlisted | 20x | 10,000 | 5% |
| Tata Power EZ Charge | Optionality on charging | Embedded in EV | — | 5,000 | 3% |
| Net Cash (FY27E) | Balance sheet item | Net Cash ₹8,000 Cr | 1.0x | 8,000 | 4% |
| Less: Holding Discount | — | — | -10% | (18,750) | -10% |
| SOTP Equity Value | — | — | — | 1,68,750 | 100% |
| SOTP Value per Share (₹) | — | ~370 Cr shares | — | ~₹456 | — |
| Bull Case Value per Share | — | Higher EV multiples | — | ~₹510 | — |
| Bear Case Value per Share | — | 10% discount to peer avg | — | ~₹340 | — |
The SOTP framework is the most appropriate valuation lens for TMPV because it (1) disentangles the ICE business (mature, steady, margin-rich) from the EV business (growing, margin-pressured but optionality-rich), **(2) accounts for the Avinya premium EV platform as a real option, **(3) values the Tata AutoComp cross-holding (via the Tata Group structure), and (4) credits net cash that will be built by FY27E.
SOTP Target Price: ₹475 (base case, 12-month target)
7.3 DCF Cross-Check (Indicative)
| DCF Assumption | Base Case |
|---|---|
| Forecast Period | FY27E – FY36E (10 years) |
| Revenue CAGR (FY27-FY36) | 10.0% |
| EBITDA Margin (Terminal) | 14.0% |
| Capex / Sales (Steady State) | 4.0% |
| WACC | 11.5% |
| Terminal Growth | 5.0% |
| Implied EV | ~₹1,75,000 Cr |
| Implied Equity (with net cash) | ~₹1,83,000 Cr |
| Implied Price per Share | ~₹495 |
DCF and SOTP converge in the ₹450-510 range, providing methodological cross-validation for our target price. The implied upside from CMP of ₹390 is ~22-30%, justifying the BUY rating.
7.4 Bull / Base / Bear Scenarios
| Scenario | Probability | Target Price (₹) | Upside (%) | Key Assumptions |
|---|---|---|---|---|
| Bull Case | 25% | ₹560 | +44% | EV penetration to 25%, ICE margins to 14%, market share to 14%, Avinya success |
| Base Case | 50% | ₹475 | +22% | EV penetration to 18%, ICE margins to 12.5%, market share to 12%, Avinya soft launch |
| Bear Case | 25% | ₹330 | -15% | EV penetration to 12%, ICE margins stuck at 10%, market share declines to 10% |
| Weighted Target | 100% | ₹460 | +18% | Probability-weighted |
Risk-Reward: Even in the bear case, downside is ~15%, while upside in the base + bull case is 22-44%. The asymmetric risk-reward (favorable odds) supports the BUY recommendation with an 18-24 month horizon.
Section 8 — Risk Factors & Sensitivities
8.1 Operational & Strategic Risks
| Risk | Severity | Likelihood | Mitigant |
|---|---|---|---|
| Competitive Pressure on Market Share | High | High | New product launches, EV moat, dealer reach |
| Margin Compression from Discounting | High | Medium | Premiumization, SUV mix, cost reduction |
| EV Demand Slowdown | High | Medium | ICE portfolio diversifies revenue, ICE still 70%+ of mix |
| Battery Supply Concentration (China) | Medium | Medium | Agratas UK gigafactory, Tata AutoComp vertical integration |
| Semiconductor / Electronic Component Shortage | Medium | Low | Multi-sourcing, longer inventory |
| Steel / Aluminum Price Volatility | Medium | High | Tata Steel internal supply, hedging |
| Currency (USD/EUR) Fluctuation | Low | Medium | Limited imports (EVs are local) |
| Quality / Recall Issues | Medium | Medium | GNCAP 5-star reputation, mature QA |
| Talent Attrition in Tech / R&D | Medium | Medium | Tata brand, ESOP, Bangalore hub |
| Cybersecurity (Connected Cars) | Medium | Low | In-house cyber team, ISO 21434 compliance |
8.2 Macroeconomic & Regulatory Risks
| Risk | Severity | Likelihood | Impact on TMPV |
|---|---|---|---|
| India GDP Slowdown | High | Low-Medium | PV demand is income-elastic; GDP -1% = PV -3% |
| Interest Rate Hikes (RBI) | Medium | Low | Auto loan EMIs rise, demand softens |
| Fuel Price Volatility | Low | High | Petrol price spike = EV acceleration |
| FAME / EV Subsidy Withdrawal | High | Medium | EV demand could drop 20-30% near-term |
| BS-VII Implementation Cost | Medium | High (2027) | Diesel exits; ICE capex |
| CAFE-III Penalties | Medium | Medium | ICE margin pressure |
| State EV Policy Changes | Low | Medium | Localized demand |
| Tata Group Cross-Holding / Related-Party | Low | Low | Robust governance, audit committees |
| Demerger Tax Litigation | Low | Low | Legal opinions obtained |
| Geopolitical (China, Taiwan) | Medium | Low | Supply chain for EV components |
8.3 Sensitivity Analysis: EBITDA to Key Drivers (FY27E)
| Driver | Base Assumption | Sensitivity Range | EBITDA Impact (₹ Cr) | % of Base EBITDA |
|---|---|---|---|---|
| Volume Growth (FY27) | +13.5% | +8% to +20% | ±800 | ±10% |
| Realization per Vehicle | ₹8.5 Lakh | ₹8.0 L – ₹9.0 L | ±700 | ±9% |
| Raw Material (% of Sales) | 68.3% | 66% to 71% | ±1,400 | ±18% |
| EV Mix (% of total volume) | 18% | 12% to 25% | ±400 | ±5% |
| Other Expenses (₹ Cr) | 11,800 | 11,000 to 12,800 | ±1,000 | ±13% |
| FX (USD/INR) | ₹84 | ₹80 to ₹88 | ±200 | ±3% |
| Discounting / Incentives | 3.5% of sales | 2.5% to 4.5% | ±500 | ±6% |
The biggest sensitivities are raw material costs (18% EBITDA impact) and volume growth (10% EBITDA impact). Investors should track the steel and aluminum LME prices monthly, as well as the TMPV monthly wholesale data (released by SIAM on the 1st of each month).
Section 9 — Investment Conclusion & Catalysts
9.1 Rating Reiteration & Time Horizon
| Recommendation | Detail |
|---|---|
| Rating | BUY (Initiation) |
| Target Price (12-Month) | ₹475 (Base Case) |
| Target Price Range | ₹475 - ₹510 |
| Time Horizon | 18-24 Months |
| Risk Profile | Moderate-High (Cyclical Auto + EV optionality) |
| Suitability | Long-term equity investors, SIP accumulation, tactical allocation |
| Position Sizing | 3-5% of equity portfolio (sizing depends on risk appetite) |
| Stop Loss | ₹335 (long-term chart support) |
9.2 Key Catalysts (Next 6-12 Months)
| Catalyst | Timing | Direction | Magnitude |
|---|---|---|---|
| Q1 FY27 Earnings (July-26) | Q2 CY26 | Positive if margin > 11.5% | +5-8% |
| Sierra.ev Launch / Bookings | Q3-Q4 CY26 | Positive if bookings > 25K | +5-10% |
| Avinya Reveal / Pre-bookings | Q1-Q2 CY27 | Positive | +8-12% |
| Monthly Wholesale Data | Monthly | Trend confirmation | ±2-3% |
| Auto Expo 2027 (Feb) | Q1 CY27 | Product roadmap clarity | +5-8% |
| Industry Festive Season (Oct-Nov 26) | Q3 FY27 | Volume tailwind | +3-5% |
| Union Budget FY28 (EV Policy) | Q1 CY27 | Mixed; positive if subsidy extended | ±3-6% |
| Demerger Anniversary Effect | Nov 2026 | Re-rating trigger | +5-8% |
| Foreign Investor Flow (FII / ETF Inclusion) | Ongoing | Positive over time | +5-10% (cumulative) |
| Tata Group Cross-Selling / Synergy Announcements | Ongoing | Modest positive | +2-3% |
9.3 Final Verdict: TMPV is a "Show-Me Story" Becoming a "Showed-It" Story
TMPV has historically been a "show-me story" — a structurally attractive franchise that was hidden inside the legacy Tata Motors conglomerate, with investors unable to take a clean, pure-play view on the Indian PV business. The November 2024 demerger has converted this into a "showed-it story" — where the numbers, the strategy, the products, the EV leadership, the margin trajectory, and the demerger-related re-rating are all playing out in plain sight.
Three Pillars of Our Bullish Conviction:
- Structural Re-rating from legacy conglomerate discount to standalone PV valuation (₹1,43,653 Cr → ₹1,68,000-2,10,000 Cr fair value range).
- Operating Leverage Inflection from single-digit EBITDA margins to 12-14% EBITDA margins by FY27-FY28.
- EV Optionality — a call option on the Indian EV transition with Tata Power charging, Agratas batteries, and the Avinya born-EV platform.
Risks to Monitor:
- Market share defense against Mahindra's resurgent SUV portfolio.
- EV margin trajectory as competition intensifies (MG Windsor, Hyundai Creta EV, Maruti eVX).
- Working capital cycles in the ramp-up phase of new launches.
- Tata Group governance — any related-party transaction scrutiny could weigh on multiples.
Actionable Recommendation:
| Investor Type | Action | Sizing | Holding Period |
|---|---|---|---|
| Long-term SIP Investor | Accumulate on every dip | 3-5% of portfolio | 3-5 years |
| Tactical Swing Trader | Buy on dips to ₹360-380, hold to ₹450-475 | 1-2% of portfolio | 6-12 months |
| Conservative Income Investor | Avoid (cyclical, no dividend yield >3%) | — | — |
| EV / ESG Thematic Investor | Core holding | 5-7% of portfolio | 5-10 years |
| Auto Sector Allocator | Overweight vs Maruti, M&M | Sector weight +20% | 18-24 months |
Final Word: Invest in TMPV for the structural Indian PV growth story, the EV leadership optionality, the demerger-related re-rating, and the Tata Group ecosystem. Be patient, accumulate on weakness, and let the operating leverage and the multi-year EV transition play out. We rate TMPV a BUY with a 12-month target of ₹475, implying 22% upside from CMP of ₹390.
Appendix A: Key Financial Estimates (Summary Tables)
A.1 — Volume & Realization Forecast
| Year | Total Volume ('000) | ICE Volume ('000) | EV Volume ('000) | EV Mix (%) | Avg. Realization (₹ Lakh) |
|---|---|---|---|---|---|
| FY24 | 552 | 525 | 27 | 4.9% | 11.2 |
| FY25 | 575 | 478 | 97 | 16.9% | 11.4 |
| FY26E | 615 | 478 | 137 | 22.3% | 11.8 |
| FY27E | 695 | 510 | 185 | 26.6% | 11.8 |
| FY28E | 770 | 535 | 235 | 30.5% | 12.0 |
| FY30E | 920 | 560 | 360 | 39.1% | 12.5 |
A.2 — P&L Forecast Summary
| Particulars (₹ Cr) | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Net Revenue | 62,043 | 65,420 | 72,500 | 82,300 | 92,400 |
| EBITDA | 5,543 | 5,970 | 7,750 | 10,250 | 12,500 |
| EBITDA Margin (%) | 8.9 | 9.1 | 10.7 | 12.5 | 13.5 |
| EBIT | 3,743 | 3,870 | 5,400 | 7,650 | 9,800 |
| PBT | 1,443 | 2,520 | 4,800 | 7,250 | 9,400 |
| Tax | 360 | 630 | 1,200 | 1,815 | 2,350 |
| PAT | 1,083 | 1,890 | 3,600 | 5,435 | 7,050 |
| EPS (₹) | 2.9 | 5.1 | 9.7 | 14.7 | 19.0 |
A.3 — Cash Flow & Balance Sheet Forecast
| Particulars (₹ Cr) | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Operating Cash Flow | 4,500 | 5,800 | 7,200 | 9,500 | 11,800 |
| Capex | (4,000) | (3,300) | (3,300) | (3,300) | (3,200) |
| Free Cash Flow (FCF) | 500 | 2,500 | 3,900 | 6,200 | 8,600 |
| Net Debt (Year-end) | 2,000 | (1,000) | (4,500) | (8,000) | (13,500) |
| Net Debt / EBITDA (x) | 0.36x | (0.17x) | (0.58x) | (0.78x) | (1.08x) |
| Net Worth (Year-end) | 12,800 | 15,600 | 19,500 | 25,000 | 32,200 |
| Book Value per Share (₹) | 34.6 | 42.2 | 52.7 | 67.6 | 87.0 |
| ROE (%) | 8.5 | 12.1 | 18.5 | 22.4 | 23.5 |
| ROCE (%) | 20.0 | 22.0 | 26.5 | 30.0 | 31.0 |
A.4 — Key Per-Share Metrics
| Per-Share Metric | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| EPS (₹) | 2.9 | 5.1 | 9.7 | 14.7 | 19.0 |
| DPS (₹) | 0.5 | 1.0 | 2.5 | 4.5 | 6.0 |
| Book Value (₹) | 34.6 | 42.2 | 52.7 | 67.6 | 87.0 |
| FCF per Share (₹) | 1.4 | 6.8 | 10.5 | 16.8 | 23.2 |
| Net Cash per Share (₹) | (5.4) | 2.7 | 12.2 | 21.6 | 36.5 |
| P/E (at ₹390) | 133.4x | 76.5x | 40.1x | 26.5x | 20.5x |
| P/B (at ₹390) | 11.3x | 9.2x | 7.4x | 5.8x | 4.5x |
| EV/EBITDA (at ₹390) | 25.5x | 23.5x | 18.0x | 13.5x | 11.0x |
| Dividend Yield (at ₹390) | 0.1% | 0.3% | 0.6% | 1.2% | 1.5% |
Appendix B: Glossary & Definitions
| Term / Abbreviation | Definition |
|---|---|
| PV | Passenger Vehicle |
| EV | Electric Vehicle |
| ICE | Internal Combustion Engine |
| SUV | Sport Utility Vehicle |
| MPV | Multi-Purpose Vehicle |
| OEM | Original Equipment Manufacturer |
| SIAM | Society of Indian Automobile Manufacturers |
| GNCAP | Global New Car Assessment Programme (Safety Rating) |
| ADAS | Advanced Driver Assistance Systems |
| LFP | Lithium Iron Phosphate (Battery Chemistry) |
| NMC | Nickel Manganese Cobalt (Battery Chemistry) |
| PLF | Production Linked Incentive (Scheme) |
| FAME | Faster Adoption and Manufacturing of Electric Vehicles (India Subsidy) |
| RDE | Real Driving Emissions |
| BS-VII | Bharat Stage VII (Emission Norm, ~Euro 7) |
| CAFE | Corporate Average Fuel Economy |
| SOTP | Sum-of-the-Parts (Valuation) |
| WACC | Weighted Average Cost of Capital |
| DCF | Discounted Cash Flow |
| FCF | Free Cash Flow |
| ROE / ROCE / ROIC | Return on Equity / Capital Employed / Invested Capital |
| NCLT | National Company Law Tribunal |
| ACTI.ev | Advanced Connected Tech Intelligent Electric Vehicle (Platform) |
| Ziptron | Tata's EV Powertrain Technology Brand |
| Avinya | Tata's Born-EV Premium Concept / Brand |
| Sierra | Iconic Tata SUV (Revived in 2024-2026) |
| NEXON | Tata's Compact SUV (5-star GNCAP rated) |
| Punch | Tata's Micro-SUV (Highest selling Tata model FY25) |
| Curvv | Tata's Coupe-SUV (Launched FY25) |
| Harrier | Tata's Mid-Size SUV (Land Rover D8 platform derivative) |
| Safari | Tata's Flagship 7-Seater SUV |