Tata Motors Passenger Vehicles Limited (TMPV.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+40.2%

₹387.19

vs ₹276.25 price

Levered DCF

₹467.36

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.28

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	1.32×	5.15×	7.31×	40.39×	-8.76×	-4.65×	-1.3×	-1.31×
P/B	0.97×	1.29×	2.7×	2.15×	1.95×	1.32×	0.25×	0.69×
P/S	0.33×	0.34×	0.53×	0.28×	0.31×	0.27×	0.06×	0.13×
EV / EBITDA	7.81×	3.18×	4.92×	5.82×	7.29×	5.65×	5.76×	4.59×
Gross margin	35.8%	45.3%	43.3%	39.9%	40.7%	41.8%	42.7%	41.2%
Operating margin	-9.4%	25.4%	24.5%	20.8%	19.2%	21.3%	20.5%	18.1%
Net margin	24.7%	6.3%	7.2%	0.7%	-4.1%	-5.4%	-4.6%	-9.5%
Current ratio	0.84×	0.96×	0.97×	0.98×	0.98×	0.94×	0.86×	0.85×
Debt / equity	0.73×	0.62×	1.29×	3.01×	3.31×	2.9×	2.12×	1.92×
Interest coverage	-11.08×	28.16×	10.63×	7.04×	5.75×	6.58×	7.4×	9.53×
Dividend yield	2.0%	1.5%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	2.7%	8.3%	2.4%	0.0%	-0.0%	-0.0%	-0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	73.5%	24.0%	37.0%	5.3%	-25.7%	-26.7%	-20.5%	-52.2%
Return on invested capital	-10.9%	32.8%	45.3%	25.7%	24.0%	23.7%	25.5%	26.8%
Return on assets	21.6%	7.3%	8.5%	0.7%	-3.5%	-4.0%	-3.8%	-9.7%
Free cash flow yield	-21.3%	16.8%	15.9%	17.8%	-1.0%	13.3%	-20.7%	-42.7%
Earnings yield	75.5%	18.6%	13.7%	2.5%	-13.2%	-20.3%	-81.3%	-75.0%
Enterprise value	₹1.7T	₹1.9T	₹3T	₹2T	₹2T	₹1.8T	₹1.2T	₹1.2T
Net debt / EBITDA	2.73×	0.63×	1.15×	3.01×	4.07×	3.58×	5.05×	3.16×
Cash conversion cycle (days)	-59	-65	-22	-25	-31	-96	-50	-67