Whalesbook
டாடா மோட்டார்ஸின் கமர்ஷியல் வெஹிக்கிள்ஸ் (CV) வணிகம் Q2 FY26 இல் வலுவான முடிவுகளைப் பதிவு செய்துள்ளது, இதில் மொத்த விற்பனை 12% ஆண்டுக்கு ஆண்டு அதிகரித்து 96,800 யூனிட்டுகளாக உள்ளது. வருவாய் 6.0% அதிகரித்து INR 185,850 மில்லியனாக உள்ளது, இது அதிக அளவுகள் மற்றும் சிறந்த விலையிடலால் ஆதரிக்கப்படுகிறது, இது EBITDA மற்றும் EBIT மார்ஜின்களை மேம்படுத்தியது. மார்க்-டு-மார்க்கெட் இழப்புகள் நிகர வருமானத்தைப் பாதித்தாலும், வணிகம் வலுவான இலவச பணப்புழக்கத்தை (free cash flow) உருவாக்கியது மற்றும் நிகர கடனைக் குறைத்தது. ஆய்வாளர் தேவன் சோக்ஸி 'ACCUMULATE' ரேட்டிங்கை பராமரிக்கிறார், செப்டம்பர் 2027 மதிப்பீடுகளின் அடிப்படையில் INR 369 இலக்கு விலையை நிர்ணயித்துள்ளார்.
Tata Motors Group is a leading global automobile manufacturer. Part of the illustrious multi-national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses and defence vehicles to the world.It has operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through a strong global network of subsidiaries, associate companies and Joint Ventures (JVs), including Jaguar Land Rover in the UK and Tata Daewoo in South Korea.[1]
Business Segments1) Jaguar Land Rover (71% in 9M FY25 vs 67% in FY22):[1][2]The company offers premium luxury vehicles throughJaguar Land Rover, which it acquired in 2008 for $2.3 billion. TheJaguarbrand offers luxury sedans, electric vehicles, and sports cars, while Land Rover focuses on SUVs and off-road vehicles.[3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Maruti Suzuki | 15977.00 | 33.99 | 502371.87 | 0.84 | 3349.00 | 7.95 | 42344.20 | 13.07 | 21.70 | 160633.80 | 12.22 | 14779.40 | 3349.00 | 5.04 | 11.69 | 0.00 |
| 2. | M & M | 3749.60 | 32.77 | 466361.40 | 0.67 | 3963.75 | 15.85 | 46105.67 | 21.57 | 13.93 | 175704.22 | 18.95 | 14232.39 | 3673.32 | 5.63 | 5.51 | 1.53 |
| 3. | Hyundai Motor I | 2335.90 | 33.82 | 189838.02 | 0.90 | 1570.25 | 17.38 | 17061.03 | 1.10 | 54.25 | 66889.41 | 13.20 | 5612.65 | 1570.25 | 11.17 | 19.97 | 0.05 |
| 4. | Tata Motors PVeh | 362.25 | 20.15 | 133410.99 | 1.66 | 82081.00 | -1680.00 | 12955.00 | 7.47 | 20.26 | 61032.00 | 8.75 | 6620.63 | -237.00 | 5.43 | 8.65 | 0.12 |
| 5. | Force Motors | 16901.00 | 27.15 | 22270.47 | 0.24 | 350.70 | 159.72 | 2081.40 | 7.22 | 29.99 | 8624.15 | 14.46 | 820.18 | 350.67 | 6.35 | 11.53 | 0.00 |
| 6. | Olectra Greentec | 1325.90 | 76.29 | 10902.39 | 0.03 | 49.43 | 4.18 | 656.62 | 25.39 | 20.52 | 1968.13 | 13.68 | 142.91 | 49.55 | 9.70 | 7.46 | 0.33 |
| 7. | Mercury EV-Tech | 36.99 | 79.67 | 702.71 | 0.00 | 1.72 | 7.50 | 34.01 | 74.59 | 5.15 | 122.86 | 8.41 | 8.82 | 1.72 | 2.51 | 3.08 | 0.03 |
| – | Median: 8 Co. | 1830.9 | 33.91 | 77840.73 | 0.46 | 960.48 | 7.72 | 7518.2 | 10.27 | 20.39 | 34828.07 | 12.71 | 3216.41 | 200.11 | 5.99 | 8.05 | 0.04 |
Standalone figures in ₹ crores
| Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 14,874 | 14,947 | 15,794 | 20,142 | 15,833 | 18,542 | 18,669 | 20,260 | 16,862 | 12,055 | 17,040 | 19,999 | 11,038 | 12,955 |
Expenses | 14,272 | 14,394 | 14,473 | 18,087 | 14,554 | 16,599 | 16,693 | 17,842 | 14,957 | 11,306 | 15,031 | 17,547 | 10,663 | 12,448 |
Operating Profit | 603 | 553 | 1,321 | 2,055 | 1,279 | 1,943 | 1,976 | 2,418 | 1,905 | 749 | 2,009 | 2,452 | 375 | 507 |
Other Income | 209 | 191 | 173 | -35 | -349 | 454 | 3,815 | 37 | 1,951 | 938 | 282 | -23 | 6,466 | 82,650 |
Profit before tax | -140 | -252 | 560 | 1,086 | 22 | 1,417 | 4,866 | 1,546 | 3,035 | 964 | 1,529 | 1,635 | 6,135 | 82,456 |
Tax % | 30% | 16% | 10% | -148% | 391% | 10% | 6% | -38% | 28% | 31% | 8% | 15% | 14% | 0% |
Net Profit | -181 | -293 | 506 | 2,696 | -64 | 1,270 | 4,570 | 2,126 | 2,190 | 661 | 1,404 | 1,382 | 5,266 | 82,081 |
EPS in Rs | -0.55 | -0.88 | 1.52 | 8.12 | -0.19 | 3.82 | 13.75 | 6.40 | 6.59 | 1.80 | 3.81 | 3.75 | 14.30 | 222.91 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 34,288 | 36,302 | 42,845 | 44,316 | 57,897 | 69,203 | 43,928 | 30,175 | 47,264 | 65,757 | 73,303 | 69,419 | 61,032 |
Expenses | 35,184 | 37,539 | 40,460 | 42,706 | 55,523 | 64,263 | 44,579 | 28,821 | 45,765 | 61,226 | 65,688 | 61,408 | 55,689 |
Operating Profit | -895 | -1,237 | 2,385 | 1,611 | 2,374 | 4,940 | -651 | 1,354 | 1,499 | 4,531 | 7,615 | 8,011 | 5,343 |
Other Income | 3,293 | 1,478 | 1,469 | 642 | 1,526 | 2,352 | -1,128 | 112 | 1,092 | 538 | 3,959 | 2,471 | 89,375 |
Interest | 1,353 | 1,612 | 1,592 | 1,569 | 1,744 | 1,794 | 1,973 | 2,111 | 2,122 | 2,048 | 1,706 | 1,122 | 651 |
Depreciation | 2,070 | 2,603 | 2,329 | 3,037 | 3,102 | 3,099 | 3,375 | 1,731 | 1,761 | 1,767 | 2,017 | 2,008 | 2,312 |
Profit before tax | -1,026 | -3,975 | -67 | -2,353 | -947 | 2,399 | -7,127 | -2,375 | -1,292 | 1,255 | 7,851 | 7,352 | 91,755 |
Net Profit | 335 | -4,739 | -62 | -2,430 | -1,035 | 2,021 | -7,290 | -2,395 | -1,391 | 2,728 | 7,902 | 5,452 | 90,133 |
EPS in Rs | 1.16 | -16.41 | -0.22 | -8.41 | -3.58 | 7.00 | -23.60 | -7.21 | -4.19 | 8.21 | 23.77 | 14.81 | 244.77 |
Dividend Payout % | 192% | -0% | -109% | -0% | -0% | -0% | -0% | -0% | -0% | 28% | 29% | 40% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 644 | 644 | 679 | 679 | 679 | 679 | 720 | 766 | 766 | 766 | 767 | 736 | 737 |
Reserves | 18,533 | 14,219 | 22,583 | 20,483 | 19,492 | 21,483 | 17,668 | 18,290 | 19,178 | 21,704 | 29,376 | 32,706 | 23,825 |
Borrowings | 15,053 | 21,134 | 16,473 | 19,357 | 18,464 | 18,640 | 26,050 | 22,439 | 23,529 | 19,279 | 14,190 | 9,006 | 3,001 |
Other Liabilities | 15,505 | 13,946 | 16,941 | 18,359 | 20,577 | 20,107 | 18,152 | 23,565 | 20,427 | 19,971 | 21,701 | 22,972 | 12,933 |
Total Liabilities | 49,734 | 49,943 | 56,676 | 58,878 | 59,212 | 60,910 | 62,590 | 65,060 | 63,900 | 61,720 | 66,034 | 65,420 | 40,496 |
Fixed Assets | 15,241 | 15,783 | 21,076 | 20,773 | 21,604 | 22,287 | 25,208 | 26,423 | 14,076 | 14,542 | 14,345 | 14,115 | 15,011 |
Gross Block | 28,791 | 31,814 | 39,305 | 39,886 | 43,166 | 45,397 | 51,750 | 55,235 | 30,439 | 29,658 | 31,352 | 32,485 | – |
Accumulated Depreciation | 13,551 | 16,031 | 18,230 | 19,113 | 21,562 | 23,110 | 26,542 | 28,812 | 16,363 | 15,116 | 17,007 | 18,370 | – |
CWIP | 6,355 | 6,041 | 5,687 | 7,271 | 5,197 | 6,287 | 4,495 | 3,006 | 1,467 | 1,085 | 1,234 | 1,824 | 980 |
Investments | 18,458 | 16,987 | 16,963 | 17,296 | 16,764 | 16,867 | 16,616 | 17,693 | 34,399 | 32,325 | 32,309 | 34,284 | 14,192 |
Other Assets | 9,680 | 11,132 | 12,950 | 13,539 | 15,648 | 15,469 | 16,271 | 17,937 | 13,957 | 13,768 | 18,146 | 15,197 | 10,313 |
Total Assets | 49,734 | 49,943 | 56,676 | 58,878 | 59,212 | 60,910 | 62,590 | 65,060 | 63,900 | 61,720 | 66,034 | 65,420 | 40,496 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 2,463 | -2,214 | 2,703 | 1,453 | 4,134 | 6,293 | -1,455 | 6,680 | 5,282 | 4,775 | 8,662 | 9,795 |
Cash from Investing Activity | 2,563 | 246 | -3,264 | -2,860 | -710 | -3,822 | -4,637 | -2,988 | -4,681 | 917 | 1,492 | -3,821 |
Cash from Financing Activity | -5,034 | 2,632 | -79 | 1,209 | -3,106 | -2,530 | 7,749 | -3,472 | -516 | -7,021 | -7,930 | -8,932 |
Net Cash Flow | -7 | 663 | -639 | -198 | 318 | -59 | 1,658 | 220 | 85 | -1,329 | 2,224 | -2,958 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 13 | 11 | 17 | 18 | 22 | 17 | 16 | 25 | 16 | 13 | 14 | 12 |
Inventory Days | 54 | 65 | 64 | 65 | 48 | 34 | 43 | 77 | 37 | 22 | 24 | 24 |
Days Payable | 136 | 119 | 113 | 133 | 122 | 97 | 122 | 270 | 141 | 96 | 93 | 102 |
Cash Conversion Cycle | -69 | -43 | -32 | -51 | -51 | -47 | -62 | -168 | -87 | -61 | -55 | -66 |
Working Capital Days | -132 | -128 | -80 | -95 | -79 | -66 | -138 | -197 | -148 | -105 | -96 | -74 |
ROCE % | -3% | -6% | 4% | -1% | 4% | 11% | -6% | -0% | 1% | 8% | 16% | 20% |
Nov 2025
Aug 2025
Jul 2025
Jun 2025
Jun 2025
May 2025
Feb 2025
Nov 2024
Aug 2024
Aug 2024
Jun 2024
May 2024
Mar 2024
Feb 2024
Feb 2024
Dec 2023
Sep 2023
Jul 2023
Jul 2023
Jun 2023
Jun 2023
May 2023
Feb 2023
Dec 2022
Nov 2022
Nov 2022
Aug 2022
May 2022
May 2022
Feb 2022
Jan 2022
Nov 2021
Nov 2021
Oct 2021
Jul 2021
May 2021
Feb 2021
Jan 2021
Oct 2020
Jul 2020
Jan 2017