Tata Motors PV shares jumped over 8 per cent to trade at ₹366.95 apiece on NSE in the early trading hours of Friday.Tata Motors Passenger Vehicles (TMPV) jumped more than 8 per cent on Friday after the automaker reported a 32 per cent year-on-year (YoY) decline in its consolidated net profit at ₹5,783 crore for the fourth quarter of FY26, from ₹8,470 crore in the year-ago period, with some brokerages continuing to remain bullish, while others remain cautious.
While the company on Thursday reported a sharp decline in its bottom line, its revenue from operations rose more than 7 per cent to ₹1.05 lakh crore in the January-March quarter of FY26, from ₹98,377 crore reported in the corresponding quarter of the previous financial year.
Along with the Q4 results, Tata Motors PV announced that its board of directors has recommended a final dividend of ₹3 per equity share (150 per cent) with a face value of ₹2 each for the financial year 2026. The payout, however, is subject to shareholders’ approval at its upcoming AGM. If approved, the dividend will be paid to the eligible shareholders on or before July 14 this year.
Tata Motors PV shares jumped over 8 per cent to trade at ₹366.95 apiece on NSE in the early trading hours of Friday.
Jefferies On Tata Motors PV
Jefferies kept an ‘Underperform’ rating on the shares of Tata Motors PV, while reducing the target price to ₹300 apiece. This implies a downside of more than 11 per cent from the stock’s previous closing price. The international brokerage said the company’s earnings were sequentially better, but JLR concerns remain. EBITDA saw a big QoQ improvement and was 23 per cent above estimates on better JLR and India margins, it added. While Jefferies noted that the cyberattack impact at JLR is behind, it still sees multiple headwinds at JLR.
Jefferies named increased competition and consumption tax in China, and high discounts & warranty cost, along with ageing key models, as the major headwinds for JLR. India PV is performing well but is unlikely to offset the JLR drag, it added.
Macquarie On Tata Motors PV
Macquarie maintained a ‘Neutral’ rating on the shares of Tata Motors PV, with a target price of ₹367 apiece, implying an upside potential of more than 8 per cent. It said that margins surprised positively, improving across both businesses While the international brokerage highlighted that it was upbeat on domestic growth, it noted persisting margin risk. Margin surprise to aid near-term stock performance, it added.
Emkay on Tata Motors PV
Emkay retained its ‘Add’ rating on the shares of Tata Motors PV, with a target price of ₹440 apiece, implying an upside potential of nearly 30 per cent from the stock’s previous closing price of ₹338.75 apiece on NSE.
The brokerage highlighted that the Tata Group company continues to demonstrate resilient performance in the domestic passenger vehicle segment, along with a strong recovery in Jaguar Land Rover (JLR), ET Now reported. It is, however, noted that commodity cost pressures are expected to persist, with the management guiding for a 3.5–4 per cent impact in Q1 FY27.
Citi On Tata Motors PV
Citi, meanwhile, maintained its ‘Sell’ call on the shares of Tata Motors PV, and reduced its target price to ₹330 apiece. It said that Q4 results were above estimates, but JLR margins face headwinds.
It added that India’s PV business saw healthy demand, and management has guided to 10 per cent year-on-year growth in industry volumes. However, it is not certain on the sustainability of margins for JLR, where hedging gains were the key driver of the EBITDA beat.
JM Financial on Tata Motors PV
JM Financial upgraded the shares of Tata Motors PV to ‘Buy’ from ‘Reduce’, and increased its target price by 27 per cent to ₹415 apiece. This implies an upside potential of more than 22 per cent from the stock’s previous closing price.
The domestic brokerage said that the turnaround at JLR post the cyberattack drove Q4 FY26 EBIT margin to 9.2 per cent (+1,600bps QoQ), which was 590 bps above its estimate, led by operating leverage. “We upgrade the stock from REDUCE to BUY, supported by: i) improving JLR demand outlook, ii) domestic demand momentum remains healthy, iii) a strong launch pipeline, and iv) lean dealer inventory across both JLR and domestic operations,” it added.
