Tata Motors Passenger Vehicles Limited: Investor Day 2026 Feedback

Research evidence excerpt

Tata Motors Passenger Vehicles Limited: Investor Day 2026 Feedback

UpdateM

Additional Data and Key Exhibits

20% PV market share target by F31 (vs ~14% in F26); Key levers include product,

powertrain and capacity expansion: Tata Motors is targeting a market share of ~20% in

the India PV industry by FY31, supported by a near doubling of volumes from ~640k units

in FY26 to over 1.2 million units by FY31. Key market share gain levers include:

• Target of 15 nameplates vs 9 currently: On the product side, the company plans

to expand its portfolio to 15 nameplates by FY31, including six new launches and

over 20 refreshes. This will enable it to expand addressable market coverage to

over 80% and strengthen its presence across both existing and newly created

segments. Within EVs, it aims to have 10 nameplates vs 6 currently.

• Portfolio of powertrains: The company expects over 45% of industry volumes to

be contributed by EV and CNG powertrains by FY31 and is targeting ~30% EV

penetration within its own portfolio. The EV strategy focuses on enhancing value

proposition through advancements in battery technology, integrated powertrains

and next-generation thermal management systems, which together improve range,

efficiency and cost competitiveness. In parallel, Tata is scaling its CNG portfolio,

benefiting from strong demand led by lower running costs and expanding

infrastructure.

• Capacity expansion from 900k to 1.3 mn units: Tata Motors is increasing

manufacturing capacity from ~900k units currently to ~1.3 million units over the

next 2–3 years. The expansion is supported by investments in new facilities,

upgrades to existing plants and supplier ecosystem ramp-up, ensuring sufficient

headroom to support volume growth without bottlenecks. Importantly, the