Tata Motors Passenger Vehicles Ltd. (TAMO.BO): TMPV Investor Day; Fast growth aspirations; Cannibalization + EV competition represent

Research evidence excerpt

Tata Motors Passenger Vehicles Ltd. (TAMO.BO): TMPV Investor Day; Fast growth aspirations; Cannibalization + EV competition represent

Equity Research

24 June 2026 | 6:17AM IST

Tata Motors Passenger Vehicles Ltd. (TAMO.BO): TMPV Investor Day:

Fast growth aspirations; Cannibalization + EV competition represent

TAMO.BO held its 2026 Domestic business Investor Day on June 23. Over FY26 Chandramouli Muthiah

+91(22)6616-9344 |

-FY29, the company expects the TAMO domestic business (~50% of SOTP value) chandramouli.muthiah@gs.com

Goldman Sachs India SPL

deliver more than 25%/32%/ 44% 3-year-fwd Revenue/EBITDA/PBT CAGRs.

Kota Yuzawa

These aspirations are underpinned by TAMO’s plans to launch 6 new models over +81(3)4587-9863 |

FY26-FY31 including 1 ICE and 2 EVs in white space categories and 3 models (both kota.yuzawa@gs.comGoldman Sachs Japan Co., Ltd.

ICE+EV variants) in high growth segments (as defined by TAMO) by FY31, along with Rishabh Rathi

20+ product refreshes. Management aspires to improve EBITDA margin from 6.9% +91(22)6616-9388rishabh.rathi@gs.com|

in FY26 to 8.0%/10% in FY29/FY31. Goldman Sachs India SPL

We acknowledge the company’s aspirations to grow the domestic PV business >2x

faster than the industry (we expect mid-to-high-single-digit growth over

FY26-FY31E), but believe there could be cannibalization from new launches. The

margin journey on the domestic business could also be hampered in a scenario of

increasing EV competition due to more stringent regulations around CAFÉ 3 CO2

emissions norms. Additionally, the EV segment is likely to see more competition from

mainstream players (Maruti/HMIL/M&M likely bringing more competitively priced

compact electric SUVs to the market), thereby challenging TAMO’s early mover

advantage in the segment.