TMPV · Auto & Truck Manufacturers · INE155A01022
Analyst mean 3.04 · 28 analysts · 54% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just 16% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹13,041 cr against trailing net profit ₹82,646 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Net margin has narrowed from 8.7% to 5.6% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 5.6% vs 8.7% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Latest free cash flow ₹-23,195 cr, negative in 5 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Other income is 105% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Trailing other income ₹86,113 cr against pre-tax profit ₹82,399 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings have fallen 26% over two years — the balance sheet is getting lighter.
Borrowings down to ₹79,109 cr from ₹107,264 cr. Falling debt reduces finance cost and financial risk.
Capital work-in-progress has stayed high (98% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹102,654 cr vs ₹35,698 cr two years earlier, against fixed assets ₹104,656 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107,102 | 83,656 | 94,472 | 98,377 | 87,677 | 72,349 | 70,108 | 105,447 |
| Expenses | 91,854 | 73,742 | 84,070 | 83,990 | 79,515 | 73,753 | 69,229 | 94,188 |
| Other Income | 6,553 | 1,920 | 2,730 | 2,361 | 2,690 | 81,507 | 39 | 1,877 |
| Depreciation | 6,565 | 5,467 | 4,863 | 4,717 | 4,851 | 4,871 | 4,969 | 5,092 |
| Profit before tax | 13,765 | 5,273 | 7,426 | 11,203 | 5,309 | 74,546 | -4,733 | 7,277 |
| Net Profit | 10,587 | 3,521 | 5,484 | 8,556 | 4,003 | 76,248 | -3,483 | 5,878 |
| EPS | 31.63 | 9.36 | 14.69 | 23.01 | 10.66 | 206.85 | -9.47 | 15.70 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 766 | 766 | 766 | 767 | 736 | 737 |
| Reserves | 54,481 | 43,795 | 44,556 | 84,151 | 115,408 | 111,331 |
| Borrowings | 142,131 | 146,449 | 134,113 | 107,264 | 71,540 | 79,109 |
| Fixed Assets | 138,708 | 138,855 | 132,080 | 121,285 | 115,697 | 104,656 |
| CWIP | 20,964 | 10,251 | 14,274 | 35,698 | 65,806 | 102,654 |
| Investments | 24,620 | 29,380 | 26,379 | 22,971 | 35,656 | 26,313 |
| Total Assets | 341,570 | 329,061 | 334,674 | 369,521 | 376,973 | 379,189 |