TMPV share price: Tata Motors Passenger Vehicles Ltd (Tata Motors PV) shares surged in Friday’s trade, gaining as much as 8.19% to touch a day’s high of Rs 366.60 per share, following its Q4FY26 results announced post-market hours on Thursday. 

Why are Tata Motors PV shares rising?

While the year-on-year (YoY) profit numbers looked bruised, the possible catalyst driving the stock rally is the company's  quarter-on-quarter (QoQ) turnaround. Tata Motors PV flipped back, turning profitable in the March quarter. This sharp recovery was fueled by normalised production at its British luxury arm, Jaguar Land Rover (JLR), which had been previously derailed by a cyberattack.

Meanwhile, the board also recommended a final dividend of Rs 3 per share for FY26.

Q4 performance

For Q4FY26, the automaker reported a net profit attributable to shareholders of Rs 5,783 crore, which represents a 32% YoY drop compared to the Rs 8,470 crore profit posted in the same quarter last year, but it marks a sequential turnaround from the net loss of Rs 3,486 crore reported in Q3FY26. 

According to the company's investor presentation, JLR's Q4 revenue stood at £6.9 billion, down 11.1% YoY but up 51.4% QoQ. Consequently, JLR's EBITA margin expanded to a 9.2%.

Revenue from operations coming in at Rs 105,447 crore—clocking a 7.1% YoY increase from Rs 98,377 crore, and a 50% QoQ jump from Rs 70,108 crore in the December quarter.  

"Overall, FY26 was a tale of two halves... In Q4 FY26, all the consolidated financial metrics improved significantly as JLR operations recovered post the cyber incident and domestic business continued its positive trajectory," said Dhiman Gupta, Chief Financial Officer of Tata Motors PV.

Tata Motors PV target prices & ratings

JM Financial upgraded the stock from 'Reduce' to 'Buy', setting an SOTP-based target price of Rs 415. The brokerage noted that the turnaround at JLR post the cyberattack was led by operating leverage, further highlighting an improving JLR demand outlook and a strong launch pipeline.  

On the flip side, HDFC Securities maintained a cautious stance, retaining a 'Reduce' rating with a target price of Rs 375. "JLR continues to face headwinds with demand uncertainty in China and the Middle East, and moderating demand in the UK and Europe," HDFC Securities noted in its report, adding that they "remain concerned on both the demand and supply side for FY27".