Note: Post-Oct 2025 demerger from Tata Motors Ltd; retains JLR + India PV/EV. FY26 net profit (Rs 82,645 Cr) is dominated by a one-off demerger-related gain booked in other income (~Rs 86,300 Cr) - the 24.6% FY26 net margin is not run-rate
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
The vehicle manufacturers that design, assemble and badge the finished EV, integrating every upstream component - battery, motor, electronics and structure - into a saleable product.
Why it matters
OEMs capture the end-customer relationship and brand value, and their platform decisions determine demand for every supplier layer upstream.
Where the value pool sits
OEMs capture the largest absolute revenue and brand value in the chain, but margins vary widely - mass-market passenger EVs run thinner margins than commercial/bus platforms with contracted fleet demand.
Key drivers
Consumer EV adoption and model availability
Government incentives (FAME-style subsidies, PLI)
Electric bus/fleet procurement by state transport undertakings
New EV model launches and price competitiveness vs. ICE
Potential bottlenecks
EV-specific platform investment is capital intensive ahead of volume
Dependence on upstream battery and semiconductor supply chains