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Tata Motors Passenger Vehicles is gaining share in India’s EV market

ICICIdirect Research 31 Aug 2026 DISCLAIMER

News: According to media sources, Tata Motors Passenger Vehicles is gaining share in India’s EV market, with EV bookings tripling over the past six months, although production capacity is currently limiting the company’s ability to fully meet demand. Tata Passenger Electric Mobility said it has widened the gap with the No. 2 player and is seeing stronger consumer confidence supported by its broad EV portfolio. The company expects the momentum to continue into the festive season and believes September–December could become the industry’s largest-ever quarter, with overall auto industry growth having reached nearly 46% YoY in Q1, while EVs grew much faster at 77% YoY.

View: With GST 2.0 benefits, new model launches and changing consumer preferences to continue supporting demand, partly following the West Asia crisis creates a positive setup for the festive season. The biggest near-term opportunity is therefore converting strong bookings into deliveries by addressing production constraints; if capacity catches up, Tata could further strengthen its EV market leadership. YTD FY27 TMPV has sold ~50k units of EVs which is up by ~113% YoY while clocking new highs every month.

Impact: Positive

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