Institutional Equity Research: Tata Motors Passenger Vehicles (NSE: TMPV) Date: January 19, 2026 Ticker: NSE: TMPV | Current Price: ₹343.55 Market Cap: ₹1.30 Trillion | Rating: Outperform (Institutional Deep Dive) 1. Executive Business Summary The "Elevator Pitch": Following the 2025 demerger from Tata Motors' commercial vehicle arm, TMPV is now a pure-play automotive powerhouse focused on the Indian passenger market and the global luxury segment (through its ownership of JLR). It is the undisputed architect of India’s electric vehicle (EV) transition. The Value Prop: TMPV solves the "aspiration vs. affordability" gap for the Indian middle class by offering high-safety, tech-heavy SUVs and compact cars. For the global elite, it provides modern luxury through Jaguar Land Rover (JLR). Customers pay for the brand’s industry-leading safety ratings (5-star BNCAP/GNCAP) and the "early adopter" status of its EV ecosystem. The "Why": Consume...