Shares of Tata Motors (Commercial Vehicles) declined over 3% to their day’s low of Rs 372 on the BSE on Thursday despite reporting a standalone net profit of Rs 2,406 crore for the quarter ended March 2026, marking a 70% increase from Rs 1,419 crore posted in the same period last year.Revenue for the quarter rose 22% year-on-year to Rs 24,452 crore, compared with Rs 19,999 crore in the corresponding quarter of the previous financial year. On a sequential basis, profit surged 329% from Rs 561 crore reported in Q3FY26, while revenue climbed 20% from Rs 20,404 crore recorded in the October-December quarter. The quarterly revenue included other operating income of Rs 171 crore.EBITDA for the quarter stood at Rs 3,400 crore, registering a 35% rise, while profit before tax (PBT) came in at Rs 3,000 crore.Tata Motors shares: Should you buy, sell or hold?Motilal Oswal Financial Services has maintained its “Neutral” rating on the Tata Motors share price with a target price of Rs 416, implying an upside potential of around 8%. The brokerage said the demand outlook for the domestic commercial vehicle industry has turned cautious amid ongoing geopolitical developments and their possible impact on the Indian economy. It also expects near-term margin pressure for the sector.Nuvama Institutional Equities has maintained a “Buy” rating on Tata Motors with a target price of Rs 480, an upside of 41% from current levels. The brokerage said the medium and heavy commercial vehicle (MHCV) industry witnessed its volume trough in FY21, following which the sector saw a steady recovery that crossed the FY19 peak and touched a new high in FY26. Nuvama expects the industry upcycle to continue, supporting further record-high volumes ahead. It expects Tata Motors Commercial Vehicles to broadly track industry growth, with domestic volumes likely to grow at a CAGR of 3%. The brokerage also highlighted the company’s export prospects, supported by a large order from Indonesia for 70,000 units, including 35,000 units each of the Yodha Pick-up and Ultra T.7 trucks. Backed by this order, Nuvama expects exports to register a strong CAGR of 48%.Management commentaryManaging Director and CEO Girish Wagh said FY26 marked a turning point for the commercial vehicle industry, with volumes crossing the pre-FY19 peak, supported by GST 2.0 reforms and continued infrastructure spending.Wagh said demand fundamentals continue to remain resilient despite geopolitical uncertainties that could lead to some moderation in the near term. He added that the company remains well-positioned to sustain momentum through strong business fundamentals, disciplined execution, proactive risk management and a refreshed product portfolio focused on lower total cost of ownership and smart digital solutions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)