Tata Motors Passenger Vehicles (500570) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for Q3 FY26 declined 25.8% year-on-year to ₹70,108 crore, mainly due to a cyber incident at JLR, while domestic passenger vehicle business posted robust growth and margin improvement.

• Tata Passenger Vehicles achieved record sales, maintained the #2 market position in India, and saw strong EV and CNG segment growth, supported by new product launches.

• JLR focused on production normalization post-cyber incident, with Defender winning the Dakar Rally and positive media for new Jaguar models.

Financial highlights

• Consolidated Q3 FY26 revenue was ₹70,108 crore, down 25.8% year-on-year; EBIT margin was -4.7% for the quarter.

• Loss before tax (before exceptionals) was INR 3,100 crore; net debt stood at INR 39,400 crore.

• Exceptional provisions totaled INR 1,600 crore, including cyber incident costs, wage bill, and stamp duty.

• Free cash flow for the group was negative INR 17,900 crore, with cumulative cash outflow at INR 37,000 crore.

• JLR revenue was £4.5 billion, with EBIT at -6.8% and average revenue per car at GBP 76,000.

Outlook and guidance

• JLR expects a sharp recovery in Q4 FY26 as production normalizes, with EBIT margin guidance reaffirmed at 0–2% and negative free cash flow expected between £2.2bn and £2.5bn.

• Domestic PV business anticipates continued robust demand, supported by new launches and innovations, with a strong growth trajectory into FY27.