Tata Motors Passenger Vehicles (500570) Q4 24/25 earnings summary

Executive summary

• Achieved record-high consolidated revenues of ₹439,695 Cr for FY25, with net profit at ₹28,149 Cr and highest-ever PBT (bei) of ₹34,330 Cr, supported by strong free cash flow and significant deleveraging, turning net debt into net cash.

• Tata Motors and JLR both turned net cash positive, fulfilling deleveraging commitments and maintaining robust cash flow despite challenging global conditions.

• Major product launches and continued leadership in EV and CNG segments, with significant progress in sustainability, digitalization, and new product initiatives.

• Board recommended a final dividend of ₹6 per share, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue at ₹439,695 Cr (+1.3% YoY), EBITDA at ₹57,649 Cr (margin 13.1%), EBIT at ₹34,697 Cr (margin 7.9%), and PBT (bei) at ₹34,330 Cr; Q4 revenue at ₹119,503 Cr.

• JLR FY25 revenue £29.0b (flat YoY), EBIT margin 8.5%, PBT (bei) £2,489m (+15% YoY), free cash flow £1.5b, and net cash positive.

• Tata Commercial Vehicles FY25 revenue ₹75,100 Cr (-4.7% YoY), EBITDA margin 11.8%, PBT (bei) ₹6,649 Cr, and ROCE of 37.7%.

• Tata Passenger Vehicles FY25 revenue ₹48,445 Cr (-7.5% YoY), EBITDA margin 6.9%, PBT (bei) ₹1,083 Cr, and EV market share at 55%.

• Free cash flow (automotive) for FY25 at ₹22,400 Cr; net auto cash at ₹1,000 Cr.

Outlook and guidance

• Focus on consistent, competitive, cash-accretive growth, with continued investment in future products and technologies despite geopolitical and tariff uncertainties.

• JLR maintains £18b investment plan over five years, funded by operating cash; further guidance to be provided at investor day.

• Commercial Vehicles expect single-digit growth, with HCV and buses outperforming; PV business targets industry-beating growth, double-digit EBITDA margin, and >50% EV market share in the mid-term.