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 to a net cash position.

• JLR delivered its best profit in a decade, achieving its tenth consecutive profitable quarter, net cash positive status, and robust product pipeline despite global headwinds and tariff challenges.

• Commercial vehicles and passenger vehicles outperformed industry growth in key segments, with notable gains in CNG and electric vehicle penetration, and maintained market leadership.

• Major product launches, continued leadership in EV and CNG segments, and significant progress in sustainability and digital initiatives were achieved.

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

Financial highlights

• FY25 consolidated revenue was ₹439,695 Cr, up 1.3% YoY; Q4 revenue at ₹119,503 Cr, up 0.4% YoY.

• FY25 consolidated EBITDA at ₹57,649 Cr (margin 13.1%), EBIT at ₹34,697 Cr (margin 7.9%), and PBT (bei) at ₹34,330 Cr.

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

• Tata Commercial Vehicles FY25 revenue ₹75,100 Cr (-4.7% YoY), EBITDA margin 11.8%, PBT (bei) ₹6,600 Cr.

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

Outlook and guidance

• Management remains focused on cost control, cash flow vigilance, and continued investment in future products and technologies despite geopolitical and tariff uncertainties.

• JLR investment spend to remain at £18b over five years, funded by operational cash flows; further guidance to be provided at upcoming Investor Day.

• Commercial Vehicles anticipate sustained growth with stable macro indicators and infrastructure spending.

• Passenger Vehicles expect industry-beating growth, driven by refreshed product cycles, innovation, and new launches in both ICE and EV segments.