Tata Motors Passenger Vehicles (500570) Q4 25/26 earnings summary

Executive summary

• India PV delivered record FY26 volumes and a strong H2 rebound; JLR recovered in Q4 after production disruption but posted weak full-year results.

• FY27 priorities include scaling launches and supply in India and restoring JLR margins through cost reductions and lower break-even volumes.

Financial highlights

• Q4 consolidated revenue rose 7.2% YoY to ₹105,447 Cr; EBITDA was ₹13,900 Cr, PBT before exceptional items ₹7,167 Cr and free cash flow ₹11,400 Cr.

• FY26 consolidated revenue declined 8.3% to ₹335,582 Cr; EBITDA margin was 6.8% and EBIT margin 1.1%. PBT before exceptionals was INR 2,500 crore, excluding INR 4,100 crore of exceptional items.

• India PV FY26 revenue was ₹58,465 Cr, up 20.7%; Q4 revenue rose 49% to ₹18,742 Cr, with PBT before exceptional items of ₹1,102 Cr.

• JLR Q4 revenue was £6.9bn, down 11.1% YoY, with adjusted EBIT margin of 9.2%; FY26 revenue was £22.9bn, down 20.9%, with adjusted EBIT margin of 0.7%.

• FY26 consolidated net debt was ₹30,700 Cr; the recommended dividend was ₹3 per share, with ₹1,105 Cr cash outflow.

Outlook and guidance

• India PV targets industry-leading FY27 growth; industry growth is seen near 10%, with high double-digit growth in H1 before moderation in H2.

• India growth levers include two new nameplates, four facelifts, higher capacity, strong order books and supply resilience; exports targeted to grow 70%-100%.

• JLR plans £1.7bn of savings over two years to bring cash break-even volume toward 300,000 units annually; savings are expected to show from H2 FY27.

• JLR FY27 guidance is due at its June Investor Day; planned launches include Range Rover Electric, Range Rover Sport Electric, Jaguar Type 01 and the first EMA vehicle.