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Tata Motors Passenger Vehicles Results: Latest Quarterly Results & Analysis

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Tata Motors Passenger Vehicles Ltd. 05 Feb 2026 16:20 PM
Result PDF

Q3FY26 Quarterly Result Announced for Tata Motors Passenger Vehicles Ltd.

Cars & Utility Vehicles company Tata Motors Passenger Vehicles announced Q3FY26 results

  • TMPVL delivered revenues of Rs 70.1 K crore (down 25.8%) and EBIT of Rs -3.3 K crore (down Rs 11.0 K crore).
  • PBT (bei) for Q3FY26 stood at Rs -3.1 K crore. Exceptional items of Rs 1.6K crore for Q3FY26.
    • New Labor Code and Stamp duty of Rs 0.8K crore, Rs 0.4 K crore and Rs 0.4 K crore, respectively, resulting in PBT of Rs -4.7 K crore.
  • Net Profit in Q3FY26 was Rs -3.5 K crore post recognizing a deferred tax asset at JLR. For YTD FY26, the Company reported a PBT (bei) of Rs -4.6 K crore, a decline of Rs 23.1 K crore over the previous year.
  • Consolidated Free Cash Flow for the quarter was negative at Rs -17.9 K crore driven by lower volumes and adverse working capital impact at JLR. Net Debt as on December 31, 2025 was Rs 39.4K crore.

Dhiman Gupta, Chief Financial Officer, TMPVL said: “Overall, it was a challenging quarter as anticipated on account of carryover impact of Cyber Incident at JLR, while domestic business delivered robust revenue and margin improvement QoQ. We expect performance to significantly improve in Q4 with recovery at JLR and continuing growth in domestic market share. We are well poised to seize the opportunities and drive growth through an exciting product portfolio and focused approach to achieve margin improvement”.

PB Balaji, Chief Executive Officer, said: “Q3 was a challenging quarter for JLR with performance impacted by the production shutdown we initiated in response to the cyber incident, the planned wind down of legacy Jaguar, and US tariffs. Thanks to the commitment of our dedicated teams, we returned vehicle production to normal levels by mid-November, and we are focused on building our business back stronger. While the external environment remains volatile, we expect performance to improve significantly in the fourth quarter and we have clear plans to manage global challenges. We have a resilient business and remain focused on transformation. 2026 is set to be an exciting year for JLR as we develop our next generation vehicles, including the launch of Range Rover Electric and the unveiling of the first new Jaguar.”

Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles, said: “In Q3FY26, we recorded our highest-ever quarterly wholesales at 171k units, while retail sales crossed the 200k mark for the first time, driven by strong demand tailwinds from GST 2.0 and a robust festive season. With strengthened value proposition for our products, we witnessed robust demand during the quarter, with Nexon emerging as the highest-selling model in India in Q3, while Punch also saw enhanced volumes. In EVs, we continued to sustain our growth trajectory with our highest-ever quarterly retails. Improved market traction also propelled our revenues to a new quarterly peak, registering a 24% YoY growth. The quarter was also highlighted by major product launches, including the launch of the eagerly awaited Sierra, which has received an exceptional customer response, and the unveiling of the Harrier and Safari in petrol. Earlier this month, we also launched the popular Punch in a new avatar, which has been received well by the market. Going forward, we expect to accelerate growth with a strong product pipeline, healthy inventory levels, and sustained demand across segments, while strengthening our margin trajectory.”

Result PDF

Result PDF

Cars & Utility Vehicles company Tata Motors Passenger Vehicles announced Q2FY26 results

Financial Highlights:

  • TMPVL delivered revenues of Rs 72.3K crore (down 13.5%) and EBIT of -Rs 4.9K crore (down Rs 8.8K crore).
  • PBT (bei) for Q2FY26 stood at -Rs 5.5K crore.
  • Net Profit was Rs 76.2K crore.

JLR Business Highlights:

  • Q2FY26 Revenue at GBP 4.9 billion (-24.-3%), EBITDA -1.6% (-1330 bps), EBIT -8.6% (-1370 bps), PBT (bei) GBP (485) million.
  • H1FY26 Revenue at GBP 11.5 billion (-16.3%), EBITDA 4.7% (-920 bps), EBIT -1.4% (-850 bps), PBT (bei) GBP (134) million.
  • EBIT guidance is revised to 0% to 2% for FY26.
  • Cash balance was GBP 3.0 billion and net debt GBP 1.8 billion, with gross debt of GBP 4.7 billion.
  • Total liquidity as at September 30, 2025 was GBP 6.6 billion, including undrawn RCF of GBP 1.7 billion and the new GBP 2.0 billion bridge facility, signed on September 22, 2025. Additionally, in October a GBP 1.5 billion UKEF guaranteed commercial loan was secured, providing further support to the balance sheet.
  • To support liquidity in its supply chain, JLR fast tracked a new GBP 500 million financing solution to allow qualifying suppliers to receive cash at the point of production scheduling.
  • Operations recovered at pace following cyber incident, with production now returned to normal levels.
  • Transformation programme launched in June starting to drive planned cost savings

Tata Passenger Vehicles Business Highlights:

  • Q2FY26 revenue at Rs 13.5K crore ( 15.6%), EBITDA 5.8% (-40 bps), EBIT 0.2% ( 10bps), PBT (bei) Rs 0.2K crore.
  • H1 FY26 revenue at Rs 24.4K crore ( 3.6%), EBITDA 5.0% (-100 bps), EBIT -1.1% (-130 bps), PBT (bei) Rs 0.0K crore.
  • Vahan registration market share at 12.8% in Q2FY26. EV Vahan market share at 41.4%.
  • Secured #2 rank in Vahan Market Share across both Sep 2025 & Oct 2025 driving sharp reduction in stocks.
  • Alternative powertrains continue to grow. EV penetration at 17%, CNG at 28% in Q2FY26.
  • Punch becomes India’s fastest SUV to cross 6 Lakh milestone in under 4 years.
  • Leveraging festive momentum, we retailed over 1 lakh vehicle deliveries between Navratri and Diwali ( 33% YoY).
    • Nexon was #1 model in industry in both Sep & Oct, with strong volumes across powertrains.
    • Strong demand for Punch with 40k units across Sep & Oct.
    • Highest-ever Harrier & Safari volumes on the back of newly launched Adventure X variants & strong response to Harrier.ev.
  • India’s Safest Hatchback: All-new Altroz achieved 5-Star Bharat NCAP Rating Across Petrol, Diesel & CNG Powertrains.
  • Re-entered South Africa market with Bold, Future-Ready Range of Passenger Vehicles.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It has been a difficult period for the business. However, we are committed to emerging from the cyber incident even stronger. With the demerger completed, both JLR and domestic PV businesses are well poised to leverage the significant opportunities provided by this exciting industry. Demand situation remains challenging globally but domestically there are signs of resurgence. In this context, our strategy is clear, plans robust and we will continue to execute them with speed and rigour to win”

Adrian Mardell, JLR Chief Executive Officer, said: “JLR’s performance in the second quarter of FY26 was impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs. JLR has made strong progress in recovering its operations safely and at pace following the cyber incident. In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed.

“The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time, and I want to thank our clients, retailers, suppliers and everyone in the communities connected with JLR, for their support through this disruption.

“JLR is a great business with strong global brands, a talented workforce and a loyal customer base. We are now set to deliver the outcome of an extraordinary period of British design and engineering, with the arrival of the Range Rover Electric and the new electric Jaguar - cars which will be unrivalled in their performance, design and capability. While we are mindful of the economic, geopolitical and policy challenges that our industry faces, we are resilient and well placed to make strong progress.

“As I approach the end of my 35-year career at JLR, I am immensely proud of what we have achieved together. Leading JLR as CEO over the past three years has been the greatest honour of my career and I am confident that the next chapter will bring continued success for this great business under the leadership of PB Balaji.”

Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles, said: “Q2FY26 was a landmark quarter for Tata Motors Passenger Vehicles, marked by double-digit year-on-year growth in wholesale volumes and registrations, alongside several record-breaking milestones. Our growth was powered by our multi-powertrain portfolio, with CNG & EV volumes accounting for 45% of our volumes in Q2. EV sales surged by nearly 60% YoY with nearly 25 thousand units sold in Q2, reaffirming our leadership in sustainable mobility. Leveraging a reinvigorated demand environment, our agile approach, strong portfolio and impactful marketing helped us drive this growth trajectory. September was particularly noteworthy, with record overall sales of 60k units and several other milestones. This strong market performance translated into improving revenues and QoQ improvement in profitability. With a robust booking pipeline and rising consumer confidence, we are poised to sustain this momentum in H2 FY26, guided by our unwavering commitment to innovation and several new launches ahead.”

Result PDF

Cars & Utility Vehicles company Tata Motors announced Q1FY26 results

  • Revenue: Rs 1,04,407 crore for Q1FY26, change -2.5% YoY.
  • EBITDA Margin: 9.2% for Q1FY26.
  • EBIT Margin: 4.3% for Q1FY26.
  • PBT: Rs 5,617 crore compared to Rs -3,232 crore during Q1FY25.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “Despite stiff macro headwinds, the business delivered a profitable quarter, supported by strong fundamentals. As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second-half performance.”

Adrian Mardell, JLR Chief Executive Officer, said: “Thanks to our talented people and the robust foundations we have built at JLR, we delivered an 11th successive profitable quarter amid challenging global economic conditions. We are grateful to the UK and US Governments for delivering at speed the new UK-US trade deal, which will lessen the significant US tariff impact in subsequent quarters, as will, in due course, the EU-US trade deal announced on 27 July 2025. Looking ahead, we remain focused on delivering our transformational Reimagine Strategy, including investing GBP 3.8 billion this financial year to support the development of our next-generation vehicles, including our stunning new electric Range Rover and Jaguar models.”

Girish Wagh, Executive Director Tata Motors Ltd said: “Q1FY26 was a challenging quarter for the commercial vehicle industry, with subdued demand across key segments impacting overall performance. We also witnessed a decline in domestic sales volumes, reflecting broader market softness and delayed fleet replacement cycles, while segments like Buses and Vans showed resilience and our International Business delivered growth. Our commitment to product innovation and customer-centricity remained strong. The launch of the Ace Pro mini-truck in multiple powertrain options received encouraging initial market response, reaffirming our focus on delivering relevant and affordable mobility solutions. Despite adverse volumes, the business delivered 12.2% EBITDA and healthy ROCE of ~40%.

The acquisition of IVECO Group is a strategic leap forward in our ambition to build a future-ready commercial vehicle ecosystem. By integrating the strengths of both organizations, we will be unlocking new avenues for operational excellence, product innovation and customer-centric solutions.”

Shailesh Chandra, Managing Director TMPV and TPEM said: “Q1 FY26 was a subdued quarter for the passenger vehicle industry, with volume pressures persisting across most segments. Demand softness weighed on overall performance, although the Electric Vehicle category remained a bright spot, supported by new launches and growing customer interest. Our continued focus on customer engagement and portfolio renewal remained strong during the quarter. New launches—Altroz and Harrier.ev—received encouraging initial market response, with their full impact expected to unfold in the coming months. Looking ahead, while the overall industry growth is expected to remain muted, we are confident that our recent and forthcoming series of launches—across ICE and EVs—will enable us to outperform the market and strengthen our position across key segments.”

Result PDF

Cars & Utility Vehicles company Tata Motors announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue were Rs 119.5K crore (up 0.4%).
  • EBITDA was Rs 16.7K crore (down 4.1%).
  • EBIT was Rs 11.5K crore ( Rs 1.0K crore).
  • PBT(bei) stood at Rs 12.1K crore ( Rs 2.5K crore).
  • Net profit was Rs 8.6K crore.

FY25 Financial Highlights:

  • Reported record revenues of Rs 439.7K crore with EBITDA at Rs 57.6K crore, highest ever PBT(bei) of Rs 34.3K crore ( Rs 5.0K crore over the previous year) and net profit of Rs 28.1K crore.
  • TML group turned net auto cash positive in FY25 with net cash balance of Rs 1.0K crore.
  • The Board of Directors have recommended a final dividend of Rs 6/- per share subject to approval by the shareholders.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “Despite external headwinds, Tata Motors sustained its strong performance in FY25, delivering its highest ever revenues and PBT(bei). On a consolidated basis the automotive business is now debt-free, reducing interest costs. This is both pleasing and significant as it reflects healthy business fundamentals delivered by a resilient team. Drawing strength from it, in this environment of heightened uncertainty, we will remain agile, proactively drive our growth agenda, reduce our cash breakeven further whilst continuing to invest in our future. With the shareholders also approving the demerger, we are on track to realise the full potential of each of the businesses.”

Girish Wagh, Executive Director, Tata Motors, said: “FY25 ended on a positive note for Commercial Vehicles industry; an improvement vs the YoY demand decline witnessed earlier. At Tata Motors, we continued to strengthen our market presence by introducing innovative mobility solutions across both passenger and cargo segments. We accelerated our digital transformation, deepened customer engagement through strategic partnerships, and advanced our sustainability agenda with a comprehensive and purpose-driven approach. Our focus on profitable growth enabled the CV business to deliver annual revenues of Rs 75.1K crore and PBT (bei) of Rs 6.6K crore and strong ROCE of 37.7% in FY25. Going forward, we remain committed to driving sustainable and profitable growth while improving Vahan market share across all business segments. We will continue to deliver greater value through cutting-edge products, intelligent services, and end-to-end mobility solutions that meet the evolving needs of our customers”

Shailesh Chandra, Managing Director TMPV & TPEM said: “Passenger vehicle sales in India grew by a modest 2% in FY25, but set a new record with over 4.3 million units sold. This growth was fueled by the rising popularity of SUVs which accounted for 55% of total sales and a rapidly increasing consumer preference toward environmentally friendly powertrains. Electric vehicles showed renewed momentum, supported by a growing number of industry players expanding customer choices and reinforcing the EV ecosystem. In a year marked by fluctuating demand, Tata Motors Passenger Vehicles led the industry in SUV growth and outpaced the market in CNG sales. Our multi-powertrain strategy and strong commitment to sustainable mobility enabled us to increase the share of CNG and electric vehicles to 36% of our overall portfolio. We also celebrated two significant milestones in FY25: surpassing 6 million cumulative passenger vehicle sales and achieving over 200,000 cumulative EV sales. Overall, the business recorded annual turnover of Rs 48.4K crore and PBT (bei) of Rs 1.1K crore in FY25.”

Result PDF

Cars & Utility Vehicles company Tata Motors announced Q3FY25 results

  • TML delivered revenues of Rs 113.6K crore (up 2.7%).
  • EBITDA at Rs 15.5K crore (13.7%, down 60bps) and EBIT of Rs 10.0K crore (8.9%, up 60bps), witnessing strong improvement over Q2 FY25 as supply challenges eased.
  • PBT (bei) for Q3FY25 stood at Rs 7.7K crore, down Rs 75 crore while Net Profit was Rs 5.6K crore
  • For 9MFY25, the business reported a strong PBT (bei) of Rs 22.3K crore, an improvement of Rs 2.8K crore over 9MFY24.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “In Q3FY25, the performance of all businesses improved sequentially. For 9MFY25, our business grew 1.6% over the previous year to Rs 323.0K crore and delivered a robust PBT (bei) of Rs 22.3K crore ( 14.5%). The fundamentals of the business are strong and therefore despite external challenges we are confident of delivering another strong performance this year.”

Adrian Mardell, JLR Chief Executive Officer, said: “JLR has delivered a robust performance in the third quarter of our financial year, and further milestones in our Reimagine strategy. Thanks to our people and partners we achieved record revenue and our best EBIT margin in a decade and our electrification plans are progressing. We revealed the beautiful, reimagined Jaguar design vision - Type 00 - in Miami, and later this year, we will launch Range Rover Electric ”

Girish Wagh, Executive Director Tata Motors, said: “In Q3FY25, HCV segment witnessed robust sequential recovery, even as the YoY sales declined 9% due to limited growth in end-use segments. The ILMCV segment and passenger carrier segment witnessed ~3% and ~30% yoy growth, whereas the SCV segment experienced marginal decline due to ongoing financing challenges. The business has delivered strong EBITDA and EBIT margin of 12.4% and 9.6%, respectively, with cost control and reflecting PLI incentive. At the Bharat Mobility Expo, we unveiled a bold new era in mobility, showcasing 14 smart vehicles, all integrated with ADAS, alongside 6 cutting-edge intelligent solutions that provide real-time performance insights, and 4 advanced aggregates. With relentless innovation and agility, we will continue to redefine the future of mobility with sustainable, intelligent, and cutting-edge solutions”.

Shailesh Chandra, Managing Director TMPV and TPEM said: “In Q3FY25, we recorded wholesales of 140K units (1.1% growth over Q3 FY24) and retail sales growth of 6% over Q3FY24. This has allowed us to sharply reduce our channel inventory ahead of Q4FY25. In the EV segment we registered 19% growth in the domestic personal segment, although our fleet volumes declined YoY due to the expiry of FAME II subsidy. Our new product launches including Curvv, Curvv.ev, Nexon CNG and Nexon.ev 45 continue to see strong customer traction. Overall, in Q3FY25, the business delivered resilient performance, with volumes and profitability improving sequentially. At the Bharat Mobility Global Expo 2025, we unveiled our ‘Future of Mobility’ portfolio blending innovative design and smart engineering, with a profound understanding of customer needs. Looking ahead, we remain agile and optimistic as we continue to leverage the demand our new products, expand our network and focus on micro-markets to increase our volumes and market share.”

Result PDF

Cars & Utility Vehicles company Tata Motors announced Q2FY25 results

  • Revenues of Rs 101.5K crore (down 3.5%), EBITDA at Rs 11.6K crore (11.4%, down 230bps)
  • EBIT of Rs 5.6K crore (5.6%, down 190bps).
  • PBT (bei) for Q2FY25 stood at Rs 5.8K crore down Rs 391 crore.
  • Profit was Rs 3.5K crore.
  • For H1FY25 the business reported a strong PBT (bei) of Rs 14.6K crore, an improvement of Rs 2.9K crore over the previous year.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “Growth in the quarter was impacted due to significant external challenges as highlighted earlier. Overall, the business fundamentals remain strong, and we remain focused on our agenda of driving growth, competitiveness and free cash flows. As the supply challenges ease and demand picks up, we are confident of steady improvement in our performance and delivering a strong H2.”

Adrian Mardell, JLR Chief Executive Officer, said: “JLR has delivered a resilient performance in Q2, resulting in a 25 per cent increase in first half profits year-on-year. Our teams responded brilliantly to the aluminum supply shortages we experienced in the quarter, so we could deliver as many orders as possible to clients. We continue to make good progress delivering our Reimagine strategy. We have invested £250m so far to prepare our Halewood UK plant for electric vehicle production and with strong global demand for our products, we are well positioned to deliver on our commitments again this financial year.”

Girish Wagh, Executive Director Tata Motors Ltd said: “Q2FY25 moderated the positive momentum seen by the commercial vehicles industry at the start of the fiscal, due to slowdown in infrastructure project execution, reduction in mining activity and an overall drop in fleet utilization due to heavy rains. Tata Motors Commercial Vehicles domestic sales at 79.8K units were 19.6% lower than Q2 FY24 sales. Our demand-pull strategy and vigilance on costs had the business deliver EBITDA margins of 11.2% in H1FY25. Going forward, with the rains easing, increased infrastructure spending, and the arrival of the festive season boosting consumption, we anticipate demand to pick up “

Shailesh Chandra, Managing Director TMPV and TPEM said: “The Passenger Vehicle industry in Q2FY25 witnessed ~5% decline in registrations, resulting in continued build-up of channel inventory. Sales of EVs were additionally impacted by lapse of certain subsidies. We moderated our offtakes in Q2 to proactively keep our channel inventory under control. Q3 has started off with a resurgence in industry demand on the back of a robust festive season. Tata Motors recorded its highest ever monthly registrations of ~68.5k during October, which helped in bringing down the inventory to normal levels. Our multi-powertrain suite of Curvv, Nexon iCNG and Nexon.ev 45 has garnered strong consumer interest as we continue to ramp up deliveries in Q3.”

Result PDF

Cars & Utility Vehicles company Tata Motors announced Q1FY25 results:

  • Revenue Rs 108.0K crore ( 5.7%), EBITDA at Rs 15.6K crore ( 6.0%),
  • PBT (bei) Rs 8.8K crore ( Rs 3.3K crore), Auto FCF Rs 1.2K crore (-Rs 1.3K crore)
  • JLR Revenue GBP7.3b up 5.4%, EBITDA at 15.8% (-50 bps), EBIT at 8.9% ( 30 bps)
  • Tata CV Revenue Rs 17.8K crore, up 5.1%, EBITDA at 11.6% ( 220 bps), EBIT at 8.9% ( 240 bps)
  • Tata PV Revenue Rs 11.8K crore, down 7.7%, EBITDA at 5.8% ( 50 bps), EBIT at 0.3% (-70 bps)

PB Balaji, Group Chief Financial Officer, Tata Motors said: “The first quarter has carried forward the momentum of last year with all businesses continuing to deliver on their distinctive strategies. We are confident of sustaining the performance in the coming quarters and delivering a strong year.”

Adrian Mardell, JLR Chief Executive Officer, said: “Thanks to the hard work and commitment of our people, JLR has delivered an outstanding set of results in the first quarter, with record revenues and an increase in year-on-year quarterly profits of nearly 60 per cent. We are making great progress delivering our Reimagine strategy. Our Jaguar TCS Racing Formula E Team, pioneers in electric technology innovation, are winners of this year’s ABB FIA Formula E Team and Manufacturer’s World Championships. We are bringing the lessons learned from this success on the racetrack to our luxury electric vehicles and later this year we will unveil our first next generation luxury electric vehicle, Range Rover Electric, which has more than 41,000 customers on its waiting list.”

Girish Wagh, Executive Director Tata Motors Ltd said: “Q1 FY25 registered a positive start for the Indian commercial vehicles sector. Tata Motors recorded commercial vehicles domestic sales of 87,615 units, ~7% higher than Q1FY24 sales. Overall positive market sentiment arising from increased economic activity, continuing infrastructure development, and growing demand of e-commerce, auto aggregates and LPG segments led to sales improving across most segments – HCV, MCV and CV Passenger. The business delivered strong EBITDA margins of 11.6% in Q1FY25. Looking ahead, the widespread onset of monsoon, expectations of policy continuity in the forthcoming budget and thrust on infrastructure should be conducive towards improving overall demand for commercial vehicles. We will continue to drive our demand-pull strategy, step up customer engagement and improve competitiveness while closely tracking any emerging headwinds arising from interest rates, fuel prices and inflation.”

Shailesh Chandra, Managing Director TMPV and TPEM said: “The Passenger Vehicle industry in Q1FY25 witnessed retails (registrations) moderating, impacted by the general elections and intense heat waves across the country. Tata Motors sales of 138,682 cars and SUVs was slightly lower compared to Q1FY24, as we proactively readjusted our wholesales in line with retails to keep channel inventory under control. Our multi-powertrain strategy and strong portfolio of SUVs led to steady sales. While the personal segment retails have grown for EVs, there was a sharp decline witnessed in the fleet segment. Going forward, we expect an improvement in overall sales on the back of the onset of the festive season and the launch of Curvv, India’s first SUV Coupe.”

Result PDF

Automobiles company Tata Motors announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue: Rs 120.0K crore, up 13.3%.
  • EBITDA: Rs 17.9K crore, up 26.6%.
  • EBIT: Rs 11.0K crore, an increase of Rs 3.8K crore.
  • PBT (bei): Rs 9.5K crore, an increase of Rs 4.4K crore.
  • Net Profit: Rs 17.5K crore, an increase of Rs 12.0K crore.
  • Net automotive debt: reduced to Rs 16.0K crore.

FY24 Financial Highlights:

  • Revenues: Rs 437.9K crore, marking a record high.
  • EBITDA: Rs 62.8K crore, the highest ever.
  • PBT (bei): Rs 28.9K crore, also the highest ever.
  • Net Profit: Rs 31.8K crore, achieving a significant increase over the previous year.
  • Deferred Tax Asset: Recognized at Rs 8.3K crore at JLR and TML, aided by the strong performance.
  • The Board of Directors have recommended a final dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share and a special dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share subject to approval by the shareholders.

JLR(Jaguar Land Rover) Financial Hightlights:

  • Record Q4 and FY24 revenue of GBP 7.9 billion and GBP 29.0 billion respectively.
  • PBT (bei) was GBP 661 million in Q4; FY24 full year PBT (bei) was GBP 2.2 billion, the highest since FY15.
  • EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
  • Free cashflow was GBP 892 million for Q4 and a record GBP 2.3 billion for FY24. Net debt reduced to GBP 0.7 billion.
  • Order book around 1,33,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.

Tata Commercial Vehicles Financial Highlights:

  • Q4 FY24 revenue at Rs 21.6K crore ( 1.6%), EBITDA 12.0% ( 190 bps), EBIT 9.6% ( 100 bps), PBT (bei) Rs 2.0K crore.
  • FY24 revenue at Rs 78.8K crore ( 11.3%), EBITDA 10.8% ( 340 bps), EBIT 8.2% ( 300 bps), PBT (bei) Rs 6.1K crore.
  • Domestic Vahan market share at 39.1% in FY24. HGV HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.
  • Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value.

Tata Passenger Vehicles Financial Highlights:

  • Q4 FY24 revenue at Rs 14.4K crore ( 19.3%), EBITDA 7.3% (flat YoY), EBIT 2.9% ( 150 bps), PBT (bei) Rs 0.5 K crore.
  • FY24 revenue at Rs 52.4K crore, ( 9.4%), EBITDA 6.5% ( 10 bps), EBIT 2.0% ( 100 bps), PBT (bei) Rs 1.4 K crore.
  • VAHAN registration market share increased to 13.9% in FY24. #2 player in H2FY24 with 14.3% market share.
  • Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.
  • Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.
  • Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”

Adrian Mardell, JLR Chief Executive Officer, said: “This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and partners for their role in our success. We have delivered a record financial performance for the company, generating free cashflow of GBP 2.3 billion, enabling us to reduce net debt to GBP 0.7 billion. The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement. We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”

Girish Wagh, Executive Director Tata Motors Ltd said: “The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs 78.8K crore and profits of Rs 6.1K crore in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions.”

Shailesh Chandra, Managing Director TMPV and TPEM said: “Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in wholesales and 10% in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23) and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of Rs 1.4K crore.”

Result PDF

Commercial Vehicles company Tata Motors announced Q3FY24 & 9MFY24 results:

  • TML delivered a strong performance in Q3FY24 with Revenue of Rs 110.6K crore (up 25.0%), EBITDA at Rs 15.8K crore (up 60.6%) and EBIT of Rs 9.2K crore ( Rs 5.3K crore) with all automotive verticals continuing their profitable growth trajectory.
  • PBT (bei) improved by Rs 4.4K crore to Rs 7.6K crore and Net Profit was Rs 7.1K crore. For 9MFY24, the business reported strong PBT (bei) of Rs 19.0K crore, an improvement of Rs 22.6K crore over the previous year.
  • Net Automotive debt reduced further to Rs 29.2K crore. JLR revenue improved 22% to £7.4 billion.
  • Improved wholesales and reduced material costs resulted in EBIT margins of 8.8% ( 510bps).
  • CV revenue improved by 19.2% and EBIT improved to 8.6% ( 270bps) benefiting from higher realisations and richer mix.
  • PV revenues were up by 10.6% and EBIT margins improved by 60 bps to 2.1% led by savings in commodity costs.
  • Achieved net debt reduction of Rs 9.5K crore in Q3 and we are confident of achieving our deleveraging plans.
  • Segmental Performance:
    • JLR Revenue 7.4 billion Pound up 22%, EBITDA at 16.2% ( 410 bps), EBIT at 8.8% ( 510 bps)
    • Tata CV Revenue Rs 20.1K crore, up 19.2%, EBITDA at 11.1% ( 270 bps), EBIT at 8.6% ( 270 bps)
    • Tata PV Revenue Rs 12.9K crore, up 10.6%, EBITDA at 6.6% (-30 bps), EBIT at 2.1% ( 60 bps)

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.”

Adrian Mardell, JLR Chief Executive Officer, said: “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year. Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon-to-launch Range Rover Electric. I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market. Looking ahead, we are mindful of the challenges our business will face but are confident that we will continue to successfully deliver our Reimagine Strategy.”

Result PDF

Commercial Vehicles company Tata Motors announced Q2FY24 & H1FY24 results:

  • Consolidated Q2FY24:

    • Revenue reached Rs 105.1K crore, reflecting an impressive growth of 32.1%.
    • EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) stood at Rs 14.4K crore, indicating substantial growth of 86.4%.
    • Profit Before Tax (PBT) before exceptional items improved by Rs 7.9K crore, reaching Rs 6.1K crore.
    • The company reported Automotive Free Cash Flows of Rs 3.9K crore, compared to Rs 2.9K crore in the previous year.

  • Consolidated H1FY24:

    • The business reported a strong PBT (bei) of Rs 11.4K crore, marking an impressive improvement of Rs 18.2K crore over the previous year.
    • Net Automotive debt reduced to Rs 38.7K crore

  • Jaguar Land Rover (JLR):

    • JLR revenues improved by 30.4% to £6.9 billion.
    • Strong wholesales and an improved mix resulted in EBIT (Earnings Before Interest and Tax) margins of 7.3%, representing a significant increase of 630 basis points (bps).

  • Commercial Vehicles (CV):

    • CV revenues improved by 22.3%.
    • EBIT also improved to 7.9%, benefitting from higher realizations, a richer product mix, and favorable commodity prices. This represents an increase of 560 bps in EBIT margins.

  • Passenger Vehicles (PV):

    • PV revenues experienced a marginal decline of 3.0% due to the transition to new product launches.
    • EBIT margins improved by 140 bps to 1.8%, primarily driven by savings in commodity costs.

PB Balaji, Group Chief Financial Officer, Tata Motors said, “It is pleasing to see all the businesses deliver on their well-differentiated plans this quarter. With a strong product pipeline, a seasonally stronger H2 and continued focus on cash accretive growth, we are confident of sustaining this momentum.”

Result PDF

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