Tata Motors PV Q4: Profit Falls, Revenue Edges Higher

Tata Motors reported a decline in profitability for the March quarter even as revenue and domestic passenger vehicle performance remained strong. The company posted a consolidated net profit of Rs 5,783 crore for Q4 FY26, down 31.7% from Rs 8,470 crore in the same period last year. The drop was largely attributed to higher raw material costs and continued challenges at its luxury arm, Jaguar Land Rover (JLR). However, revenue from operations rose 7.2% year-on-year to Rs 1,05,447 crore, compared to Rs 98,377 crore in Q4 FY25.

Operating performance showed mixed trends. Consolidated EBITDA stood at Rs 13,900 crore, while profit before tax and exceptional items declined by Rs 3,000 crore to Rs 7,200 crore. EBIT came in at Rs 8,900 crore, down Rs 600 crore year-on-year. Despite this, the company reported sequential improvement in profitability, supported by normalized production at JLR following a cyber incident and record domestic passenger vehicle volumes. Free cash flow for the quarter stood at Rs 11,400 crore.

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On a full-year basis, Tata Motors reported an 8.3% decline in consolidated revenue to Rs 3.36 lakh crore in FY26, compared to around Rs 3.66 lakh crore in FY25. EBITDA margin was 6.8%, while EBIT margin stood at 1.1%. Profit before tax and exceptional items came in at Rs 2,500 crore. After accounting for exceptional items of Rs 4,100 crore, the company reported a loss before tax of Rs 1,600 crore from continuing operations. Net debt stood at Rs 30,700 crore at the end of March 2026. The board has recommended a final dividend of Rs 3 per share.

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Strong Show By Passenger Vehicles

Tata Motors' passenger vehicle (PV) business delivered a strong performance during the quarter, driven by robust demand for SUVs and electric vehicles. Revenue from the PV segment rose 49% year-on-year to Rs 18,700 crore in Q4 FY26, up from around Rs 12,550 crore. EBITDA margin improved by 150 basis points to 9.4%, while EBIT margin expanded by 310 basis points to 4.7%. Profit before tax and exceptional items stood at Rs 1,100 crore.

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Volumes were a key highlight, with passenger vehicle and EV sales rising 37% year-on-year to 201,800 units in the quarter. For the full year, PV revenue increased 20.7% to Rs 58,500 crore from Rs 48,470 crore in FY25. EBITDA margin remained steady at 6.9%, while EBIT margin improved to 1.4%. Profit before tax and exceptional items stood at Rs 1,400 crore.

The company ended the quarter with free cash flow of Rs 1,700 crore in the PV business. Domestic operations reported cash balances of Rs 9,600 crore against gross debt of Rs 2,900 crore, resulting in a net cash position of Rs 6,700 crore.