Tata Motors Q4 FY26 Results: Record Revenue, Strong Margins, Landmark Growth

• CV Standalone Financials: Focus on profitable growth drives robust financial results
• Q4: Revenue ₹24.5K Cr (+22%), EBITDA at ₹3.4K Cr (+35%), PBT (bei) ₹3.0K Cr (up ₹1,089 Cr)
• FY26: Revenue ₹77.4K Cr (+11%), EBITDA at ₹10.2K Cr (+22%), PBT (bei) ₹8.7K Cr (up ₹2,721 Cr), FCF ₹9.2K Cr (up ₹2.2K Cr)

Tata Motors Ltd. (TML) announced its results for quarter and year ending March 31, 2026.

STANDALONE INCLUDING JOINT OPERATIONS TATA CUMMINS - KEY FINANCIALS

	Q4 FY25	Q4 FY26	FY25*	FY26	Q4 vs Q4 YoY	FY26 vs FY25 YoY
Revenue (Rs. Cr.)	19,999	24,452	69,419	77,399	4,453 (+22%)	7,980 (+11%)
EBITDA %	12.60%	13.90%	12.0%	13.20%	130 bps	120 bps
EBIT %	9.90%	12.10%	9.20%	11.00%	220 bps	180 bps
PBT (bei) (Rs. Cr.)	1,883	2,972	5,961	8,682	1,089 (+58%)	2,721 (+46%)
FCF (Rs. Cr.)	5,352	4,016	7,007	9,186	(1,336)	2,179

*Q1 FY25 numbers included within FY25 numbers are derived

Summary:

Tata Motors Standalone delivered a record Q4 FY26 performance and a strong full year, underpinned by disciplined execution and focus on profitable growth. Quarterly revenue stood at ₹24.5K Cr (+22%), with EBITDA at ₹3.4K Cr (+35%). The Company achieved teens EBITDA margin at 13.9% (+130 bps), ahead of its mid-term guidance. EBIT margin expanded to 12.1% (+220 bps). PBT (bei) for the quarter stood at ₹3.0K Cr (+58%). Profit after tax for the quarter was ₹2.4K Cr (+70%).

For the full year FY26, revenue stood at ₹77.4K Cr (+11%), with EBITDA of ₹10.2K Cr (+22%) and EBITDA margin at 13.2% (+120 bps). EBIT margin for FY26 stood at 11.0% (+180 bps). PBT (bei) for the full year came in at ₹8.7K Cr (+46%). Profit after tax for the year was ₹3.4K Cr (-23%) including the impact of ₹3.7K Cr on account of exceptional items.

Strong operational performance and efficient working capital management through the year resulted in consistent growth in full year Free Cash Flow of ₹9.2K Cr (+₹2.2K Cr). Net cash for the domestic business stood at ₹7.5K Cr as of March 31, 2026. Auto ROCE of 72% in FY26 (vs. 61% in FY25).

Consolidated financials:  Consolidated revenues for Q4 FY26 stood at ₹26.1K Cr (+19%). EBITDA margin stood at 13.1% (+150 bps) while EBIT margin came in at 11.5% (+230 bps). PBT (bei) for the quarter was ₹2.4K Cr (+29%) and Profit after tax stood at ₹1.8K Cr (+35%). As at March 31, 2026, the Company was Net Cash positive at ₹13.7K Cr. This included TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd.

For the full year FY26, consolidated revenues stood at ₹83.9K Cr. EBITDA margin was 12.3% and EBIT margin was 10.2%. Full year PBT (bei) was ₹6.1K Cr (+7%) while Profit after tax stood at ₹3.0K Cr (-24%), including the impact of ₹1.4K Cr. on account of exceptional items pertaining to New Labor Code, demerger related costs etc.

Dividends: The Board of Directors has recommended a final dividend of ₹4/- per share.

Corporate Actions:

Iveco update: Regulatory approvals for the proposed acquisition of Iveco are underway. Tata Motors expects to complete the transaction by Q2 FY27.

Business Highlights for the year:

• CV segment wholesales for Q4 FY26 stood at 132K units (+25%). For FY26, total wholesales were 428K units (+14%).
• Domestic & Export volumes up by 12% and 54% YoY respectively.
• Overall domestic CV VAHAN market share for FY26 stood at 35.7%. HCV 55.0%, ILMCV 39.5%, SCV 26.8%, Passenger 36.4%
• Launched 17 Next-Generation Trucks
• Launched Ace Pro range
• Secured order for 70,000 Yodha and Ultra T.7 Vehicles for Indonesia
• Won pan-India orders of over 5,000 buses
• Pantnagar plant wins Golden Peacock award
• Won Top honours at Apollo CV Awards 2026

Leadership Commentary:

FY26 marked a clear inflection point for the commercial vehicles industry, with volumes surpassing the pre-FY19 peak, supported by GST 2.0 reforms and sustained infrastructure spending.

— Girish Wagh, MD & CEO, Tata Motors Ltd.

FY26 marked a strong financial performance with robust EBITDA, profit and free cash flow. EBITDA margins in Q4 FY26 crossed 'teens' at 13.9% while full year FCF translated to ~12% of revenue.

— GV Ramanan, CFO, Tata Motors Ltd.

Additional Commentary on Financials (Consolidated Numbers, IND AS)

• Finance Costs dropped to ₹166 Cr in Q4 FY26 vs ₹319 Cr in Q4 FY25.
• Free Cash Flow for Q4 FY26 was ₹8.0K Cr and full year ₹12.4K Cr.
• Net cash as at 31st March 2026 was ₹13.7K Cr (including leases ₹798 Cr).