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).

India Unveils AI-Powered Monsoon & Rainfall Forecasts for Hyper-Local, Impact-Based Weather Services

• AI-enabled Systems Introduced by IMD to Provide Hyper-local Weather Forecasts. 
• Advanced Forecast Systems to Provide Localised Weather Information Up to 10 Days in Advance. 
• Government Introduces AI-enabled Monsoon Forecasting Platform for 16 States and Over 3,000 Sub-districts
• Union Minister Dr Jitendra Singh Launches AI-based Monsoon Advance Forecast System and 1-km Resolution Rainfall Forecast for Uttar Pradesh
• Dr Jitendra Singh Says IMD Has Become an Essential Part of India’s Everyday Governance and Public Decision-making

India has launched two landmark AI-enabled weather forecasting systems—an AI-driven monsoon advance forecast and a high-resolution rainfall model for Uttar Pradesh—marking a decisive shift towards hyper-local, impact-based climate services designed to aid farmers, disaster managers, and policymakers.

The systems have been developed jointly by the India Meteorological Department (IMD), Indian Institute of Tropical Meteorology (IITM), Pune, and National Centre for Medium Range Weather Forecasting (NCMRWF). 

1. AI-enabled Monsoon Advance Forecast
   • Provides probabilistic forecasts every Wednesday up to 4 weeks in advance.
   • Covers 16 states and 3,000+ sub-districts.
   • Designed to support farmers’ sowing, irrigation, crop planning decisions.
2. High Spatial Resolution Rainfall Forecast (Pilot in Uttar Pradesh)
   • Generates 1-km resolution rainfall forecasts up to 10 days ahead.
   • Uses AI-driven downscaling techniques integrating data from Doppler radars, AWS, ARGs, and satellites.
   • Expected to expand to other states as infrastructure grows.

Benefits Across Sectors

• Agriculture: Farmers gain precise, localized forecasts for sowing, irrigation, crop protection, and harvest planning.
• Disaster Management: Improved early warnings for floods, cyclones, and extreme rainfall events.
• Urban Planning: Helps cities prepare for drainage, infrastructure resilience, and water resource management.
• Renewable Energy: Supports solar and wind energy forecasting, stabilizing grid operations.

Technological Advancements

• Expansion of Doppler Radars: From 16–17 a decade ago to ~50 today, with another 50 planned under Mission Mausam.
• Forecast Accuracy Gains: Severe weather forecast accuracy improved by 40% in the past decade; cyclone track predictions improved by 30–35% in the last five years.
• Digital Dissemination: Forecasts shared via mobile apps, SMS, WhatsApp, Kisan portals, TV, and radio for last-mile connectivity.

Comparison of New Systems

System	Coverage	Forecast Horizon	Resolution	Primary Use
AI Monsoon Advance Forecast	16 states, 3,000+ sub-districts	Up to 4 weeks	District/block level	Agriculture planning, disaster preparedness
Rainfall Forecast (UP Pilot)	Uttar Pradesh (pilot)	Up to 10 days	1 km	Hyper-local rainfall prediction, urban planning

Strategic Importance

• Strengthens climate resilience and citizen-centric governance.
• Aligns with PM Modi’s modernization drive under Mission Mausam.
• Positions IMD as a decision-support system for governance, agriculture, and infrastructure.

The monsoon advance forecasting system would now provide granular forecasts on monsoon progression at district-level scales, while the Uttar Pradesh pilot project demonstrates the capability of generating operational rainfall forecasts at 1-km resolution using dense observational networks and AI techniques.

Secretary, Ministry of Earth Sciences, Dr. M. Ravichandran said that similar services would gradually be expanded to other parts of the country as observational infrastructure continues to grow.

Dr. Jitendra Singh said the newly launched forecasting products represent another important step towards building a climate-resilient, digitally empowered and citizen-centric weather service system for the country, where scientific advancements directly contribute to societal and economic benefits.

Apple and Google Launch Beta Rollout of End‑To‑End encrypted RCS messaging across iOS and Android

Apple and Google have officially begun rolling out end‑to‑end encrypted Rich Communication Services (RCS) messaging in beta for iPhone and Android users, marking a historic upgrade to cross‑platform texting security. Starting with iOS 26.5 and the latest Google Messages, conversations between iPhone and Android devices will now be encrypted by default, ensuring that only sender and receiver can read messages.

What’s New in RCS Encryption

• Cross‑platform security: For the first time, iPhone‑to‑Android RCS chats are end‑to‑end encrypted, preventing carriers, tech companies, or third parties from accessing messages.
• Default protection: Encryption is automatically enabled for new and existing RCS conversations; users will see a lock icon in chats to confirm security.
• Beta rollout: Available now for iPhone users on iOS 26.5 with supported carriers and Android users on the latest Google Messages app.

Industry Collaboration

• Apple & Google partnership: Both companies worked with the GSMA to integrate encryption into the RCS Universal Profile 3.0 standard.
• Security protocol: The system is built on the Messaging Layer Security (MLS) protocol, a modern cryptographic framework designed for scalable, secure messaging.
• Statements from leaders: Google’s Android head Samer Samat called it “Big news” and a “terrific milestone.” Sundar Pichai and Rick Osterloh praised the achievement. Apple emphasized that iMessage remains fully encrypted.

Features Beyond Encryption

• High‑quality media sharing (photos, videos)
• Typing indicators & read receipts
• Improved group chats
• Cross‑platform reactions and inline replies

Comparison: SMS vs RCS vs iMessage

SMS	RCS	iMessage
Basic text only	Rich media, group chats, reactions	Rich media, stickers, apps
No encryption	End‑to‑end encryption (beta rollout)	End‑to‑end encryption (default)
Carrier‑dependent	Internet‑based, cross‑platform	Apple ecosystem only
No read receipts	Read receipts, typing indicators	Read receipts, typing indicators

Key Takeaways for Users

• Update required: iPhone users must install iOS 26.5; Android users need the latest Google Messages.
• Carrier support: Both sender and receiver must be on carriers supporting the latest RCS profile.
• Gradual rollout: Encryption will expand automatically to all conversations over time.

Agilent and Veeda Lifesciences Launch Joint Analytical CoE to Accelerate GLP‑1 and Complex Biologics Development Services

Agilent Technologies, a global leader in analytical and laboratory solutions, today announced a strategic collaboration with Veeda Lifesciences to strengthen regulatory‑aligned analytical and bioanalytical workflows supporting biopharma development, as GLP‑1 and other complex therapeutic modalities continue to advance rapidly through global pipelines.

The collaboration brings together Agilent’s expertise in analytical workflow development with Veeda’s established bioanalytical, clinical research and regulatory capabilities, with the objective of enabling high‑quality, inspection‑ready analytical data across early development, clinical, and manufacturing stages. Together, the two organizations aim to support biopharma companies navigating increasingly complex regulatory and data expectations for next‑generation therapies.

Central to the collaboration is the establishment of a joint Center of Excellence (CoE) at Veeda’s biopharma facility in Bengaluru. Designed as a scalable analytics and regulatory‑readiness hub, the CoE will focus on the development and validation of end‑to‑end analytical workflows. The CoE will address the growing analytical demands associated with next‑generation therapies, including GLP‑1 based drugs - where sensitivity, throughput, and data integrity are critical to support regulatory confidence and program progression.

“As GLP‑1 and other complex therapies move rapidly through development, the need for robust, regulatory‑aligned analytics becomes increasingly critical,” said Nandakumar Kalathil, Country General Manager, Agilent India. “Through our collaboration with Veeda, we aim to support biopharma organizations with workflow‑driven analytical approaches that strengthen data quality, compliance, and confidence across the development lifecycle.”

“As Biopharma innovation accelerates across the region, the need for integrated, regulatory ready analytical ecosystems is becoming increasingly critical,” said Bharat Bhardwaj, Vice President and General Manager, Asia Pacific, Agilent Technologies. “This collaboration between Agilent and Veeda Lifesciences reflects our commitment to enabling customers with advanced, scalable solutions that support confident decision-making across the drug development lifecycle, while Asia Pacific’s role as a hub for high quality- globally relevant biopharma research.”

“Biopharma companies today require analytical capabilities that are inspection‑ready from the outset,” said Mr. Binoy Gardi, Group CEO and Managing Director, Veeda Lifesciences. “By collaborating with Agilent, we are strengthening our ability to deliver integrated, regulatory‑aligned analytical workflows that support faster decision‑making and smoother progression from early development through clinical and manufacturing stages.”

Dr. Sanjib Banerjee, Chief Operating Officer (COO), Biopharma at Veeda Lifesciences, added, “This expansion of our service portfolio establishes an advanced, technology‑driven platform for the structural analytical characterization of complex biologics—including peptides (GLP-1), monoclonal antibodies, antibody–drug conjugates (ADCs) and other therapeutic proteins. Built on Veeda’s established capabilities in in depth proteomics, glycoproteomic and process‑related impurities analysis, and leveraging Agilent’s high-end Mass Spectrometry, this creates an integrated, regulatory‑aligned analytical ecosystem under one roof.”

By combining Agilent’s high-performance mass spectrometry with Veeda’s integrated bioanalytical and clinical research infrastructure, the partnership aims to extend services to sponsors across an expanding range of next-generation modalities with consistent, inspection-ready datasets. The initiative underscores Agilent and Veeda’s commitment to expand India’s high-end biopharma research infrastructure, while reinforcing India’s role as a trusted destination for advanced, globally aligned biopharma development.

About Agilent Technologies

Agilent Technologies, Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.95 billion in fiscal year 2025 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com.

About Veeda Lifesciences

Veeda Lifesciences is a leading independent contract research organization (CRO) offering comprehensive clinical, preclinical and bioanalytical services to support the development of innovative, biosimilar, and generic drugs. With state-of-the-art facilities in India and a strong focus on quality, and scientific excellence, Veeda partners with global pharmaceutical and biotech companies to accelerate product development and regulatory approvals.

NODWIN Gaming Reports INR 658 Cr Revenue in FY26, Delivers EBITDA Profitability and Accelerates IPO Readiness

NODWIN Gaming, a global leader in gaming, esports, and youth entertainment, announced its financial results for FY26, reporting consolidated revenues of INR 658 crore, representing a 25% organic year-on-year growth over FY25. The company also reported an EBITDA profit of INR 21 crore for FY26, compared to an EBITDA loss of INR 14 crore in FY25, marking a significant financial turnaround as it advances toward IPO readiness.

The improvement in profitability was driven by a combination of strategic portfolio restructuring, including the de-consolidation of loss-making subsidiary Freaks4U, alongside strong performance across NODWIN’s live events, content, and IP businesses.

NODWIN has continued to evolve its business model around two interconnected verticals: Live and Content. Its live business spans festivals, esports tournaments, fan conventions, and brand activations, while the content business includes broadcast, scripted, and digital programming. The company’s operating model is built around a flywheel where content drives fandom and community engagement, which in turn fuels monetisation opportunities across live experiences, partnerships, commerce, and new IP creation.

This integrated approach has helped NODWIN deepen engagement with youth audiences across emerging markets while building a diversified and scalable revenue engine.

The company remains focused on the Global South as its core execution market while continuing to generate revenue opportunities across international markets. Today, NODWIN operates through offices and partnerships spanning South Asia, Southeast Asia, Central Asia, the Middle East, Africa, and Europe.

FY26 saw strong momentum across NODWIN’s flagship live entertainment portfolio. NH7 Weekender returned with a sold-out edition in Pune following its relaunch as the “Festival of India,” reinforcing its position as one of the country’s leading music and youth culture IPs. Comic Con India also expanded significantly during the year, growing from eight to eleven cities, with new rollouts across Kochi, Guwahati, Gurugram, and Jaipur, in addition to newer expansions including Chennai and Pune.

Globally, NODWIN continued to deepen its esports and live entertainment footprint through initiatives including the Swahili Esports Champions 2026 in Uganda and the execution of Live Matters Hong Kong 2026. Further strengthening its position within the international esports ecosystem, NODWIN Gaming was also appointed as India’s official National Team Partner for the inaugural Esports Nations Cup 2026, where the company will be responsible for mobilising and managing the Indian contingent representing the country at the tournament.

The company also expanded its portfolio of gaming and entertainment partnerships during the year. Key developments included the launch of MLMS in partnership with MOBA Legends, the delivery of OMEN activations at CES 2026, and execution of the PUBG Mobile Club Open Eastern Europe 2026.

NODWIN’s strategic investments also began yielding larger ecosystem outcomes in FY26. Its investment in StarLadder contributed to the successful execution of the Counter-Strike Major in Budapest.

As part of its IPO preparedness journey, NODWIN has continued strengthening its institutional and leadership capabilities. Over the past year, the company brought in senior leadership and strategic expertise through the appointments of Manish Agarwal, Arnd Benninghoff, and Sidharth Kedia to support long-term growth, capital strategy, governance, and public market readiness.

The company is also currently engaged in discussions with strategic and financial investors as part of its ongoing capital raise initiatives aimed at supporting future expansion.

Alongside growth, NODWIN has continued focusing on balance sheet discipline and capital efficiency by actively divesting or impairing assets that are not expected to contribute meaningfully to long-term value creation.

Operationally, FY26 also marked a year of internal efficiency improvements. The company implemented a disciplined headcount strategy while continuing to scale output across business verticals. NODWIN also expanded its internal AI initiatives during the year, deploying over ten AI-led workflow tools across finance, HR, legal, sales, and production functions to improve execution speed and operational productivity.

Akshat Rathee, Co-founder and MD of NODWIN Gaming and an industry evangelist

Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming, said: “This has been an important milestone year for NODWIN. As we prepare for scaling up globally and our potential IPO, we have focused on building a stronger and more efficient business. We continue to scale our presence across youth culture and live entertainment across our Content and Live business lines that span gaming, esports, music and future tech. We continue to believe the opportunity ahead lies in building a global youth entertainment company rooted in the global south and emerging markets, strong community engagement, diversified monetisation, and scalable cultural IPs.

As we continue strengthening our institutional structure and capital strategy, we remain focused on long-term value creation and will focus on organic and inorganic growth through deep Founder and Company integration across all we do. We pride ourselves on the fact that we retain our founders' post earnouts and the new missions they start help us grow organically globally.”

NODWIN Gaming continues to position itself as a leading youth entertainment infrastructure platform operating at the intersection of gaming, esports, creators, live experiences, and digital culture. With a growing international footprint and expanding portfolio of owned and operated IPs, the company remains focused on increasing its share of youth engagement across high-growth markets globally.