Tata Motors Q3 Results 2026 Highlights: Tata Group's CV arm reports ₹705 crore net profit, down 48% YoY

Tata Motors Q3 Results 2026 LIVE: Q3 Results Highlights

• Tata Motors’ commercial vehicle business reported a consolidated net profit of ₹705 crore in Q3FY26, compared with a loss of ₹867 crore in Q2FY26.
• On a year-on-year basis, Q3FY26 profit declined 48% from ₹1,355 crore reported in the corresponding quarter of Q3FY25.
• Revenue from operations rose over 16% YoY to ₹21,847 crore during Q3FY26, reflecting strong underlying demand conditions.
• On a sequential basis, revenue increased 17.5% QoQ to ₹21,847 crore, compared with ₹18,585 crore in the September quarter.
• Operating margin improved to 12.60% in Q3FY26 from 12.07% in Q3FY25, while profit margin stood at 3.23%.
• Consolidated EBITDA margin increased by 30 bps to 12.5%, even as exceptional costs totalled ₹1,643 crore, including ₹962 crore towards demerger-related stamp duty, ₹603 crore due to new labour codes, and ₹82 crore for acquisition-related expenses.

GV Ramanan, CFO, Tata Motors Ltd, highlighted the consistency in operating performance.

“We delivered another strong quarter, translating robust execution and healthy demand into meaningful financial outcomes,” Ramanan said.

He noted that double-digit EBITDA and EBIT margins, along with disciplined working capital management, supported strong free cash flow generation, keeping the company confident of meeting its financial guidance.

Girish Wagh, MD & CEO, Tata Motors Ltd, said the company benefited from GST 2.0 and the festive season, while strengthening its product leadership through recent launches.

“Disciplined execution of an agile strategy delivered yet another strong financial performance this quarter, supported by demand tailwinds from GST 2.0 and the festive season,” Wagh said.

He added that the launch of 17 next-generation trucks under the ‘Better Always’ philosophy reinforces Tata Motors’ focus on safety, total cost of ownership and emission-free mobility, positioning the company well as infrastructure spending accelerates.

Tata Motors said it expects demand to strengthen further in Q4FY26 across most commercial vehicle segments, supported by a favourable industry backdrop. The company highlighted the government’s sustained infrastructure push and expansion across key end-use sectors as the primary growth drivers in 2026, which are likely to support positive momentum for the industry. Tata Motors added that its optimised product portfolio ensures better availability across segments, while a decisive pricing strategy and deeper customer engagement through intensified market activations position the company well to unlock demand and drive continued growth.

Tata Motors Q3 Results 2026 LIVE:

• CV segment wholesales stood at 116.8K units (+20%). Domestic & Export volumes were up by 18% YoY and 70% YoY respectively
• Overall domestic CV VAHAN market share grew 100 bps sequentially to 35.5% for Q3FY26.
• Leading the way with innovative, sustainable and intelligent mobility solutions –
• Launched 17 Next-Generation Trucks, setting new standards for Safety, Profitability & Progress.
• Introduced Azura series – Excellence reimagined for ILMCV segment
• Showcased Tata trucks.ev, Indias widest electric truck range
• All truck platforms – Prima, Singa, Ultra, Azura – now meet stringent European safety standards (ECE R29 03)
• Presented all new Euro 6 range of future ready solutions tailored for Middle East and North Africa to support region’s transition to cleaner mobility.

Tata Motors Q3 Results 2026 LIVE: Strong operating performance, along with efficient working capital management, drove robust free cash flow generation during the quarter. Q3 free cash flow stood at ₹4.8k crore, while cumulative free cash flow for the nine-month period reached ₹5.2k crore. Return on capital employed for the quarter improved sharply to 53%, compared with 38% in Q3 FY25, highlighting better capital efficiency. The domestic business maintained a healthy balance sheet position, with net cash of ₹3.9k crore as of December 31, 2025.

Tata Motors Q3 Results 2026 LIVE: The exceptional items include impact on account of the New Labor Code ( ₹603 Cr), demerger ( ₹962 Cr) and acquisition cost ( ₹82 Cr). The impact of these and other items stood at ₹1.5K Crin standalone financials and at ₹1.6K Cr in consolidated financials.

Tata Motors Commercial Vehicles segment delivered a strong set of Q3 results driven by disciplined execution and continued focus on profitable growth. Quarterly revenue and EBITDA stood at ₹21.5K Cr (+17%) and ₹2.7K Cr (+19%) respectively. EBITDA margin was in double digits for the 10th consecutive quarter at 12.7% (+30 bps) while EBIT margin also crossed the double-digit milestone to reach 10.6% (+100 bps) aided by higher volumes and improved realizations. This was partially offset by rising input costs and the impact of the maiden PLI benefit recorded in the prior period. PBT (bei) for the quarter was ₹2.3K Cr (+36%).

Tata Motors Q3 Results 2026 LIVE: Sequentially, revenue from operations jumped 17.5% to ₹21,847 crore compared with ₹18,585 crore in the September quarrter.

The company reported a year-on-year improvement in operating performance, with revenue rising 1.8% to ₹21,847 crore compared with ₹18,819 crore in the year-ago period. EBITDA increased sharply by 41.8% YoY to ₹2,883 crore, up from ₹2,033 crore a year earlier. Operating margin also expanded meaningfully to 13.2%, compared with 10.8% in the corresponding period last year, reflecting improved operating leverage.

Tata Motors Q3 Results 2026 LIVE: Tata Motors CV reports ₹705 crore consolidated net profit in Q3FY26 as against a loss of ₹867 crore in the previous quarter (Q2FY26). However, on a YoY basis, the profit tanked 48% from ₹1,355 crore in Q3FY25.

Tata Motors Q3 Results 2026 LIVE: B&K Securities expects Tata Motors to post healthy growth in the December 2024 quarter, driven by strong sequential recovery. The brokerage has estimated revenue at ₹1,15,287.7 crore, up 4.3% YoY and 13.6% QoQ. Ebitda margin is projected to improve to 14.1%, reflecting better operating efficiency.

Adjusted net profit is seen at ₹6,756.2 crore, down 5% YoY, but higher by 89.9% QoQ, supported by margin expansion and volume recovery. B&K Securities has retained a ‘hold’ rating on the stock, factoring in the recent performance and valuation comfort.

Tata Motors Q3 Results 2026 LIVE: Sharekhan expects Tata Motors to deliver a solid sequential performance, supported by improved operating momentum. The brokerage has pencilled in revenue of ₹1,13,341.6 crore, up 2.5% YoY and 11.7% QoQ. Ebitda margins are estimated at 12%, reflecting a contraction of 187 bps YoY during the quarter.

Adjusted profit after tax is seen at ₹6,677 crore, down 5% YoY, but sharply higher by 133.8% QoQ, aided by operating leverage. Sharekhan has maintained a ‘buy’ rating on Tata Motors and values the stock at ₹1,099, citing improving earnings momentum despite margin pressures.

Tata Motors Q3 Results 2026 LIVE: Elara Capital expects Tata Motors to post a mixed but improving performance in Q3, led by a sharp sequential jump in profitability. The brokerage has pencilled in revenue of ₹1,14,977.2 crore, reflecting a 13.3% QoQ and 4% YoY increase. Ebitda is estimated at ₹14,905.4 crore, up 22.6% QoQ, though marginally lower by 3.3% YoY.

Adjusted net profit is projected at ₹5,941 crore, marking a strong 77.7% QoQ rise, even as it declines 16.5% YoY. Elara Capital has maintained a ‘buy’ rating on Tata Motors and continues to value the stock at ₹1,088 per share.

Tata Motors Q3 Results 2026 LIVE: Shares of Tata Motors Commercial Vehicles pared gains to end on a flat note after scaling new peak in intra-day deals on Thursday, January 29.

The stock ended 0.45% higher at ₹470.20 on BSE after hitting a record high of ₹475.40 ahead of its Q3 results 2026. The Tata Group stock has risen 15% in last 1 month. Meanwhile, since its market debut on November 12, 2025, when the shares were listed at ₹327.65, the stock has surged around 40%.

Tata Motors Q3 Results 2026 LIVE: Tata Motors reported a consolidated net loss of Rs867 crore for Q2FY26, compared with a net profit of Rs498 crore in the year-ago quarter. Despite the loss, revenue from operations rose 6% YoY to Rs18,585 crore from Rs17,535 crore in Q2FY25. Expenses increased by over 15% YoY to Rs19,296 crore during the quarter, weighing on profitability.

Looking ahead, the company expects a stronger second half of FY26, aided by the festive season, improving consumption and the gradual impact of GST reforms. “Construction, infrastructure and mining activities will gain momentum, further fueling demand for trucks and tippers,” Tata Motors said.

Tata Motors Q3 Results 2026 LIVE: Tata Motors reported a strong performance in December 2025, with commercial vehicle sales rising sharply on a year-on-year basis. CV volumes stood at 42,508 units during the month, marking a 25.5% YoY growth. Domestic and international MH&ICV sales were reported at 21,646 units in December 2025, compared with 16,604 units in December 2024.

The strong momentum extended into Q3FY26, with MH&ICV sales at 57,080 units versus 46,108 units in Q3FY25. The company said the demand uptick driven by GST 2.0 and the festive push in Q2FY26 continued into the December quarter. Tata Motors added that GST 2.0-led momentum helped it achieve its highest-ever quarterly wholesales of 171,103 units, while retail sales crossed 200,000 units for the first time.

Tata Motors Q3 Results 2026 LIVE: ICICI Securities believes Tata Motors is well positioned to benefit from sustained infrastructure spending, rising mining activity and road-led logistics growth, given its leadership in the medium and heavy commercial vehicle segment.

“Industry tailwinds and MHCV leadership support Tata Motors’ target to regain 40% market share with expanding margins,” ICICI Securities said.

Post the demerger, ICICI Securities highlighted structurally improved profitability, strong free cash flows and a superior return on capital employed profile. Incremental upside from exports further strengthens the investment case. The brokerage has maintained a ‘BUY’ rating and valued the stock at ₹500 on a sum-of-the-parts basis, using 13x EV/EBITDA on FY28E and 1x price-to-book on long-term investments.

Tata Motors Q3 Results 2026 LIVE: InCred Equities sees a revival in new truck demand after the commercial vehicle downcycle played out over six quarters between April 2024 and July 2025. The brokerage noted that the GST rate cut in September 2025 has significantly improved the business economics of small transporters, triggering a recovery in demand.

“GST savings on tyres, lubricants and spares can meaningfully improve transporter cash flows and shorten vehicle payback,” InCred Equities said.

InCred Equities pointed out that GST-led cost savings, retained under the reverse charge mechanism, have effectively lowered ownership costs for small truck operators. This, combined with easing interest rates and a gradual improvement in the Index of Industrial Production, is expected to support demand recovery through FY28F. On the back of these medium-term drivers, the brokerage has assigned an ‘ADD’ rating to Tata Motors with a target price of ₹513.

Tata Motors Q3 Results 2026 LIVE: Tata Motors’ management expects demand to strengthen in the January–March 2026 quarter, with momentum likely to build across most commercial vehicle segments. The outlook for FY26 remains constructive, supported by the government’s continued infrastructure push and steady expansion across key end-use sectors, which are expected to drive healthier fleet utilisation and replacement demand.

Looking ahead to 2026, the company believes these structural drivers will provide sustained support to the commercial vehicle industry. Tata Motors said it is well positioned to capture this opportunity, backed by an optimised product portfolio that ensures superior availability across categories. A focused pricing strategy, along with deeper customer engagement through intensified market activations, is expected to help unlock demand across segments. Management indicated that these initiatives should support consistent performance and reinforce the company’s competitive position going forward.

Tata Motors Q3 Results 2026 LIVE: Nomura expects a strong performance, driven by a sharp recovery in the medium and heavy commercial vehicle segment. The brokerage noted that MHCV volumes rose 24% year-on-year, translating into a similar 24% increase in revenues on both a year-on-year and quarter-on-quarter basis. This volume-led growth is likely to support operating leverage in the quarter.

The glocal brokerage sees margins to improve by 88 basis points sequentially to 13%, reflecting better capacity utilisation and operating efficiencies. On the financial front, the brokerage estimates revenue at ₹22,917.5 crore, marking a 24% quarter-on-quarter rise. Ebitda is projected at ₹2,977.6 crore, up 33% QoQ, supported by higher volumes and improved margins. Overall, Nomura believes the pickup in MHCV demand remains a key earnings driver in the near term.

Tata Motors Q3 Results 2026 LIVE: Kotak Institutional Equities expects Tata Motors to report a strong operational showing in Q3FY26, driven by higher volumes and operating leverage. The brokerage estimates consolidated revenues to grow 22% quarter-on-quarter, supported by a 23% QoQ rise in standalone business revenues. This improvement is likely to be led by a sharp 22% QoQ increase in volumes during the quarter.

Kotak Institutional Equities also forecasts a meaningful expansion in profitability, with consolidated Ebitda margins seen improving by 200 basis points QoQ to 13%, aided largely by operating leverage benefits in the standalone segment. On the financial front, Tata Motors’ revenue is estimated at ₹22,649.9 crore, up 21.9% QoQ. Adjusted profit after tax is projected at ₹1,905.5 crore, reflecting a strong 62.2% QoQ growth. Ebitda is expected to rise 44.1% QoQ to ₹2,951.7 crore, with margins at 13%.

Tata Motors Q3 Results 2026 LIVE: Motilal Oswal flagged a strong performance for India’s commercial vehicle market during the quarter, noting that overall CV volumes climbed 21% year-on-year, aided by GST reductions and a favourable base. Growth was led by medium and heavy commercial vehicles, where volumes rose 24% YoY, outpacing the 18% YoY increase recorded in light commercial vehicles.

The brokerage expects Tata Motors’ operating margins to expand by 100 basis points YoY to 13.2%, supported by operating leverage. Revenue is estimated at ₹20,798.8 crore, reflecting a 23.4% quarter-on-quarter rise. Ebitda is projected at ₹2,751.8 crore, up 32.1% QoQ, while profit after tax is seen growing 37% QoQ to ₹1,842.4 crore.

Tata Motors Q3 Results 2026 LIVE: Shares of Tata Motors Commercial Vehicles scaled a fresh record on Wednesday, with the stock rising about 4% in intraday trade on the BSE to touch ₹460.20, ahead of the company’s December quarter (Q3FY26) results.

The rally took the Tata Group company past its earlier peak of ₹456.40, which was recorded on January 23, 2026. Since its market debut on November 12, 2025, when the shares were listed at ₹327.65, the stock has delivered a gain of around 40%, reflecting sustained investor optimism around the commercial vehicle business.

Tata Motors Q3 Results 2026 LIVE: Tata Motors Commercial Vehicles is set to report its December quarter (Q3FY26) results on Thursday, January 29, marking only its second earnings announcement after the demerger. Street expectations remain positive, with brokerages forecasting a robust performance driven by strong volume traction in the standalone commercial vehicle segment, operating leverage and improving margins.

Analysts broadly anticipate double-digit quarter-on-quarter growth in revenue, Ebitda and profit, supported by better demand conditions and improved cost efficiency during the period.