Tata Motors Q4 Results 2026 Highlights: Net profit soars 69.5% to ₹2,406 crore, revenue up 22%; dividend declared

• Tata Motors reported a 79.5% year-on-year rise in Q4FY26 net profit to ₹2,406 crore from ₹1,419 crore a year ago.
• Revenue from operations increased 22.2% year-on-year to ₹24,452 crore during the March 2026 quarter.
• EBITDA margin expanded to 13.9% in Q4FY26 from 12.6% in the corresponding quarter last year, while EBIT margin improved to 12.1%.
• Full-year FY26 revenue stood at ₹77,399 crore, up 11% year-on-year, while EBITDA rose 22% to ₹10,200 crore.
• Commercial vehicle wholesales for Q4FY26 rose 25% year-on-year to 132,000 units, while full-year wholesales increased 14% to 428,000 units.
• Tata Motors turned net cash positive at the consolidated level, with net cash standing at ₹13,700 crore as of March 31, 2026.
• The Board recommended a final dividend of ₹4 per equity share of face value ₹2 each for FY26, subject to shareholder approval.

Chief Financial Officer GV Ramanan said EBITDA margin crossed “teens” at 13.9% in Q4FY26, while free cash flow reached around 12% of revenue, ahead of the company’s 2027 targets.

"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, well ahead of our 2027 target. These deliverablesreflect sustained structural improvements and efficient capital and cost management.

Our robust cash position gives us the flexibility to pursue disciplined capital allocation while continuing to deliver meaningful returns to shareholders. While near term headwinds including commodity costpressures are expected to persist, we remain confident in our ability to navigate these challenges through operational efficiency, pricing discipline, and proactive supply chain management.”

MD and CEO Girish Wagh said FY26 marked an inflection point for the commercial vehicle industry, supported by GST 2.0 reforms and infrastructure spending. He added that underlying demand fundamentals remain resilient despite geopolitical uncertainties.

"“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. For Tata Motors Commercial Vehicles, FY26 was a landmark year as we delivered milestones of revenues and profits and reinforced industry leadership and strengthened our market position.

Looking ahead, the underlying demand fundamentals remain resilient despite geopolitical uncertainties signaling some moderation in the near term. With strong business fundamentals, proactive risk mitigation, disciplined execution and a refreshed portfolio offering industry-leading TCO and smart digital solutions, we remain agile and well positioned to sustain momentum through customer-centric solutions to create long-term stakeholder value.”

The company secured its biggest-ever order for 70,000 Yodha and Ultra T.7 vehicles for deployment in Indonesia. Tata Motors also won pan-India orders for more than 5,000 buses from various state transport undertakings

Tata Motors launched 17 next-generation trucks during FY26, focusing on safety, profitability and operational efficiency. The company also launched the Ace Pro range, which it described as India’s most affordable four-wheel mini truck aimed at supporting small entrepreneurs.

The company’s domestic CV VAHAN market share for FY26 stood at 35.7%. Segment-wise market share came in at 55% for heavy commercial vehicles, 39.5% for ILMCV, 26.8% for small commercial vehicles and 36.4% for passenger vehicles.

Commercial vehicle wholesales for Q4FY26 stood at 132,000 units, marking 25% year-on-year growth. For the full financial year, total wholesales rose 14% to 428,000 units. Domestic and export volumes increased 12% and 54%, respectively.

Tata Motors said it turned net cash positive at the consolidated level, with net cash standing at ₹13,700 crore as of March 31, 2026. The figure includes TMF Holdings’ gross debt adjusted against the market value of investments in Tata Capital.

Tata Motors reported strong cash generation during FY26, with free cash flow rising to ₹9,186 crore for the year. The company’s domestic business ended the financial year with a net cash position of ₹7,500 crore, supported by disciplined capital allocation and efficient working capital management.

For the full financial year FY26, Tata Motors reported revenue of ₹77,399 crore, marking an 11% increase year-on-year. EBITDA for the year rose 22% to ₹10,200 crore, while EBITDA margin improved to 13.2%, reflecting continued focus on profitable growth and operational discipline.

• CV segment wholesales for Q4 FY26 stood at 132K units (+25%). For FY26, total wholesales were 428K units (+14%).

Domestic & Export volumes were up by 12% and 54% YoY respectively for the full year.

• 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, setting new standards for Safety, Profitability & Progress

• Launched Ace Pro range: India’s most affordable 4-wheel mini-truck; empowering India’s next wave of entrepreneurs

• Secured its biggest order for 70,000 Yodha and Ultra T.7 Vehicles for Deployment in Indonesia

• Won pan-India orders of over 5,000 buses from multiple State Transport Undertakings

• Pantnagar plant wins prestigious Golden Peacock award for quality

• Won Top honours across multiple segments at the Apollo CV Awards 2026

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), aided by higher volumes, improved realizations and continued cost efficiencies, partially offset by higher input costs.

The Board of Directors has recommended a final dividend of ₹4 per equity share with a face value of ₹2 each, translating to a 200% payout for the financial year ended March 31, 2026. The company said the dividend, if approved by shareholders at the upcoming AGM, will be paid to eligible shareholders on or before July 2, 2026.

The company’s Board of Directors has fixed Monday, June 29, 2026, as the date for the company’s second Annual General Meeting (AGM).

Revenue advanced 22.2% to ₹24,452 crore in the quarter under review as against ₹19,999 crore in the same quarter last year.

Net profit surged by 79.5% to ₹2,406 crore in the March 2026 quarter from ₹1419 crore in the same period last year.

Nuvama Institutional Equities expects Tata Motors’ revenue to remain largely flat YoY, while EBITDA margin may contract despite better performance in the India CV and PV businesses. The brokerage believes lower margins at JLR may continue to remain a drag on consolidated profitability.

Jaguar Land Rover is expected to report healthy volume growth in the quarter, supported by a strong order book and easing semiconductor supply constraints. Analysts estimate JLR revenue could rise around 6-7% YoY. The company is also expected to benefit from improved product mix and better realizations across premium models.

However, despite higher volumes, concerns remain over margin sustainability due to elevated warranty costs and rising discounts in certain markets. Investors are expected to focus on JLR’s demand outlook and management guidance for FY26.

Brokerages expect Tata Motors’ EBITDA margin to contract by around 85 basis points YoY to nearly 13.3% in the March quarter. Rising operating costs and weaker profitability in the overseas business, particularly at Jaguar Land Rover (JLR), are expected to impact overall margins.

While some improvement is anticipated in the domestic commercial vehicle (CV) and passenger vehicle (PV) businesses, analysts believe the gains may not be enough to fully offset pressure from the luxury car segment. Investors are also likely to closely watch management commentary on cost trends and future margin outlook.

Tata Motors' stock ended 0.59% lower at ₹384.90 per share on BSE on Wednesday, 13 May, ahead of its March quarter results. It touched day's high of ₹392.95 and day's low of ₹378.15 in intra-day deals today

Tata Motors is expected to report a mixed set of earnings for the fourth quarter of FY25, with analysts forecasting muted revenue growth and pressure on profitability. According to average estimates from four brokerages, consolidated revenue from operations may rise just 1.2% year-on-year (YoY) during the quarter.

Despite stable topline performance, higher depreciation, rising interest costs and forex losses are expected to weigh on earnings. Analysts estimate Tata Motors’ profit could decline around 36% YoY, highlighting the continued pressure on margins across some parts of the business.