India · Delayed Price · Currency is INR Tata Motors Passenger Vehicles Earnings Call Transcripts
Fiscal Year 2026
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Consolidated revenue fell 26% year-on-year due to a cyber incident at JLR, but domestic business saw strong demand recovery and record EV growth. JLR expects normalized production and improved profitability in Q4, while the domestic segment anticipates double-digit growth for FY 2026.
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A cyber incident at JLR led to a 24% revenue drop and significant losses, while the domestic PV business rebounded with record volumes and strong EV/CNG growth. JLR expects recovery in Q4, and the group maintains robust investment in EVs and new launches.
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Q1 FY26 saw revenue and volume declines due to global demand softness, tariffs, and commodity inflation, but strong brand positioning, new launches, and cost controls supported margins in key segments. JLR and domestic CVs showed resilience, while EV momentum rebounded in July.
Fiscal Year 2025
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The acquisition will create a global leader in commercial vehicles, combining complementary portfolios and geographic strengths, with robust financial structuring and clear integration plans. Expected synergies, strong stakeholder support, and prudent risk management position the combined entity for sustainable growth and technological leadership.
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Record financial performance with strong profitability, disciplined CapEx, and high ROCE. Strategic focus on profitable growth, digital and downstream expansion, and sustainability. PV/EV business targets 10%+ EBITDA by FY30, with major investments in new products, SDV, and EV ecosystem.
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Record revenues, strong free cash flow, and net cash position were achieved, with JLR and commercial vehicles delivering robust results despite tariff and regulatory headwinds. Outlook remains positive, with continued investment and product launches planned.
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Q3 FY25 delivered strong revenue and margin growth, with JLR achieving record Q3 revenue and EBIT margin, and the domestic business returning to net cash. PLI incentives and new product launches supported performance, while management remains cautious on China and focused on capex discipline.
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Q2 FY25 saw a 3.5% revenue decline and margin pressure due to supply issues at JLR and domestic demand softness, but robust profitability was maintained. H2 is expected to improve as supply constraints ease, with strong festive demand and infrastructure investments supporting recovery.
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Q1 FY25 delivered 5.7% revenue growth, record JLR results, and strong CV margins, despite PV softness and EV fleet headwinds. JLR maintains FY25 EBIT guidance amid aluminum supply risks, while major corporate actions and new launches progress on track.