Chandrasekaran Targets $100 Billion Automotive Revenue by FY31

Tata Group has outlined an ambitious roadmap to scale its automotive revenues to about $100 billion by FY2030–31, with Chairman N. Chandrasekaran sharing this vision with shareholders at the company’s Annual General Meeting on Wednesday.

Alongside the revenue aspirations, the Group is working towards a profit before tax of around ₹50,000 crore by FY31 at the automotive level, as indicated in its long-term guidance. Based on current exchange rates and the 10 per cent EBIT margin target, this implies a profit pool well in excess of $5 billion.

The plan spans Tata Motors’ commercial and passenger vehicle businesses, Jaguar Land Rover (JLR), and Tata AutoComp Systems, and marks a clear shift in narrative from "turnaround" to a deliberate next growth curve for the conglomerate’s automotive business.

At the heart of this roadmap is JLR, expected to contribute $45–50 billion in revenue, reinforcing its role as the premium, high-value anchor of the portfolio. The outlook rests on sustained demand for the modern luxury Range Rover and Defender lines, while progressively electrifying the range through upcoming electric Range Rover and Jaguar models. JLR’s medium-term profitability ambition is being calibrated around an EBITDA margin of about 15 per cent, with management expecting a return to double-digit levels this year as mix, pricing and cost actions begin to offset tariff and investment headwinds.

The Commercial Vehicles business is targeted at around $40 billion in revenue, building on Tata Motors’ entrenched position in India’s truck and bus market and a significantly improved profitability profile. In recent years, the CV business has delivered record profits and strong returns on capital employed, helped by better fleet utilisation, firmer freight rates and tighter cost controls. The growth plan assumes continued demand from infrastructure, construction and mining, complemented by selective expansion in export markets where Tata’s heavy-duty and intermediate CV offerings are gaining traction.

On the passenger vehicle side, Tata Motors is targeting a 20 per cent share of the Indian market over the next five years, up from the current 14–15 per cent band. In FY26, the standalone PV business reported its highest-ever revenue of around ₹58,000 crore, driven by strong SUV, EV and CNG volumes, and the company has guided for domestic PV revenue of about ₹1.4 lakh crore by FY31 as part of its Investor Day roadmap.

At current exchange rates, this implies a PV topline of roughly $14 billion, underscoring the scale of the planned step-up. This ambition is backed by a pipeline of six new models and over 20 product refreshes, as well as a sustained push in EVs, where the company aims to hold a 40–45 per cent share around its current leadership position.

The PV business is working towards breakeven at annual volumes of roughly 300,000 units, driven by scale, cost reduction and material cost optimisation—critical ingredients for delivering the Group’s overall profit ambition and supporting the broader automotive margin and cash flow targets.

Tata AutoComp Systems adds another layer, providing components, systems and technology support across the Group’s vehicle platforms and external customers. Its role is expected to deepen as electrification, lightweighting and connectivity increase content per vehicle, with synergies around batteries, e-axles, and other EV aggregates that can be shared between Tata Motors and JLR.

Taken together, the automotive businesses are being steered towards a much larger, more profitable and more integrated footprint by FY31.

Chandrasekaran has cautioned that global demand, tariff actions, cyber risk and commodity volatility will keep execution and margins under pressure, but has also argued that early bets on EVs, localisation and disciplined capital allocation give Tata Group a credible platform for this next leg of growth. For investors and stakeholders, the $100 billion revenue and implied ₹50,000 crore profit before tax markers frame the ambition; the individual business targets show how the Group intends to get there.