Tata Motors’s Passenger Vehicles reported a 31.7% decline in consolidated net profit to ₹5,783 crore in the quarter ended March 31, 2026, as higher raw material costs and headwinds at luxury vehicle arm Jaguar Land Rover weighed on earnings despite strong domestic sales momentum. Revenue from operations rose 7.2% to ₹1,05,447 crore in Q4 FY26 from ₹98,377 crore in the year-ago period.
The company had posted a net profit of ₹8,470 crore in the corresponding quarter last year.
TMPVL reported consolidated EBITDA of ₹13,900 crore during the quarter, while profit before tax and exceptional items declined by ₹3,000 crore year-on-year to ₹7,200 crore. Consolidated EBIT stood at ₹8,900 crore, down ₹600 crore from a year earlier.
The company said quarterly profitability improved sequentially as production at JLR normalized following a cyber incident and domestic passenger vehicle volumes reached record levels. Free cash flow for the quarter stood at ₹11,400 crore.
For the full year FY26, consolidated revenue declined 8.3% to ₹3.36 lakh crore from around ₹3.66 lakh crore in FY25. EBITDA margin stood at 6.8%, while EBIT margin was 1.1%. Profit before tax and exceptional items came in at ₹2,500 crore. After exceptional items of ₹4,100 crore, the company reported a loss before tax from continuing operations of ₹1,600 crore.
TMPVL’s consolidated net debt stood at ₹30,700 crore at the end of March 2026, mainly due to adverse free cash flows linked to production stoppages at JLR.
The board recommended a final dividend of ₹3 per share, subject to shareholder approval.
JLR revenue falls 21% in FY26
JLR reported revenue of £6.9 billion in Q4 FY26, down 11.1% year-on-year from about £7.76 billion. EBITDA margin declined 130 basis points to 14%, while EBIT margin fell 150 basis points to 9.2%.
Quarterly profit before tax and exceptional items dropped 47.7% to £458 million from £875 million a year earlier. Profit after tax declined 43% to £365 million from £640 million.
For FY26, JLR revenue fell 20.9% to £22.9 billion from around £28.95 billion in FY25. EBITDA margin contracted 760 basis points to 6.7%, while EBIT margin declined 780 basis points to 0.7%.
Full-year profit before tax and exceptional items plunged 99.4% to £14 million from £2.5 billion in FY25. JLR reported a net loss of £244 million for FY26 compared with a profit of £1.8 billion in the previous year.
The company attributed the decline to multiple headwinds, including higher US tariffs, China market weakness, rising variable marketing expenses, commodity inflation and the planned wind-down of outgoing Jaguar models ahead of the new Jaguar launch. Production was also disrupted during the year following a cyber incident.
JLR generated free cash flow of £829 million in Q4, but reported negative free cash flow of £2.2 billion for the full year.
At the end of FY26, JLR had a cash balance of £2.8 billion and net debt of £2.6 billion. Total liquidity stood at £6.9 billion, including undrawn credit facilities.
The company said it plans to maintain investment spending of £18 billion over the five-year period from FY24 and aims to reduce breakeven volumes to about 300,000 units over the next two years through cost-saving measures.
Tata PV posts record quarterly and annual sales
Tata Passenger Vehicles reported revenue of ₹18,700 crore in Q4 FY26, up 49% year-on-year from about ₹12,550 crore.
EBITDA margin improved 150 basis points to 9.4%, while EBIT margin expanded 310 basis points to 4.7%. Profit before tax and exceptional items stood at ₹1,100 crore.
Quarterly passenger vehicle and EV volumes rose 37% year-on-year to 201,800 units, driven by higher SUV and EV sales.
For FY26, Tata PV revenue increased 20.7% to ₹58,500 crore from around ₹48,470 crore in FY25. EBITDA margin remained flat at 6.9%, while EBIT margin improved 50 basis points to 1.4%. Profit before tax and exceptional items stood at ₹1,400 crore.
The company reported free cash flow of ₹1,700 crore in Q4 FY26. Domestic operations ended the year with cash balances of ₹9,600 crore and gross debt of ₹2,900 crore, resulting in net cash of ₹6,700 crore.
Tata PV said its Vahan market share rose to 14.2% in Q4 FY26 and 13.6% for the full year. The company maintained its leadership in electric vehicles with a 40.2% EV market share during FY26.
EV penetration in the company’s portfolio stood at 14%, while CNG vehicles accounted for 27% of sales during the year.
The automaker crossed cumulative EV sales of 250,000 units during FY26 and reported annual EV volume growth of 43% to more than 92,000 units.
During the year, the company launched the new Sierra, introduced petrol versions of the Harrier and Safari with the new 1.5-litre Hyperion Turbo-GDi engine, rolled out the updated Punch and Punch.ev, and launched the Harrier.ev.
Tata PV also re-entered the South African market and announced a new manufacturing facility at Panapakkam to support future growth.
“FY26 has been a landmark year for the company, marked by multiple defining milestones. We achieved our highest ever annual sales of over 6.4 lakh units, delivering industry-beating growth of 15% YoY and emerging as the #2 ranked player in H2 FY26,” said Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles Limited.
“In electric vehicles, we further reinforced our leadership position, resulting in robust 43% year-on-year growth and our highest ever annual EV volumes of over 92,000 units,” he added.
Looking ahead, the company said domestic demand remains healthy across SUVs, CNG vehicles and EVs, though geopolitical developments and commodity prices remain key risks for supply chains and costs.