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Tata Motors Passenger Vehicles
Tata Motors Passenger Vehicles (500570) investor relations material
Tata Motors Passenger Vehicles Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary5 Feb, 2026
Executive summary
Consolidated revenue for Q3 FY26 declined 25.8% year-over-year to INR 70,108 crore, mainly due to a cyber incident at JLR, while domestic passenger vehicle business posted robust growth, record sales, and margin improvement.
Tata Passenger Vehicles achieved record volumes, maintained the #2 market position in India, and saw strong EV and CNG segment growth, supported by new launches.
JLR focused on production normalization post-cyber incident, with Defender winning the Dakar Rally and positive media for new Jaguar models.
Financial highlights
Consolidated Q3 FY26 revenue was INR 70,108 crore, down 25.8% YoY; EBITDA margin fell to 2.2% from 13.4% YoY; EBIT margin dropped to -4.7% from 8.2% YoY.
Loss before tax (before exceptionals) was INR 3,136 crore; net debt stood at INR 39,400 crore as of Dec 31, 2025.
Exceptional provisions totaled INR 1,600 crore, including cyber incident costs, wage bill, and stamp duty.
Free cash flow for the group was negative INR 17,900 crore, mainly due to adverse working capital and JLR operating losses.
Tata PV and EV business reported positive free cash flow of INR 300 crore in Q3 FY26, with a net cash position of INR 5,100 crore.
Outlook and guidance
JLR expects a sharp recovery in Q4 FY26 as production normalizes; EBIT margin guidance for FY26 reaffirmed at 0–2%, with negative free cash flow expected between GBP 2.2–2.5 billion.
Domestic business expects double-digit, industry-leading growth for FY 2026, with mid-teens growth for the company and continued robust demand.
Margin improvement anticipated in Q4, supported by new launches and price hikes.
Explain the 82.6K Cr demerger gain impact
JLR's strategy to counter China/US tariff headwinds
When will EPR policy cost impact be estimable?
Revisit JLR EBIT margin target post headwinds?
India capacity strategy for new model demand
JLR path to FCF positive and debt reduction?
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Next Tata Motors Passenger Vehicles earnings date
Q4 25/2630 May, 2026
Tata Motors Passenger Vehicles
Next Tata Motors Passenger Vehicles earnings date
Q4 25/2630 May, 2026
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Frequently asked questions
Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, pickup trucks, and trucks. The company is engaged in the design, development, manufacture, assembly and sale of vehicles including passenger cars, trucks and buses. It also produces other automotive products, including coach and bus bodies, machine tools and factory automation systems and electric vehicles.
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