Tata Motors Passenger Vehicles Ltd — earnings calls

Tata Motors Passenger Vehicles Limited reported Q1 FY27 revenues of Rs. 95,800 Cr with EBIT margins at 2.4%, while JLR wholesales declined due to temporary supply constraints and the Middle East conflict, and India business revenues grew 65% year-on-year to Rs. 18,000 crores. Management described commodity cost inflation as a key pressure on margins across both JLR and the India business during the quarter. The India passenger vehicle business reported wholesale volumes of about 182,000 units, a 46% year-on-year increase, with EV volumes reaching a record of over 34,000 units in the quarter.

Tata Motors Passenger Vehicles reported consolidated Q4 FY26 revenue of approximately Rs 105,000 crore, up 7% year-on-year, with PBT before exceptionals of Rs 7,200 crore and free cash flow of Rs 11,000 crore. The India PV business achieved record quarterly volumes of over 2 lakh units in Q4 with 37% year-on-year growth, closing FY26 with over 14% market share and consistently ranked number two in Vahan data, while JLR recovered in Q4 with 95,000 wholesales and 9.2% EBIT margin after a difficult year overall. Management discussed commodity cost headwinds, the Middle East conflict's impact on demand and supply, and cost-reduction missions targeting GBP1.7 billion in savings at JLR over two years.