Tata Motors PV Q4FY26 Profit Falls 32% YoY on JLR Headwinds

Tata Motors Passenger Vehicles reported a 32% fall in consolidated net profit to ₹5,783 crore for the quarter ended March 31, 2026, compared to ₹8,470 crore a year ago, as strong domestic business momentum post GST 2.0 was offset by multiple headwinds at Jaguar Land Rover (JLR), including tariffs, a cyber incident and higher raw material costs. Revenue from operations rose 7% year-on-year (YoY) to ₹1,05,447 crore.

“Overall, FY26 was a tale of two halves. While domestic business witnessed a strong momentum post GST 2.0, at JLR we witnessed several headwinds including tariffs and the cyber incident,” said Dhiman Gupta, Chief Financial Officer, TMPVL.

The company added that geopolitical and regulatory developments continue to pose supply-chain and cost risks. However, it expects to maintain profitable growth in the domestic market through healthy demand and structural cost reduction measures.

Domestic Business Remains Strong

On a standalone basis, Tata Motors Passenger Vehicles posted revenue of ₹18,598 crore in Q4, up 43% YoY. However, profit after tax more than halved to ₹455 crore amid pricing pressure and higher input costs. EBITDA margin for the quarter stood at 9.4%.

Passenger vehicle and EV volumes during the quarter stood at 2,01,800 units, supported by strong demand for SUVs, CNG vehicles and electric vehicles.

For FY26, the company reported its highest-ever annual sales of over 6.4 lakh units, registering 15% YoY growth. EV volumes rose 43% to more than 92,000 units during the year.

Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles, said the company expects to continue its strong growth momentum in FY27, backed by new launches, rising demand and its multi-powertrain strategy.

JLR Faces Multiple Challenges

JLR’s revenue declined 11% YoY to £6.9 billion in Q4 and fell 21% to £22.9 billion for the full year FY26.

Profit before tax and exceptional items stood at £458 million in Q4 and £14 million for FY26, sharply lower compared to the previous year. Full-year loss after tax came in at £244 million against a profit of £1.8 billion last year.

The company said profitability was impacted by the planned wind-down of older Jaguar models, higher US tariffs, increased VME and a challenging market environment in China.

PB Balaji, Chief Executive Officer, said, “JLR faced a challenging year with revenue and profit impacted by multiple headwinds, including a pause in production following the cyber incident."

The company said it aims to reduce breakeven volumes towards 300,000 units over the next two years by targeting £1.7 billion in savings through its Enterprise Missions programme.

The board also recommended a final dividend of ₹3 per share for FY26. If approved at the AGM, the dividend will be paid on or before July 14.