TMPVBSEQ4 FY26May 20, 2026

TATA MOTORS PASSENGER VEHICLES

8,343words
1turns
0analyst exchanges
4executives
Management on call
Shailesh Chandra
MD & CEO, TATA MOTORS PASSENGER VEHICLES LIMITED
Pb Balaji
CEO, JAGUAR LAND ROVER
Dhiman Gupta
CFO, TATA MOTORS PASSENGER VEHICLES LIMITED
Richard Molyneux
CFO, JAGUAR LAND ROVER
Key numbers — 40 extracted
rs,
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 National Stock Exchange of India Ltd. Exchange Plaza, C-1,
6 lakh
lar brands and the new launches. On the way, Punch also emerged as the fastest growing SUV to reach 6 lakh cars on road in four years. Moving on to JLR. A difficult year indeed for JLR, but one which also
Rs. 105,000
of production at JLR, all the consolidated financial metrics are looking up. Revenue comes in at ~Rs. 105,000 Cr for the quarter, up 7% year-on-year on the back of strong India growth story and the currency ap
7%
olidated financial metrics are looking up. Revenue comes in at ~Rs. 105,000 Cr for the quarter, up 7% year-on-year on the back of strong India growth story and the currency appreciation. PBT before ex
Rs. 7,200
rong India growth story and the currency appreciation. PBT before exceptionals for the quarter was Rs. 7,200 Cr and FCF was Rs. 11,000 Cr, as we managed to unwind some of the working capital reversals that we
Rs. 11,000
nd the currency appreciation. PBT before exceptionals for the quarter was Rs. 7,200 Cr and FCF was Rs. 11,000 Cr, as we managed to unwind some of the working capital reversals that we saw in Q2 and Q3. For th
Rs. 2,500
mained down as it was impacted due to two lost quarters of production at JLR. PBT for the year was Rs. 2,500 Cr, and this excludes about Rs. 4,100 Cr of exceptionals for cyber, the labor code impact in India
Rs. 4,100
two lost quarters of production at JLR. PBT for the year was Rs. 2,500 Cr, and this excludes about Rs. 4,100 Cr of exceptionals for cyber, the labor code impact in India and the stamp duty charges for the dem
Rs. 3
ase. Tata Motors Passenger Vehicles Limited May 14, 2026 The Board has approved a dividend of Rs. 3 per share. The cash outflow for the dividends will be about Rs. 1,100 Cr. This will have to be appr
Rs. 1,100
Board has approved a dividend of Rs. 3 per share. The cash outflow for the dividends will be about Rs. 1,100 Cr. This will have to be approved in the ensuing shareholders' meeting. Just to put the numbers in
Rs. 6
ensuing shareholders' meeting. Just to put the numbers in perspective, erstwhile Tata Motors paid Rs. 6 in dividends for the last two years. The TMLCV has announced Rs. 4 of dividend in the results meeti
Rs. 4
ive, erstwhile Tata Motors paid Rs. 6 in dividends for the last two years. The TMLCV has announced Rs. 4 of dividend in the results meeting yesterday. So this actually represents a total dividend of Rs. 7
Guidance — 20 items
MANAGEMENT
opening
“Today, we plan to walk you through the results presentation followed by Q&A.”
MANAGEMENT
opening
“Let's start with the key highlights for the year, FY26.”
MANAGEMENT
opening
“The cash outflow for the dividends will be about Rs.”
MANAGEMENT
opening
“This performance allowed us to achieve our external guidance for the year.”
MANAGEMENT
opening
“So we ended up with 0.7% EBIT, within our 0% to 2% guidance.”
MANAGEMENT
opening
“And we ended up at the better end of our cash guidance, with full year cash loss just over GBP2.2 billion versus a minus GBP2.2 billion to minus GBP2.5 billion range.”
MANAGEMENT
opening
“China is down 27% year-over-year versus FY25, reflecting the impact of the new luxury taxes that were issued in July and also general market downturn requiring us to also reduce dealer stock levels to protect sales quality.”
MANAGEMENT
opening
“In other regions, sales were consistently plus or minus 15% down from our very bumper FY25.”
MANAGEMENT
opening
“Volume and mix was GBP44 million negative, and this is much lower than you would naturally expect from losing 16,000 units, but the mix offset was really strong - Range Rover, Range Rover Sport and Defender was 77% of our sales in the quarter versus 66% last year.”
MANAGEMENT
opening
“Engineering capitalization rate was marginally lower than FY25 at 64%.”
Risks & concerns — 15 flagged
A difficult year indeed for JLR, but one which also demonstrated the continued resilience of its House of Brands as it realizes and it prepares itself for adding exciting new products in its portfolio over the next 12 to 18 months, starting with Range Rover EV.
— MANAGEMENT
China is down 27% year-over-year versus FY25, reflecting the impact of the new luxury taxes that were issued in July and also general market downturn requiring us to also reduce dealer stock levels to protect sales quality.
— MANAGEMENT
And do note that given our wholesale recognition points for sales in this region, there was very negligible impact of the war in our Q4 results.
— MANAGEMENT
That said, all OEMs will need to closely monitor the impact of ongoing geopolitical developments and take respective actions to mitigate the adverse business impact, if it may come.
— MANAGEMENT
As most of these launches were in the latter part of the year, we will benefit from the full year impact of these launches in FY27.
— MANAGEMENT
The result reflects the cumulative impact of foundational actions that we have been taking over the past 18 to 24 months, combined with agile and disciplined execution, especially in post-GST 2.0 environment and as we enter FY27 with clear momentum and a well-defined road map to deliver industry-beating growth.
— MANAGEMENT
Could you give us a sense of what is the kind of commodity headwind that we have seen and we are likely to see and how we are thinking of passing it on?
— MANAGEMENT
So quickly on commodity headwind, we see a nine to 12-month kind of a picture, including how we are seeing things this quarter.
— MANAGEMENT
And as Dhiman already mentioned previously that we have not been able to pass it on any price increase last year because H1, there was a very low consumer sentiment and demand was under stress.
— MANAGEMENT
Having said that, there will be still residual stress of commodity impact that we are seeing.
— MANAGEMENT
For us, the challenge has been on the supply side.
— MANAGEMENT
And China, as everybody knows, has been through a very, very difficult period, but we have readjusted our retailer numbers and also our retailer stock levels, and we see things at least in the short term, stabilizing where they are.
— MANAGEMENT
Demand for the moment is slightly a secondary concern.
— MANAGEMENT
Obviously, MENA at the moment, we have some dealers that are actively running out of vehicles as it is more difficult to get them vehicles into their importer ships.
— MANAGEMENT
As far as Tata Motors is concerned, I think this year is going to be more a supply challenge for us rather than demand.
— MANAGEMENT
Speaking time
MANAGEMENT
1
Opening remarks
MANAGEMENT
MR. SHAILESH CHANDRA – MD & CEO, TATA MOTORS PASSENGER VEHICLES LIMITED MR. PB BALAJI – CEO, JAGUAR LAND ROVER MR. DHIMAN GUPTA– CFO, TATA MOTORS PASSENGER VEHICLES LIMITED MR. RICHARD MOLYNEUX –CFO, JAGUAR LAND ROVER Presentation Anish Gurav Good day and welcome to Tata Motors Passenger Vehicles Limited Q4 FY26 Earnings Call. Today we have with us Mr. Shailesh Chandra, MD and CEO, Tata Motors Passenger Vehicles Limited; Mr. P.B. Balaji, CEO, Jaguar Land Rover; Mr. Dhiman Gupta, CFO, Tata Motors Passenger Vehicles Limited; and Mr. Richard Molyneux, CFO, Jaguar Land Rover and we also have the colleagues from the Investor Relations team. Today, we plan to walk you through the results presentation followed by Q&A. As a reminder, all participants will be in listen-only mode and we will be taking the questions via Teams platform. The same is already open to you to submit the questions. You are requested to mention your name and name of the organization while submitting the questions. I now
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