JLR full-year wholesale volume of ~400,000 units
JLR reiterates its target of 400,000 wholesale units for FY24, with Q2 expected to be similar to recent quarters.
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JLR may revise P&L guidance upward after Q2
If the world progresses as expected, JLR may revise its EBIT margin guidance upward after Q2 results.
PV EV business margins to improve in H2
EV margins expected to strengthen in H2 due to lithium price moderation, PLI benefits, and localization.
CV market share recovery through product superiority
CV aims to regain market share by leveraging BS6 Phase 2 product upgrades and value communication.
JLR FY25 EBIT >= 8.5%
JLR reaffirms full-year EBIT guidance of greater than or equal to 8.5%, despite aluminum supply disruption.
JLR Net Cash by FY25 End
JLR targets achieving net cash position by end of FY25, consistent with prior guidance.
JLR CapEx ~GBP 3.5B for FY25
JLR expects full-year capital expenditure to be close to GBP 3.5 billion, with engineering spend peaking in Q1.
Demerger Appointed Date July 1, 2025
The demerger of CV and PV businesses is targeted to be effective from July 1, 2025, with 1:1 share entitlement and 60:40 asset ratio.
JLR EBIT margin guidance maintained at 5%-7% for FY26
Despite Q1 EBIT of 4%, management reaffirms full-year EBIT margin guidance of 5%-7%, expecting tariff impacts to reduce in subsequent quarters.
PV EBITDA margin to improve by 3%-4% in next few quarters
Dhiman Gupta guided that PV ICE margins will improve by 3%-4% over the next few quarters, driven by cost reductions, better model mix, and potential price increases in H2.
CV double-digit EBITDA margin sustainability
Management aims to sustain double-digit EBITDA margins and ROCE of 39.6% in the CV segment, despite volume headwinds.
EV market share target of 50%+ in coming quarters
Shailesh Chandra expects EV market share to progressively move towards 50%+ in coming quarters, driven by Harrier.ev and other launches.
JLR EBIT margin guidance upgraded to ~8% for FY24
JLR expects full-year EBIT margin of around 8%, up from prior guidance of 6%+.
JLR net debt target below GBP 1 billion by end of FY24
JLR commits to reducing net debt from GBP 2.249 billion to below GBP 1 billion by March 2024.
India CV business to sustain double-digit EBITDA for full year
Management expects to maintain double-digit EBITDA margins in the CV business for the full year.
PV business to return to market-leading growth in H2
With new launches (Nexon, Harrier, Safari), PV volumes are expected to grow strongly in the second half.
JLR FY25 EBIT margin ≥8.5%
JLR reaffirms full-year EBIT margin target of at least 8.5%, despite Q2 headwinds, expecting H2 recovery from volume normalization and working capital reversal.
JLR net cash positive by FY25 year-end
JLR expects to end FY25 with net cash positive, driven by working capital reversal and strong Q4 cash generation.
JLR FY26 EBIT margin of 10% still possible
Management sees 10% EBIT margin achievable in FY26, aided by lower D&A from extended ICE lifecycles, but headroom is tightening.
PV SUV salience target 80% by FY30
Tata Motors aims to increase SUV share in PV portfolio to 80% by FY30, with new launches like Harrier EV and Sierra.
JLR FY26 EBIT guidance of 0%-2%
JLR expects full-year EBIT margin to be between 0% and 2%, reflecting the impact of the cyber incident and challenging demand.
JLR FY26 FCF guidance of -INR 2.2-2.5 billion
JLR expects free cash flow to be negative INR 2.2-2.5 billion for the full year, with recovery only in Q4.
India PV price increase in Q4
Management plans to take a price increase in Q4 to offset higher commodity costs and improve ICE profitability.
India PV double-digit H2 industry growth
Management expects the India PV industry to grow at double-digit rates in H2FY26, driven by GST cuts and festive momentum.
JLR EBIT margin above 8% for FY24
JLR expects full-year EBIT margin to exceed the 8% target, supported by strong demand and cost improvements.
JLR net debt below GBP 1 billion by March 2024
JLR targets net debt under GBP 1 billion by end of FY24, with positive net cash in FY25.
India business net debt near zero by Q4 FY24
Tata Motors India net debt of INR 3,500 crore expected to reduce to near zero by end of Q4 FY24.
Three EV launches in CY2024
Punch EV launched in January; Curvv EV in Q2 FY25; Harrier EV later in CY2024. ICE Curvv 3-4 months after EV.
JLR FY25 EBIT margin and net cash positive guidance maintained
Requires Q4 EBIT >10% and cash generation of $1.143B. Management expressed confidence but noted it's tough.
India PV industry growth of 6-7% expected in FY26
Contingent on government stimulus and macroeconomic improvement; FY25 expected to be flattish at ~2% growth.
JLR Range Rover Electric launch by end of calendar 2025
First BEV on MLA architecture; followed by EMA-based BEV in mid-2026 and new Jaguar in late summer 2026.
India CV Q4 volumes expected flat YoY
Based on improving utilization, customer sentiment, and diesel consumption; sets base for next year.
JLR FY26 EBIT >0% and FCF GBP -2.2 to -2.5 billion
JLR reconfirms full-year guidance of greater than 0% EBIT margin and free cash flow in the range of GBP -2.2 billion to -2.5 billion.
India PV Q4 FY26 growth ~40%
Management expects India PV business to grow ~40% in Q4 FY26, with industry growth of 13-14%.
India PV FY26 industry-leading growth in mid-teens
For full year FY26, India PV expects industry-leading growth in the mid-teens percentage range.
JLR Range Rover Electric launch in CY26
Range Rover Electric will be launched and deliveries will start this calendar year; new Jaguar production car to be unveiled.
JLR EBIT margin around FY24 level in FY25
JLR expects EBIT margin for FY25 to be approximately 8.5%, similar to FY24, with higher demand generation spend offset by cost reductions.
JLR net debt zero by end of FY25
JLR targets net debt zero by the end of FY25, with Q1 cash flow expected to be broadly breakeven due to working capital reversal.
JLR investment spend ~GBP 3.5 billion in FY25
JLR's total investment spending for FY25 is expected to be around GBP 3.5 billion, similar to FY24 levels.
India PV industry growth less than 5% in FY25
Management expects the Indian passenger vehicle industry to grow less than 5% in FY25 due to high base and channel inventory.
JLR FY26 EBIT guidance deferred to investor day
Due to tariff uncertainty, JLR will provide firm FY26 earnings guidance at the investor day on June 16.
JLR CapEx ~GBP 3.8B in FY26
JLR's investment program remains at GBP 18B over five years, with FY26 CapEx broadly in line with FY25's ~GBP 3.8B.
India PV targeting double-digit EBITDA margin
Management expects to reach 10%+ EBITDA margin through cost reductions, better mix, and new launches.
CV single-digit growth in FY26
Girish Wagh guided for single-digit industry growth, with Q2 seeing higher YoY growth due to base effect.
Q1 FY27 volume growth expected to be single-digit
Management expects single-digit volume growth in Q1 FY27 despite commodity headwinds and diesel price uncertainty.
Capex guidance of 2-4% of revenue for FY27
Capital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years.
EV penetration in SCV pickup expected in high single digits
EV penetration in SCV pickup rose to ~7% in recent months; management expects it to stay in high single-digit zone.