Tata Motors / Q3-FY24

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Positive2024-02-02Back to TATAMOTORS

Revenue

Pending

verification pending

Revenue YoY

25%

reported change

EBITDA

Pending

latest reported figure

Source

bse pending

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
9 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 1,05,000 · Positive source sentiment · 2023-11-03Q2 FY24Q4 FY24: 1,20,000 · Positive source sentiment · 2024-05-10Q4 FY24Q2 FY25: 17,535 · Negative source sentiment · 2024-10-30Q2 FY25Q3 FY25: 18,819 · Watch source sentiment · 2025-01-29Q3 FY25Q4 FY25: 21,863 · Watch source sentiment · 2025-05-15Q4 FY25Q1 FY26: 17,324 · Negative source sentiment · 2025-07-31Q1 FY26Q2 FY26: 18,585 · Negative source sentiment · 2025-10-30Q2 FY26Q3 FY26: 21,847 · Negative source sentiment · 2026-02-10Q3 FY26Q4 FY26: 26,098 · Positive source sentiment · 2026-05-15Q4 FY261,20,00017,324
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tata Motors delivered a strong Q3 FY24 with consolidated revenue growing 25% YoY and EBIT margin expanding 390 bps to 8.3%. JLR was the standout, posting record revenue of GBP 7.4 billion and EBIT of 8.8%, driven by volume recovery and favorable mix. The India CV business achieved 11.1% EBITDA margin, while PV margins improved to 2.1% EBIT. Net debt reduced to INR 29,200 crore, with JLR targeting near-zero net debt by FY25. Management guided for continued deleveraging and JLR EBIT margins above 8%. Key risks include potential demand moderation in CVs due to general elections and lingering supply chain disruptions from the Red Sea crisis.

Colored figures show movement against the previous available record.

Guidance to track

  • JLR expects full-year EBIT margin to exceed the 8% target, supported by strong demand and cost improvements.
  • JLR targets net debt under GBP 1 billion by end of FY24, with positive net cash in FY25.
  • Tata Motors India net debt of INR 3,500 crore expected to reduce to near zero by end of Q4 FY24.
  • Punch EV launched in January; Curvv EV in Q2 FY25; Harrier EV later in CY2024. ICE Curvv 3-4 months after EV.

Risks flagged

  • Management expects a pause in CV growth in Q4 FY24 and softness in Q1 FY25 due to general elections, with potential 3-6 month impact.
  • JLR noted manageable impact so far, but longer transit times and container capacity constraints could affect Q4 deliveries and costs.
  • Analyst raised concern about slowing EV adoption; JLR acknowledged but stated no change to its electrification plans.
  • Small commercial vehicle market share fell due to price increases and financing difficulties for first-time buyers; recovery expected to take time.

Key quotes

  • We see this as one of consistent delivery six quarters in a row, and that gives us tremendous satisfaction that we are executing on our strategies in all our businesses.
  • It's not often you get to present a chart like this, every metric up versus every comparator, and it goes to show that we are now consistently delivering in line with our commitments.
  • This car is gonna be the ultimate Range Rover. It'll be technically peerless.

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