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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹26,098 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Motors delivered a strong Q4 FY26, with standalone revenue of ₹24,500 crore (+22% YoY) and EBITDA margin of 13.9% (+130 bps YoY), marking the 11th consecutive quarter of double-digit margins. Full-year revenue reached ₹77,000 crore (+11% YoY) and EBITDA margin expanded to 13.2% from 7.8% three years ago. The CV business saw wholesale volumes of 131,800 units (+25% YoY) in Q4, driven by new product launches and market share gains, including the highest HCV market share in a decade. International business grew 17% YoY in Q4, supported by a landmark 70,000-unit order from Indonesia. Management highlighted commodity cost pressures (100 bps impact in Q4, more in Q1 FY27) and a cautious near-term outlook due to diesel price sensitivity and Middle East disruptions. They guided for single-digit volume growth in Q1 FY27 and maintained capex guidance of 2-4% of revenue. Key risk: sustained commodity inflation and inability to pass through costs could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects single-digit volume growth in Q1 FY27 despite commodity headwinds and diesel price uncertainty.
- Capital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years.
- EV penetration in SCV pickup rose to ~7% in recent months; management expects it to stay in high single-digit zone.
Risks flagged
- Commodity headwinds caused ~100 bps margin impact in Q4 and are expected to be more severe in Q1 FY27. Management has only partially passed on costs via a 2% price hike.
- Diesel is 30-50% of TCO for transporters; rising diesel prices could delay purchase decisions, especially in HCVs. Management noted customers postponing decisions.
- No shipments to Middle East in last two months due to geopolitical tensions; exports to the region have been recalibrated.
- Management described current tender pricing as 'unsustainable' and is bidding prudently, which may limit volume growth in electric buses.
Key quotes
- Our revenue improved 11% YoY in FY26. The underlying demand trajectory has been firmly upward.
- We have taken a 2% price increase in April, but we have decided to not pass on the entire commodity increases because we don't want to impact the demand momentum.
- We will have to take quarter by quarter rather than projecting for the whole year with the kind of events we are challenged with.
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