Tata Motors Management Guidance Tracker

35 forward-looking guidance items tracked across 9 quarters.

Margins

Q2 FY24JLR EBIT margin guidance upgraded to ~8% for FY24Active

JLR expects full-year EBIT margin of around 8%, up from prior guidance of 6%+.

Q2 FY24India CV business to sustain double-digit EBITDA for full yearTracked

Management expects to maintain double-digit EBITDA margins in the CV business for the full year.

Q4 FY24JLR EBIT margin around FY24 level in FY25Tracked

JLR expects EBIT margin for FY25 to be approximately 8.5%, similar to FY24, with higher demand generation spend offset by cost reductions.

Q2 FY25JLR FY25 EBIT margin ≥8.5%Tracked

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.

Q2 FY25JLR FY26 EBIT margin of 10% still possibleTracked

Management sees 10% EBIT margin achievable in FY26, aided by lower D&A from extended ICE lifecycles, but headroom is tightening.

Q3 FY25JLR FY25 EBIT margin and net cash positive guidance maintainedActive

Requires Q4 EBIT >10% and cash generation of $1.143B. Management expressed confidence but noted it's tough.

Q4 FY25India PV targeting double-digit EBITDA marginTracked

Management expects to reach 10%+ EBITDA margin through cost reductions, better mix, and new launches.

Q1 FY26JLR EBIT margin guidance maintained at 5%-7% for FY26Active

Despite Q1 EBIT of 4%, management reaffirms full-year EBIT margin guidance of 5%-7%, expecting tariff impacts to reduce in subsequent quarters.

Q1 FY26PV EBITDA margin to improve by 3%-4% in next few quartersTracked

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.

Q1 FY26CV double-digit EBITDA margin sustainabilityActive

Management aims to sustain double-digit EBITDA margins and ROCE of 39.6% in the CV segment, despite volume headwinds.

Q2 FY26JLR FY26 EBIT guidance of 0%-2%Tracked

JLR expects full-year EBIT margin to be between 0% and 2%, reflecting the impact of the cyber incident and challenging demand.

Q3 FY26JLR FY26 EBIT >0% and FCF GBP -2.2 to -2.5 billionActive

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.

Other

Q2 FY24JLR net debt target below GBP 1 billion by end of FY24Active

JLR commits to reducing net debt from GBP 2.249 billion to below GBP 1 billion by March 2024.

Q4 FY24JLR net debt zero by end of FY25Tracked

JLR targets net debt zero by the end of FY25, with Q1 cash flow expected to be broadly breakeven due to working capital reversal.

Q2 FY25JLR net cash positive by FY25 year-endTracked

JLR expects to end FY25 with net cash positive, driven by working capital reversal and strong Q4 cash generation.

Q4 FY25JLR FY26 EBIT guidance deferred to investor dayTracked

Due to tariff uncertainty, JLR will provide firm FY26 earnings guidance at the investor day on June 16.

Q2 FY26JLR FY26 FCF guidance of -INR 2.2-2.5 billionTracked

JLR expects free cash flow to be negative INR 2.2-2.5 billion for the full year, with recovery only in Q4.

Growth

Q2 FY24PV business to return to market-leading growth in H2Active

With new launches (Nexon, Harrier, Safari), PV volumes are expected to grow strongly in the second half.

Q4 FY24India PV industry growth less than 5% in FY25Tracked

Management expects the Indian passenger vehicle industry to grow less than 5% in FY25 due to high base and channel inventory.

Q2 FY25PV SUV salience target 80% by FY30Tracked

Tata Motors aims to increase SUV share in PV portfolio to 80% by FY30, with new launches like Harrier EV and Sierra.

Q3 FY25India PV industry growth of 6-7% expected in FY26Tracked

Contingent on government stimulus and macroeconomic improvement; FY25 expected to be flattish at ~2% growth.

Q4 FY25CV single-digit growth in FY26Active

Girish Wagh guided for single-digit industry growth, with Q2 seeing higher YoY growth due to base effect.

Q1 FY26EV market share target of 50%+ in coming quartersTracked

Shailesh Chandra expects EV market share to progressively move towards 50%+ in coming quarters, driven by Harrier.ev and other launches.

Q2 FY26India PV double-digit H2 industry growthActive

Management expects the India PV industry to grow at double-digit rates in H2FY26, driven by GST cuts and festive momentum.

Q3 FY26India PV FY26 industry-leading growth in mid-teensTracked

For full year FY26, India PV expects industry-leading growth in the mid-teens percentage range.

Q4 FY26Q1 FY27 volume growth expected to be single-digitActive

Management expects single-digit volume growth in Q1 FY27 despite commodity headwinds and diesel price uncertainty.

Q4 FY26EV penetration in SCV pickup expected in high single digitsTracked

EV penetration in SCV pickup rose to ~7% in recent months; management expects it to stay in high single-digit zone.

Capex

Q4 FY24JLR investment spend ~GBP 3.5 billion in FY25Tracked

JLR's total investment spending for FY25 is expected to be around GBP 3.5 billion, similar to FY24 levels.

Q4 FY25JLR CapEx ~GBP 3.8B in FY26Tracked

JLR's investment program remains at GBP 18B over five years, with FY26 CapEx broadly in line with FY25's ~GBP 3.8B.

Q4 FY26Capex guidance of 2-4% of revenue for FY27Tracked

Capital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years.

Expansion

Q3 FY25JLR Range Rover Electric launch by end of calendar 2025Tracked

First BEV on MLA architecture; followed by EMA-based BEV in mid-2026 and new Jaguar in late summer 2026.

Q3 FY26JLR Range Rover Electric launch in CY26Tracked

Range Rover Electric will be launched and deliveries will start this calendar year; new Jaguar production car to be unveiled.

Revenue

Q3 FY25India CV Q4 volumes expected flat YoYActive

Based on improving utilization, customer sentiment, and diesel consumption; sets base for next year.

Q2 FY26India PV price increase in Q4Active

Management plans to take a price increase in Q4 to offset higher commodity costs and improve ICE profitability.

Q3 FY26India PV Q4 FY26 growth ~40%Active

Management expects India PV business to grow ~40% in Q4 FY26, with industry growth of 13-14%.