Tata Motors Margin Trend — Quarter by Quarter

Tata Motors's EBITDA margin moved from 13.7% in Q2 FY24 to 13.0% in Q4 FY26 across 4 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	13.0%	+130 bps
Q3 FY26	12.0%	—
Q1 FY26	12.0%	-480 bps
Q2 FY24	13.7%	—

What management said about ebitda margin

Q3 FY26 · 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.

Q2 FY26 · 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.

Q2 FY26 · India PV price increase in Q4

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

Q1 FY26 · 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.

Q1 FY26 · 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.

Q1 FY26 · 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.

Q4 FY25 · India PV targeting double-digit EBITDA margin

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

Q3 FY25 · 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.

Q2 FY25 · 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.

Q2 FY25 · 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.

Q4 FY24 · 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.

Q2 FY24 · JLR EBIT margin guidance upgraded to ~8% for FY24

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