Wholesale Volumes (Q4)
131,800 units
+25% YoY
Q4 wholesale volumes grew 25% YoY, outpacing industry TIV growth of 19%.
TATAMOTORS
Automobile
15 May 2026
Tata Motors Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Full Year Volumes (FY26)
428,000 units
+14% YoY
Record annual volume for Tata Motors, highest ever.
International Business Growth (FY26)
54% YoY
+54% YoY
Full-year international business growth driven by SA countries and Indonesia order.
Free Cash Flow (FY26)
₹9,200 crore
12% of revenue
Strong FCF generation, 12% of revenue, after capex of ₹2,800 crore.
Management Guidance
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.
Management guidance growthCapex guidance of 2-4% of revenue for FY27
Capital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years.
Management guidance capexEV 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.
Management guidance growthKey Risks
Commodity cost inflation and rupee devaluation
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.
high · management_commentaryDiesel price sensitivity and demand impact
Diesel is 30-50% of TCO for transporters; rising diesel prices could delay purchase decisions, especially in HCVs. Management noted customers postponing decisions.
high · analyst_questionMiddle East and North Africa disruption
No shipments to Middle East in last two months due to geopolitical tensions; exports to the region have been recalibrated.
medium · management_commentaryEV bus market participation and pricing sustainability
Management described current tender pricing as 'unsustainable' and is bidding prudently, which may limit volume growth in electric buses.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Tata Motors's revenue in Q4 FY26?
Tata Motors reported revenue of ₹26,098 Cr in Q4 FY26, representing a +22% change compared to the same quarter last year.
What guidance did Tata Motors management give for FY27?
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.
What are the key risks for Tata Motors in FY27?
Key risks include Commodity cost inflation and rupee devaluation — 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 price sensitivity and demand impact — Diesel is 30-50% of TCO for transporters; rising diesel prices could delay purchase decisions, especially in HCVs. Management noted customers postponing decisions.; Middle East and North Africa disruption — No shipments to Middle East in last two months due to geopolitical tensions; exports to the region have been recalibrated.; EV bus market participation and pricing sustainability — Management described current tender pricing as 'unsustainable' and is bidding prudently, which may limit volume growth in electric buses..
Did Tata Motors meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Tata Motors Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.