Tata Motors Revenue History — Quarter by Quarter

Tata Motors's revenue moved from ₹1,05,000 Cr in Q2 FY24 to ₹26,098 Cr in Q4 FY26, a -75.1% change over 9 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹26,098 Cr	+22%
Q3 FY26	₹21,847 Cr	-26%
Q2 FY26	₹18,585 Cr	—
Q1 FY26	₹17,324 Cr	-2.5%
Q4 FY25	₹21,863 Cr	—
Q3 FY25	₹18,819 Cr	+2.7%
Q2 FY25	₹17,535 Cr	-3.5%
Q4 FY24	₹1,20,000 Cr	+13.3%
Q2 FY24	₹1,05,000 Cr	—

What management said about revenue

Q4 FY26 · 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.

Q4 FY26 · 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.

Q4 FY26 · 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.

Q3 FY26 · India PV Q4 FY26 growth ~40%

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

Q3 FY26 · India PV FY26 industry-leading growth in mid-teens

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

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.

Q2 FY26 · India PV double-digit H2 industry growth

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

Q1 FY26 · EV market share target of 50%+ in coming quarters

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

Q4 FY25 · CV single-digit growth in FY26

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

Q3 FY25 · India PV industry growth of 6-7% expected in FY26

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

Q3 FY25 · India CV Q4 volumes expected flat YoY

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