Risks
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Middle East crisis impact on commodity supply and discretionary spend
View Risks →Tata Technologies Ltd — Q4 FY26
Tata Technologies delivered a strong Q4 FY26, with total revenue of ₹1,572 crore (up 12.4% QoQ CC) and EBITDA margin of 16% (+200bps QoQ), exceeding guidance of >10% revenue growth and >16% margin.
bullish
high
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Tata Technologies delivered a strong Q4 FY26, with total revenue of ₹1,572 crore (up 12.4% QoQ CC) and EBITDA margin of 16% (+200bps QoQ), exceeding guidance of >10% revenue growth and >16% margin. The inflection was driven by broad-based growth across automotive (13.6% QoQ), aerospace/IHM (4.6%), and technology solutions (12%), with organic services revenue up 8.8% CC. Management guided for double-digit organic revenue growth in FY27 and an exit margin run rate exceeding 18%, supported by operating leverage, AI deployment, and a strong deal pipeline including multiple full-vehicle programs. Key wins include a Japanese OEM full-vehicle program and a European luxury OEM PLM transformation. Risks include potential tightening of discretionary spend if the Middle East crisis persists, though management believes this is factored into guidance.
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Services Revenue (QoQ CC Growth)
12%
+12% QoQ
Services revenue grew 12% quarter-on-quarter in constant currency, driving total revenue growth.
Full Vehicle Program Deal Value
Tens of billions of dollars
N/A
Multiple full-vehicle programs won, each with deal values in the tens of billions of dollars, spanning 18-36 months.
Aerospace Revenue Run Rate
$40M+
8x in 4 years
Aerospace revenues have grown 8x over the last four years to over $40 million annual run rate.
Headcount
12,646
+66 QoQ
Total headcount stood at 12,646, with net addition of 66 employees sequentially, reflecting deliberate capacity investment.
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Guidance and risk preview
Management expects double-digit organic topline growth in constant currency for FY27, excluding inorganic contribution from Aztec.
The Middle East crisis could tighten commodity supply (aluminium, plastics) and reduce discretionary spend among customers, though management belie...
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