Tata Motors Q4 FY26 Results: Profit Surges 70%, Revenue Climbs 22% — Complete Breakdown
By Kaushik Brahmakshatriya
Published On 13 May 2026.
Tata Motors Q4 Results FY26
India’s largest commercial vehicle manufacturer, Tata Motors Ltd, delivered a standout performance in the fourth quarter of FY26 (January–March 2026). Announced on May 13, 2026, the standalone results revealed a remarkable 70% jump in net profit alongside a 22% surge in revenue — driven by strong commercial vehicle (CV) volume growth, improved product mix, and relentless cost discipline. Here is the complete breakdown of every key metric investors and market watchers need to know.
Tata Motors Q4 FY26 — Standalone Financial Highlights at a Glance
The headline numbers from Q4 FY26 surpassed most expectations. Net profit reached ₹2,406 crore versus ₹1,419 crore in Q4 FY25 — a growth of 69.55% year-on-year. Revenue from operations crossed ₹24,452 crore compared to ₹19,999 crore a year ago, registering a solid 22.26% YoY rise.
| Financial Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Revenue from Operations | ₹24,452 Cr | ₹19,999 Cr | +22.26% |
| EBITDA | ₹3,307 Cr | ₹2,438 Cr | +36% |
| EBITDA Margin | 13.9% | 12.6% | +130 bps |
| EBIT Margin | 12.1% | 9.9% | +220 bps |
| Profit Before Tax (bei) | ₹2,972 Cr | ₹1,883 Cr | +58% |
| Standalone Net Profit (PAT) | ₹2,406 Cr | ₹1,883 Cr | +58% |
| Finance Costs | ₹126 Cr | ₹219 Cr | -42% |
The sharp fall in finance costs — from ₹219 crore to ₹126 crore — underlines the company’s sustained focus on deleveraging its domestic balance sheet. Net cash for the domestic business stood at a healthy ₹7,500 crore as of March 31, 2026.
Commercial Vehicle (CV) Segment — Record Volumes in Q4 FY26
The CV segment was the engine powering this quarter’s strong performance. Wholesale volumes in Q4 FY26 climbed 25%
year-on-year to 132,000 units, reflecting robust demand across heavy commercial vehicles (HCV), intermediate and light commercial vehicles (ILMCV), and small commercial vehicles (SCV).
| CV Segment Metric | Q4 FY26 | Full Year FY26 | YoY Growth |
| CV Wholesale Volumes | 1,32,000 units | 4,28,000 units | +25% (Q4) / +14% (FY) |
| Domestic Volumes (FY26) | — | Up 12% YoY | — |
| Export Volumes (FY26) | — | Up 54% YoY | — |
| Domestic Market Share (VAHAN) | 35.7% | — | — |
| HCV Market Share | 55.0% | — | Industry-leading |
| ILMCV Market Share | 39.5% | — | — |
| SCV Market Share | 26.8% | — | — |
| Passenger CV Market Share | 36.4% | — | — |
Managing Director and CEO Girish Wagh highlighted the landmark year: “FY26 marked a clear inflection point for the commercial vehicles industry, with volumes surpassing the pre-FY19 peak, supported by GST 2.0 reforms and sustained infrastructure spending.
“Notable milestones during the year include the launch of 17 Next-Generation Trucks, Tata Motors securing its largest-ever export order of 70,000 Yodha and Ultra T.7 vehicles for Indonesia, and winning pan-India orders of over 5,000 buses from multiple State Transport Undertakings.
Full Year FY26 Performance — Strong Foundation for FY27
Beyond the quarterly snapshot, the full-year FY26 numbers present an equally encouraging picture.
| FY26 Annual Metric | FY26 | FY25 | YoY Change |
| . Full Year Revenue | ₹77,400 Cr | ~₹69,700 Cr | +11% |
| Full Year EBITDA | ₹10,200 Cr | — | +22% |
| EBITDA Margin | 13.2% | 12.0% | +120 bps |
| EBIT Margin | 11.0% | ~9.2% | +180 bps |
| PAT (incl. exceptional items) | ₹3,362 Cr | ~₹4,370 Cr | -23% |
| Profit Before Exceptional Items | ₹8,682 Cr | ~₹5,946 Cr | +46% |
| Free Cash Flow | ₹9,200 Cr | ~₹7,000 Cr | ₹2,200 Cr |
| Auto ROCE | 72% | 61% | +11 pp |
The 23% decline in reported full-year PAT is explained entirely by ₹3,700 crore in exceptional items, including mark-to-market losses on listed investments in Tata Capital, new labour code provisions, and costs related to the commercial vehicle demerger. Stripping these out, underlying profitability rose a sharp 46%.
Dividend Announced — ₹4 Per Share for FY26
The Board of Directors recommended a final dividend of ₹4 per equity share (face value ₹2, i.e., 200%) for FY26, subject to shareholder approval at the Annual General Meeting scheduled for June 29, 2026. If approved, the dividend will be paid to eligible shareholders on or before July 2, 2026.
Iveco Acquisition — On Track for Q2 FY27 Closure
Tata Motors confirmed that regulatory approvals for the proposed acquisition of Iveco Group N.V. (excluding the Defence business) are progressing well, with most approvals already received. The company expects to complete the Iveco transaction by Q2 FY27, which would significantly strengthen its global CV footprint and add complementary capabilities across European and emerging markets.
Capital Efficiency — Industry-Leading ROCE of 72%
One of the most striking figures from the FY26 annual scorecard is the Auto ROCE of 72%, up from 61% in FY25. This metric reflects the company’s disciplined capital allocation strategy — reducing debt, improving working capital cycles, and channelling cash flows efficiently. Free cash flow for the year stood at ₹9,200 crore, up ₹2,200 crore versus FY25, giving the management ample room for growth investments and shareholder returns.
Tata Motors Share Price — Market Reaction
Ahead of the result announcement, Tata Motors shares closed 0.61% lower at ₹384.70 on the NSE. The stock’s 52-week high stands at ₹509 (February 27, 2026) while the 52-week low was ₹306.30 (November 14, 2025). Market capitalisation at the time of the result stood at approximately ₹1,41,622 crore.
FAQ — People Also Ask
Q1. What was Tata Motors’ net profit in Q4 FY26?
Tata Motors reported a standalone net profit of ₹2,406 crore in Q4 FY26, a 69.55% jump compared to ₹1,419 crore in Q4 FY25.
Q2. What was Tata Motors’ revenue in Q4 FY26?
Revenue from operations stood at ₹24,452 crore in Q4 FY26, up 22.26% year-on-year from ₹19,999 crore.
Q3. What dividend has Tata Motors declared for FY26?
The Board has recommended a final dividend of ₹4 per equity share (face value ₹2) for FY26, payable by July 2, 2026, subject to AGM approval.
Q4. How did Tata Motors’ CV segment perform in Q4 FY26?
Commercial vehicle wholesale volumes rose 25% YoY to 1,32,000 units in Q4 FY26. Full-year FY26 wholesales reached 4,28,000 units, up 14% annually.
Q5. What is Tata Motors’ EBITDA margin for Q4 FY26?
EBITDA margin for Q4 FY26 expanded by 130 basis points year-on-year to 13.9%, reflecting stronger realizations and controlled costs.
Q6. When will the Iveco acquisition be completed?
Tata Motors expects to close the Iveco Group N.V. acquisition by Q2 FY27 (July–September 2026), pending the last remaining regulatory clearances.
Q7. What is Tata Motors’ Auto ROCE for FY26?
The company achieved an industry-leading Auto ROCE of 72% in FY26, significantly up from 61% in FY25, reflecting superior capital efficiency.
Q8. Why did Tata Motors’ full-year PAT decline despite strong operations?
Full-year PAT fell 23% due to ₹3,700 crore in exceptional items — including MTM losses on Tata Capital investments, new labour code provisions, and demerger costs. Operating profit before exceptional items actually rose 46%.
Editor’s Take — What This Means for Investors
Tata Motors Q4 FY26 results send a clear signal: the domestic CV business is firing on all cylinders. The combination of volume leadership, margin expansion, deleveraging, and free cash flow generation creates a compelling fundamental story. The dividend announcement and the Iveco acquisition progress add further confidence about management’s long-term vision.
However, investors should monitor the global macro environment — particularly US tariff impacts on JLR — and any slowdown in infrastructure spending in India that could temper CV demand in FY27.
Disclaimer :
This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred
