Tata Motors Limited (formerly TML Commercial Vehicles Limited) — Quarter ended March 31, 2026 and year ended March 31, 2026 (published May 13, 2026)
Tata Motors Limited (formerly TML Commercial Vehicles Limited) — Standalone including joint operations Tata Cummins – key financials (₹ in crores)
| Metric | Q4 FY25 | Q4 FY26 | FY25* | FY26 | Q4 vs Q4 YoY | FY26 vs FY25 YoY |
|---|---|---|---|---|---|---|
| Revenue (Rs. Cr.) | 19,999 | 24,452 | 69,419 | 77,399 | 4,453 (+22%) | 7,980 (+11%) |
| EBITDA % | 12.60% | 13.90% | 12.0% | 13.20% | 130 bps | 120 bps |
| EBIT % | 9.90% | 12.10% | 9.20% | 11.00% | 220 bps | 180 bps |
| PBT (bei) (Rs. Cr.) | 1,883 | 2,972 | 5,961 | 8,682 | 1,089 (+58%) | 2,721 (+46%) |
| FCF (Rs. Cr.) | 5,352 | 4,016 | 7,007 | 9,186 | (1,336) | 2,179 |
Tata Motors Limited (formerly TML Commercial Vehicles Limited) — Statement of Standalone Financial Results for the quarter and year ended March 31, 2026 (₹ in crores)
| Particulars | Quarter ended March 31, 2026 (Refer note 11) Audited | Quarter ended December 31, 2025 Audited | Quarter ended March 31, 2025* (Refer note 11) Unaudited | Year ended March 31, 2026 Audited | Year ended March 31, 2025* Unaudited |
|---|---|---|---|---|---|
| I. Revenue from operations | |||||
| (a) Revenue | 24,281 | 20,315 | 19,869 | 76,946 | 52,137 |
| (b) Other operating revenue | 171 | 89 | 130 | 453 | 420 |
| Total revenue from operations (a+b) | 24,452 | 20,404 | 19,999 | 77,399 | 52,557 |
| II. Other income | 240 | 272 | 196 | 1,035 | 679 |
| III. Total Income (I+II) | 24,692 | 20,676 | 20,195 | 78,434 | 53,236 |
| IV. Expenses | |||||
| (a) Cost of materials consumed | 14,398 | 12,000 | 11,104 | 45,956 | 29,602 |
| (b) Purchases of products for sale | 2,488 | 1,954 | 2,054 | 7,949 | 5,352 |
| (c) Changes in inventories of finished goods, work-in-progress and products for sale | 164 | 317 | 555 | (432) | 1,006 |
| (d) Employee benefits expense | 1,180 | 1,152 | 1,110 | 4,656 | 3,362 |
| (e) Finance costs | 126 | 143 | 219 | 629 | 650 |
| (f) Foreign exchange loss/(gain) (net) | 29 | 0 | 60 | (62) | 83 |
| (g) Depreciation and amortisation expense | 449 | 417 | 532 | 1,702 | 1,504 |
| (h) Product development/engineering expenses | 247 | 159 | 266 | 782 | 808 |
| (i) Other expenses | 2,932 | 2,443 | 2,728 | 9,663 | 7,196 |
| (j) Amount transferred to capital and other accounts | (293) | (227) | (316) | (1,091) | (935) |
| Total expenses (IV) | 21,720 | 18,358 | 18,312 | 69,752 | 48,628 |
| V. Profit before exceptional items and tax (III-IV) | 2,972 | 2,318 | 1,883 | 8,682 | 4,608 |
| VI. Exceptional Items-(gain)/loss (net) (refer note 4) | (220) | 1,545 | 228 | 3,700 | 285 |
| VII. Profit before tax (V-VI) | 3,192 | 773 | 1,655 | 4,982 | 4,323 |
| VIII. Tax expense/(credit) (net) | |||||
| (a) Current tax | 607 | 98 | 30 | 1,005 | 76 |
| (b) Deferred tax | 179 | 114 | 206 | 615 | 768 |
| Total tax expense (net) (refer note 6) | 786 | 212 | 236 | 1,620 | 844 |
| IX. Profit for the period/year (VII-VIII) | 2,406 | 561 | 1,419 | 3,362 | 3,479 |
| X. Other comprehensive income/(loss) | |||||
| (A)(i) Items that will not be reclassified to profit or loss – gain/(loss) | 16 | (16) | 129 | (119) | 129 |
| (ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss | (10) | 5 | (21) | 18 | (16) |
| (B)(i) Items that will be reclassified to profit or loss – gain/(loss) in cash flow hedges | (38) | (2) | 28 | (61) | (0) |
| (ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss | 9 | – | (8) | 15 | 0 |
| Total other comprehensive income/(loss) for the period/year (net of tax) | (23) | (13) | 128 | (147) | 113 |
| XI. Total comprehensive income for the period/year (IX+X) | 2,383 | 548 | 1,547 | 3,215 | 3,592 |
| XII. Equity share capital (face value of ₹ 2 each) (refer note 5) | 736 | 736 | 0 | 736 | 0 |
| XIII. Reserves excluding revaluation reserve | 12,663 | 7,745 | |||
| XIV. Earnings per share (EPS) (refer note 3 (xii)) | |||||
| (i) Basic EPS | 6.53 | 1.52 | 3.85 | 9.13 | 9.45 |
| (ii) Diluted EPS | 6.53 | 1.52 | 3.85 | 9.13 | 9.45 |
Statement of Standalone Assets and Liabilities (₹ in crores)
| Description | As at March 31, 2026 Audited | As at March 31, 2025* Unaudited |
|---|---|---|
| I. ASSETS | ||
| (1) Non-current assets | ||
| (a) Property, plant and equipment | 9,582 | 9,466 |
| (b) Capital work-in-progress | 673 | 650 |
| (c) Right of use assets | 444 | 396 |
| (d) Other intangible assets | 2,052 | 1,916 |
| (e) Intangible assets under development | 1,297 | 1,141 |
| (f) Financial assets | ||
| (i) Investments in subsidiaries, joint ventures and associates | 9,768 | 6,779 |
| (ii) Other investments | 268 | 374 |
| (iii) Loans | 217 | 255 |
| (iv) Other financial assets | 1,129 | 1,270 |
| (g) Non-current tax assets (net) | 61 | 60 |
| (h) Other non-current assets | 368 | 293 |
| Total non-current assets | 25,859 | 22,600 |
| (2) Current assets | ||
| (a) Inventories | 3,802 | 3,154 |
| (b) Financial assets | ||
| (i) Investments | 5,123 | 2,857 |
| (ii) Trade receivables | 1,845 | 2,278 |
| (iii) Cash and cash equivalents | 2,057 | 386 |
| (iv) Bank balances other than (iii) above | 872 | 1,193 |
| (v) Loans | 2,807 | 3,060 |
| (vi) Other financial assets | 511 | 774 |
| (c) Other current assets | 820 | 911 |
| Total current assets | 17,837 | 14,613 |
| TOTAL ASSETS | 43,696 | 37,213 |
| II. EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 736 | 0 |
| (b) Equity share capital to be issued pursuant to the Scheme (refer Note 5) | – | 736 |
| (c) Other equity | 12,663 | 7,745 |
| Total equity | 13,399 | 8,481 |
| Liabilities | ||
| (1) Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 896 | 2,518 |
| (ii) Lease liabilities | 291 | 270 |
| (iii) Other financial liabilities | 153 | 145 |
| (b) Provisions | 2,975 | 2,123 |
| (c) Deferred tax liabilities (net) | 1,217 | 635 |
| (d) Other non-current liabilities | 1,035 | 861 |
| Total non-current liabilities | 6,567 | 6,552 |
| (2) Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 2,033 | 2,946 |
| (ii) Lease liabilities | 155 | 121 |
| (iii) Trade payables | ||
| (a) Total outstanding dues of micro and small enterprises | 307 | 154 |
| (b) Total outstanding dues of creditors other than micro and small enterprises | 12,134 | 10,448 |
| (c) Acceptances | 2,005 | 2,661 |
| (iv) Other financial liabilities | 1,242 | 1,020 |
| (b) Other current liabilities | 3,435 | 2,693 |
| (c) Provisions | 2,347 | 2,115 |
| (d) Current tax liabilities (net) | 72 | 22 |
| Total current liabilities | 23,730 | 22,180 |
| TOTAL EQUITY AND LIABILITIES | 43,696 | 37,213 |
Statement of Standalone Cash Flows (₹ in crores)
| Particulars | Year ended March 31, 2026 (Audited) | From June 23, 2024 to March 31, 2025* (Unaudited) |
|---|---|---|
| Cash flows from operating activities: | ||
| Profit for the year/period | 3,362 | 3,479 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 1,702 | 1,504 |
| Allowance for trade receivables, loans and other receivables | 90 | 87 |
| Discounting of warranty and other provisions | 63 | 32 |
| Inventory write down (net) | 43 | 53 |
| Non cash exceptional items – loss | 2,373 | 233 |
| Accrual for share-based payments | 11 | – |
| Lease charges (Amortisation considered as employee cost) | 65 | 56 |
| (Profit)/loss on sale of assets (net) (including assets scrapped / written off) | (34) | 38 |
| Profit on sale of investments at FVTPL (net) | (96) | (67) |
| Marked-to-market gain on investments measured at FVTPL | (11) | (6) |
| Gain on fair value of below market interest loans | (25) | (40) |
| Tax expense (net) | 1,620 | 844 |
| Finance costs | 629 | 650 |
| Interest income | (438) | (303) |
| Dividend income | (172) | (49) |
| Unrealized foreign exchange loss/(gain) (net) | 26 | (58) |
| Total adjustments | 5,846 | 2,974 |
| Cash flows from operating activities before changes in following assets and liabilities | ||
| Trade receivables | 9,208 | 6,453 |
| Loans and other financial assets | 371 | 1,045 |
| Other current and non-current assets | 147 | (172) |
| Inventories | (6) | 317 |
| Trade payables | (691) | 1,017 |
| Other current and non-current liabilities | 1,166 | (20) |
| Other financial liabilities | 894 | 349 |
| Provisions | 244 | 16 |
| Cash generated from operations | 12,268 | 9,614 |
| Income tax paid (net) | (956) | (77) |
| Net cash generated from operating activities | 11,312 | 9,537 |
| Cash flows used in investing activities: | ||
| Payments for property, plant and equipments | (1,152) | (631) |
| Payments for other intangible assets | (917) | (819) |
| Proceeds from sale of property, plant and equipments | 59 | 109 |
| Investments in Mutual Fund (purchase)/sold (net) | 559 | (2,527) |
| Redemption of Government securities | – | 35 |
| Investments in Certificate of Deposits | (2,711) | – |
| Investment in equity shares measured at fair value through other comprehensive income | (5) | – |
| Investments in subsidiary companies | (5,938) | (1,121) |
| Investments in joint venture | (5) | (127) |
| Redemption of investments in subsidiary companies | 700 | – |
| Investments in an associate company | (133) | – |
| Redemption of investments in joint venture | 20 | – |
| Loan given to subsidiary companies | (11) | (168) |
| Repayment of loan by subsidiary companies | 41 | – |
| Repayment of / (investment in) short term inter corporate deposit | 259 | (2,725) |
| Deposits/restricted deposits with banks | (6,281) | (1,185) |
| Realisation of deposits/restricted deposits with banks | 6,604 | 825 |
| Interest received | 398 | 240 |
| Dividend received | 172 | 54 |
| Net cash used in investing activities | (8,341) | (8,040) |
| Cash flows from financing activities: | ||
| Proceeds from long-term borrowings | 36 | 2,105 |
| Repayment of long-term borrowings | (1,654) | (1,758) |
| Proceed from option settlement of long term borrowings | 263 | 186 |
| Net change in other short-term borrowings (with maturity up to three months) | (900) | (4,592) |
| Repayment of lease liabilities (including interest) | (148) | (140) |
| Interest paid [including discounting charges paid, ₹162 crores (March 31, 2025 ₹45 crores)] | (582) | (658) |
| Net cash used in financing activities | (2,985) | (4,857) |
| Net (decrease) in cash and cash equivalents | (14) | (3,360) |
| Cash and cash equivalents as at April 1 / June 23, (opening balance) | 386 | – |
| Additions pursuant to the Scheme (refer note 5) | – | 3,233 |
| Effect of demerger of CV undertaking (refer note 5) | 1,686 | 514 |
| Effect of foreign exchange on cash and cash equivalents | (1) | (1) |
| Cash and cash equivalents as at March 31, (closing balance) | 2,057 | 386 |
| Non-cash transactions: | ||
| Liability towards property, plant and equipment and other intangible assets purchased on credit/deferred credit | 303 | 391 |
Supplementary details of Tata Motors Limited on standalone basis excluding interest in joint operation (₹ in crores)
| Sr No | Particulars | Quarter ended March 31, 2026 (Audited) | Dec 31, 2025 (Audited) | March 31, 2025* (Unaudited) | Year ended March 31, 2026 (Audited) | March 31, 2025* (Unaudited) |
|---|---|---|---|---|---|---|
| 1 | Revenue from operations | 24,257 | 20,205 | 19,785 | 76 |