Tata Motors Passenger Vehicles Limited — Quarter and year ended March 31, 2026
Optional commentary: The document includes both standalone and consolidated audited financial results under Ind AS, along with standalone/consolidated balance sheets and cash flow statements, plus segment information and additional disclosures.
| Particulars | Quarter ended March 31, 2026 | Quarter ended December 31, 2025 (Refer note 9) | Quarter ended March 31, 2025* (Refer note 9) | Year ended March 31, 2026 (Audited) | Year ended March 31, 2025* (Audited) |
|---|---|---|---|---|---|
| I. Revenue from operations | |||||
| (a) Revenue | 18,496 | 15,163 | 12,914 | 57,409 | 49,211 |
| (b) Other operating revenue | 102 | 105 | 63 | 450 | 147 |
| Total revenue from operations (a+b) | 18,598 | 15,268 | 12,977 | 57,859 | 49,358 |
| II. Other income (refer note 4) | 282 | 198 | 200 | 5,867 | 2,331 |
| III. Total Income from (I+II) | 18,880 | 15,466 | 13,177 | 63,726 | 51,689 |
| IV. Expenses | |||||
| (a) Cost of materials consumed | 9,337 | 10,603 | 6,235 | 32,226 | 24,797 |
| (b) Purchases of products for sale | 5,830 | 4,056 | 3,435 | 16,210 | 11,958 |
| (c) Changes in inventories of finished goods, work-in-progress and products for sale | 458 | (1,759) | 1,051 | 6 | 3,645 |
| (d) Employee benefits expense | 560 | 562 | 423 | 2,066 | 1,729 |
| (e) Finance costs | 77 | 35 | 53 | 246 | 322 |
| (f) Foreign exchange loss/(gain) (net) | 10 | (2) | 5 | 49 | (4) |
| (g) Depreciation and amortisation expense | 734 | 725 | 734 | 2,732 | 2,642 |
| (h) Product development/engineering expenses | 219 | 141 | 211 | 727 | 885 |
| (i) Other expenses | 1,219 | 1,078 | 871 | 4,298 | 3,612 |
| (j) Amount transferred to capital and other accounts | (94) | (100) | (73) | (353) | (303) |
| Total expenses (IV) | 18,350 | 15,339 | 12,945 | 58,207 | 49,283 |
| V. Profit before exceptional items and tax (III-IV) | 530 | 127 | 232 | 5,519 | 2,406 |
| VI. Exceptional items – loss/(gain) (net) (refer note 5) | (100) | 622 | 29 | 523 | 30 |
| VII. Profit/(loss) before tax from continuing operations (V-VI) | 630 | (495) | 203 | 4,996 | 2,376 |
| VIII. Tax expense/(credit) (net) | |||||
| (a) Current tax | 41 | (164) | (14) | 294 | (13) |
| (b) Deferred tax | 134 | (98) | 32 | 863 | 851 |
| Total tax expense/(credit) (net) | 175 | (262) | 18 | 1,157 | 838 |
| IX. Profit/ (loss) for the period/year from continuing operations (VII-VIII) | 455 | (233) | 185 | 3,839 | 1,538 |
| X. Profit before exceptional gain and tax for the year from discontinued operations | – | – | 1,645 | 1,624 | 5,628 |
| XI. Exceptional gain on disposal of discontinued operations (refer note 6) | – | – | – | 82,318 | – |
| XII. Tax expense (net) of discontinued operations | – | – | 237 | 212 | 1,292 |
| XIII. Profit for the period/year after exceptional gain and tax from discontinued operations (X+XI-XII) | – | – | 1,408 | 83,730 | 4,336 |
| XIV. Profit/(loss) before tax from continuing and discontinued operations (before exceptional gain on disposal) (VII+X) | 630 | (495) | 1,848 | 6,620 | 8,004 |
| XV. Profit/(loss) for the period/year (IX+XIII) | 455 | (233) | 1,593 | 87,569 | 5,874 |
| XVI. Other comprehensive income/(loss) | |||||
| (A) (i) Items that will not be reclassified to profit or loss – gain/(loss) | 168 | 56 | 151 | 224 | 120 |
| (ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss | (31) | (8) | (24) | (35) | (51) |
| (B) (i) Items that will be reclassified to profit or loss – gains/(losses) in cash flow hedges | (7) | – | 36 | (23) | 62 |
| (ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss | 2 | – | (9) | 7 | (16) |
| Total other comprehensive income for the period/year, net of taxes | 132 | 48 | 154 | 173 | 115 |
| XVII. Total comprehensive income/(loss) for the period/year (XV+XVI) | 587 | (185) | 1,747 | 87,742 | 5,989 |
| XVIII. Paid-up equity share capital (face value of ₹2 each) | 737 | 737 | 736 | 737 | 736 |
| XIX. Reserves excluding revaluation reserve | 24,223 | 32,490 | |||
| XX. Earnings per share (EPS) | |||||
| Ordinary shares (face value of ₹2 each) | |||||
| Earnings/(loss) per share from continuing operations (EPS) | |||||
| (i) Basic EPS | 1.24 | (0.63) | 0.50 | 10.43 | 4.36 |
| (ii) Diluted EPS | 1.24 | (0.63) | 0.50 | 10.42 | 4.35 |
| Earnings/(loss) per share from discontinued operations (EPS) | |||||
| (i) Basic EPS | – | – | 3.83 | 3.83 | 12.28 |
| (ii) Diluted EPS | – | – | 3.83 | 3.83 | 12.27 |
| Earnings/(loss) per share from continuing and discontinued operations (EPS) | |||||
| (i) Basic EPS | 1.24 | (0.63) | 4.33 | 14.26 | 16.64 |
| (ii) Diluted EPS | 1.24 | (0.63) | 4.33 | 14.25 | 16.62 |
| Particulars | As at March 31, 2026 | As at March 31, 2025* |
|---|---|---|
| Audited | ||
| I. ASSETS | ||
| (1) NON-CURRENT ASSETS | ||
| (a) Property, plant and equipment | 10,869 | 19,309 |
| (b) Capital work-in-progress | 604 | 1,467 |
| (c) Right of use assets | 842 | 1,250 |
| (d) Goodwill | 99 | 99 |
| (e) Other intangible assets | 3,536 | 4,956 |
| (f) Intangible assets under development | 781 | 2,152 |
| (g) Financial assets: | ||
| (i) Investments in subsidiaries, joint ventures and associates | 11,304 | 18,093 |
| (ii) Other investments | 1,542 | 1,708 |
| (iii) Loans | 16 | 269 |
| (iv) Other financial assets | 1,702 | 2,818 |
| (h) Non-current tax assets (net) | 546 | 1,476 |
| (i) Deferred tax assets (net) | 12 | 46 |
| (j) Other non-current assets | 546 | 921 |
| Total Non-current assets | 32,399 | 54,564 |
| (2) CURRENT ASSETS | ||
| (a) Inventories | 3,261 | 5,735 |
| (b) Financial assets: | ||
| (i) Investments | 1,071 | 5,091 |
| (ii) Trade receivables | 454 | 2,394 |
| (iii) Cash and cash equivalents | 1,293 | 982 |
| (iv) Bank balances other than (iii) above | 3,173 | 3,310 |
| (v) Loans | 6 | 3,066 |
| (vi) Other financial assets | 429 | 1,336 |
| (c) Current tax assets (net) | 465 | – |
| (d) Other current assets | 772 | 1,250 |
| Total Current assets | 10,924 | 23,164 |
| TOTAL ASSETS | 43,323 | 77,728 |
| II. EQUITY AND LIABILITIES | ||
| EQUITY | ||
| (a) Equity share capital | 737 | 736 |
| (b) Other equity | 24,223 | 32,490 |
| Total Equity | 24,960 | 33,226 |
| LIABILITIES | ||
| (1) NON-CURRENT LIABILITIES | ||
| (a) Financial liabilities: | ||
| (i) Borrowings | 1,481 | 3,882 |
| (ii) Lease liabilities | 460 | 745 |
| (iii) Other financial liabilities | 18 | 167 |
| (b) Provisions | 492 | 2,593 |
| (c) Deferred tax liabilities (net) | 1,455 | 1,228 |
| (d) Other non-current liabilities | 331 | 1,273 |
| Total Non-Current Liabilities | 4,237 | 9,888 |
| (2) CURRENT LIABILITIES | ||
| (a) Financial liabilities: | ||
| (i) Borrowings | 768 | 5,522 |
| (ii) Lease liabilities | 164 | 266 |
| (iii) Trade payables | ||
| (a) Total outstanding dues of micro and small enterprises | 130 | 239 |
| (b) Total outstanding dues of creditors other than micro and small enterprises | 9,903 | 17,671 |
| (c) Acceptances | 429 | 3,127 |
| (iv) Other financial liabilities | 792 | 1,570 |
| (b) Provisions | 401 | 2,470 |
| (c) Current tax liabilities (net) | – | 23 |
| (d) Other current liabilities | 1,539 | 3,726 |
| Total Current Liabilities | 14,126 | 34,614 |
| TOTAL EQUITY AND LIABILITIES | 43,323 | 77,728 |
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025* |
|---|---|---|
| Cash flows from operating activities: | ||
| Profit before tax for the year from continuing operations | 4,996 | 2,376 |
| Profit before tax for the year from discontinued operations (before exceptional gain on disposal) | 1,624 | 5,628 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 3,156 | 4,606 |
| Allowance for trade receivables, loans and other receivables | 55 | 106 |
| Discounting of warranty and other provisions | 35 | 78 |
| Inventory write down (net) | 18 | 74 |
| Exceptional items – loss (net) | 506 | 298 |
| Accrual for share-based payments | 12 | 32 |
| Lease charges (amortisation considered as employee cost) | 52 | 102 |
| Profit/(loss) on sale of assets (net) (including assets scrapped / written off) | (22) | 38 |
| Profit on sale of investments at FVTPL (net) | (146) | (140) |
| Marked-to-market gain on investments measured at FVTPL (net) | (11) | (15) |
| Gain on fair value of below market interest loans | – | (40) |
| Liabilities no longer required written back | (11) | (12) |
| Finance costs | 420 | 1,092 |
| Interest income | (570) | (587) |
| Dividend income | (5,052) | (1,734) |
| Unrealized foreign exchange (gain)/loss (net) | (79) | 49 |
| (1,637) | (1,637) | 3,947 |
| Cash flows from operating activities before changes in following assets and liabilities | 4,983 | 11,951 |
| Trade receivables | (733) | 609 |
| Loans and other financial assets | (29) | (440) |
| Other current and non-current assets | (758) | 128 |
| Inventories | (2,095) | 319 |
| Trade payables | 1,841 | 384 |
| Other current and non-current liabilities | (187) | (71) |
| Other financial liabilities | 151 | (79) |
| Provisions | (273) | 1,005 |
| Cash generated from operations | 2,900 | 13,806 |
| Income tax paid (net) | 91 | (228) |
| Net cash from operating activities | 2,991 | 13,578 |
| Cash flows from/(used in) investing activities: | ||
| Payments for property, plant and equipments | (2,085) | (2,686) |
| Payments for other intangible assets | (1,936) | (2,326) |
| Proceeds from sale of property, plant and equipments | 27 | 128 |
| Redemption of/(investments in) mutual fund (net) | 3,882 | (2,979) |
| Investments in associate companies | (0) | – |
| Redemption of investments in government securities | – | 70 |
| Investments in subsidiary companies | (3,029) | (1,121) |
| Investment in equity shares measured at fair value through other comprehensive income | (6) | – |
| Equity shares bought back by joint venture company | 20 | – |
| Investments in joint venture company | (5) | – |
| Loan given to subsidiary companies | – | (166) |
| Repayment of loan by subsidiary companies | 2 | – |
| Decrease in short term |