Tata Motors Limited delivered a record quarterly and full-year performance for Q4 and FY26, driven by disciplined execution, improved realizations, and efficient capital management. The Board of Directors, at its meeting held on May 13, 2026, approved the audited standalone and consolidated financial results under Ind AS for the fourth quarter and financial year ended March 31, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company submitted its investor presentation to the exchanges and made available the audio recording of the earnings conference call on its website. The presentation was led by Girish Wagh, MD & CEO, and GV Ramanan, Chief Financial Officer.

Consolidated Financial Performance

On a consolidated basis, Tata Motors reported strong year-on-year growth across all key financial metrics in Q4 FY26. The latest reported figures reflect a significant improvement in profitability and operating efficiency. The table below presents the updated consolidated Q4 performance:

For the full year FY26, consolidated revenues stood at ₹83,900 Cr (+10%), with EBITDA margin at 12.30% (+100 bps) and EBIT margin at 10.20% (+160 bps). Full-year PBT (bei) was ₹6,100 Cr and PAT was ₹3,000 Cr. Free Cash Flow for Q4 FY26 and full year FY26 was ₹8,000 Cr and ₹12,400 Cr respectively, with net cash as at March 31, 2026 at ₹13,700 Cr.

Standalone Financial Performance

Tata Motors' standalone operations (including joint operations with Tata Cummins) delivered robust growth across all key metrics in Q4 FY26 and for the full year FY26. Quarterly revenue stood at ₹24,452 Cr (+22%), with EBITDA at ₹3,404 Cr (+35%). The Company achieved teens EBITDA margin at 13.90% (+130 bps), ahead of its mid-term guidance. EBIT margin expanded to 12.10% (+220 bps), aided by higher volumes, improved realizations, and continued cost efficiencies. PBT (bei) for the quarter stood at ₹2,970 Cr (+58%), while profit after tax for the quarter was ₹2,409 Cr. Finance costs dropped to ₹126 Cr in Q4 FY26 from ₹219 Cr in Q4 FY25.

For the full year FY26, revenue stood at ₹77,398 Cr (+11%), with EBITDA of ₹10,206 Cr (+22%) and EBITDA margin at 13.20% (+120 bps). EBIT margin for FY26 stood at 11.00% (+180 bps). PBT (bei) for the full year came in at ₹8,681 Cr (+46%). Profit after tax for the year was ₹3,364 Cr, including the impact of exceptional items. Net cash for the domestic business stood at ₹7,500 Cr as of March 31, 2026. The Company's Auto ROCE stood at 72% in FY26.

PBT (bei) Bridge — Q4 FY26

The improvement in Q4 FY26 PBT (bei) was driven by volume and mix gains, improved net realization, and other operational efficiencies, partially offset by rising variable costs. The detailed waterfall is presented below:

Free Cash Flow and Investment Spending

Strong full-year FCF of ₹9,186 Cr was driven by robust operational performance and disciplined working capital management. The cash conversion cycle improved marginally to 31 days in FY26 from 32 days in FY25. Total investment spending for FY26 stood at ₹2,793 Cr, comprising total R&D of ₹1,699 Cr (Capitalized R&D: ₹917 Cr; Expensed R&D: ₹782 Cr) and capital and other investments of ₹1,094 Cr. Capex and PDE as a percentage of revenue remained within the guided range of 2%–4%, at 3.60% for FY26.

Business Highlights and Volume Performance

The CV segment delivered strong volume growth during the year, with Q4 FY26 wholesales at 132K units (+25%) and full-year FY26 wholesales at 428K units (+14%). Overall domestic CV VAHAN market share for FY26 stood at 35.70%, with HCV market share at 55.00%, ILMCV at 39.50%, SCV & PU at 26.80%, and CV Passenger at 36.40%. The Company launched 17 Next-Generation Trucks and the Ace Pro range — India's most affordable 4-wheel mini-truck. It secured its biggest order for 70,000 Yodha and Ultra T.7 Vehicles for deployment in Indonesia and won pan-India orders of over 5,000 buses from multiple State Transport Undertakings. The Tata Motors Pantnagar Plant won the Golden Peacock Award for Quality, and the Company won top honours across multiple segments at the Apollo CV Awards 2026.

Sustainability and Electric Vehicles

On the sustainability front, Tata Motors recorded 2,400 SCV EV retails in Q4 FY26 — the highest since FAME incentives were discontinued. TMSCML deployed 3,815 cumulative E-buses. The Company initiated deliveries of the BillionE E.55S, received an order for 250 EV buses, and signed an MoU for 40 hydrogen trucks. Cumulative green kilometres across all deployed e-buses crossed 53+ Cr since inception.

FY27 Outlook: Capex, Margins, and Growth Strategy

Looking ahead, management has provided guidance on capital expenditure, margin trajectory, and volume growth for FY27. The Company expects FY27 capital expenditure to be around INR 3,000 Crores, broadly similar to FY26 levels, with a focus on growth and technology investments. On the margin front, management has guided EBITDA margin to remain in the "teens" — clarifying the target is not "mid-teens" — while expressing a strong commitment to sustaining good margins despite headwinds from high commodity costs and currency depreciation.

Management has guided single-digit growth for Q1 FY27, despite strong volume increases recorded in April and May, and has adopted a quarter-by-quarter strategy given prevailing uncertainties. On the cost front, management flagged bigger commodity challenges in Q1 FY27 compared to the 100 basis points impact seen in Q4, which has already prompted a 2% price hike in April. The Company plans to absorb some cost increases to keep demand strong while focusing on cost management to support margins. High material costs caused a 50 basis point increase in variable costs in Q4, and geopolitical events resulted in a strategic inventory increase and adjusted export plans for the Middle East and North Africa.

On the international front, the Company noted uncertainties including fuel shortages in Sri Lanka and a two-month halt in shipments to the Middle East due to geopolitical issues. An order from Indonesia is anticipated to help mitigate these challenges, as the Company continues to navigate a dynamic global operating environment.

Dividend, Iveco Acquisition, and Investor Day

The Board of Directors recommended a final dividend of ₹4.00 per fully paid-up ordinary share of ₹2.00 each for the year ended March 31, 2026, subject to shareholder approval. The resultant cash outflow would be ₹1,473 Cr. The dividend, if declared at the 2nd Annual General Meeting scheduled for Monday, June 29, 2026, shall be paid to eligible shareholders on or before July 2, 2026. Regarding the proposed acquisition of Iveco Group N.V., most regulatory approvals have been received, with the last pending approvals being actively pursued. Tata Motors expects to complete the transaction by Q2 FY27. The Company has also announced its Investor Day 2026, scheduled for Tuesday, June 23, 2026.

Tata Motors Limited (formerly TML Commercial Vehicles Limited) has informed the stock exchanges of key personnel changes at the level of Key Managerial Personnel (KMP) and Senior Management Personnel (SMP), as approved by its Board of Directors at a meeting held on May 13, 2026. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 11:30 a.m. (IST) and concluded at 3:55 p.m. (IST).

Leadership Transitions at a Glance

The following changes in KMP and SMP were noted and approved by the Board, based on the recommendation of the Nomination and Remuneration Committee:

Changes in Key Managerial Personnel

Mr Sudipto Kumar Das has tendered his resignation as Company Secretary & Compliance Officer and KMP of the Company, effective June 1, 2026, citing a proposed transition to another company within the Group. In his resignation letter, Mr Das acknowledged the Board and Senior Management for entrusting him with the responsibility of incorporating the Company, listing it on the stock exchanges, and establishing the secretarial processes of a listed entity. Succeeding him is Mr Ranjan Kumar, whose appointment as Company Secretary & Compliance Officer and KMP takes effect from June 1, 2026.

Profile of Incoming Company Secretary — Mr Ranjan Kumar

Mr Ranjan Kumar brings over 25 years of experience across the domains of Legal, Secretarial, Ethics, Corporate Affairs, and Sustainability, spanning India and South-East Asian markets. He joins the Company from SKF India Limited, where he served as Director – Ethics, Legal, Sustainability & Corporate Affairs, with responsibility covering India, South-East Asia, and the Middle East. His prior experience includes tenures at Carlsberg India, Coca-Cola, Vodafone, and Dabur Ayurved.

His key qualifications and credentials include:

• Member of the Institute of Company Secretaries of India (ICSI) | ACS No.: 16192
• Bachelor of Laws (LLB) from the University of Delhi
• Bachelor of Science in Mathematics (Honours) from Ranchi University
• Date of Birth: 27th November 1975

Mr Kumar has demonstrated expertise in corporate legal strategy, regulatory compliance, governance, risk management, commercial contracting, and dispute resolution. He has led corporate restructuring projects, managed complex joint venture relationships, and implemented board governance practices across multiple organisations.

Changes in Senior Management Personnel

Mr Sitaram Kandi has resigned as Chief Human Resources Officer (CHRO) and SMP of the Company, with effect from the close of business hours on May 28, 2026, on account of a proposed transition to another company within the Tata Group. Mr DP Nambiar has been appointed as CHRO and SMP of the Company, effective May 29, 2026.

Profile of Incoming CHRO — Mr DP Nambiar

Mr DP Nambiar is an HR leader with 30 years of experience at Tata Consultancy Services (TCS), having held roles across industry units, horizontal units, corporate functions, and major geographies, including leadership positions in the USA and Europe. His career trajectory at TCS is as follows:

Mr Nambiar has been involved in major recruitment and reskilling initiatives globally, talent integration from insourcing and acquisitions, and progressive workforce relations in Europe and other markets. He was instrumental in driving a COVID vaccination programme for TCS and Tata Group employees and their families, and activated partnerships including TCS as the Official Skills Partner at the World Economic Forum. He serves as an official spokesperson for TCS with media, forums, and government and regulatory bodies, and chairs the NASSCOM Chapter for Mumbai.

Regulatory Compliance

The disclosures were made in accordance with Regulation 30 of the SEBI Listing Regulations, read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2//3762/2026 dated January 30, 2026. Supporting documents submitted to the exchanges include relevant regulatory details as Annexure A, resignation letters from Mr Sudipto Kumar Das and Mr Sitaram Kandi as Annexure B, and brief profiles of Mr Ranjan Kumar and Mr DP Nambiar as Annexure C.