Tata Motors Limited Reports Strong Q3FY26 Sales Growth of 21% with 1,15,577 Units Sold

2 min read     Updated on 01 Jan 2026, 02:47 PM
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Reviewed by
Riya DScanX News Team
Overview

Tata Motors Limited reported strong Q3FY26 sales of 1,15,577 units, achieving 21% year-on-year growth from 95,770 units in Q3FY25. Domestic commercial vehicle sales grew 18% to 1,07,918 units, while international business surged 70% to 7,659 units. The performance was driven by construction and mining recovery, sustained core sector demand, and strength in small commercial vehicles, with management expecting continued momentum in Q4FY26.

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Tata Motors Limited delivered impressive sales performance in Q3FY26, reporting total sales of 1,15,577 units across domestic and international markets, compared to 95,770 units in Q3FY25. This represents a robust 21% year-on-year growth, demonstrating the company's strong market position in the commercial vehicle segment. The quarterly performance was complemented by December 2025 sales of 42,508 units, marking a 25% increase from 33,875 units in December 2024.

Strong Performance Across Commercial Vehicle Segments

The company's domestic commercial vehicle sales showed consistent growth across multiple categories during Q3FY26. Total domestic CV sales reached 1,07,918 units compared to 91,260 units in Q3FY25, reflecting an 18% year-on-year increase.

Category: Q3FY26 Q3FY25 Growth (%)
HCV Trucks: 33,401 units 27,130 units +23%
ILMCV Trucks: 20,033 units 15,897 units +26%
Passenger Carriers: 10,691 units 10,001 units +7%
SCV Cargo and Pickup: 43,793 units 38,232 units +15%
Total CV Domestic: 1,07,918 units 91,260 units +18%

December 2025 Monthly Performance

December 2025 witnessed strong momentum across all commercial vehicle segments, with domestic sales reaching 40,057 units compared to 32,369 units in December 2024, representing 24% growth.

Segment: December 2025 December 2024 Growth (%)
HCV Trucks: 12,483 units 9,520 units +31%
ILMCV Trucks: 7,959 units 5,687 units +40%
SCV Cargo and Pickup: 15,448 units 13,018 units +19%

International Business Shows Strong Growth

Tata Motors' international commercial vehicle business demonstrated exceptional performance with 7,659 units sold in Q3FY26 compared to 4,510 units in Q3FY25, achieving 70% year-on-year growth. December 2025 international sales reached 2,451 units versus 1,506 units in December 2024, marking 63% growth.

Management Commentary on Market Drivers

Girish Wagh, MD & CEO of Tata Motors Limited, attributed the strong performance to multiple factors including GST 2.0 implementation and festive season momentum from Q2FY26. The company benefited from recovery in construction and mining activities following the extended monsoon period, along with sustained demand from core sectors and auto logistics.

The management highlighted that domestic sales of MH&ICV reached 53,105 units in Q3FY26 compared to 44,023 units in Q3FY25. Combined domestic and international MH&ICV sales totaled 57,080 units versus 46,108 units in the previous year quarter.

Future Outlook and Strategic Positioning

The company expects demand strengthening across most commercial vehicle segments in Q4FY26, driven by government infrastructure initiatives and expansion in end-use sectors. Management emphasized Tata Motors' readiness to capitalize on market opportunities through optimized product portfolio, strategic pricing, and enhanced customer engagement through market activations.

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Nomura Initiates 'Buy' Rating on Tata Motors CV with Price Target of ₹481

0 min read     Updated on 22 Dec 2025, 09:17 AM
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Reviewed by
Naman SScanX News Team
Overview

Nomura Securities has started coverage on Tata Motors' Commercial Vehicle (CV) segment with a 'Buy' rating and a price target of ₹481 per share. Tata Motors, a large-cap automobile company with a market capitalization of ₹130,723.00 crores, has a significant presence in the Indian commercial vehicle market.

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Nomura Securities has initiated coverage on Tata Motors Commercial Vehicle (CV) segment with a 'Buy' rating, setting a price target of ₹481 per share. This recommendation marks the brokerage firm's entry into coverage of the commercial vehicle business of Tata Motors Limited.

Brokerage Recommendation Details

The following table summarizes Nomura's recommendation:

Parameter Details
Brokerage Nomura Securities
Rating Buy
Price Target ₹481.00
Coverage Status Initiation

Company Profile

Tata Motors Limited operates in the automobile sector and is classified as a large-cap stock with a market capitalization of ₹130,723.00 crores. The company's commercial vehicle segment represents a significant portion of its business operations in the Indian automotive market.

The initiation of coverage by Nomura Securities indicates the brokerage firm's interest in providing research coverage and investment recommendations for Tata Motors' commercial vehicle business to its clients and the broader investment community.

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