TMPV · Automobile and Auto Components
Tata Motors Passenger Vehicles Ltd. reported revenue of ₹70,108 cr for October to December 2025, −25.8% on the year and −3.1% on the quarter. Over the last four quarters revenue comes to ₹3.29 lakh cr, −18.7% on the four before.
Operating profit (EBITDA) was ₹879 cr, a margin of 1.3%, −976 bps on the year and +319 bps on the quarter. Over the last 8 quarters the margin has ranged from −1.9% to 14.6%, averaging 9.3%. Operating costs grew −17.7%, faster than revenue at −25.8%, so operating profit grew less than sales.
The company swung to a net loss of ₹3,483 cr from a profit of ₹5,484 cr a year earlier, with earnings per share of −₹9.47. Profit before other income, one-offs and tax fell 201.6%, so 38 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹85,324 cr, +129.9% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹231.05 over the last four quarters, the stock at ₹287.40 trades at 1.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.05 lakh cr | ₹1.11 lakh cr | ₹1.19 lakh cr | ₹1.07 lakh cr | ₹83,656 cr | ₹94,472 cr | ₹98,377 cr | ₹87,677 cr | ₹72,349 cr | ₹70,108 cr | ₹1.05 lakh cr | ₹95,799 cr |
| YoY | — | — | — | +5% | −20% | −15% | −17% | −18% | −14% | −26% | +7% | +9% |
| EBITDA margin | 13.1% | 13.9% | 14.0% | 14.2% | 11.9% | 11.0% | 14.6% | 9.3% | −1.9% | 1.3% | 10.7% | 6.4% |
| Other income, % of PBT | 26% | 21% | 15% | 48% | 36% | 37% | 21% | 51% | 109% | — | 26% | 71% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 36% | 7% | — | 23% | 33% | 26% | 24% | 25% | −2% | — | 19% | 45% |
| Net profit | ₹3,832 cr | ₹7,145 cr | ₹17,528 cr | ₹10,587 cr | ₹3,521 cr | ₹5,484 cr | ₹8,556 cr | ₹4,003 cr | ₹76,248 cr | −₹3,483 cr | ₹5,878 cr | ₹859 cr |
| YoY | — | — | — | +221% | −8% | −23% | −51% | −62% | +2,066% | −164% | −31% | −79% |
| Core profit YoY | — | — | — | +82% | −25% | −23% | +12% | −64% | −308% | −202% | −39% | −82% |
| EPS | ₹11.33 | ₹21.14 | ₹52.37 | ₹31.63 | ₹9.36 | ₹14.69 | ₹23.01 | ₹10.66 | ₹206.85 | −₹9.47 | ₹15.70 | ₹2.10 |
| Flags | · | 1 | 1 | 2 | 1 | 1 | ✓ | 2 | 4 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Motors Passenger Vehicles Ltd. reported revenue of ₹70,108 cr (−25.8% on the year) and net profit of −₹3,483 cr (−163.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −201.6% on the year, against −163.5% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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