TMCV

Tata Motors’ commercial vehicle business is expected to report strong earnings growth during the fourth quarter of FY26. Analysts estimate healthy volume growth with margin expansion for the company. According to Kotak Institutional Equities, Tata Motors’ consolidated revenues are expected to increase by 16% quarter-on-quarter (QoQ) in Q4FY26 driven by 16% sequential increase in standalone business revenues. Commercial vehicle volumes are seen rising 25% YoY, and 14% QoQ, in the March quarter, supported by GST rate cuts. At the operational level, EBITDA growth is estimated at 25% QoQ, while EBITDA margin is expected to increase by 90 bps QoQ to 12.7% driven by operating leverage benefits in the standalone business. Tata Motors share price settled lower ahead of the announcement of Q4 results today.