Tata Motors Q4FY26: Strong Domestic PV Growth, JLR Under Pressure

Passenger Vehicle (PV) Business • Revenue: ₹18,598 Cr (↑43.3% YoY) • EBITDA: ₹1,059 Cr (↑29.3% YoY) • EBITDA Margin: 5.7% vs 6.3% YoY JLR Performance • Revenue: £6.9 Bn (↓11.1% YoY) • EBITDA Margin: 14% What Stands Out • Strong growth in domestic passenger vehicle business • Margin pressure in PV segment despite higher revenues • JLR revenues impacted by global demand softness Why It Matters Domestic business continues to support growth momentum, while JLR performance remains a key monitorable for consolidated earnings. Learning Outcome For global auto companies, domestic growth and international business cycles can move differently, making segment-wise analysis important.