In Q4 FY25, Tata Motors posted consolidated revenue of ₹119,500 crore, a marginal increase of 0.4% year-on-year. EBITDA declined by 4.1% to ₹16,700 crore, but EBIT rose to ₹11,500 crore, an increase of ₹1,000 crore. Profit before tax before exceptional items (PBT bei) stood at ₹12,100 crore, up ₹2,500 crore, and net profit came in at ₹8,600 crore.

For the full year FY25, Tata Motors reported record consolidated revenue of ₹439,700 crore. EBITDA for the year stood at ₹57,600 crore, while PBT bei reached an all-time high of ₹34,300 crore, a jump of ₹5,000 crore over the previous year. Net profit surged to ₹28,100 crore. Importantly, the company turned net auto cash positive with a balance of ₹1,000 crore, marking a significant turnaround.

The board has recommended a final dividend of ₹6 per share, subject to shareholder approval.

Jaguar Land Rover (JLR): Consistent Profitability, Net Debt Zero

Jaguar Land Rover reported revenue of £7.7 billion in Q4 FY25, down 1.7% year-on-year. EBITDA margin stood at 15.3%, while EBIT margin improved to 10.7%, up 150 bps. PBT bei for the quarter was £875 million. For the full year FY25, revenue remained flat at £29.0 billion. PBT bei rose to £2.49 billion, the best in a decade.

FY25 marked the tenth consecutive profitable quarter for JLR. Free cash flow stood at £1.5 billion, and the company became net cash positive, with a balance of £278 million.

The business continues to transform with investments in electrification, sustainability, and luxury. Defender wholesales hit a record 115,404 units, and Range Rover Sport saw a 19.7% rise in sales. RR Electric is undergoing final tests ahead of its launch.

Adrian Mardell, CEO of JLR, said:
“JLR has ended the year with strong annual and quarterly earnings, including delivering our tenth consecutive profitable quarter and our net debt zero target. We’ve achieved record Defender sales, launched the Jaguar Type 00, and are preparing for the Range Rover Electric. Our consistency and brand appeal position us strongly to navigate global challenges.”

Commercial Vehicles (CV): Profitability Strengthens, Hydrogen Trials Begin

In Q4 FY25, the CV segment posted revenue of ₹21,500 crore, down marginally by 0.5% due to lower volumes. However, EBITDA margin improved by 20 bps to 12.2%, and EBIT margin rose by 10 bps to 9.7%. PBT bei came in at ₹2,100 crore. Exports increased 29.4% YoY to 5,900 units.

For the full year FY25, revenue declined by 4.7% to ₹75,100 crore. Despite this, EBITDA margin expanded to 11.8% (up 100 bps), and PBT bei touched a record ₹6,600 crore. ROCE stood at a robust 37.7%.

The segment launched over 44 products and 139 variants during the year. Notably, Tata Motors initiated India’s first hydrogen-powered truck trials and unveiled several clean energy commercial solutions at the Bharat Mobility Expo 2025.

Girish Wagh, Executive Director, Tata Motors, said:
“FY25 ended on a positive note for the CV industry. We enhanced our market presence by introducing innovative mobility solutions across passenger and cargo segments, accelerating digital transformation, and strengthening customer engagement. With strong ROCE and profitability, we’re well-positioned to drive sustainable and profitable growth going forward.”

Passenger Vehicles (PV): Electric Momentum Strong Despite Volume Pressure

In Q4 FY25, the PV business posted revenue of ₹12,500 crore, down 13.1% YoY, primarily due to weaker hatchback sales. Volumes were at 147,000 units, down 5.5%. EBITDA margin improved to 7.9% (up 60 bps), while EBIT margin declined to 1.6% (down 130 bps). PBT bei stood at ₹400 crore. The EV business achieved positive EBITDA of 6.5%, while ICE PVs recorded 8.2%.

For FY25, revenue fell 7.5% to ₹48,400 crore. EBITDA margin improved by 40 bps to 6.9%, while EBIT margin dropped by 110 bps to 0.9%. The segment achieved PBT bei of ₹1,100 crore.

Tata Motors continued to lead the EV market with a 55.4% share. CNG penetration also increased to 25%. The year saw exciting launches like the Curvv, Curvv.ev, updated Tiago and Tigor, and unveiling of futuristic concepts like the Tata Sierra and Avinya X.

Shailesh Chandra, MD – Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said:
“FY25 was marked by fluctuating demand, yet we led the industry in SUV growth and outpaced in CNG sales. Our multi-powertrain strategy enabled us to increase CNG and EV contributions to 36% of our portfolio. With several key milestones, including crossing 6 million cumulative PV sales and 200,000 EVs, we’re focused on regaining momentum with innovation and superior customer service.”

While PB Balaji, Group CFO of Tata Motors, commented:
“Despite external headwinds, Tata Motors sustained its strong performance in FY25, delivering its highest ever revenues and PBT. The automotive business is now debt-free, reducing interest costs. This reflects the strength of our fundamentals and the resilience of our teams. With the demerger also approved by shareholders, we are well-positioned to unlock value across all businesses.”

Despite delivering record financials in FY25, Tata Motors shares have come under significant pressure in recent weeks. The stock has declined approximately 45% from its peak and is currently trading around ₹705. This sharp correction is attributed to concerns over declining sales, especially in the passenger vehicle segment, and geopolitical uncertainties, including the impact of tariffs imposed by the Trump administration on global automotive trade. Investors are closely monitoring future volume growth and the company's ability to navigate these external challenges.