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Passenger carrier sales rose 22.6% YoY to 5,743 units, while SCV cargo and pickup sales jumped 40.2% YoY to 12,799 units during April 2026 over the year-ago period. Total domestic CV sales increased 27.9% YoY to 32,965 units in April 2026.
Domestic MH&ICV sales rose 20.5% YoY to 14,565 units in April 2026 from 12,093 units in April 2025.
Tata Motors (formerly TML Commercial Vehicles) is India’s largest and a globally renowned manufacturer of utility vehicles, pick-ups, trucks, and buses. Its advanced powertrains, connected technologies, and intelligent fleet solutions support a wide range of applications—from last-mile delivery to public transport.
Shares of Tata Motors shed 0.12% to Rs 409.45 on the BSE.
Domestic sales stood at 32,965 units (up 27.9% YoY) while international business stood at 1,868 units (up 28.2% YoY).
Domestic sales stood at 38,844 units (up 29.1% YoY) and international business at 2,705 units (up 42% YoY).
Revenue rose 16.2% YoY to Rs 21,732 crore in Q3 FY26 from Rs 18,697 crore in Q3 FY25. On a sequential basis, revenue increased 17.5% QoQ from Rs 18,491 crore.
Profit before tax fell 39.6% YoY to Rs 925 crore compared with Rs 1,531 crore in the year-ago quarter. Sequentially, PBT improved sharply from a loss of Rs 561 crore in Q2 FY26.
On the cost front, total expenditure increased 22.6% YoY to Rs 20,607 crore. Raw material consumption climbed 20.0% YoY to Rs 12,531 crore. Employee expenses edged up 3.9% YoY to Rs 1,450 crore. Interest costs declined 43.8% YoY to Rs 198 crore, while depreciation fell 13.3% YoY to Rs 483 crore.
Earnings during the quarter were impacted by exceptional losses of Rs 1,643 crore, linked to the implementation of the new labour code, demerger-related expenses and acquisition costs.
Operationally, CV wholesales stood at 116.8 thousand units, up 20% YoY. Domestic volumes rose 18% YoY, while export volumes surged 70% YoY. The company’s domestic CV VAHAN market share improved by 100 bps sequentially to 35.5% in Q3 FY26.
Industry-wise, management expects demand to strengthen further in Q4 FY26, aided by the government’s sustained infrastructure push and improving activity across end-use sectors. With an optimised product portfolio, pricing discipline and deeper customer engagement, Tata Motors expects to remain well positioned to capture incremental CV demand.
Girish Wagh, MD & CEO, Tata Motors said: 'Disciplined execution of an agile strategy delivered yet another strong financial performance this quarter, supported by demand tailwinds from GST 2.0 and the festive season. Our recent launch of 17 next-generation trucks under the ‘Better Always’ philosophy sets new benchmarks in safety, total cost of ownership, and smarter, emission-free mobility, reinforcing our commitment to innovation and industry leadership. With infrastructure spending accelerating, we are well positioned to sustain momentum and drive continued growth.'
GV Ramanan, CFO, Tata Motors said: 'We delivered another strong quarter, translating robust operational execution and healthy demand across key segments into meaningful financial outcomes. The quarter marked significant milestones, including our 10th consecutive quarter of double-digit EBITDA margins and achievement of double-digit EBIT margins. This strong operating performance coupled with disciplined working capital management, led to robust free cash flow generation. With this trajectory, we remain confident of delivering on our stated financial guidance.'
Tata Motors is India's largest commercial vehicles (CV) manufacturer with the widest product and service portfolio across cargo and public transportation segments.
Investors are also awaiting quarterly results from ITC, Tata Motors, and Vedanta, due later today, along with the upcoming Union Budget 2026 scheduled for February 1, 2026. Meanwhile, the Nifty traded below the 25,250 mark.
IT shares declined after U.S. Federal Reserve overnight kept its benchmark rate steady at a target range of 3.5% to 3.75%. The index ended its two-day winning streak.
At 10:25 IST, the barometer index, the S&P BSE Sensex declined 492.32 points or 0.60% to 81,852.36. The Nifty 50 index fell 138.70 points or 0.54% to 25,205.40.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.61% and the S&P BSE Small-Cap index fell 0.88%.
The market breadth was weak. On the BSE, 1,296 shares rose and 2,445 shares fell. A total of 212 shares were unchanged.
Result Today:
ITC (down 0.58%), Tata Motors(down 1.16%), Swiggy(down 0.12%), One 97 Communications (Paytm)(down 0.45%), Canara Bank(up 0.41%), Colgate-Palmolive (India)(down 1.98%), Adani Power(down 0.41%), Dabur India(down 2.36%), Dixon Technologies(India)(down 1.91%), Indian Energy Exchange(IEX)(down 0.93%), Jaro Institute of Technology Management and Research(down 1.50%), KPIT Technologies(down 1.83%), Manappuram Finance(up 1.06%), Nippon Life India Asset Management(up 1.19%), NTPC Green Energy(down 0.50%), Prestige Estates Projects(down 0.89%), Vedanta (up 1.49%) and Voltas(down 2.16%) will announce their quarterly earnings today.
Economy:
India’s industrial production rose to a 26-month high of 7.8% in December, up from 7.2% in November, according to data released by the government on January 28. The sharp pickup was driven by a broad-based acceleration across manufacturing, capital goods and infrastructure-linked segments, signalling resilient momentum at the end of the calendar year.
Buzzing Index:
The Nifty IT index declined 1.45% to 38,165.25. The index jumped 1.27% in the past two consecutive trading sessions.
Persistent Systems (down 1.53%), Oracle Financial Services Software (OFSS) (down 2.61%), Tata Consultancy Service (TCS) (down 2.08%), Mphasis (down 1.79%), Coforge(down 1.77%), LTIMindtree (down 1.55%) declined.
Stocks in Spotlight:
Cochin Shipyard rose 0.24%. The company reported an 18.3% decline in consolidated net profit to Rs 144.67 crore on a 17.7% rise in revenue from operations to Rs 1,350.41 crore in Q3 FY26 over Q3 FY25.
Garden Reach Shipbuilders & Engineers added 1.23% after the company reported 74% jump in consolidated net profit to Rs 171 crore in Q3 FY26 from Rs 98 crore in Q3 FY25. Revenue from operations increased to Rs 1,896 crore during the period under review, up 49% YoY.
Maharashtra Seamless rose 0.53%. The company reported consolidated net profit of Rs 242.65 crore in Q3 FY26, up 30.41% as against Rs 186.06 crore in Q3 FY25. However, total revenue declined 8.48% year on year (YoY) to Rs 1,290.24 crore in Q3 FY26.
December 2025 sales in the domestic & international markets stood at 42,508 units, compared to 33,875 units during December 2024, recording a growth of 25%.
Girish Wagh, MD & CEO, Tata Motors, said, “The sales momentum ignited by GST 2.0 and the festive surge in Q2FY26 continued into Q3FY26, driving growth and lifting overall sentiment of the commercial vehicles industry.
Tata Motors registered double-digit sales growth in Q3FY26, powered by a strong rebound in construction and mining activity post the extended monsoon, along with sustained demand from core sectors and auto logistics. Continued strength in SCVs and Pickups further amplified performance, resulting in wholesales of 1,15,577 units, with 21% year-on-year growth over Q3FY25 and 22% sequential growth over Q2FY26.
Going forward, we expect demand to strengthen in Q4FY26 across most commercial vehicle segments. Key drivers in 2026 will include the government's sustained infrastructure push and expansion in end-use sectors, both of which are expected to fuel positive momentum for the industry. With an optimised portfolio ensuring superior product availability, a decisive pricing strategy, and deeper customer engagement through intensified market activations, Tata Motors is well-poised to unlock demand across segments, paving the way for continued success.”
Passenger carrier sales rose 1% to 4,167 units, while SCV cargo and pickup sales jumped 19% to 15,448 units during December 2025 over the year-ago period.
Total domestic CV sales increased 24% YoY to 40,057 units in December 2025.
For Q3 FY26, the company’s total sales rose 21% to 1,15,577 units, compared with 95,770 units in Q3 FY25.
Girish Wagh, MD & CEO, Tata Motors Ltd., said, “The sales momentum ignited by GST 2.0 and the festive surge in Q2FY26 continued into Q3FY26, driving growth and lifting overall sentiment of the commercial vehicles industry. Tata Motors registered double-digit sales growth in Q3FY26, powered by a strong rebound in construction and mining activity post the extended monsoon, along with sustained demand from core sectors and auto logistics. Continued strength in SCVs and Pickups further amplified performance, resulting in wholesales of 1,15,577 units, with 21% year-on-year growth over Q3FY25 and 22% sequential growth over Q2FY26.
Going forward, we expect demand to strengthen in Q4FY26 across most commercial vehicle segments. Key drivers in 2026 will include the government’s sustained infrastructure push and expansion in end-use sectors, both of which are expected to fuel positive momentum for the industry. With an optimised portfolio ensuring superior product availability, a decisive pricing strategy, and deeper customer engagement through intensified market activations, Tata Motors is well-poised to unlock demand across segments, paving the way for continued success.”
With a 46% market share in the domestic MHCV segment in FY25, Tata Motors is seen as a key beneficiary of the demand revival. The brokerage also flagged long term upside from the EUR 3.8 billion acquisition of Iveco's truck business, which is currently in a downcycle but is expected to recover from FY27. EBITDA margins for the commercial vehicle business are seen expanding to 12%-13% over FY26-FY28, with further upside to earnings estimates.
Tata Motors is India’s largest and a globally recognised manufacturer of utility vehicles, pick ups, trucks and buses, with operations in India and South Korea and a presence across Africa, the Middle East, Latin America, Southeast Asia and SAARC countries. On 12 November 2025, shares of Tata Motors’ commercial vehicle business, listed as Tata Motors, made a strong debut following its demerger from the passenger vehicle division.
Tata Motors reported consolidated net loss of Rs 867 crore in Q2 FY26 compared with net profit of Rs 498 crore in Q2 FY25. The earnings were hit by mark to market losses of around Rs 2,000 crore on recently listed investments in Tata Capital. Revenue from operations rose 5.99% YoY to Rs 18,585 crore during the quarter.