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Tata Motors eyes modest but stable FY26 growth across segments, confident on EVsTata Motors, which manufactures commercial and passenger vehicles and owns the Jaguar Land Rover (JLR) brand, reported a net profit of ₹8,470 crore for the March quarter, well above estimates. While revenue came in slightly below expectations at ₹1.19 lakh crore, EBITDA at ₹16,992 crore and margins of 14.2% were better than analyst forecasts.By Parikshit Luthra   May 14, 2025, 4:30:15 PM IST (Published)3 Min ReadTata Motors expects modest but stable demand in the domestic market going into FY26, said PB Balaji, CFO of the company, a day after the automaker reported a strong March quarter profit beat.

“Overall, the demand situation as far as India is concerned is modest, is decent; at the same time, there are no major concerns at this point. I would expect modest growth this year,” Balaji told CNBC-TV18.

Tata Motors financial results

The company, which manufactures commercial and passenger vehicles and owns the Jaguar Land Rover (JLR) brand, reported a net profit of ₹8,470 crore for the March quarter, well above estimates. While revenue came in slightly below expectations at ₹1.19 lakh crore, EBITDA at ₹16,992 crore and margins of 14.2% were better than analyst forecasts.

Balaji said the outlook for the commercial vehicle segment remains positive, backed by steady freight rates, supportive interest and fuel prices, and robust government capex.

“The underlying fundamentals of growth are very much intact… even the government’s investment plan continues to remain strong,” he noted. Though timing the next cycle is difficult, the company sees no medium- to long-term concerns for commercial vehicle demand.

Tata Motors market share

Balaji described last year as “muted” and called it a “year of consolidation” on the passenger vehicle front. He pointed out that Tata Motors retained a 13.2% market share, often ranking second in the market.

“It’s not so much a market share loss issue. It’s more about how we grow market share from here on,” he said, adding that a fresh product launch cycle and improvements in service network capacity should drive growth going forward.

The company is gearing up with a strong product pipeline in the passenger vehicle segment.

“We now have an intensive product launch pipeline starting, and we have more or less fixed the service capacity issues,” Balaji said. Both factors, he added, should boost customer sentiment and help the company grow faster than the market.

Tata Motors EV market share

On the electric vehicle (EV) front, where Tata Motors commands a 55% market share, Balaji dismissed the need for a strategic rethink despite increasing competition.

“We just need to execute with speed,” he said. The company’s near-term EV focus is on expanding penetration rather than protecting market share, especially in the wake of challenges in the fleet segment after the withdrawal of FAME subsidies.

Tata Motors plans to cater to a broader EV customer base with what Balaji called the “widest range in the market,” from the affordable Tiago EV to the upcoming Harrier EV.

“This kind of wide portfolio with multiple range offerings helps us cater to different customer segments effectively,” he said.Continue Reading(Edited by : Ajay Vaishnav)Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tagsearnings boardroomTata Motors