Pursuant to Regulations 33 and 52 and other applicable Regulations of the SEBI Listing Regulations read with Schedule III thereof and further to our letter bearing sc no. 57 dated April ....
TMCV · price
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Tata Motors Commercial Vehicles business reported record Q4 FY26 with revenue of ₹24,452 Cr (up 22% YoY) and EBITDA of ₹3,400 Cr (up 35% YoY) with margins at 13.9%, beating mid-term guidance. Full year FY26 revenue stood at ₹77,399 Cr (up 11%) with EBITDA of ₹10,200 Cr (up 22%) and margin expansion of 120 bps to 13.2%. PAT for FY26 was ₹3,362 Cr, down 23% YoY, due to ₹3,700 Cr in exceptional items including ₹2,355 Cr impairment provision in TMF Holdings and ₹962 Cr stamp duty charges related to the demerger. Free cash flow grew to ₹9,186 Cr (up ₹2,179 Cr) with net cash position of ₹13.7K Cr. The Board recommended a dividend of ₹4 per share (200%). Auditors issued an unmodified opinion with emphasis of matter on demerger accounting treatment.
Strong operational performance with margin expansion demonstrates effective cost management and pricing power, though the exceptional items and prior period restatements due to demerger should be factored in by investors. The cash generation remains robust supporting future growth and shareholder returns.