Tata Motors Ltd. (TML) Announced Its Results For Quarter Ending December 31, 2025

Tata Motors Ltd. (TML) announced its results for quarter ending December 31, 2025.

 

Commercial Vehicles Segment – Key financials

	Q3 FY25	Q3 FY26	YTD FY25*	YTD FY26	Q3 vs Q3	9M vs 9M
					YoY	YoY
Revenue (Rs. Cr.)	18,478	21,533	53,551	56,912	3,055	3,360
EBITDA %	12.4%	12.7%	11.6%	12.4%	30 bps	80 bps
EBIT%	9.6%	10.6%	8.8%	10.1%	100 bps	130 bps
PBT (bei) (Rs. Cr.)	1,681	2,290	4,409	5,616	609	1,207
FCF (Rs. Cr.)**	1,479	4,752	1,654	5,169	3,273	3,515

*Q1 FY25 numbers included within YTD FY25 numbers are derived             **Standalone+ Joint operation

Summary:

Tata Motors Commercial Vehicles segment delivered a strong set of Q3 results driven by disciplined execution and continued focus on profitable growth. Quarterly revenue and EBITDA stood at ₹21.5K Cr (+17%) and ₹2.7K Cr (+19%) respectively. EBITDA margin was in double digits for the 10th consecutive quarter at 12.7% (+30 bps) while EBIT margin also crossed the double-digit milestone to reach 10.6% (+100 bps) aided by higher volumes and improved realizations. This was partially offset by rising input costs and the impact of the maiden PLI benefit recorded in the prior period. PBT (bei) for the quarter was ₹2.3K Cr (+36%).

Strong operating performance coupled with efficient working capital management led to robust Q3 FCF of ₹4.8K Cr and 9-month FCF of ₹5.2K Cr. ROCE for the quarter came in strong at 53% (vs. 38% in Q3 FY25). Net cash for the domestic business stood at ₹3.9K Cr as of 31st December 2025.

Consolidated financials: Consolidated revenues stood at ₹21.8K Cr (+16%). EBITDA margin stood at 12.5% (+30 bps) while EBIT margin came at 10.4% (+100 bps). PBT (bei) for the quarter was ₹2.6K Cr and PAT stood at ₹0.7K Cr. As at 31st December 25, the Company was Net Cash positive at ₹6.1K Cr. This included TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd.

Exceptional items:

The exceptional items include impact on account of the New Labor Code (₹603 Cr), demerger (₹962 Cr) and acquisition cost (₹82 Cr). The impact of these and other items stood at ₹1.5K Cr in standalone financials and at ₹1.6K Cr in consolidated financials.

Corporate Actions:

The Board of Directors of Tata Motors Limited (TML) has approved a Composite Scheme of Amalgamation to merge TMF Holdings Limited and TMF Business Services Ltd, both wholly owned subsidiaries, with TML. The proposed scheme will not

result in any change to the shareholding of TML and is subject to receipt of the necessary creditors, regulatory and other approvals. Once effective, it will result in a simplified and streamlined group structure.

Business Highlights:

CV segment wholesales stood at 116.8K units (+20%). Domestic & Export volumes were up by 18% YoY and 70% YoY respectively

Overall domestic CV VAHAN market share grew 100 bps sequentially to 35.5% for Q3FY26.

Leading the way with innovative, sustainable and intelligent mobility solutions –

Launched 17 Next-Generation Trucks, setting new standards for Safety, Profitability & Progress.

Introduced Azura series – Excellence reimagined for ILMCV segment

Showcased Tata trucks.ev, Indias widest electric truck range

All truck platforms – Prima, Singa, Ultra, Azura – now meet stringent European safety standards (ECE R29 03)

Presented all new Euro 6 range of future ready solutions tailored for Middle East and North Africa to support region’s transition to cleaner mobility.

Looking ahead

Going forward, we expect demand to further 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 optimized 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.

Girish Wagh, MD & CEO, Tata Motors Ltd 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 Ltd. 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”

Additional Commentary on Financials (Consolidated Numbers, Ind AS)

Finance Costs dropped to ₹ 198 Cr in Q3 FY26 vis a vis ₹ 256 Cr in Q2 FY26.

Free Cash Flow for the quarter was at ₹4.4K Cr vis a vis ₹2.0K Cr in Q2 FY26. Net cash was at ₹6.1K Cr (including leases ₹722 Cr).

Karnataka Innovation Act Aims To Frame A Regulatory Sandbox Environment To Support R&D Of Tech: Dr. Manjula N, IT Secretary

The 20th edition of the India Digital Summit (IDS), the flagship annual conference of the Internet and Mobile Association of India (IAMAI) was inaugurated today at Leela Bhartiya City, Bengaluru. IDS 2026 is scheduled January 29–30, 2026. The theme of the conference is “India’s AI Moment: Leveraging the Intelligent Economy.” IDS 2026 is the official pre-summit event of the AI Impact Summit 2026.

Addressing the inaugural session of the conference, Dr. Manjula. N (IAS), Secretary to Government, Department of Electronics, Information Technology, Biotechnology and Science & Technology, Government of Karnataka, said, “We have a Karnataka Innovation Act under which we are trying to frame a regulatory sandbox environment. This will support various technologies which can have a kind of a freer, you know, more less regulated environment where various technologies can be researched on and developed further.”

Speaking on the role of Karnataka in AI adoption, she added that Karnataka stands up as a cornerstone of India's AI capability. Karnataka has structural advantages owing to a good mix of AI talent in the state, government sponsored centres of excellence, enviable research institutions and an unparalleled startup ecosystem.

Karnataka’s capabilities also reflect the national goals which aim at enabling access to secure data exchanges, scalable computing infrastructure and development of indigenous AI models. “I think Karnataka is working and the investments going on are actually creating on-ground competencies which are needed to erect such a national AI architecture. We have an expanded network of centres of excellence, accelerator program, deep tech skilling pipeline,” Dr. Manjula N remarked.

“All this will enable the increase in the capacity and the talent depth which will allow industry, academia and government to participate meaningfully in shaping India's sovereign AI future,” she added.

Mr. Srinivasu MN, Chairman, Internet and Mobile Association of India (IAMIA) and Co Founder, BillDesk, in his address said, “Today in India, digital technology has started an overlay into the economy. It is the very foundation of the economy, driving the growth of the country, whether it’s banking, payments, commerce, mobility, education or healthcare. To my mind, there are two forces that are particularly significant at this moment. One is scale. India’s platforms and digital systems today serve hundreds of millions of customers, where even small design choices can have systemic consequences. Reliability therefore becomes as important as innovation, and governance as important as growth. The second factor is AI, which is increasingly embedded in all the systems we use. The challenge is not whether AI will be adopted, but how to ensure it is deployed responsibly, transparently, and in alignment with societal goals.”

Speaking about the road ahead, he added, "What we have achieved in the last decade in building population-scale digital infrastructure and ensuring mass adoption of digital payments has been remarkable. We have managed to combine scale with inclusion, and most importantly, combine speed with purpose. The next phase of our journey as a country is about how we move responsibly forward from here.”

Dr. Subho Ray President, Internet and Mobile Association of India (IAMAI) made the opening remarks.

IDS 2026 is being organised in collaboration with the Ministry of Electronics and Information Technology (MeitY) and Make in India.

The Title Partner of the IDS 2026 is JioHotstar. The IDS 2026 is co-powered by The National Payments Corporation of India (NPCI) and Getepay. The conference is being organised in association with Meta. Other prominent partners include PhonePe, PayPal, Times Internet, Jagran News Media, IDA Ireland, Proximus Global, FirstHive, PaySprint, and In-Solutions Global.

For more information on India Digital Summit 2026, visit https://www.indiadigitalsummit.in/

South African Tourism Brings Its 22nd Annual Multi-City Roadshow Back To India

The five-city India roadshow happening in Mumbai, Bangalore, Ahmedabad, Kolkata, Delhi will feature 41 exhibitors and spotlight new product offerings, reinforcing South Africa’s evolving tourism portfolio for Indian trade partners

Reinforcing its long-standing commitment to the Indian market, South African Tourism today announced the 2026 edition of its Annual India Multi-City Roadshow. The initiative will commence alongside its participation at Outbound Travel Mart (OTM) Mumbai 2026, India’s leading travel trade exhibition, setting the stage for deeper industry engagement and collaboration. Against the backdrop of robust travel flows from South Africa to India driven by strong business travel demand and sustained visits to friends and relatives (VFR), reflecting deep commercial ties and people-to-people connections the roadshow serves as a key platform to strengthen tourism partnerships and stimulate reciprocal travel. Underscoring South African Tourism’s focus on meaningful trade engagement and sustained market development, the South African Tourism Roadshow 2026 will take place from 05th to 07th February 2026, followed by engagements across four additional Indian cities, Bangalore, Ahmedabad, Kolkata and Delhi from 09th to 12th February 2026, further reinforcing tourism ties between India and South Africa.

As one of South Africa’s priority source markets, India remains central to the country’s inbound tourism growth strategy. The 2026 roadshow will offer Indian trade stakeholders enhanced business networking opportunities, destination insights, and direct interaction with South Africa’s tourism industry leaders. Now in its 22nd edition, the roadshow will unveil a refreshed market strategy for India, spotlighting evolving traveller preferences, emerging travel segments, and new regional experiences. The initiative will be led by Mr. Gcobani Mancotywa, Regional General Manager for Asia, Australasia, and the Middle East, South African Tourism, and aims to build on the strong momentum generated in previous years.

Strengthening collaboration with Indian trade buyers, the roadshow will feature over 41 exhibitors from South Africa, including 8 SMMEs, reflecting South African Tourism’s continued focus on inclusive growth and product diversification. Notably, 17.1% of participating exhibitors will introduce new products and experiences, bringing fresh perspectives and lesser-known destinations to the forefront of South Africa’s tourism offering.

Commenting on the occasion, Mr. Mancotywa said, “India continues to be a critical growth driver for South African Tourism. The response to our roadshows has consistently demonstrated strong appetite and confidence in South Africa as a preferred long-haul destination. Through this roadshow, we aim to further empower our Indian trade partners with deeper destination knowledge, new product insights, and strategic tools to accelerate tourist arrivals from India.”

India remains not only a key source market but also an important partner in strengthening long-term bilateral tourism and trade relations. Enhancing travel accessibility continues to be a priority, with initiatives such as the Electronic Travel Authorisation (ETA) system and the Trusted Tour Operator Scheme (TTOS) playing a crucial role in facilitating smoother and faster visa processing for Indian travellers. Discussions around improving air connectivity, including the potential introduction of direct flight routes between India and South Africa, are also ongoing.

Looking ahead to 2026, South African Tourism will continue to focus on priority traveller segments, including adventure enthusiasts, luxury travellers, family holidaymakers, and the MICE segment. India’s outbound travel profile continues to evolve, with growth observed across key working-age groups, particularly travellers aged 31–50 years, and an increased interest in immersive, experience-led itineraries. The MICE and business travel segments remain strategically important, collectively contributing a significant share of Indian arrivals, underscoring South Africa’s appeal as a destination for both leisure and business travel.

With sustained efforts around accessibility, trade engagement, and destination storytelling, and supported by global initiatives such as South Africa’s hosting of the 2027 ODI World Cup, the country is well positioned to spotlight its diverse tourism offerings and inspire travel from global markets, including India. Through continued trade engagement, targeted consumer outreach, and innovative marketing initiatives, South African Tourism remains committed to expanding its footprint and strengthening its long-term presence in India.

About South African Tourism: South African Tourism is the tourism marketing arm of the South African government. Simply put, their job is to promote the country domestically and internationally, whether for leisure, business or events tourism.

As a government body, they are committed to meaningfully contributing to the South African government's objectives of inclusive economic growth, sustainable job creation, and redistribution and transformation of the industry.

Website www.southafrica.net

Toast Expands India Presence With New Bengaluru Office, Strengthening Global Technology Capabilities

Toast, the digital technology platform built for hospitality, today inaugurated its new global technology center in RMZ Ecoworld on Outer Ring Road, Bengaluru. The launch of this center marks a significant step in Toast’s commitment to India and strengthens the company’s global product development and engineering capabilities. Since establishing its local presence in 2022, Toast has seen 4x growth in headcount across its Bengaluru and Chennai offices combined, a trajectory that reinforces India’s role as a key global technology and innovation hub supporting the company’s worldwide operations.

The new 64,000-square-foot office was inaugurated by Toast leaders Steve Fredette, President and Co-founder; Peter Sauerborn, Chief Operating Officer; and Kavita Viswanath, Senior Vice President and India Site Lead. The space is designed to support continued growth across engineering, product development, fintech, AI and machine learning, customer care, finance, and people operations functions. It has been thoughtfully designed to support a hybrid work model, offering seating capacity almost three times the capacity of the company’s former Bengaluru location.

This state-of-the-art office space includes a Customer Experience Center, which is a dedicated restaurant-style space where Toast products are deployed end to end, allowing employees to experience firsthand how they are used in real-world restaurant operations. Additional amenities include open collaboration spaces designed to encourage teamwork and innovation, training rooms, gaming zones, and a wellness area within the LEED-certified building, supporting sustainability and energy efficiency.

“India plays a critical role for Toast in how we build and scale our products globally, and Bengaluru’s strong concentration of tech talent and vibrant food and beverage technology ecosystem make it an ideal location for us to expand our regional presence,” said Steve Fredette, President and Co-Founder, Toast. “This new office will give our teams the space and environment to do meaningful, customer-impacting work, while strengthening India’s position as one of our major global technology centers and center of excellence."

The Bengaluru center will also support employee engagement and development initiatives, including Toast’s global learning and development programs, leadership training, and professional development resources. Toast’s social impact arm, Toast.org, will have an active presence, alongside employee resource groups that foster inclusion, learning, and community connection.

“Toast’s teams in India are contributing directly to core product and technology initiatives. The new center in Bengaluru gives us the scale, flexibility, and environment needed to support long-term growth while fostering a strong culture of collaboration,” said Kavita Viswanath, Senior Vice President and India Site Lead, Toast.

With dedicated product, engineering, and R&D teams based in Bengaluru, the new center is expected to accelerate innovation, improve scalability, and support faster development cycles aligned with Toast’s global customers and partners.

About Toast:

Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. It serves as a restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.

Goldmedal Introduces Epic, A Premium Storage Water Heater

Goldmedal Electricals, one of India’s leading Fast Moving Electrical Goods (FMEG) companies, has introduced Epic, a premium storage water heater engineered to meet
the demands of modern living.

Powered by advanced Dynoflow Technology, the Epic storage water heater ensures consistent water pressure and rapid heating performance. Its high-density PUF insulation minimises heat loss, enhancing energy efficiency while ensuring sustained hot water availability. The appliance features a robust vitreous enamel titanium-coated glassline tank and an Incoloy glass-coated heating element, offering superior resistance to corrosion, scaling, and high temperatures.

Designed with safety and convenience at its core, Epic comes equipped with a child safety mode, preset thermal cut-out, multifunctional safety valve, and an adjustable temperature control knob for personalised comfort. Its IPX4 rating further protects the unit from water splashes and moisture exposure, making it suitable for varied bathroom environments.

Key Features of the Epic Storage Water Heater include:

· Multiple variants: Available in 10L, 15L, and 25L storage capacities

· Ideal for high-rise buildings: Supports 0.8 MPa (8 Bar) high working pressure, suitable for multi-storey installations and pressure pump systems

· Vitreous Enamel Titanium Glassline Tank: Offers enhanced corrosion resistance and extended tank life

· Incoloy Glass-Coated Heating Element: Ensures faster heating, high thermal efficiency, and long-lasting durability

· Preset Thermal Cut-Out: Automatically switches off heating in case of overheating

· Multifunctional Safety Valve: Protects against excessive pressure, vacuum formation, and water backflow

· Adjustable Temperature Control Knob: Allows users to set preferred water temperature effortlessly

Speaking on the launch, Bishan Jain, Director, Goldmedal Electricals, said, “We understand the need for reliable hot water. Epic has been created to make everyday living safer, easier, and more comfortable. It ensures consistent temperature, dependable performance, and uninterrupted availability—especially during peak usage. It is an ideal solution for modern homes, particularly those in multi-storey buildings.”

The Epic Storage Water Heater, available in 10L, 15L, and 25L variants, is priced at ₹14,690, ₹16,690, and ₹18,690 respectively. The product comes with a seven-year warranty on the inner tank, a four-year warranty on the heating element, and a two-year comprehensive warranty.

Paradise Launches A New Branch In Bangalore Making It The 57th Outlet

Paradise Food Court, the legendary name synonymous with Hyderabadi cuisine, announces launch of its new outlet at Phoenix Mall of Asia, Bangalore on 27th Jan following popular demand. This also becomes the 57th outlet of Paradise, following the success of its other branches across the country, and the second in town since its launch last year. Given that Phoenix Mall of Asia is bustling with footfall every day, it also becomes a perfect place to launch the new branch, catering a wide array of legendary Hyderabadi cuisine to customers in the cosmopolitan city of Bangalore.

While the foods are prepared with utmost care and hygiene, abiding by quality control and standard protocols, Paradise ensures that they have the touch of authenticity and seven decades of legacy that have gone into making what Paradise is today.

“Our purpose is to enhance the customer experience while keeping our legacy intact,” says Mr. Abhik Mitra -MD & CEO, Paradise Food Court Pvt. Ltd. He adds, “Our choice of the current location is also strategic in that we can bring our cuisine closer to as many customers as possible. Our dedicated staff have been instrumental in this.”

Mr. Robinder Singh, COO – Paradise Food Court Pvt. Ltd. said, “We have ensured that our menu brings innovation in addition to the legendary foods we have been serving for decades with each passing season. Each item is cooked with meticulous care to ensure quality and authentic taste. Thanks to our team for their perseverance.”

Paradise Food Court has carved an indelible mark in the culinary world, with accolades such as the Limca Book of Records entry for ‘Most Biryanis Served in a Year’, serving over 90 lakh plates in 2018 alone. The brand has also won multiple awards, including the Asia Food Congress Award, Golden Spoon Award, and recognitions from GHMC, Times Food Awards, and Pride of Telangana.

Australia Deepens Karnataka Engagement; University of New South Wales to Establish Bengaluru Campus

Australia is set to significantly deepen its engagement with Karnataka, positioning the state as a strategic hub for bilateral collaboration across education, technology and business.

Addressing the delegates at an interactive Session on Tariff-Free Access for Indian Exporters under India-Australia ECTA, Mr. Vik Singh, Consul (Commercial) and Trade & Investment Commissioner, South Asia, Australian Trade and Investment Commission at the Bangalore Chamber of Industry & Commerce (BCIC) under the aegis of its International Business Expert Committee and in association with World Trade Center Bengaluru, highlighted the growing momentum in Australia–India ties, with Karnataka playing a central role in this expanding partnership.

Education and technology continue to be priority sectors in the Australia–India partnership. In a major development, the University of New South Wales (UNSW) has announced plans to establish a branch campus in Bengaluru, with discussions already underway with the Government of Karnataka. The campus is expected to become operational next year.

“As one of the world’s leading universities, UNSW’s decision to establish a presence in Bengaluru reflects the confidence Australian institutions have in Karnataka’s talent ecosystem and innovation potential,” Mr. Singh added. “This campus will play a key role in strengthening academic collaboration, research partnerships and technology exchange between Australia and India.”

Ranked among the world’s top universities, UNSW’s Bengaluru campus is expected to contribute significantly to advanced education, joint research initiatives and industry-linked innovation, further reinforcing Karnataka’s position as a global education and knowledge hub.

This initiative marks an important milestone in Australia’s long-term engagement with India and underscores Karnataka’s growing stature as a preferred destination for international universities, global investors and innovation-driven collaboration.

“Karnataka has emerged as one of Australia’s most important partners in India, driven by strong synergies in education, innovation and enterprise. This is reflected not only in growing trade and investment flows, but also in Australia’s decision to establish one of its largest consular presences in India here in Karnataka, second only to the High Commission in New Delhi,” added Mr. Singh.

India-Australia ECTA-A Landmark Development

K Ravi, Senior Vice President, Bangalore Chamber of Industry & Commerce (BCIC) said, "The implementation of tariff-free access for Indian exporters under the India–Australia ECTA is a landmark development that will significantly enhance India’s export competitiveness in global markets. With 100 per cent of Australian tariff lines moving to zero duty from January 1, 2026, this historic step unlocks new opportunities across key sectors such as textiles, engineering goods, pharmaceuticals, gems and jewellery and agriculture —accelerating MSME-led growth, boosting employment and broadening India’s export reach.

BCIC will play a key role in helping exporters navigate this transition by enabling industry preparedness, fostering buyer–seller engagements and ensuring that businesses, particularly MSMEs are well equipped to take advantage of the agreement. This will further strengthen bilateral trade and economic cooperation between India and Australia".

The strengthening relationship is further underscored by the launch of a direct Sydney-Bengaluru flight by Qantas, enhancing connectivity and accelerating business, academic and people-to-people exchanges between the two regions.

Mr. Singh highlighted that he major sectors where India is poised to benefit from deeper economic engagement with Australia. Clean energy features prominently, supported by Australia’s net-zero targets and increased investment in renewables. Education and skills development remain a central focus, enabling greater student mobility, academic collaboration and joint research. Agribusiness gains momentum through improved market access, food processing opportunities and Agri-technology cooperation. Tourism is identified as a high-growth area, driven by rising outbound travel from India. Overall, the services sector, particularly IT, professional services and education emerge as the most significant long-term beneficiary of this partnership.