Tata Motors Commercial Vehicles Q3 FY26 Results: Revenue at 221.5K Cr, EBITDA at 2.7K Cr, PBT at 2.3K Cr

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 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 35.2K 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 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 36.1K Cr. This included TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd.