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 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.

Key Highlights

1. 1

   CV segment wholesales stood at 116.8K units (+20%)

2. 2

   Domestic & Export volumes were up by 18% YoY and 70% YoY respectively

3. 3

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

4. 4

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

5. 5

   Introduced Azura series — Excellence reimagined for ILMCV segment

6. 6

   Showcased Tata trucks.ev, Indias widest electric truck range

7. 7

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

8. 8

   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