The company also reported exceptional items including an impact of Rs 603 crore due to the New Labor Code, Rs 962 crore due to the demerger and acquisition costs of Rs 82 crore. The impact of these and other items was Rs 1,500 crore in standalone financials and Rs 1,600 crore in consolidated financials, Tata Motors’ stock exchange filing said.
The company had reported a net loss of Rs 867 crore in Q2FY26, which was a mark-to-market loss on recently listed investments in Tata Capital, amounting to Rs 2,000 crore. Revenue grew 18% quarter-on-quarter, compared to Rs 18,585 crore in the July-September quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) margin was 12.5%, up 30 basis points year-on-year, while EBIT margin was 10.4%, up 100 basis points from the same period last fiscal.
Profit before tax (bei) for the quarter stood at Rs 2,600 crore.
The company was net cash positive of Rs 6,100 crore as on December 31, 2025. This included TMF Holdings’ gross debt minus the market value of TMF Holdings’ investments in Tata Capital Ltd.
Corporate actions
The Board of Directors of Tata Motors has approved a composite merger plan to merge TMF Holdings Limited and TMF Business Services Ltd, both wholly owned subsidiaries, into TML. The proposed arrangement will not lead to any change in TML’s shareholding.
The wholesale CV segment stood at 1,16,800 units (+20%). Domestic and export volumes increased by 18% year-on-year and 70% year-on-year respectively. CV VAHAN’s total domestic market share grew 100 basis points sequentially to 35.5% for Q3FY26.
Management speaks
MD & CEO Girish Wagh said the disciplined execution of an agile strategy has delivered yet another strong financial performance this quarter, supported by favorable demand 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, zero-emission mobility, reinforcing our commitment to innovation and industry leadership. With infrastructure spending accelerating, we are well positioned to maintain momentum and drive continued growth,” said Wagh.
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