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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	95,799	1,05,447	70,108	72,349	1,04,407	1,19,503	1,13,575	1,01,450	1,08,048	1,19,986	1,10,577	1,05,128	1,02,236	1,05,932	88,489	79,611	71,935	78,439	72,229	61,379	66,406	88,628	75,654	53,530	62,493	71,676	65,432	61,467	86,422	77,001	72,112	67,081	91,279
Other income	1,129	1,633	1,467	1,461	1,519	1,509	1,790	1,566	1,575	1,460	1,499	1,631	1,361	1,577	1,130	1,039	887	903	703	867	582	691	712	633	564	900	673	836	864	582	617	225	364
Total expenses	95,338	1,00,047	74,880	79,310	1,00,441	1,09,056	1,07,627	97,330	1,00,925	1,12,235	1,04,494	1,00,649	98,267	1,02,510	86,416	82,424	77,784	78,969	73,630	65,713	69,569	83,616	71,776	54,983	69,570	71,225	65,522	65,432	84,913	78,797	73,022	69,890	87,695
EBITDA	6,176	11,259	879	−1,404	10,224	16,818	13,081	12,159	15,785	17,135	15,418	13,767	13,218	13,114	10,820	5,572	2,413	8,283	7,078	4,117	5,243	13,374	12,133	6,098	691	7,394	7,045	2,858	8,450	6,212	6,258	4,423	11,250
EBITDA margin	6.4%	10.7%	1.3%	-1.9%	9.8%	14.1%	11.5%	12.0%	14.6%	14.3%	13.9%	13.1%	12.9%	12.4%	12.2%	7.0%	3.4%	10.6%	9.8%	6.7%	7.9%	15.1%	16.0%	11.4%	1.1%	10.3%	10.8%	4.6%	9.8%	8.1%	8.7%	6.6%	12.3%
Finance costs	835	767	682	686	938	1,076	1,725	2,034	2,088	2,234	2,485	2,652	2,615	2,642	2,676	2,487	2,421	2,381	2,401	2,327	2,203	2,145	2,126	1,950	1,953	1,744	1,835	1,712	1,588	1,568	1,227	1,375	1,178
Depreciation	4,880	5,092	4,969	4,871	5,320	5,295	5,408	6,005	6,574	7,151	6,850	6,636	6,633	7,050	6,072	5,897	5,841	6,432	6,078	6,123	6,202	6,217	6,129	5,601	5,815	5,199	5,300	5,112	5,353	6,439	5,941	5,857	6,488
Profit before tax	1,558	7,143	−4,902	−8,108	5,429	11,390	7,712	5,685	8,741	9,123	7,494	5,986	4,653	4,784	3,203	−1,461	−3,468	−341	−612	−3,472	−2,579	−7,643	4,167	−815	−9,313	1,350	621	−3,238	1,265	−29,228	−823	−2,584	2,308
Tax	715	1,399	−1,250	−1,702	1,558	2,948	2,096	2,317	3,178	−8,159	542	2,203	1,563	−621	263	−457	1,519	758	726	1,005	1,742	−132	945	−471	358	−605	445	196	111	−2,405	272	−416	977
Net profit	859	5,878	−3,483	76,248	4,003	8,556	5,578	3,450	5,692	17,529	7,145	3,832	3,301	5,496	3,043	−898	−4,951	−992	−1,451	−4,416	−4,450	−7,585	2,941	−307	−9,864	1,756	−188	−3,680	1,109	−26,961	−1,009	−1,863	2,175
Net margin	0.9%	5.6%	-5.0%	105.4%	3.8%	7.2%	4.9%	3.4%	5.3%	14.6%	6.5%	3.6%	3.2%	5.2%	3.4%	-1.1%	-6.9%	-1.3%	-2.0%	-7.2%	-6.7%	-8.6%	3.9%	-0.6%	-15.8%	2.4%	-0.3%	-6.0%	1.3%	-35.0%	-1.4%	-2.8%	2.4%
EPS (₹)	2.10	15.71	-9.47	-17.50	10.66	23.40	14.81	9.72	14.51	45.42	18.32	9.81	8.35	14.11	7.71	-2.47	-13.07	-2.70	-3.96	-11.60	-11.62	-20.24	8.07	-0.87	-27.50	5.02	-0.64	-10.89	3.28	-79.49	-3.09	-5.60	6.24
Net profit YoY	−78.5%	−31.3%	−162.4%	+2110.1%	−29.7%	−51.2%	−21.9%	−10.0%	+72.5%	+218.9%	+134.8%	+526.6%	+166.7%	+654.0%	+309.7%	+79.7%	−11.3%	+86.9%	−149.3%	−1337.1%	–	+23.1%	+67.5%	−63.7%	−989.7%	+106.5%	+81.4%	−97.6%	−49.0%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,35,582	4,39,695	4,37,928	3,45,967	2,78,454	2,49,795	2,61,068	3,01,938	2,95,409
Other income	5,787	6,244	5,950	4,633	3,054	2,643	2,973	2,965	889
Total expenses	3,39,296	4,11,896	4,15,645	3,49,133	2,87,881	2,49,151	2,71,750	3,06,623	2,87,118
EBITDA	18,897	56,138	59,538	31,920	24,720	32,287	17,987	24,664	34,526
EBITDA margin	5.6%	12.8%	13.6%	9.2%	8.9%	12.9%	6.9%	8.2%	11.7%
Finance costs	2,827	5,083	9,986	10,225	9,312	8,097	7,243	5,759	4,682
Depreciation	19,784	23,256	27,270	24,860	24,836	23,547	21,425	23,591	21,554
Profit before tax	−2,069	33,493	27,255	3,058	−7,003	−10,474	−10,580	−31,371	11,155
Tax	−246	10,502	−3,852	704	4,231	2,542	395	−2,437	4,342
Net profit	82,645	28,149	31,807	2,690	−11,309	−13,395	−11,975	−28,724	9,091
Net margin	24.6%	6.4%	7.3%	0.8%	-4.1%	-5.4%	-4.6%	-9.5%	3.1%
EPS (₹)	-4.43	65.01	81.95	6.29	-29.88	-36.99	-34.88	-84.89	26.46
Net profit YoY	+193.6%	−11.5%	+1082.5%	+123.8%	+15.6%	−11.9%	+58.3%	−416.0%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	13,041	63,102	67,915	35,388	14,283
Investing cash flow	−24,810	−47,594	−22,828	−16,804	−4,775
Financing cash flow	−1,344	−18,786	−37,006	−26,243	−3,380
Capital expenditure	13,583	15,189	12,975	8,493	9,039
Free cash flow (CFO − capex)	−542	47,913	54,941	26,895	5,243

Net profit trend

annual, ₹ crore

FY21

₹−13,395

FY22

₹−11,309+16%

FY23

₹2,690+124%

FY24

₹31,807+1082%

FY25

₹28,149−11%

FY26

₹82,645+194%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	13 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone · audited	13 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	14 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	14 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone · audited	5 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone · audited	14 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone · audited	8 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2620.45 MB FY2527.96 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 12.1×1.3×

P/B5Y avg 2.07×0.96×

ROEFY26, on average equity72.4%

Net margin24.6%

Debt / equity0.62×

Revenue CAGR (3Y)-1.0%

Profit CAGR (3Y)213.2%

EPS (TTM)₹215.74

Market cap₹1.07L Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

0.96×

vs 8-point avg 2.07× (−54%)

0.96× low2.07× avg3.45× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹3.82L Cr+1%

Net worth₹1.12L Cr−4%

Total borrowings₹69,953 Cr+12%

Cash & bank balances₹22,880 Cr−33%

Investments₹20,833 Cr−31%

Inventories₹50,126 Cr+6%

Trade receivables₹12,619 Cr−5%

Trade payables₹92,780 Cr−5%

Change vs the same date a year earlier.

Revenue mix FY26

- Jaguar and Land Rover81.0%result ₹2,680 Cr

(a) Passenger Vehicle17.3%result ₹825 Cr

Others1.6%result ₹721 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	42.51	42.56	42.56	42.57	42.57	42.58	42.58	42.58	41.86	46.36	46.36	46.37
FII	17.11	17.29	17.88	17.13	17.18	17.84	18.66	20.55	18.13	18.17	19.20	18.62
DII	17.23	17.04	15.34	17.28	17.19	17.14	16.79	16.37	13.40	16.02	16.08	17.34
of which MF	10.05	9.95	8.82	10.10	10.18	10.61	–	–	–	–	–	–
Retail	20.74	20.74	21.64	20.52	20.57	20.05	19.59	17.50	14.75	17.09	16.09	15.45
Other public	2.41	2.37	2.58	2.50	2.49	2.39	2.38	3.00	11.86	2.36	2.27	2.22

62,15,151 shareholders · NSE shareholding pattern filings.