Tata Motors PV: EV margins near ICE parity as FY26 EBITDA hits Rs 4,035 cr
Tata Motors Passenger Vehicles posted FY26 EBITDA margin of 6.9% (Q4 at 9.4%), with EV wholesales up 43% YoY to 92,000 units and 40% EV market share retained. CEO Shailesh Chandra flagged EV profitability nearing ICE parity as battery costs fall and emission-norm costs rise; EV bookings up 25-30%.
Tata Motors PV reported FY26 Ebitda margin of 6.9% with EV wholesales up 43% to 92,000 units, retaining 40% EV share. CEO Chandra said EV profitability is nearing ICE parity as battery costs fall and emission-norm costs rise.
Why this matters
Signals a turnaround narrative for Tata Motors PV after Q4 profit slumped 32%. EV margin convergence with ICE marks a structural shift as the company defends 40% EV share amid intensifying competition.
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