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%.
What happened
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
Key facts
- Q4 FY26 Ebitda Rs 1,763 crore
- margin 9.4%
- FY26 Ebitda Rs 4,035 crore
- FY26 margin 6.9%
- EV volumes 92,000 units
- EV growth 43% YoY
- 40% EV market share
- EV+CNG 43% of PV volumes
- 25-30% rise in EV bookings
Why this matters
Tata's EV+CNG mix at 43% of PV sales signals a structural shift where partnerships, battery sourcing deals, and charging-infra tie-ups become the next competitive moats.