What started as a year of hope for steady global growth quickly turned turbulent — US tariffs, a West Asia crisis, and fears of an economic slowdown rattled markets everywhere. India pushed back with GST cuts and a string of trade agreements, steering through the uncertainty.
Tata Motors Passenger Vehicles is entering FY27 with confidence, anchored by a strong pipeline of new launches and multi-powertrain offerings. Chairman N Chandrasekaran, in a message to shareholders, outlined a clear priority — delivering industry-leading growth while staying resilient and agile amid global uncertainties, without losing sight of safety, sustainability, quality, and customer experience.
The vision is built around creating brands that genuinely connect with customers. For Jaguar Land Rover, that means doubling down on its House of Brands strategy and bringing breakeven levels back to 300,000 units within two years, even as it readies key launches like the Range Rover Electric and Jaguar Type 01. For TMPV, it means a sharper, more purposeful brand identity rooted in trust and customer centricity.
The two companies are deepening collaboration on manufacturing, technology, and people — already visible at the new shared facility in Panapakkam, Tamil Nadu. Looking ahead, Tata Motors is embedding AI and digital technologies across its operations while staying firmly committed to its Net Zero by 2040 goal, investing in both electric and improved conventional powertrains along the way.
A tough backdrop
The fiscal year 2026 opened with hopes of steady global growth and easing inflation, but those hopes were quickly tested. The introduction of US tariffs in May 2025 disrupted trade flows worldwide, while a West Asia crisis by early March added fresh fears of stagflation — falling output paired with rising prices. India responded by cutting GST rates to support domestic consumption, and the signing of landmark trade agreements with the EU, UK, and an interim deal with the US offered some relief amid the turbulence.
India Shines
Against this uncertain backdrop, Tata Motors Passenger Vehicles delivered its best year ever in India — selling nearly 6.42 lakh cars and SUVs, growing 15.3%, almost twice the industry average. The company climbed to become the second-largest player in the market with a 14.1% share in the second half of the year, with the Nexon and Punch ranking among the country’s top-selling models. The company also revived a beloved name, the Sierra, to strong customer response, while CNG-powered vehicle sales outpaced the broader industry, reflecting a clear shift in customer preference toward greener powertrains.
EVs dominate
Electric vehicles remained a standout strength, with Tata crossing 2.5 lakh cumulative EVs sold and commanding nearly two-thirds of India’s entire EV market. Sales grew 43.4% during the year, extending the company’s seven-year run as India’s EV market leader with a 40.2% share — a remarkable achievement given how competitive the segment has become.
JLR struggles
Jaguar Land Rover, however, faced a far tougher year. Incremental US tariffs disrupted exports from the UK to both the EU and the US, while a cyber incident forced the company to pause production for five weeks. Together, these disruptions pulled JLR’s revenues down by nearly 21% to GBP 22,911 million. The year also marked a significant leadership transition, with PB Balaji stepping in as CEO after Adrian Mardell’s 35-year tenure at the company.
Numbers Hold Steady
Despite JLR’s setbacks, the group’s India business stayed resilient, posting revenues of ₹58,465 crore, up 20.7% over the previous year, with steady EBITDA and EBIT margins. On a consolidated basis, the company delivered a strong Q4 performance as production normalised, and the board recommended a final dividend of ₹3 per share—a reflection of the underlying financial discipline even through a challenging year.
