Date: August 14, 2026

Financial Results (Consolidated)

Quarter Ended June 30, 2026:

  • Revenue from Operations: ₹25,464.68 million (compared to ₹22,622.08 million in Q1 FY2026)
  • Revenue Growth (%): 12.57% year-over-year
  • EBITDA: ₹2,932.59 million (compared to ₹2,805.21 million in Q1 FY2026)
  • EBITDA Margin (%): 11.52% (compared to 12.40% in Q1 FY2026)
  • Profit After Tax: ₹1,216.67 million (compared to ₹1,116.80 million in Q1 FY2026)
  • Profit After Tax Margin (%): 4.74% (compared to 4.87% in Q1 FY2026)
  • Return on Average Equity (RoAE) (%): 9.56% (compared to 10.20% in Q1 FY2026)
  • Return on Average Capital Employed (RoACE) (%): 13.10% (compared to 14.91% in Q1 FY2026)

Full Fiscal Year Comparison:

  • Fiscal 2026 Revenue: ₹95,091.02 million (14.69% growth from ₹89,908.16 million in Fiscal 2025)
  • Fiscal 2026 EBITDA: ₹11,537.68 million (EBITDA Margin: 12.13%)
  • Fiscal 2026 PAT: ₹4,968.60 million (PAT Margin: 5.23%)
  • Fiscal 2025 PAT: ₹3,554.43 million (PAT Margin: 4.29%)
  • Fiscal 2024 PAT: ₹3,108.79 million (PAT Margin: 4.15%)

Segment Performance

Revenue by Vehicle Type (as percentage of Manufacturing Revenue):

  • 2-Wheeler: 78.34% (Q1 FY2026: 79.28%; Fiscal 2026: 78.81%)
  • 3-Wheeler: 3.04% (Q1 FY2026: 3.48%; Fiscal 2026: 3.16%)
  • 4-Wheeler (Passenger): 4.60% (Q1 FY2026: 4.54%; Fiscal 2026: 5.17%)
  • 4-Wheeler (Commercial): 8.53% (Q1 FY2026: 8.81%; Fiscal 2026: 8.34%)
  • Others: 5.48% (Q1 FY2026: 3.89%; Fiscal 2026: 4.52%)

Geographic Revenue Mix:

  • India: 82.41% (Q1 FY2026: 76.64%; Fiscal 2026: 76.89%)
  • International: 17.59% (Q1 FY2026: 23.36%; Fiscal 2026: 23.11%)

Operational Metrics

Manufacturing Plants:

  • Total Number of Manufacturing Plants: 27 (as of June 30, 2026)
  • Compared to: 17 plants as of June 30, 2025
  • Fiscal 2026: 24 plants
  • Fiscal 2025: 17 plants
  • Fiscal 2024: 15 plants

Methodology Notes

  • Revenue from Operations includes Sales from operations and Other related operating income
  • Revenue Growth % calculated as current year revenue minus previous year revenue as percentage of previous year revenue
  • EBITDA calculated as profit before tax (before exceptional items) plus depreciation and amortization expense plus finance costs less other income
  • PAT Margin calculated as Profit after tax as percent of Revenue from Operations
  • RoAE calculated as Profit After Tax divided by Average Equity for the year
  • RoACE calculated as Operating profit before interest and taxes divided by Average Capital Employed
  • There is re-classification where subsidy income is re-classified into 'Others' category