Revenue rose 16.2% YoY to Rs 21,732 crore in Q3 FY26 from Rs 18,697 crore in Q3 FY25. On a sequential basis, revenue increased 17.5% QoQ from Rs 18,491 crore.

Profit before tax fell 39.6% YoY to Rs 925 crore compared with Rs 1,531 crore in the year-ago quarter. Sequentially, PBT improved sharply from a loss of Rs 561 crore in Q2 FY26.

On the cost front, total expenditure increased 22.6% YoY to Rs 20,607 crore. Raw material consumption climbed 20.0% YoY to Rs 12,531 crore. Employee expenses edged up 3.9% YoY to Rs 1,450 crore. Interest costs declined 43.8% YoY to Rs 198 crore, while depreciation fell 13.3% YoY to Rs 483 crore.

Earnings during the quarter were impacted by exceptional losses of Rs 1,643 crore, linked to the implementation of the new labour code, demerger-related expenses and acquisition costs.

Operationally, CV wholesales stood at 116.8 thousand units, up 20% YoY. Domestic volumes rose 18% YoY, while export volumes surged 70% YoY. The company's domestic CV VAHAN market share improved by 100 bps sequentially to 35.5% in Q3 FY26.

Industry-wise, management expects demand to strengthen further in Q4 FY26, aided by the government's sustained infrastructure push and improving activity across end-use sectors. With an optimised product portfolio, pricing discipline and deeper customer engagement, Tata Motors expects to remain well positioned to capture incremental CV demand.

Girish Wagh, MD & CEO, Tata Motors said: Disciplined execution of an agile strategy delivered yet another strong financial performance this quarter, supported by demand tailwinds from GST 2.0 and the festive season. Our recent launch of 17 next-generation trucks under the 'Better Always' philosophy sets new benchmarks in safety, total cost of ownership, and smarter, emission-free mobility, reinforcing our commitment to innovation and industry leadership. With infrastructure spending accelerating, we are well positioned to sustain momentum and drive continued growth.

GV Ramanan, CFO, Tata Motors said: We delivered another strong quarter, translating robust operational execution and healthy demand across key segments into meaningful financial outcomes. The quarter marked significant milestones, including our 10th consecutive quarter of double-digit EBITDA margins and achievement of double-digit EBIT margins. This strong operating performance coupled with disciplined working capital management, led to robust free cash flow generation. With this trajectory, we remain confident of delivering on our stated financial guidance.

Tata Motors is India's largest commercial vehicles (CV) manufacturer with the widest product and service portfolio across cargo and public transportation segments.

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