The automaker said EV and CNG will be major growth engines for its India business.
Outlook: Standalone business
Tata Motors PV sees its revenue almost doubling to ₹1.15 lakh crore by financial year 2029. In financial year 2026, the company’s topline figure stood at ₹58,500 crore.
By financial year 2031, Tata Motors PV expects the topline figure to be ₹1.4 lakh crore.
It also sees its standalone EBITDA margin expanding to 8% by financial year 2029, and 10% by financial year 2031 compared to 6.9% in the recently concluded financial year.
Outlook: Consolidated business
Tata Motors PV has projected its consolidated revenue growth for financial year 2029 to be in excess of ₹5 lakh crore, which is 37% higher than the ₹3.66 lakh crore figure it reported in financial year 2025. By financial year 2031, the company sees that figure to be ₹6 lakh crore.
The automaker sees its consolidated EBIT margin expanding to 7% by FY29, and to 10% by financial year 2031 from 7.7% in financial year 2025.
The company expects to be net debt free on a consolidated basis in FY27 with significant free cash flow generation by FY31.
FY31 Outlook: Volumes and growth drivers
Tata Motors PV is looking at volume growth of 15% on compound annual growth rate (CAGR) basis till FY31, with a volumes target of over 12 lakh units.
The company is estimating a market share of 20% in FY31, an increase of 5% – 6%.
It said it will have a portfolio of 15 nameplates — six new and over 20 facelifts and refreshes.
Tata Motors added that multi-powertrain will be its biggest growth lever.
It also sees EV penetration to be more than 30% by FY31 with portfolio of 10 namepelates. The company is targeting a market share of over 25% in the CNG segment.
Its current annual capacity is at 9 lakh units, which will increase to 13 lakh units in two to three years.
The EV margin will be near parity with internal combustion engine (ICE), it added.
Shares of Tata Motors Passenger Vehicles are trading 2% lower on Wednesday at ₹354.1. The stock is down 3% so far for the year.
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