The company said the combined entity is expected to rank among the top four global commercial vehicle players, strengthening its international footprint and technology capabilities.
The AGM also marked the first shareholder meeting of Tata Motors’ standalone commercial vehicles business following its listing as a separate entity in November 2025.
Record FY26 performance post demerger
The company reported a strong performance in FY26, with Chairman N. Chandrasekaran describing it as a “robust and resilient” year for the newly listed CV business.
Tata Motors CV posted record revenue of ₹83,855 crore, up 9.8% year-on-year, while sales volumes rose 13% to over 4.35 lakh units. Growth was led by the intermediate, light and small commercial vehicle segments, alongside a recovery in heavy commercial vehicles, which reached a decade-high market share of 55%.
EBITDA margins improved to 12.3%, supported by operating leverage and cost discipline, while return on capital employed stood at 72.3%.
“In November 2025, following the successful demerger, your Company was listed as a distinct Commercial Vehicles entity. This was more than a structural milestone—it marked a decisive step in our journey to build a world-class commercial mobility enterprise,” Chandrasekaran said.
The board recommended a final dividend of ₹4 per share for FY26, subject to shareholder approval.
IVECO acquisition to strengthen global ambitions
Chandrasekaran said the IVECO acquisition represents a key step in Tata Motors’ global strategy.
“The proposed acquisition of the IVECO Group marks a significant strategic step forward in advancing your Company’s global ambitions,” he said.
He added that regulatory approvals are largely in place and the deal is expected to close by Q2 FY27.
Diversification beyond core CV business
Tata Motors highlighted increasing momentum in its non-cyclical and emerging businesses, aimed at reducing dependence on traditional vehicle cycles.
Non-cyclical businesses grew 18.2% during FY26, supported by spares and service revenue.
The company’s electric mobility arm, TML Smart City Mobility Solutions, deployed over 3,800 electric buses across 10 cities, which have collectively covered 50 crore kilometres with over 95% uptime.
Digital platforms also saw strong traction, with Fleet Edge crossing one million connected vehicles, while Fleet Verse expanded its commerce activity.
International operations rose 53.9% year-on-year, driven by market expansion and order wins.
Chandrasekaran expressed confidence in the company’s future growth trajectory, citing strong execution and strategic clarity.
