Tata Motors Passenger Vehicles targets Rs 5 lakh crore revenue, net debt-free status by FY29
After the JLR cyberattack, Tata Motors Passenger Vehicles' consolidated net debt swelled to Rs 30,710 crore at the end of FY26
- Jun 23, 2026,
- Updated Jun 23, 2026 6:21 PM IST
Tata Motors Passenger Vehicles, the parent company of Jaguar Land Rover (JLR), is targeting Rs 5 lakh crore in revenue by the end of the financial year 2028-29 and Rs 6 lakh crore by FY31, according to its Investor Day presentation.
The automaker reported a consolidated revenue of Rs 3.36 lakh crore in FY26, down 8.3% year-on-year compared with Rs 3.67 lakh crore in FY25 after JLR cyberattack halted production for more than a month.
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Of the projected Rs 5 lakh crore revenue by FY29, Rs 1.16 lakh crore is expected to come from the automaker’s domestic passenger vehicle business.
Tata Motors Passenger Vehicles is guided for an EBIT margin of 7% by FY29 and 10% by FY31. It aims to clock profit before tax of Rs 30,000 crore by FY29 and Rs 50,000 crore by FY31.
“We will transform into an integrated global auto major in the next 5 years,” the presentation says, highlighting strong synergies across the Tata Group ecosystem.
Revenue of Tata Motors’ domestic passenger vehicle business recorded 33% CAGR over six years through FY26. The company plans to more than double its revenue from Rs 58,465 crore in FY26 to Rs 1.4 lakh crore by FY31. The carmaker spent 7% of its revenues over the past six years on capex for new nameplates, refreshes and capacity expansion. It continues to be India’s top-selling electric vehicle maker for seven consecutive years.
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Tata Motors Passenger Vehicles is planning intense product actions in CNG (compressed natural gas) and EVs to drive growth. The company will launch an electric version of Sierra on June 30.
Last week, Tata Motors Passenger Vehicles Chairman N. Chandrasekaran said that JLR will focus on reducing its breakeven levels back to 300,000 units in the next two years by driving cost reductions of 1.7 billion pounds.
JLR's breakeven volume threshold went up to 425,000 units in FY26 from 345,000 units in FY25 due to US tariffs, currency and commodity inflation. JLR had spent years halving its break-even volume threshold from 600,000 units in FY19 to 300,000 units by FY23.
The automaker reported negative free cash flow in FY26, primarily due to lower volumes caused by production disruptions and adverse working capital movements after a severe cyberattack at JLR forced a five-week shutdown of manufacturing operations.
JLR's performance was further weighed down by tariffs on exports from the UK and the European Union to the United States.
After the JLR cyberattack, Tata Motors Passenger Vehicles' consolidated net debt swelled to Rs 30,710 crore at the end of FY26 as compared to a net cash position of Rs 1,018 crore at the end of FY25. The automaker aims to become net debt-free by FY29 and generate “significant” free cash flow by FY31.
Tata Motors Passenger Vehicles, the parent company of Jaguar Land Rover (JLR), is targeting Rs 5 lakh crore in revenue by the end of the financial year 2028-29 and Rs 6 lakh crore by FY31, according to its Investor Day presentation.
The automaker reported a consolidated revenue of Rs 3.36 lakh crore in FY26, down 8.3% year-on-year compared with Rs 3.67 lakh crore in FY25 after JLR cyberattack halted production for more than a month.
Don't Miss: Tata Motors gets order for 3,400 electric commercial vehicles
Of the projected Rs 5 lakh crore revenue by FY29, Rs 1.16 lakh crore is expected to come from the automaker’s domestic passenger vehicle business.
Tata Motors Passenger Vehicles is guided for an EBIT margin of 7% by FY29 and 10% by FY31. It aims to clock profit before tax of Rs 30,000 crore by FY29 and Rs 50,000 crore by FY31.
“We will transform into an integrated global auto major in the next 5 years,” the presentation says, highlighting strong synergies across the Tata Group ecosystem.
Revenue of Tata Motors’ domestic passenger vehicle business recorded 33% CAGR over six years through FY26. The company plans to more than double its revenue from Rs 58,465 crore in FY26 to Rs 1.4 lakh crore by FY31. The carmaker spent 7% of its revenues over the past six years on capex for new nameplates, refreshes and capacity expansion. It continues to be India’s top-selling electric vehicle maker for seven consecutive years.
Must Read: Tata Motors share price rises 2% after big order win; key details
Tata Motors Passenger Vehicles is planning intense product actions in CNG (compressed natural gas) and EVs to drive growth. The company will launch an electric version of Sierra on June 30.
Last week, Tata Motors Passenger Vehicles Chairman N. Chandrasekaran said that JLR will focus on reducing its breakeven levels back to 300,000 units in the next two years by driving cost reductions of 1.7 billion pounds.
JLR's breakeven volume threshold went up to 425,000 units in FY26 from 345,000 units in FY25 due to US tariffs, currency and commodity inflation. JLR had spent years halving its break-even volume threshold from 600,000 units in FY19 to 300,000 units by FY23.
The automaker reported negative free cash flow in FY26, primarily due to lower volumes caused by production disruptions and adverse working capital movements after a severe cyberattack at JLR forced a five-week shutdown of manufacturing operations.
JLR's performance was further weighed down by tariffs on exports from the UK and the European Union to the United States.
After the JLR cyberattack, Tata Motors Passenger Vehicles' consolidated net debt swelled to Rs 30,710 crore at the end of FY26 as compared to a net cash position of Rs 1,018 crore at the end of FY25. The automaker aims to become net debt-free by FY29 and generate “significant” free cash flow by FY31.