Tata Motors Q4 Preview: Here's what to expect from auto giant in March qtr

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Tata Motors Q4 Preview: Automobile major Tata Motors is likely to announce its March quarter of financial year 2025 (Q4FY25) results on Tuesday, May 13, 2025. 

 

While domestic brokerage firm Nuvama and Kotak Institutional Equities anticipate flat revenue growth and a decline in earnings before interest, tax, depreciation and amortisation (Ebitda) and profit after tax (PAT), Motilal Oswal projects a stronger performance, driven by improved margins and higher Jaguar Land Rover (JLR) volumes. 

 

A key focus remains on Jaguar Land Rover’s demand trends and margin outlook, as analysts foresee pressure from discounts and rising costs. 

 

Domestic operations, particularly in passenger and commercial vehicles, are expected to show stable or marginally improved profitability. Overall, Q4 results will reflect a complex interplay of cost pressures, product mix, and market dynamics.

 

That said, Tata Motors shares were buzzing in trade a day ahead of Q4 results, with the stock rising up to 3.39 per cent to hit an intraday high of ₹732.55. 

 

However, at 11:00 AM, Tata Motors shares were off day’s high, and were trading 1.57 per cent higher at ₹719.65. In comparison, BSE Sensex was trading 2.69 per cent higher at 81,589.46 levels.  READ STOCK MARKET UPDATES TODAY LIVE

 

Given this, here’s what to expect in Q4FY25 results from Tata Motors:

 

Nuvama

 

Analysts at Nuvama expect Tata Motors' revenue to remain flat year-on-year (Y-o-Y) in Q4FY25. Despite improved margins in the India CV and PV segments, overall Ebitda margin is likely to contract due to weaker performance at JLR. The key monitorable will be JLR’s demand trends and margin outlook.

 

Thus, analysts project a revenue of ₹1,20,454.5 crore (flat Y-o-Y), Ebitda at ₹16,001.9 crore (down 6 per cent Y-o-Y), and PAT at ₹7,681.3 crore (down 56 per cent Y-o-Y)

 

Kotak Institutional Equities

 

Kotak Institutional Equities analysts expect the standalone business to witness a 5 per cent Y-o-Y decline in revenue, driven by a 4 per cent drop in volumes and a 1 per cent fall in average selling prices (ASPs). However, Ebitda margin is seen rising 90 bps Y-o-Y due to lower commodity costs and a richer product mix. 

 

Also, domestic PV margins are expected to improve to 7.7 per cent supported by EV segment tailwinds and PLI incentives. JLR revenue (ex-China JV) is expected to fall 2 per cent Y-o-Y, as volumes decline 3 per cent. ASPs may rise slightly with a better model mix, but margins could be impacted by higher discounts and marketing expenses.

 

Hence, analysts expect a revenue of ₹1,20,932.9 crore (up 0.8 per cent Y-o-Y), Ebitda of ₹16,110.2 crore (down 5.2 per cent Y-o-Y), and PAT at ₹7,982.7 crore (down 54.1 per cent Y-o-Y)

 

Motilal Oswal

 

Motilal Oswal noted a volume decline of ~6 per cent in PVs and ~3 per cent in CVs Y-o-Y. CV Ebitda margins are expected to expand 90 bps, while PV margins are likely to stay steady at 7.3 per cent. JLR volumes are projected to grow 3 per cent Y-o-Y, although the Ebitda margin is seen contracting by 130 bps due to rising discounts and warranty costs. 

 

Despite margin pressures, analysts expect Tata Motors to report an 8 per cent growth in PAT. Overall, analysts expect a revenue of ₹1,26,280 crore (up 5.2 per cent Y-o-Y), Ebitda of ₹17,200 crore (up 1.2 per cent Y-o-Y), and PAT at ₹8,360 crore (up 8.2 per cent Y-o-Y).