Complete debt-to-cash transformation achieved with net cash position of ₹1,000 crores despite ₹9,000 crores in financial leases, down from peak debt of ₹60,000 crores, fundamentally enhancing business resilience.

“While we ended FY23 at Rs. 43,000 crores, the peak debt this business had was almost Rs. 60,000 crores. That's now down to minus Rs. 1,000 crores i.e. a net cash of Rs. 1,000 crores despite financial leases of Rs. 9,000 crores. So this is a very strong performance. And this is translating into reduction in net finance costs. And why I'm harping on that point is that intrinsically, this business is becoming far more resilient as it takes away debt, and it is able to now have more leeway to take on the headwinds that come our way.”

— PB Balaji, Group CFO

EV business achieves profitability milestone despite heavy market expansion investments and customer price benefits, with both EBITDA and PBT positive – a rare achievement in the global EV landscape.

“A key call-out for our EV business, despite the significant investments we continue to make in market expansion and our product investments and the price benefits that we have passed on to the customers for lower battery cost for the year, the business ended with both EBITDA and PBT positive.”

— Dhiman Gupta, VP Finance, TMPVL and TPEML

Digital transformation at scale in commercial vehicles with Fleet Edge serving 800,000 active vehicles and delivering quantifiable 5.5-6.3% fuel efficiency improvements through AI-powered Mileage Saarathi solution across 11,000+ vehicles.

“In our digital business, Fleet Edge now has almost 800,000 active vehicles with monthly active usage of 81% and weekly active usage of around 59%. I think apart from delivering uptime related services, we are also delivering the machine learning based insights to improve fuel efficiency in real life. The Solution is named as Mileage Saarathi and we are able to deliver around 5.5% to 6.3% real life fuel efficiency improvement on more than 11,000 vehicles.”

— Girish Wagh, Executive Director

JLR faces dramatic tariff headwinds with US automotive tariffs jumping from 2.5% to 25% (1000% increase) overnight, then reduced to 10% under UK-US trade deal - still representing a 300% increase from original levels.

“And remember what happened on April 3 is suddenly we got a 1000% increase overnight in our tariff bill for selling cars in the US. That's a significant amount. The deal that's being done now between the UK and the US., should bring that down. However, it will still be a 300% price increase or increasing cost of tariffs versus where we were in March. So it's gone from 2.5% to 10%.”

— Richard Molyneux, CFO, JLR

JLR maintains GBP18 billion investment commitment over five years despite external uncertainties, demonstrating long-term confidence in technology leadership and business fundamentals.

“But what I will say now, however, is that our GBP18 billion investment programme over five years remains in place. It has to, to drive our business forward and that we'll commit to funding that GBP18 billion with operating cash flows in a five-year period.”

— Richard Molyneux, CFO, JLR

[Concall]

“Despite some easing of US-UK tariff hikes, Jaguar Land Rover (JLR) still faces a three times increase in export costs. To safeguard its earnings (EBIT), management is initiating targeted "missions" focused on reducing costs, renegotiating with suppliers, and adjusting its product strategy.”

“What happened on April 3 is suddenly we got a 1000% increase overnight in our tariff bill for selling cars in the US... Even after the UK-US deal, it’s still a 300% increase. So we do have to protect our bottom-line delivery. And that’s exactly what we mean there.”

— Richard Molyneux, CFO – JLR

After carrying significant debt for years, Tata Motors now holds more cash than debt. This reduction in debt is a fundamental shift, made possible by generating a massive ₹50,000 crore in free cash flow over two years. This strong financial position gives the company the flexibility to withstand unexpected challenges and make significant new investments.

“While we ended FY23 at ₹43,000 crores debt, the peak was ₹60,000 crores… That’s now down to minus ₹1,000 crores — a net cash of ₹1,000 crores. This is a very strong performance.”

— PB Balaji, Group CFO

JLR is pivoting from low-volume legacy Jaguar to a China-specific Freelander brand through its CJLR JV. This is a cost-efficient relaunch in the world’s most competitive EV/auto market.

“Production in China of Jaguar XE, XF, and E-PACE will end this September… Freelander, built with Chinese costs and attributes, will start production soon — perfectly aligned to China’s needs.”

— Richard Molyneux, CFO – JLR

Tata Commercial Vehicles (CV) is modernizing its operations by combining connected vehicle technology, sustainability efforts, and digital sales. This aims to improve vehicle uptime, efficiency, and customer loyalty.

“Fleet Edge now has 800,000 active vehicles. Our AI tool ‘Mileage Saarathi’ delivers 5.5–6.3% real fuel efficiency gains. E-Dukaan is digitizing parts retail, and EV bus fleet uptime exceeds 95%.”

— Girish Wagh, Executive Director – CV