Consolidated: In Q4 FY26, TMPVL delivered revenues of ₹105.4K Cr (up 7.2%) and EBIT of ₹8.9K Cr (down ₹0.6K Cr). The performance significantly improved QoQ on account of normalized JLR production and record domestic volumes, leading to healthy Q4 FCF of ₹11.4K Cr. FY26 revenues stood at ₹335.6K Cr (down 8.3% yoy); EBITDA and EBIT margins were 6.8% and 1.1% respectively. The PBT (bei) stood at ₹2.5K Cr and post the exceptional items of ₹4.1K Cr, the PBT from continuing operations stood at ₹(1.6)K Cr. On a full year basis, the profitability was impacted by several headwinds at JLR, including cyber incident, tariffs, China luxury tax, VME pressures and adverse commodities. The Consolidated Net Debt stood at ₹30.7K Cr, on account of adverse free cash flows primarily owing to production stoppages at JLR.

The Board of Directors have recommended a final dividend of ₹ 3/- per share subject to approval by the shareholders

Global geopolitical and regulatory challenges will need to be monitored for supply-chain risks and cost headwinds. We will leverage on healthy demand and continue to deliver profitable and industry-beating growth in domestic business, whilst mitigating the margin headwinds through structural cost reductions. We will continue to step-up growth at JLR, by leveraging House of Brands in focused markets, with flawless delivery of exciting launches over next 18 months.

“Overall, FY26 was a tale of two halves. While domestic business witnessed a strong momentum post GST 2.0, at JLR we witnessed several headwinds including tariffs and the cyber incident. In Q4 FY26, all the consolidated financial metrics improved significantly as JLR operations recovered post the cyber incident and domestic business continued its positive trajectory. Going ahead, we will continue to build on our resilience through a slew of product interventions, and cost-side actions, while the global geopolitical environment and commodity prices continue to remain key monitorable”

• Q4 FY26 Revenue at £6.9bn (-11.1%), EBITDA Margin 14.0% (-130 bps), EBIT Margin 9.2% (-150 bps), PBT (bei) £458mn 

• FY26 Revenue at £22.9bn (-20.9%), EBITDA Margin 6.7% (-760 bps), EBIT Margin 0.7% (-780 bps), PBT (bei) £14mn 

• Volumes rose significantly QoQ as production returned to normal; full year volumes impacted by US tariffs, China market challenges and planned wind down of outgoing Jaguar models ahead of new Jaguar launch, in addition to production stoppages following the cyber incident

• Free cash flow for the quarter was £829mn and £(2.2)bn for the full year 

• Closing Cash balance was £2.8bn and Net Debt £2.6bn, with gross debt of £5.4bn 

• Total liquidity as at March 31, 2026 was £6.9bn, including the undrawn £1.7bn RCF, an undrawn £1.0bn bridge facility and an undrawn £1.5bn UKEF guaranteed commercial loan

• Defender OCTA saw a fourfold YoY sales uplift in Q4, supported by brand and product activities such as Defender Trophy, Oasis tour and victory for the Defender DX7-R in the Stock Class at January’s Dakar Rally, the world’s toughest off-road endurance race

• Range Rover returned to Milan Design Week with an installation that celebrated Range Rover Bespoke, the pinnacle personalisation service 

• The first all-electric Jaguar, to be called Type 01, received critical acclaim ahead of its unveiling later this year after being driven by global media on frozen lakes in the arctic circle and on test tracks in the UK

• The Jaguar TCS Racing Formula E team celebrated multiple race wins in Miami, Jeddah and Madrid during Q4 and the team unveiled its prototype next generation race car

JLR’s revenue for the quarter was £6.9bn, down 11% versus Q4 FY25 and £22.9bn for FY26, down 21% YoY. Volumes and profitability were impacted YoY by the continued planned wind down of outgoing Jaguar models ahead of the new Jaguar  launch, and the competitive environment the automotive industry is facing in China. Profit before tax and exceptional items was £458mn in Q4 and £14mn for the full year, down from a profit of £875mn and £2.5bn respectively a year ago. Adjusted EBIT Margin was 9.2% for the fourth quarter, down from 10.7% a year ago, and 0.7% for the full year FY26, down from 8.5% for FY25. In addition to the above, profitability was impacted by ongoing incremental US tariffs and increased VME.
 

PAT in the quarter was £365mn, compared to a profit of £640mn in the same quarter a year ago. For the full year, the loss after tax was £(244)mn compared to a profit of £1.8bn last year.  

Looking ahead, JLR remains resilient and well placed to address the geopolitical, inflationary and regulatory challenges the industry faces. Investment spend is planned to remain at £18bn over the five-year period from FY24.  We will reduce breakeven volumes towards 300K in two years by focusing on £1.7bn of savings from Enterprise Missions.

“JLR faced a challenging year with revenue and profit impacted by multiple headwinds, including a pause in production following the cyber incident. We recovered well in the fourth quarter as production returned to normal levels, demonstrating the commitment of our people, suppliers and retail partners.As we look ahead into FY27, we are focused on driving growth through our well differentiated House of Brands and reducing our break-even volumes, whilst we launch a slew of exciting products starting with the New Range Rover Electric, the unveiling of the first of our EMA products and the eagerly awaited new Jaguar.”