Tata Motors Delivers Strong Q3 FY26 as PVs, CVs Sales Gain Momentum

Tata Motors delivered a robust performance in Q3 FY2025–26, supported by sustained demand momentum across both its Passenger Vehicles (PV) and Commercial Vehicles (CV) businesses. The quarter reflected the continued impact of festive demand, improving macro conditions, and the benefits of strategic interventions such as GST 2.0, portfolio refreshes, and disciplined channel management.

Passenger Vehicles: SUVs, EVs and Exports Drive Record Quarter Growth

Tata Motors Passenger Vehicles Ltd. reported its highest-ever quarterly wholesales in Q3 FY2025–26, with combined domestic and international sales rising to 171,013 units, up 22.3 percent year-on-year from 139,829 units in Q3 FY2024–25. December 2025 volumes stood at 50,519 units, marking a 14.1 percent YoY increase, underlining steady month-end momentum.

Domestic PV sales reached 168,616 units in Q3 FY2025–26, registering a 20.9 percent YoY growth, while export volumes rose sharply to 2,397 units, reflecting a nearly five-fold increase over the year-ago quarter. December exports, though modest in absolute terms, also saw strong growth, indicating expanding overseas traction.

Electric vehicles remained a key growth driver. EV wholesales (domestic and exports combined) increased 49.5 percent YoY in Q3 to 24,103 units, with December EV volumes rising 24.2 percent YoY to 6,906 units. The growth was supported by improved range, lifetime battery warranty, and increasing price parity with ICE models. 

From a product standpoint, SUVs continued to anchor demand, with Nexon leading sales charts during the quarter, while Punch and Tiago strengthened Tata Motors’ position across compact and hatchback segments. Importantly, December retail sales exceeded wholesales, helping reduce dealer inventory to approximately 18 days, reflecting a demand-led growth strategy and healthy channel discipline.

Commercial Vehicles: Broader Growth Across Segments

Tata Motors’ Commercial Vehicles business also delivered a strong showing in Q3 FY2025–26, with total domestic and international wholesales rising to 115,577 units, a 21 percent YoY growth over Q3 FY2024–25. December 2025 volumes stood at 42,508 units, up 25 percent YoY, indicating sustained recovery in freight and passenger mobility.

Domestic CV sales increased 18 percent YoY during the quarter to 107,918 units, driven by higher demand across HCVs, ILMCVs, and SCV cargo and pickup segments. Heavy Commercial Vehicles (HCVs) posted 23 percent YoY growth, while intermediate and light trucks grew 26 percent, reflecting a rebound in construction, mining, and infrastructure-led activity following the extended monsoon.

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The SCV cargo and pickup segment remained a volume backbone, with Q3 sales rising 15 percent YoY, supported by last-mile logistics and e-commerce demand. Passenger carriers also recorded steady growth, aided by improving intra-city and regional mobility.

International CV sales for Tata Motors grew sharply as well, with exports rising 70 percent YoY in Q3 FY2025–26, further strengthening Tata Motors’ overall CV performance. With strong Q3 execution, improving macro tailwinds, and a diversified portfolio across powertrains and segments, Tata Motors enters Q4 FY2025–26 with positive momentum. Continued infrastructure spending, new product introductions, and disciplined pricing and inventory strategies are expected to support sustained growth across both PV and CV businesses.