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TMPV logged a recovery in Q4, with consolidated revenue up 7% YoY amid 51% QoQ recovery in JLR’s revenue (albeit down 11% YoY). Consol EBITDAM also rose, by a sharp 10.5%, amid rise in JLR’s EBITDAM to 14.5% (due to operating leverage and currency benefit). TMPV’s standalone revenue was up 43% YoY, with EBITDAM up by 120bps QoQ to 4.5%. TMPV guided to 10% FY27 domestic PV industry growth aided by strong underlying demand sentiment. TMPV aims to outpace the industry led by a healthy orderbook (capacity expansion under way to meet this), leaner channel inventory (20 days; 4-8 weeks of wait-time), new product launches (2 new nameplates; 4 facelifts each in ICEs and EVs). Commodity pressure is expected to persist; TMPV indicated a 3.5-4% hit in Q1FY27; it has taken a 0.5% price hike in Apr-26 (another targeted for Jun-26). Such pressure is being countered by cost reduction, operating leverage, and better product-mix. JLR is also seeing stabilizing demand across geographies (JLR is maintaining a tight channel inventory) with no immediate demand impact from the fuel-price rise. Commodity price pressure is impacting JLR too, but ‘Enterprise Missions’ targets £1.7bn savings over the next 2Y and reducing breakeven volume to 300kpa units. We retain ADD on TMPV and our SoTP-based TP of Rs440, amid a robust India PV outlook and stabilization at JLR

Robust India PV performance; strong recovery at JLR

Consolidated revenue was up 7.2% YoY, with consol EBITDAM rising sharply to 10.5%. JLR’s revenue fell 11% YoY (volume down 15% YoY; ASP up 4% YoY), though EBITDAM improved sharply to 14% on gross-margin expansion. JLR’s EBITM stood at 9.2% (versus -6.9% in Q3). TMPV’s SA operations saw 43% revenue growth, led by 37% YoY volume growth. Standalone EBITDAM rose by 120bps QoQ to 5.7%, on better operating leverage.

Earnings call KTAs

1) India PVs:

i) Demand outlook is supportive, with domestic PV industry expected to grow 10% in FY27 (double-digit growth in H1; moderation in H2 on a high base).

ii) TPMV aims to outpace the industry, led by healthy orderbook, leaner channel inventory (now 20 days; 4-8 weeks of average wait-time), strong traction across models, and new product launches (2 new nameplates and 4 facelifts each in ICEs/EVs.

iii) TMPV highlighted a 3-5% impact from commodity price hike; TMPV took a 0.5% price hike in Apr-26; further hikes being evaluated; 13% GST cut offers major headroom before demand sentiment is affected. Commodity price headwinds are being countered by cost reduction, operating leverage, better product-mix.

iv) TMPV is expanding production capacity (10% from May-26; further ramp-up through to FY27)

v) E-PV demand is considerably strong, with volume set to exceed 10k/mth from May-26; barriers being lowered with ICE-EV price parity achieved on select models. EV profitability healthy, aided by PLI; cost trajectory for EVs has been deflationary (vs inflationary for ICEs due to tightening emission norms); this has led to significant cost reductions in EVs in past 3- 4Y.

2) JLR:

i) NA offers significant growth potential; UK/EU stable; China stabilizing; ME hit; other overseas markets reasonably stable. Supply rather than demand remains the primary concern; channel inventory is deliberately kept tight.

ii) No material demand impact seen from fuel price increases. Input costs are rising, though no component shortages from geopolitical disruptions have emerged yet; cost impact is expected to be temporary to a large extent, with a hit anticipated in Q1.

iii) ‘Enterprise Missions’ target £1.7bn in savings in next 2Y, with breakeven volume to be brought down to 300kpa unit.

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