Event Participants
Executives (5)
Anish Gurav, Dhiman Gupta, PB Balaji, Richard Molyneux, Shailesh Chandra
Analysts (7)
Jyoti Singh, Kapil, Nishit, Raghu, Rishi, Sridhar, Timothy
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Consolidated Revenue | ₹95,800 crore | Down YoY; JLR revenue of GBP6.0 billion, India PV at ₹18,000 crore (+65% YoY) |
| India PV Revenue | ₹18,000 crore | +65% YoY on 46% volume growth; mix aided by Punch and Nexon being top-3 selling models |
| India PV Wholesales | ~182,000 units | +46% YoY vs industry +24%; #2 market share at 14.3%, up 200 bps YoY |
| India PV EV Volumes | 34,000+ units | Highest ever; EV mix at 19% in Q1, exiting at 23-24% in June-July |
| JLR Wholesales | ~8,000 units lower YoY | Supplier fire at Solihull (RR/RRS), Jaguar runout ( |
| JLR Revenue | GBP6.0 billion | Down ~10% YoY on wholesale decline; premium mix improving — RR/RRS/Defender at 81% of sales |
| India PV EBITDA Margin | ~4% | Flat YoY; 2% material cost savings fully offset by 6% commodity impact |
| Consolidated EBIT Margin | 2.4% | Down YoY; JLR EBIT at 2.8% dragged by VME (7.1%) and China weakness |
| Consolidated PBT | ₹1,600 crore | Down YoY; JLR PBT of GBP109 million vs GBP351 million last year |
| JLR PBT | GBP109 million | vs GBP351 million last year; VME of 7.1%, FX gains of GBP83 million non-repeat |
| Consolidated Net Debt | ₹42,000 crore | India business net cash positive; JLR net debt at GBP3.6 billion |
| India PV CAPEX | ₹1,300 crore | Tracking prior-year trends; step-up expected per Investor Day guidance |
| India PV FCF | ₹1,100 crore | Subdued operating cash profits offset by favorable working capital releases |
| JLR FCF | ~-GBP1.0 billion | Negative post-working capital; seasonal Q1 swing expected to largely reverse through year |
| JLR Capitalization Rate | 74% | High investment levels near peak of capex cycle; shifting from engineering to capital spend |
| PLI Accrual | ₹313 crore | From Nexon EV and Harrier EV; certifications for rest of portfolio from Q3 |
Geographic & Segment Commentary
India Passenger Vehicles: Strong quarter with wholesale volumes of ~182,000 units, +46% YoY — nearly twice the industry growth of 24%. Market share improved 200 bps YoY to 14.3% establishing TMPV as firm #2 on registrations. Monthly run-rate scaled consistently above 60,000 units, up from the historical 45,000-50,000 range, constrained only by supply-side bottlenecks. Punch and Nexon emerged among top-3 highest-selling models in India.
India EV Segment: Volumes doubled YoY to 34,000+ units with EV mix at 19% in Q1, exiting at 23-24% in June-July (July: 24%). EV market share stands above 40% (43% in June), and June exit crossed 15,000 units/month. Punch EV carries an 8-10 month waiting period despite ~4,000-4,500 monthly supply, with further capacity enhancements underway from this month.
JLR Global: Wholesales down
10% YoY (8,000 units) driven by a fire at a Solihull chassis component supplier (Range Rover/Range Rover Sport, several days of production lost, now fully resolved), Jaguar legacy runout (1,500 units), and Middle East conflict impact (1,400 retail units). Retails down 14.5K YoY with temporary quality holes at quarter-end and deliberate balancing out of lower-margin products for mix improvement.JLR China: Wholesales down 25% YoY suffered the largest correction across regions. Market impacted by economic slowdown, retailer stress from domestic OEM overcapacity, and new luxury taxes. Management expects China to worsen