Guidance ledger · Q4 FY26

Tata Motors Passenger Vehicles Ltd TMPV

4 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed JLR full-year EBIT margin FY26 Q2 FY26 → Q4 FY26

~~0% to 2% positive~~ → 0.7% (landed inside guidance)

“So we ended up with 0.7% EBIT, within our 0% to 2% guidance”

↑ raised JLR breakeven volume reduction (cost-out program) Q2 FY26 → Q4 FY26

~~no target (focus on 'stopping it rising')~~ → GBP1.7bn of savings over two years to bring breakeven back to 300,000 units

“we're targeting GBP1.7 billion of savings over two years to bring our breakeven volume back down towards 300,000 units a year”

↑ raised India PV Q4 FY26 margin trajectory Q1 FY26 → Q3 FY26

~~double-digit EBITDA in 2-3 quarters (target)~~ → much better margin vs Q3 confirmed

“you can definitely expect a much better margin as compared to what you had seen in Q3.”

↓ lowered JLR full-year EBIT margin FY26 Q1 FY26 → Q2 FY26

~~5% to 7%~~ → 0% to 2% positive

“For the full year, we expect EBIT to be in the range of 0% to 2% positive, and free cash flow to be in a range of negative GBP 2.2 billion to negative GBP 2.5 billion”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.