New Delhi [India], July 8 : Tata Motors Passenger Vehicles Ltd (TMPVL) is targeting a sharp expansion over the remainder of the decade, aiming to grow its business tenfold by FY31, Chairman N Chandrasekaran said, outlining an ambitious roadmap centred on new product launches, electric vehicles, digital technologies and closer collaboration with Jaguar Land Rover (JLR).
Addressing shareholders at the company's 81st Annual General Meeting, Chandrasekaran said the newly demerged passenger vehicle business has entered its next phase with clear long-term growth targets.
"Looking at this decade of transformation from FY20 to FY31: we will grow the business by 10x. Our ambition is to scale to over 1.2mn+ annual sales, achieve 20% market share and double-digit EBITDA margin, strengthen our portfolio with the launch of 6 new nameplates and 20+ product refreshes, and make EVs contribute more than 30% of our sales volumes," he said.
The company expects growth to be supported by a strong product pipeline across Tata Motors Passenger Vehicles and JLR, while increasing investments in technology, artificial intelligence and manufacturing capabilities.
"We have entered FY27 with confidence," Chandrasekaran said, adding that the company has "a strong pipeline of new products and powertrains across Tata Motors Passenger Vehicles and JLR", alongside a continued focus on safety, quality and customer experience.
He also said the company would deepen collaboration between TMPVL and JLR by leveraging complementary strengths in manufacturing, technology and talent. The commencement of operations at the joint TMPV-JLR facility at Panapakkam in Tamil Nadu marks an important milestone in that strategy, he added.
On electric mobility, Chandrasekaran said Tata Motors remains committed to expanding EV adoption while pursuing a multi-powertrain approach. The company has already crossed cumulative sales of 300,000 electric vehicles and plans to increase EV contribution to over 30 per cent of total sales volumes by FY31.
Beyond business growth, the chairman reiterated the company's sustainability commitment under the Tata Group's Project Aalingana.
"Guided by Tata Group's Project Aalingana, the Company remains committed to achieving Net Zero by 2040, with electrification at the core of its strategy," he said.
Chandrasekaran said the company's long-term objective is to build globally competitive mobility brands while creating sustainable value for shareholders through continued investments in innovation, premiumisation and future technologies.