The company said it had already achieved several of its FY2027 targets ahead of schedule, including margin improvement, cash generation and strengthening its leadership position in heavy commercial vehicles.

The company aspires to be the fourth largest global player in the commercial vehicles market after the mega Iveco acquisition.

Tata Motors CV further said that now it will focus on three strategic pillars: strengthening its domestic business, scaling new growth engines and pursuing a global pivot.

The commercial vehicle maker has estimated that its domestic commercial vehicle market share will be 40% in financial year 2028, with margins consistently in double-digits throughout the cycle.

During the upcycle, the company expects margins to reach the mid-teens, with investments rising to about 2%–4% of revenue.

By FY28, Tata Motors CV targets free cash flow of 7%–9% of revenue, while Return on Capital Employed (ROCE) is expected to improve to 30%–35% following the Iveco deal.

The company also noted that it has reduced risk through expansion into digital and downstream services, with demand supported by VAHAN-linked market data.

Additionally, growth in its non-cyclical business is projected to be around 1.5 times faster than its cyclical business.

Tata Motors (formerly TML Commercial Vehicles) is India’s largest and a globally renowned manufacturer of utility vehicles, pick-ups, trucks, and buses. Its advanced powertrains, connected technologies, and intelligent fleet solutions support a wide range of applications—from last-mile delivery to public transport.

The company had reported 33.81% increase in consolidated net profit to Rs 1,793 crore on a 19.37% rise in revenue from operations to Rs 26,098 crore in Q4 FY26 as compared with Q4 FY25.