Shares of Tata Motors Limited’s commercial vehicles (TMCV) business touched a day’s low of Rs 367.50 on the NSE on 14 May, falling as much as 4.35% from the previous close of Rs 384.25, even as the company reported a solid set of Q4 FY26 results. The slide came after MD and CEO Girish Wagh told reporters the firm is ‘going a bit cautiously’ on its expenditure plan in the wake of the West Asia war.

In an earnings conference post results, Wagh disclosed that rising commodity prices and the ongoing conflict have created ‘multiple headwinds’, forcing the company to revisit its near-term playbook. Capex for FY27 stays at around Rs 3,000 crore for now, though he flagged a possible timing difference in deployment. Margin guidance was revised to ‘teens’ from the earlier ‘mid-teens’ outlook, and management indicated it may not fully pass on raw material cost increases to customers.

The quarterly numbers themselves told a different story. TMCV’s consolidated revenue for Q4 FY26 came in at Rs 26,098 crore, up 19% from Rs 21,863 crore a year ago. Consolidated net profit climbed 33.8% to Rs 1,793 crore against Rs 1,340 crore in Q4 FY25. EBITDA margin on a consolidated basis improved to 13.1% from 11.6% a year earlier. Volumes for the quarter stood at 1.32 lakh units, up 25% year-on-year.

For the full year FY26, consolidated net profit stood at Rs 3,000 crore on total revenue of Rs 83,900 crore. Wagh said the domestic CV industry is still expected to grow in the single digits in FY27, with infrastructure and construction demand holding up. He cautioned that diesel prices, commodity costs and rainfall remain key variables to watch, while SAARC markets including Sri Lanka face near-term pressure due to fuel availability constraints.

It’s trading at Rs 372.85 on the NSE as of 10:21 am on 14 May, down by 2.97% on the day. The stock hit a 52-week high of Rs 509 on 27 February 2026 and a 52-week low of Rs 306.30 on 14 November 2025, the day it listed independently following the demerger from Tata Motors.

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