Brands
Tata Motors returns to profit in Q3 despite exceptional charges
MUMBAI: After a quarter that put the brakes on, Tata Motors hit the accelerator again albeit with a few costly speed bumps. Tata Motors Limited reported a standalone net profit of Rs 561 crore for the quarter ended December 31, 2025, swinging back into the black from a loss of Rs 1,021 crore in the September quarter, even as hefty one-off charges continued to cloud the road ahead.
Revenue from operations rose sharply to Rs 20,404 crore in Q3, up from Rs 16,861 crore in the preceding quarter and Rs 17,040 crore a year ago, reflecting stronger volumes and operating momentum. Total income for the quarter stood at Rs 20,676 crore.
The turnaround, however, came with caveats. Exceptional losses of Rs 1,545 crore largely linked to impairment provisions, stamp duty charges and the statutory impact of new Labour Codes dragged profit before tax down to Rs 773 crore, compared with Rs 1,603 crore in the year-ago quarter. After tax, profit settled at Rs 561 crore.
For the nine months ended December 31, 2025, Tata Motors posted a standalone profit of Rs 956 crore on revenues of Rs 52,947 crore, a marked improvement from the same period last year, when profit stood at Rs 2,060 crore on revenues of Rs 32,558 crore, reflecting the impact of restructuring and the demerger process.
Operating metrics showed steady traction. The operating margin for the quarter was 13.45 per cent, broadly in line with historical levels, while net profit margin remained slim at 2.75 per cent, underscoring the pressure from exceptional items and higher costs. Earnings per share for Q3 came in at Rs 1.52, compared with a loss of Rs 2.77 in Q2.
The company’s balance sheet strengthened post-demerger, with net worth at Rs 11,003 crore and a debt-equity ratio of 0.29 times, sharply lower than last year. Inventory and debtor turnover ratios also improved, signalling tighter working capital management.
In short, Tata Motors’ standalone numbers tell a familiar story, demand and revenues are doing the heavy lifting, but extraordinary charges are still riding shotgun. The direction of travel looks positive, the ride, for now, remains a little uneven.
Brands
Devyani International Ltd plans three-subsidiary merger to streamline operations
QSR operator moves to streamline structure and unlock operational synergies
Devyani International is tightening its corporate kitchen. The quick-service restaurant operator has approved a scheme to merge three subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery—into the parent company in a bid to simplify its structure and sharpen operational efficiency.
The decision was cleared at a board meeting on March 10 and disclosed in a regulatory filing to the stock exchanges. The merger will take effect from April 1, 2025, subject to statutory approvals.
All three transferor companies are direct or indirect wholly owned subsidiaries, meaning no fresh shares will be issued and the shareholding pattern of Devyani International will remain unchanged once the scheme is completed.
The subsidiaries together operate more than 100 outlets—including dine-in restaurants and cloud kitchens, spread across over 40 cities such as Delhi NCR, Mumbai, Kolkata and Bengaluru.
Devyani International, the largest franchisee of Yum Brands in India, said the consolidation is aimed at generating operational synergies, optimising resource utilisation and reducing layers within the corporate structure.
Financially, the move brings together businesses of varying scale. As of March 31, 2025, Devyani International reported a net worth of Rs 10,381.02 million and turnover of Rs 33,493.33 million. Sky Gate Hospitality posted a net worth of Rs 761.14 million with turnover of Rs 2,657.57 million, while Blackvelvet Hospitality and Say Chefs Eatery reported smaller operations and negative net worth.
The merger will consolidate these operations under a single corporate umbrella as the company sharpens its focus on scale and efficiency.
Devyani International currently runs more than 2,000 outlets across over 280 cities in India, Nigeria, Nepal and Thailand. Its portfolio includes franchise rights for brands such as Pizza Hut, KFC, Costa Coffee, Tea Live, New York Fries and Sanook Kitchen, alongside its own food brands.
With the paperwork underway and approvals pending, Devyani is essentially clearing the corporate clutter—turning three subsidiaries into one tighter, leaner operation. In the QSR world, even the back office needs a spring clean.
