JSW MG Motor revenue up 40% in FY26, but net loss still Rs 930.86 crore

JSW MG Motor's results for the financial year 2026 show two contrasting pictures. Its revenue grew 40%, but the company still booked a loss of Rs 930.86 crore. The loss is lower than a year earlier, yet pressure on the company's finances continues.

Sales of the MG Windsor EV gave a major boost to revenue. However, higher depreciation and the cost of servicing debt continue to make the path to profit difficult.

In the financial year ended March 31, 2026, revenue from operations was Rs 12,075.74 crore, against Rs 8,648.35 crore in FY25, an increase of about 40%. Over the same period, the net loss narrowed from Rs 1,096.81 crore to Rs 930.86 crore. Across the four years from FY23 to FY26, the company's total loss has reached Rs 3,440.88 crore.

Another area of concern is the company's net worth, which has now turned negative at Rs 907.80 crore. In FY25 it was positive at Rs 6.20 crore. Cash and bank balances also fell 58.4% to Rs 372.24 crore. Excluding lease liabilities, the company's debt has risen to Rs 3,388.70 crore.

Driven by the MG Windsor EV, the company's electric vehicle sales grew 66% in FY26. Revenue from vehicle sales was Rs 11,014.98 crore. Retail sales in the country also rose 14.1% to 66,080 vehicles. Even so, the company's share of the overall passenger vehicle market remained at only 1.40%.

The company is now focusing on raising production and increasing local sourcing of components. It plans an investment of about Rs 1,400 crore in FY27. The target is to raise the annual capacity of its Halol plant in Gujarat from 1.2 lakh vehicles to 1.6 lakh vehicles by March 2027. It also plans to raise the share of local components in the Windsor from about 50% to 70%. The company intends to launch four new models in FY27. Increasing sales while cutting the loss to reach profitability remains the big challenge before JSW MG Motor.