Tesla India Motors and Energy Private Limited reported a significant increase in revenue for the financial year 2025–26, driven by the commercial rollout of the Model Y in the country. Annual revenue rose to ₹247.3 crore, up from ₹20.8 crore a year earlier, the company told regulators in its FY26 filings.
Sales takeoff and the numbers behind it
Vehicle registrations data show Tesla sold 1,782 cars in India during FY26, with the Model Y accounting for the bulk of those registrations. While the volumes remain small compared with established manufacturers in India, the filings mark Tesla’s first meaningful commercial presence in the passenger vehicle market here.
The move to vehicle sales changed Tesla India’s financial profile. Operating profit rose to ₹13.7 crore (operating margin 5.5%) from an operating margin of 13.7% in the prior year. Net profit for FY26 was ₹5.2 crore, compared with ₹0.6 crore in FY25. At the same time, the company’s gross margin narrowed to 42% from 100% the previous year, reflecting how vehicle sales altered its revenue mix.
Expenses and balance sheet expansion
Tesla India’s expenses rose sharply as it built operations: total costs increased to ₹240 crore in FY26 from ₹20.4 crore in FY25. The largest component was cost of goods at ₹143.4 crore. Employee costs more than tripled to ₹43.7 crore, and other expenses increased to ₹46.6 crore.
The company’s balance sheet also grew. Total assets stood at ₹293.5 crore at 31 March 2026, up from ₹62.6 crore a year earlier. Fixed assets rose to ₹68.9 crore, current assets to ₹213.2 crore, and inventory increased to ₹44.6 crore. Trade receivables were reported at ₹53.4 crore, and cash and cash equivalents increased to ₹87.8 crore.
- Revenue (FY26): ₹247.3 crore
- Vehicle registrations (FY26): 1,782 cars in India
- Net profit (FY26): ₹5.2 crore
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue | ₹20.8 crore | ₹247.3 crore |
| Operating margin | 13.7% | 5.5% |
| Gross margin | 100% | 42% |
| Total assets | ₹62.6 crore | ₹293.5 crore |
What this means for India’s EV market
The filings show Tesla moving from a services-only base into direct vehicle sales in India, with Model Y registrations forming the bulk of FY26 turnover. Although volumes are modest relative to incumbent automakers and Indian EV makers, the results provide the first publicly available financial snapshot of Tesla’s nascent India operations.
At the same time, narrower margins and higher costs highlight the early investment phase of setting up sales, service and inventory in a new market. The company’s increased fixed assets and inventory reflect that build-out.
For Indian buyers and the wider EV ecosystem, the numbers confirm that Tesla is actively commercialising here. The filings do not include future sales guidance or local manufacturing plans; they document the first financial year in which vehicle sales materially changed Tesla India’s business mix.
