Revenue rose 10% to ₹87.9 billion in FY25, but net losses almost doubled to ₹10.96 billion despite higher sales.
JSW MG Motor India has crossed the $1 billion revenue milestone in FY25, less than six years after entering the Indian market, underscoring its rapid scale up in a competitive automotive landscape. The achievement, however, is tempered by a sharp deterioration in profitability, with net losses nearly doubling and the company slipping back into operating losses.
Revenue rose 10% year on year to ₹87.9 billion, equivalent to about $1.04 billion at the average FY25 exchange rate. Despite stronger sales, net losses widened to ₹10.96 billion from ₹5.86 billion in the previous financial year, driven by rising raw material costs and higher expenditure linked to expansion and electrification. After posting operating profits in FY24, the company returned to operating losses in FY25.
Vehicle sales grew 12% to 57899 units, up from 50001 units a year earlier. Management attributed the growth to portfolio expansion and improved market traction, while noting an increased focus on cost discipline, lean manufacturing and supply chain efficiency to ease margin pressure and support cash flows.
Electric vehicles emerged as a central growth pillar. EVs accounted for 52% of total sales in FY25, up sharply from 11% in FY23, positioning JSW MG Motor as India’s second largest EV maker after Tata Motors. Higher EV realisations have supported topline growth but have also added to cost intensity.
The company operates as a joint venture between JSW Group and China’s SAIC Motor, with JSW led entities holding 51%. Looking ahead, JSW Group is exploring further capital infusion and has outlined ambitious plans to expand capacity to 300000 vehicles annually and target a 33% share of India’s EV market by 2030.
