JLR aims to double biz in India over next 3-4 years
Jaguar Land Rover
aims to double its business in India over the next 3-4 years amid plans to bolster its product portfolio and sales network, according to a top company executive. With the Indian luxury car market expected to grow consistently over the next few years, Jaguar Land Rover (JLR) India anticipates breaking into the top ten markets of its parent.
In an interaction with PTI here,
JLR India
Managing Director Rajan Amba stated that demand and appreciation for bespoke or differentiated car models remain very high in India promoting it to offer such products in the country.
He noted that JLR India has witnessed better growth rate than the rest of the domestic luxury car industry over the last few years and it retains momentum for sustainable growth going ahead.
"So clearly, there's a vacuum or a demand that we are kind of meeting and fulfilling and we have not even hit our peak running speed," Amba stated.
The automaker has a natural demand potential for excess of 8,000 units per year having already crossed the 6,000 annual sales mark in FY25, he said.
"And therefore, we expect that in the next 3-4 years, we should be able to double our business in the country both in terms of volumes and revenue," Amba said.
Jaguar Land Rover India
reported its best-ever performance in a fiscal with retail sales of 6,183 units in FY25, a growth of 40 per cent over FY24. Similarly, dispatches to dealers rose 39 per cent year-on-year to 6,266 units last fiscal.
Amba noted that the company would expand its product range as well as sales network to grow its business in the country.
"We plan to double our sales network to around 50 outlets by 2030," he stated while sharing that new dealerships would come up in places like Rajkot, Goa and Nagpur.
The JLR sales network is currently spread across 21 cities in India, through 25 authorised outlets. Amba said the automaker plans to invest more and more towards 'halo' models to make the brand more aspirational.
The British marquee brand also aims to introduce brand extensions of existing nameplates and encourage customers to go for more personalised touches on their units.
Amba said the future product action would focus both on battery electric vehicles and internal combustion engine models in the Indian market.
The company plans to drive in various models, including
Range Rover
BEV, in the country.
JLR India currently sells Range Rover, Range Rover Sport, Range Rover Velar, Range Rover Evoque, Defender, Discovery and Discovery Sport in the country.
Earlier this year, Range Rover announced the local manufacturing of Range Rover and Range Rover Sport, which has received an unprecedented response.
When asked about the growth prospects of the luxury car market in the country which currently remains miniscule in terms of the over 40 lakh per annum passenger vehicle segment, Amba said that the segment is expected to grow over the next few years.
"Certainly from a 4-5 year horizon perspective, we certainly believe that this 50,000 odd number (annual luxury car sales) is likely to double because of the sheer amount of wealth that is being created in India, with the entrepreneurship that is happening, and with more and more Make in India and localisation," Amba said.
"JLR India has been the beneficiary of the growth for the last two years, and we hope and expect that we'll continue to be the beneficiary of that," he added.
JLR FY25 revenue remained flat at 29 billion pounds. Its fourth-quarter revenue stood at 7.7 billion pounds, a dip of 1.7 per cent year on year.
The company said that in April 2025, it implemented a series of short-term actions to address the immediate impact of trade tariffs introduced by the US Administration on the global automotive sector.
JLR has lined up an investment spend of 18 billion pounds over a five-year period which would be funded by operational cash flows.
The automaker aims to develop individual growth strategies for its four brands: Jaguar, Range Rover, Discovery, and Defender, each catering to a specific audience and retail landscape.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
18 minutes ago
- Indian Express
At Business Conclave, push for more Bengalis in business world
The Bengal Business Council hosted its annual convention and vision conclave on Sunday, featuring prominent entrepreneurs and industrialists in attendance. Notable figures such as economist Abhirup Sarkar and former cricketer Sourav Ganguly were also present. The convention's six-point agenda aimed to encourage more Bengalis to pursue business as a career. The key points of this agenda include: Promoting existing start-ups and small businesses owned by Bengalis to help them scale up; Encouraging internal business collaborations among council members; Fostering business development in a cooperative and collaborative manner for council members; Representing members in their interactions with the government regarding policy issues that affect them; Establishing an organization dedicated to achieving these goals and ensuring continuity. During the event, economist Abhirup Sarkar focused on the industrial structure of businesses in Bengal and the national market policy. 'Bengal was once an industrial leader, even ahead of Maharashtra and Gujarat. After independence, we had an initial advantage with established industries. However, some factors led to significant problems. The industries present in Bengal were mainly British companies focused on exports, particularly in tea, jute, and coal, rather than the domestic market. In contrast, Maharashtra was producing primarily for domestic consumption,' Sarkar explained. According to Sarkar, Bengal has consistently lagged in terms of productivity. He noted that at one time, the overall environment was not conducive to growth, and the political climate was also unwelcoming. 'The bombings during the Naxalite movement created challenges that prompted many multinational companies to relocate their headquarters,' he said. Sarkar emphasized the importance of community-based businesses: 'Worldwide, we see that once a community-based business is established, it paves the way for others to enter the market. If there is a successful community business, it can serve as an example for startups.' Discussing the impact of the Left government and its decline, Sarkar remarked, 'In the past, both Bengal and Kerala had Left governments. While West Bengal pursued large investments, often facing land shortages, Kerala focused on small and medium-sized enterprises, resulting in considerable advancement. Kerala's per capita income has more than doubled. I believe we need to concentrate on small and medium enterprises in Bengal. Even now, productivity remains low, and that must change. It would be beneficial to build a robust Bengali business community and foster cooperation. I am confident that with the right focus, Bengal can move forward, as there is no lack of potential.' Speaking at the same event, Sourav Ganguly shared his journey in sports, which began with holding the hand of his elder brother, Snehasish Ganguly. 'There will be failures, but we must remain determined. You have to master the art of success.' He believes that beyond leadership, trusting your team and teamwork are essential to achieving long-term success. 'If you don't believe in hard work, there is no point in seeking success. You must take risks to achieve something, and ultimately, you need to have sportsmanship,' Ganguly said. Ganguly further stated, 'I do what makes me happy. I am passionate about sports and will do whatever it takes to thrive in the sports sector and contribute to youth development. I don't see pressure as a burden; I see it as an opportunity. The best way to face pressure is to confront it repeatedly and maintain discipline.' He also expressed his satisfaction with the increasing number of Bengali entrepreneurs in the country. Speaking to mediapersons outside the event, on India-Pakistan being drawn in the same group, Ganguly said, 'The sport must go on. However, we must ensure that incidents like Pahalgam do not occur. Terrorism needs to be stopped, and India has taken a strong stance against it.'
Mint
18 minutes ago
- Mint
Not too worried about markets as strong flows are unlikely to taper off soon, says WhiteOak's Mantri
India faces external risks even as the domestic economy stays on a solid footing, according to Ramesh Mantri of WhiteOak Capital Asset Management Co. Improving domestic growth, rising liquidity, and potential rate cuts are expected to aid recovery, but the 'real concern is on the external front" from growing global protectionism to US-China tensions, said Mantri, chief investment officer (CIO) at the company. Mantri isn't worried about domestic markets. Even though small-cap valuations are a concern, he expects stable domestic flows—from mutual funds, insurance (including unit-linked plans), and Employee Provident Fund Organisation—to support Indian equities and are unlikely to taper off anytime soon, he said. Edited excerpts: What do you see as the biggest risks for the market right now? The domestic economy is in good shape–growth is improving, liquidity has picked up, and rate cuts should support recovery, though with a lag. The real concern is on the external front. We are witnessing rising trade barriers, like recent tariffs even on Japan—a key US ally—which shows how broad-based protectionism is becoming. Then there is the uncertainty around US-China relations; even if a deal is signed, we don't know how long it will last. Read more: Bajaj Finance had an excellent Q1. But the managing director's exit left investors on edge. Geopolitical risks are unpredictable and could disrupt exports. Although these risks have been manageable so far, this may change. India has a chance to boost its manufacturing and R&D, but despite some progress and new government schemes, it still trails behind countries like China in electric vehicles (EVs) and industrial technology. On the markets, the main concern is valuations in small caps. However, Indian markets are supported by strong, stable domestic flows—from mutual funds, insurance (Ulips), and EPFO—which aren't going away anytime soon. So overall, I am not too worried. Has the easing of geopolitical pressure prompted a strategic rethink? Maybe reducing exposure to export-oriented firms and leaning more toward domestic-facing ones? We don't know how future geopolitical events will play out. So, I don't change my strategy based on assumptions that tensions will either escalate or ease. Instead, I focus on finding value, whether it is in export-oriented or domestic-facing companies. The goal is to maintain a balanced portfolio, rather than swinging heavily to one side. Sure, if you bet right, you could win big, but if you are wrong, the hit is just as hard. What is your take on current valuations—do they seem stretched? Valuations, at the headline level, look fair in large caps. However, small- and mid-caps are trading at a 20–25% premium to large-caps, so valuation in this segment is definitely a headwind. That said, it does not mean every stock is overvalued, just at the aggregate level. The universe beyond large-caps is vast and less efficient, which means that skilled stock picking matters more. Think of it like this: large-cap investing is like fishing near the coast—calm waters, lots of competition, and fewer big catches. Small- and mid-caps are deep-sea fishing—fewer fishermen, more opportunity, but also more risk. If you're skilled, you can catch a lot more. But if you're not, you might just end up being lunch for the sharks. Which means getting caught in the market turbulence? It is not just about market turbulence; there can also be issues with the company itself, such as poor corporate governance, business model flaws, or simply picking the wrong stock. In small-caps, especially if you get it wrong, exiting can be tough. That is the challenge with this space. There are more sharks, more hidden risks. And that is where things can really go wrong. What is your sell discipline? Our approach to investing in our equity fund is that we don't take cash calls. We don't sell just because we have a view on the market. We believe asset allocation should be managed by the investor or their adviser. If they've chosen to allocate to equity, our job is to stay fully invested. That means, when we want to buy something new, we need to sell something else, typically what we consider the weakest or most inferior idea in the portfolio at that time. There are several clear reasons why we decide to sell. One, when we have made the returns we were aiming for. Sometimes, we expect a thesis to unfold over three years, but it often happens in one. If that's the case, we book profits and move on. Two, when we get something wrong. That includes governance issues—for example, if the management lacks transparency, we exit without hesitation. Three, when something significantly changes the industry or business dynamics, like a new regulation, a major global shift, or a new competitor that permanently alters the landscape. For example, if a regulator clamps down on a segment like F&O, companies dependent on that space could be structurally impacted, even if the regulation is well-intentioned. Similarly, if a country like the US imposes steep tariffs, exporters may suddenly become unviable; not their fault, but still a valid reason to re-evaluate. Lastly, even if the industry is stable and the business model remains intact, poor execution alone — such as consistent market share loss — can be a reason to revisit the investment and potentially exit. Read more: Dixon preps for life after PLI, fearing hit to margins Since you spoke about market share loss, what is your take on the paints sector? First of all, the paints sector is facing aggressive new competition, and there has also been an ownership change in one of the top companies. Both are interesting developments. Paints is a unique industry in India. One player holds a large market share, and distribution plays a big role. That makes it tough for new players to break into the market. In fact, many global companies have attempted to do so over the last 30–40 years, achieving some initial success, but have eventually struggled. So, sustaining that is a problem? In any industry, achieving the first 5% market share is relatively easy. There is always some low-hanging fruit. But once you start gaining more, competition wakes up, realizes they're losing ground, and begins to take aggressive action. Do you think the era of alpha (outperformance to the underlying benchmark) coming from fast-moving consumer goods (FMCG) staples is behind us now, with the focus shifting towards the likes of consumer discretionary and e-commerce? First, I would not categorize all FMCG products together. Some categories, such as soaps or toothpaste, already have very high market penetration. Therefore, growth is limited to premiumization—such as whitening benefits or encouraging second-time brushing, which remains low in India. Tea is another example—people already consume a lot, so there's little room for growth in volume. But there are still high-growth areas within FMCG. The consumption of coffee, for instance, is increasing as people shift from tea. Chocolates too—India is a country of mithai, or traditional sweets, and chocolates are a type of mithai made with cocoa. There is a lot of room for variety and flavours. Processed food is another big space. Whether we like it or not, with less time and more disposable income, people are shifting to ready-to-eat meals—ranging from Maggi to instant poha. Double-income households want convenience. Ice creams, global snacks like nachos with salsa, and innovative noodle flavours are becoming more popular, especially among younger consumers. FMCG growth is shifting to these new categories, while many established companies still prioritise traditional staples. Read more: HDFC Bank unlocks massive gains ahead of NSDL IPO, fuels retail frenzy in unlisted market Additionally, energy drinks and vitamin waters are gaining more prominence in the beverage market. There are areas experiencing significant growth, and current trends indicate that discretionary products may grow at a faster pace than staples, as consumption of essential goods tends to remain stable. Where is the incremental spending now moving towards in the discretionary basket? Incremental spending is moving towards fashion, entertainment, and travel. As per capita income rises, discretionary spending will shift toward premium and luxury across categories—cars, bikes, real estate. Many consumers will move from unbranded to branded products, like buying their first branded suitcase. Travel will also see a boost, with more people shifting from trains to flights and spending more on holidays and tourism. Which is what luggage makers are banking on. Tourism is a natural beneficiary; as incomes rise, people start valuing experiences more, including eating out. That's also where modern retailing comes in. We have shifted from traditional kiranas to modern trade and digital commerce. First came food delivery, now quick commerce is becoming a habit. What started with a few essentials has expanded into regular use, with people ordering almost everything online. India is uniquely suited for this shift in consumption habits. Unlike the West—where cheap land, personal cars, and bulk buying are common—India has expensive real estate, high traffic, limited storage space at home, and a culture of eating fresh. Daily milk delivery and weekly vegetable shopping are part of that. So, the Western big-box model doesn't fit here. Instead, quick commerce and hyperlocal models are likely to work better. Thinking a little more about the medium term. Premiumization is trending, but there is a concern about demand. So how do you balance these two? Demand in India can broadly be split into three buckets. The top end remains largely unaffected — incomes are high enough that slowdowns don't pinch. The lower-income and rural segments, however, go through demand cycles tied to agri-income, rural economy stress, and government spending. The spending by the middle-income group is driven by inflation, job stability, and confidence. In recent years, especially post-Covid, households in both low and middle-income categories have leaned on microfinance and small personal loans to meet rising aspirations — amplified by social media and influencer trends. But this has led to some stress, with even bankers flagging early signs of strain. As the economy stabilizes and rural indicators improve, especially with policy support and a good monsoon, demand recovery should follow. Which sectors do you see holding the most exciting opportunities? The biggest sector with opportunities is BFSI (banking, financial services and insurance)—a large and diverse sector, good fundamentals, and reasonable valuations. Next is pharma and healthcare, with solid fundamentals and acceptable valuations. Beyond that, we find pockets of opportunity mainly in consumer discretionary, which is a mix of hotels, real estate, paints, alcohol companies, brands, airlines, and more — a heterogeneous set of businesses. Read more: SRF pushes the pedal on capex amid potential demand revival So moving on, how would you draw the line between diversification and dilution? So, dilution only happens if you cannot invest with quality research. If you are a small team covering too many stocks, then yes, it is dilution. But if you have a large team, owning more stocks actually adds alpha, not dilution—especially beyond the top 250 names, where competition is lower and fewer analysts track those companies. In small- and mid-caps, the alpha potential is higher if backed by strong research. Do you think expanding the stock universe could be a smart way to uncover more alpha opportunities? Exactly, that's our core belief: the deeper you go beyond the top 200 stocks, the less competition you face. Fewer investors track these names, which creates alpha opportunities. We aim to play well at the top, but the big alpha often lies deeper in the market. What's your outlook on gold? You recently reduced your exposure—does that signal a shift in how you're viewing the markets ahead? We cut our gold exposure not based on judgment but through our model, which compares gold valuations relative to interest rates, the dollar, and equities. As gold rallied, it became less attractive versus equities, so we rebalanced accordingly, shifting profit from gold into equities. An important point to note would be – while most focus is on equities (just 15% of total wealth for most people), the bulk—85%—is in real estate, gold, FDs, and insurance. If people can improve returns slightly on that 85%, the overall impact on their financial well-being would be far greater than trying to outperform within equities alone.
Mint
18 minutes ago
- Mint
India gets a new No. 7 IT services company as churn continues
Coforge Ltd is now the country's seventh-largest software services outsourcer by revenue as it toppledMphasis Ltd, reflecting the competition and churn in India's mid-sized information technology segment. Noida-based Coforge, formerly NIIT Technologies Ltd, reported $442 million in revenue for the three months ended June 2025, growing 9.6% sequentially. Bengaluru-based Mphasis's revenue rose 1.6% to $437 million during the first quarter. Coforge has jumped three spots in less than a year. It had nudged ahead ofPersistent Systems Ltd in September 2024, and overtookHexaware Technologies Ltd last December. Growth has slowed for Pune-based Persistent and Mphasis due to client and sector-specific concerns. This is the fifth instance of a change in the pecking order in the country's $283-billion IT industry in less than two years, a period also marked by global uncertainties and caution among clients. Many of the changes in Indian IT's revenue ranking involved mid-cap firms. Analysts at Kotak Institutional Equities expect Coforge will break into the top six, which generate at least $1 billion in revenue annually. 'We believe Coforge will exit FY2026, with a revenue run-rate of US$2 bn and on [a] ttm (trailing twelve months) basis by the June 2026 quarter. This is impressive against the backdrop of the industry slowdown where peers are struggling," said Kotak's Kawaljeet Saluja, Sathishkumar S, and Vamshi Krishna, in a 25 July note. Mphasis ceded ground to Coforge after losing business from Fedex Corp, which is one of its oldest clients and accounted for 8% of its revenue. The company's revenue from logistics and transportation companies fell by almost half to ₹2,171 million (about $25 million) in the June quarter. The big four of the information technology (IT) services sector include Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies Ltd andWipro Ltd, which together account for 26% of the Mahindra Ltd andLTIMindtree Ltd are the fifth and the sixth-largest IT outsourcers. Coforge on a roll At the heart of Coforge's growth is the 13-year software product delivery deal with Sabre, a Texas-based travel tech company with a deal value of $1.56 billion and signed in March this year. The company's revenue also got a big boost from its biggest acquisition in May last year, that of Hyderabad-basedCigniti Technologies,a digital assurance and engineering services company. Coforge acquired a 54% stake in the company for $220 million. Even investors are buying into the Coforge story. Its share price has almost jumped fourfold since May 2017, when Sudhir Singh joined as its chief executive, to ₹1,689.35 on Friday's close. By comparison, the benchmark BSE Sensex rose almost threefold to 81,463.09 points during the period. Still, Coforge has its challenges. For one, there was not much cheer on the profitability front as Coforge's operating margins at 13.1% were largely flat on a sequential basis in the first quarter of FY26. Another concern for the company is its free cash flow, or the cash left after operating expenses and capital expenditure. Coforge spent more money than it earned through its operations as negative free cash flow for the quarter totalled $21.5 million. It is optimistic about a turnaround. 'I would expect quarter 2 also to be an equally robust quarter. And H2, just using that term for a third time, should also be a robust second half for us," said CEO Singh during the company's post-earnings analyst call on 24 July. Mid-cap churn Mid-cap companies stay neck-and-neck by revenue. Mint's April analysis revealed that the revenue gap between the seventh and the twelfth-largest IT outsourcers is about $600 million. Persistent Systems, Hexaware and L&T Technology Services ended the June 2025 quarter with a revenue of $389.7 million, $382.1 million, and $335 million, respectively. At the same time,Sonata Software Ltd overtook L&T Technology Services Ltd to become the country's 11th-largest IT services provider. Firstsource Solutions Ltd could be the latest to enter the Indian IT's $1-billion revenue club. The Billionaire Sanjiv Goenka-owned firm ended the January-March period with $250 million in top line, up 0.4% sequentially. If the company generates at least $250 million each in the rest of the four quarters, it would hit $1 billion in yearly revenue. Firstsource has yet to announce its results for the June first quarter of the current fiscal year. Stability at top While the mid-cap IT has seen frequent churn over recent years, the top order is intact. And it's likely to stay stable for some time as the difference in the quarterly revenue of LTIMindtree and Coforge is now $711 million–or about 60% Coforge's current Q1 revenue. The pecking order at the top has been stable since 2018, when HCL Technologies Ltd overtook Wipro Ltd as the country's third-largest IT outsourcer. Even though the second-largest Infosys Ltd and Nasdaq-listed Cognizant Technology Solutions Corp have been edging past each other, the rankings have not changed materially.
