Tesla's Indian subsidiary made money in its first year of selling cars, though not much. Tesla India Motors and Energy reported revenue of ₹247.31 crore and a net profit of ₹5.16 crore for the 2025–26 financial year, which ended on 31 March 2026, according to regulatory filings reviewed by Moneycontrol. At the European Central Bank's reference rate of 23 October, that is about €23.3 million of revenue and €490,000 of profit, a net margin of roughly 2%.
The first year with cars in it
India's financial year runs from April to March. In FY25 the company's ₹20.83 crore of revenue came entirely from services. FY26 is the first year that includes vehicle sales: Tesla opened its first showroom, in Mumbai, in July 2025.
| FY25 | FY26 | |
|---|---|---|
| Revenue | ₹20.83 crore | ₹247.31 crore |
| of which vehicles | — | ₹214.69 crore |
| of which services | ₹20.83 crore | ₹32.40 crore |
| Net profit | ₹55.49 lakh | ₹5.16 crore |
| Employee costs | ₹13.46 crore | ₹43.67 crore |
| Rent | ₹2.64 crore | ₹30.32 crore |
| Capital spending | ₹1.16 crore | ₹62.54 crore |
| Cash at year-end | ₹10.28 crore | ₹87.82 crore |
One crore is 10 million rupees and one lakh is 100,000, so ₹247.31 crore is ₹2.47 billion.
Vehicles brought in 87% of revenue. Moneycontrol counts 346 Tesla registrations on India's Vahan portal between September 2025 and March 2026. Divided by that number, vehicle revenue comes to about ₹62 lakh a car, close to the Model Y list prices of the time, although registrations and invoices need not match exactly.
Built for more cars than it sold
The cost lines show a business set up ahead of its volume. Staff costs more than tripled to ₹43.67 crore, including ₹11.99 crore of share-based pay. Rent rose more than elevenfold to ₹30.32 crore as showrooms opened, and spending on property, plant and equipment rose from ₹1.16 crore to ₹62.54 crore. Advertising was only ₹2.16 crore. Total expenses came to ₹240 crore.
Tesla funded the build-out with ₹86 crore of fresh equity during the year. ₹85.91 crore came from Tesla International B.V. and ₹8.6 lakh from Tesla Motors Netherlands B.V., both Dutch Tesla companies, the filings show, as IANS also reported.
The run-rate since March
Volumes have roughly doubled since the year closed. Vahan data cited by Moneycontrol show 650 registrations from April to September 2026, against 346 in the seven months to March, or about 108 a month instead of 49. That includes September's record of 291, which followed a ₹9 lakh cut to the entry Model Y in July. The current line-up is the Model Y at ₹50.89 lakh (about €47,900) and the six-seat Model Y L at ₹61.99 lakh (about €58,300), both ex-showroom. Moneycontrol lists experience centres in Delhi, Noida, Gurugram, Mumbai, Chennai, Bengaluru and Hyderabad.
What it shows
Tesla does not build cars in India. Every Model Y it sells there is a fully built import from Giga Shanghai, and import duty is the main reason for the sticker price, as this site explained in July. The accounts show that an import-only operation can turn a profit in India at a few dozen cars a month. They also show how thin that profit is: about €490,000 on €23 million of sales.
The FY27 accounts will cover the months in which registrations doubled and the network grew. They will show whether the margin holds once a full year of showroom rents and payroll is in the books.