JSW MG Motor hits $1 billion in revenue in under 6 years, but losses surge

₹8,790 crore in FY25. Based on an average exchange rate of ₹84.57 to a dollar during the period, the company recorded $1.04 billion revenue.However, JSW MG Motor India’s losses nearly doubled to ₹1,096 crore in FY25 from ₹586 crore in FY24, filings show, as the company slipped back into operating losses after posting its first-ever operating profit in FY24.JSW MG Motor, a joint venture finalised in 2024 between the JSW Group and China’s SAIC Motor, has emerged as one of the fastest carmakers to enter the $1-billion revenue club, achieving the milestone in nearly half the time its European peer Renault took to reach in India.

MG Motor India, then a wholly-owned arm of SAIC, launched its first car in the country, the MG Hector SUV, in June 2019.Retail registration data from the government's Vahan portal showed that the company’s sales have risen in the past few years, with car sales jumping from 41,867 units in FY23 to 50,001 units in FY24. In FY 25, the company recorded a 12% growth in sales to 57,899 units.In the board of directors report, the company said that it focused on optimising supply chain to reduce pressure on profitability margins."Company continued its focus during the year under review, on operational excellence, relentless cost reduction measures, lean manufacturing practices and improvised supply chain management with tight control on working capital.

These measures supported in mitigating the impact on the margins and improving cash flows," the report said.The revenue surge comes at a time when the company is reportedly in talks to raise up to $300 million, which could make the JSW Group its largest shareholder. Currently, 49% stake in JSW MG Motor India is held by SAIC, while JSW Ventures holds about 35%