Iveco's share of the 2 companies' combined revenue
Tata Motors switches auditors after buying Iveco
B S R & Co. resigned as Tata Motors' auditor on 30 October 2026, just 13 months into a five-year term. Early auditor exits can be a warning sign, but B S R raised no concerns. It said Tata Motors wanted one auditor across the group.
Tata Motors here refers to the commercial vehicles business separated from the old Tata Motors. On 30 October, its Dutch subsidiary completed a cash offer for Iveco, an Italian truck and bus maker. It now owns 89.42% of Iveco, after spending €3.4 billion.
The twist is that Iveco is bigger than its buyer. Iveco reported ₹1,42,471 crore in revenue in 2025, against Tata Motors' ₹83,855 crore in FY26. Iveco alone accounts for roughly 63% of their combined revenue. Tata Motors will start including Iveco in its accounts from this quarter.
Iveco's accounts are audited by Deloitte in the Netherlands. So Tata Motors appointed Deloitte Haskins & Sells, Deloitte's Indian firm, as its new auditor on 31 October to keep the group's audit process consistent. Shareholders still need to approve the appointment.
In short, Tata Motors changed auditors after buying a business bigger than itself. The new auditor is the one already checking the books of the company that now makes up most of the combined group's revenue.
Iveco has 1.7x the revenue of Tata Motors, its buyer
Revenue from operations in the latest full year, in ₹ crore. The company bought is the bigger one.
₹ CRORE A YEAR
Tata Motors: consolidated, April 2025 to March 2026. Iveco: January to December 2025, converted at ₹106.1 to 1 euro, the filing's rate of 29 October 2026.
Tata Motors, BSE filings of 23 October 2026 (results) and 30 October 2026 (Iveco settlement) · FY26 and CY25
B S R served 13 months of its 5-year Tata Motors term
B S R & Co.'s term as Tata Motors' auditor, in months. It left on 30 October 2026, the day Iveco's shares were settled.
MONTHS
- Served: Sep 2025 to Oct 202613 21.7%
- Left unserved: to the 2030 AGM47 78.3%
Served: 26 September 2025 to 30 October 2026. Deloitte Haskins & Sells holds the post until the 2027 AGM, subject to shareholders' approval.
Tata Motors, BSE filing of 31 October 2026, with B S R & Co.'s resignation letter · Sep 2025 to 2030
Sources
- Tata Motors, BSE filing of 31 October 2026: change in statutory auditors, with B S R & Co.'s resignation letter (PDF)
- Tata Motors, BSE filing of 30 October 2026: initial settlement of the tender offer for Iveco Group, with Annexure A on Iveco (PDF)
- Tata Motors, BSE filing of 23 October 2026: results for the quarter and half year to 30 September 2026 (PDF)
- Iveco Group, Annual Report at 31 December 2025, with the report of its independent auditor, Deloitte Accountants B.V. (PDF)
- Iveco Group, press release of 17 June 2026: results of the Annual General Meeting, Deloitte Accountants B.V. reappointed for 2026