Tata Technologies Limited (TATATECH)
₹723.85 -2.35% last close, 16 Oct
Q2 FY27 results
Tata Technologies Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹1,699 Cr (+28.4% year on year, +2.1% on the previous quarter), and net profit ₹171 Cr (+3.6% year on year); the operating margin was 16.1%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,699 | +28.4% | +2.1% |
| Operating profit | ₹273 | +31.5% | +2.2% |
| Net profit | ₹171 | +3.6% | -5.2% |
| EPS (₹) | 4.22 | +3.4% | -5.2% |
| Operating margin | 16.1% | — | — |
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: of pre-tax profit of ₹242 Cr, ₹199 Cr (82%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +15.5% year on year.
Against its own trend: net profit of ₹171 Cr was -2.0% against the ₹175 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -2.9% (close before the filing to the latest close).
TATATECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 28.7% of the TATATECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.79%. The price fell 2.35% on unusually low delivery.
Delivery in the last 5 sessions: 35.5% · 35.2% · 32.4% · 21.7% · 28.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tata Technologies Limited has made available the audio recording for its earnings conference call held on October 14, 2026. The call reviewed the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. This is a routine statutory disclosure in compliance with SEBI LODR Regulations 30 and 46(2)(o). No new financial figures or forward guidance updates were provided directly in this filing.
- Earnings conference call was conducted on October 14, 2026
- Audio recording covers results for the quarter and half-year ended September 30, 2026
- Recording made accessible via the official company website link provided under SEBI LODR compliance
- Filing reference TTL/COSEC/SE/2026-27/65 submitted on October 14, 2026
Tata Technologies reported consolidated revenue from operations of ₹1,698.8 crore (₹16,988 million) for Q2 FY27, up 28.4% YoY and 2.1% QoQ. Operating EBITDA rose 31.5% YoY to ₹273.3 crore with margins improving 40 bps YoY to 16.1%, while net profit stood at ₹171.4 crore, up 3.6% YoY but down 5.2% QoQ. Key operational wins include securing a $138 million full-vehicle program with a leading European luxury automotive OEM across two vehicle platforms. Total cash and cash equivalents stood at $107.8 million after paying ~$50 million in dividends during the quarter.
- Consolidated revenue reached ₹16,988 million, up 28.4% YoY (25.1% organically) and 2.1% QoQ
- Operating EBITDA grew 31.5% YoY to ₹2,733 million with EBITDA margin at 16.1% (up 40 bps YoY)
- Secured a $138 million full vehicle development program with a European luxury automotive OEM
- Net income stood at ₹1,714 million, up 3.6% YoY but down 5.2% sequentially from Q1 FY27
- Services segment revenue grew 33.9% YoY to ₹13,557 million, accounting for 80% of total revenue
Tata Technologies reported strong Q2 FY27 performance, with total operating revenue rising 28.4% YoY to ₹1,698.8 crore (₹16,988 million) and Operating EBITDA growing 31.5% YoY to ₹273.3 crore. Net income reached ₹171.4 crore, improving from ₹165.5 crore in Q2 FY26. Operationally, the company bagged a large $138 million full-vehicle program with a leading luxury European automotive OEM. Workforce stood at 12,895 with an LTM attrition rate of 15.6%.
- Total Operating Revenue jumped 28.4% YoY to ₹16,988 million
- Operating EBITDA rose 31.5% YoY to ₹2,733 million with margins improving 40 bps YoY to 16.1%
- Won a $138 million full-vehicle program across two platforms with a luxury European OEM
- Net income stood at ₹1,714 million, delivering a 10.1% net profit margin
- Services segment revenue reached $141.9 million, growing 4.3% QoQ in constant currency
Tata Technologies announced the outcome of its board meeting approving unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Statutory auditor BSR & Co. LLP issued a limited review report with an unmodified conclusion across all consolidated entities. Notes reveal that during the half-year ended September 30, 2026, the company paid a dividend of ₹11.70 per share (cash outflow of ₹475.08 crore). In addition, dividends of ₹15.30 crore were received from an associate during Q2.
- Board approved unaudited standalone and consolidated results for the period ended September 30, 2026
- Statutory auditor BSR & Co. LLP issued an unmodified review conclusion
- Dividend outflow of ₹475.08 crore (₹11.70 per share) paid during the half year ended September 30, 2026
- Received ₹15.30 crore in dividend from associate during the quarter ended September 30, 2026
Tata Technologies responded to an NSE surveillance inquiry dated September 29, 2026, regarding a media report on why Tata group stocks were falling by up to 5%. The company clarified on September 30, 2026, that it has no knowledge of any negotiations mentioned in the media article. Additionally, the company stated it possesses no undisclosed material information under Regulation 30 of SEBI LODR. With no confirmed corporate events, the inquiry has no direct impact on the company's financial operations.
- Clarification filed with NSE on September 30, 2026, following exchange letter NSE/CM/Surveillance/17622 dated September 29, 2026
- Company confirmed zero knowledge of any negotiations cited in the media report
- Reported no undisclosed material events affecting share trading or operations
- Subject article referenced Tata group stock dips of up to 5%
Tata Technologies reported the outcome of its analyst and institutional investor interactions held on September 11, 2026. The company engaged in two one-on-one sessions with Karma Capital and Invesco Mutual Fund, alongside two group meetings comprising over 20 institutions including ICICI Pru Life, Nippon Life, and Canara Robeco. No unpublished price-sensitive information (UPSI) was shared during these meetings. Such disclosures are routine statutory filings under Regulation 30 of SEBI LODR.
- Held 4 interaction sessions across the day on September 11, 2026
- 2 one-on-one meetings conducted with Karma Capital and Invesco Mutual Fund
- 2 group meetings attended by more than 20 domestic and global institutional investors
- Zero unpublished price sensitive information (UPSI) shared
Tata Technologies Limited concluded a group interaction with institutional investors on September 9, 2026. The meeting was held from 10:30 a.m. to 12:30 p.m. with KAMS I-Wealth Management LLP and Indsec Securities & Finance Ltd. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during the session. With a current market cap of Rs 32,093 crore and TTM revenue of Rs 5,319 crore, this represents routine investor communication under SEBI listing regulations.
- Meeting conducted on September 9, 2026, from 10:30 a.m. to 12:30 p.m.
- Interacted with 2 institutional entities: KAMS I-Wealth Management LLP and Indsec Securities & Finance Ltd
- Format of interaction was a Group Meeting
- Explicitly confirmed that no Unpublished Price Sensitive Information (UPSI) was shared
Tata Technologies Limited has scheduled its participation in Axis Capital's Consumer & Tech Conference on September 11, 2026, in Mumbai. The meetings are set to take place between 11:00 a.m. and 4:00 p.m. IST with institutional investors and analysts. The company clarified that no unpublished price-sensitive information (UPSI) will be shared during the sessions. Given the nature of the filing, there is no immediate financial or operational impact.
- Conference scheduled for September 11, 2026
- Meeting time fixed from 11:00 a.m. to 4:00 p.m.
- Event hosted by Axis Capital (Consumer & Tech Conference) in Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Tata Technologies Limited has scheduled its first-ever Investor Day on Thursday, November 19, 2026, in Mumbai. Interested market participants must register their interest by October 30, 2026, with confirmations issued by November 10, 2026. A recording and copy of the presentation will be made available on the company website post-event. This is a routine investor interaction intimation with no immediate direct financial impact.
- Investor Day scheduled to take place on November 19, 2026, in Mumbai
- Deadline to express interest in attending is October 30, 2026
- Confirmation to attendees will be issued on or before November 10, 2026
- Presentation and event recording to be published on the company's website
Tata Technologies Limited has scheduled an in-person group meeting with institutional investors on September 9, 2026, in Pune from 10:30 am to 12:30 pm. The participating entities include KAMS I-Wealth Management LLP and Indsec Securities & Finance. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction. This is a standard regulatory intimation pursuant to SEBI Listing Regulations.
- Meeting scheduled for September 9, 2026, between 10:30 am and 12:30 pm
- Physical group meeting to be held in Pune
- Participants include KAMS I-Wealth Management LLP and Indsec Securities & Finance
- Company confirmed no unpublished price sensitive information (UPSI) will be disclosed
Tata Technologies Limited held a series of institutional investor meetings in Singapore on August 13, 2026. The company engaged with eight major entities, including GIC Private Limited, WhiteOak Capital, and Kotak Mahindra Asset Management, through both one-on-one and group sessions. Management confirmed that no unpublished price sensitive information (UPSI) was shared during these interactions. This routine engagement is part of the company's investor relations strategy for its Rs 34,722 crore market capitalization.
- Engaged with 8 institutional investment firms during a single day in Singapore
- Conducted 4 one-on-one meetings and 2 group sessions between 9:00 AM and 4:00 PM SGT
- Participants included sovereign wealth fund GIC Private Limited and major asset managers like Amansa Capital
- Company maintains a high P/E ratio of 53.6 and a P/B of 19.7 as of the announcement date
Tata Technologies Limited has scheduled a management meeting with analysts and institutional investors on August 13, 2026. The interaction will take place at the Avendus Spark INDX Singapore conference between 9:00 a.m. and 4:00 p.m. Singapore Time. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during the event. This is a standard regulatory disclosure under SEBI (LODR) Regulations, 2015.
- Management meeting scheduled for August 13, 2026, in Singapore
- Interaction window spans 7 hours from 9:00 a.m. to 4:00 p.m. Singapore Time
- Company maintains a market capitalization of ₹35,432 Cr with a TTM revenue of ₹4,395 Cr
- Automotive segment continues to contribute 85-90% of overall services revenue
Tata Technologies clarified a media report claiming Honda had outsourced a new vehicle program to the company. The company stated that it had already disclosed a vehicle development program from a Japanese OEM during its Q4 FY26 earnings release in May 2026 and reiterated it in July 2026. While the company did not confirm the client's identity due to confidentiality agreements, it emphasized that such engagements are part of its ordinary course of business. This filing suggests the 'news' causing the 7% price spike was a reiteration of previously known, albeit anonymized, contract wins.
- Company previously disclosed the Japanese OEM vehicle development program in May 2026 (Q4 FY26).
- The deal was reiterated in the Q1 FY27 earnings release issued in July 2026.
- Media reports on August 7, 2026, led to a reported 7% rise in share price prior to clarification.
- Automotive segment remains the primary driver, contributing 85-90% of overall services revenue.
- Company maintains an 18.1% EBITDA margin despite industry headwinds through pricing governance.
Tata Technologies responded to an exchange query regarding media reports of a vehicle program win from Honda. The company clarified that it had already disclosed a major vehicle development program from a Japanese OEM in its May 2026 (Q4 FY26) and July 2026 (Q1 FY27) earnings updates. While the company cannot confirm the client's identity due to confidentiality agreements, it maintains that such deals are part of its ordinary course of business. The clarification follows a 7% rise in share price triggered by the media report.
- Clarified news report from August 07, 2026, regarding a 7% share price surge linked to a Honda deal.
- Reiterated a vehicle development program win from a Japanese OEM first disclosed in May 2026.
- Automotive segment contributes approximately 85-90% of the company's services revenue.
- Company maintains a TTM revenue of ₹4,395 Cr and a market capitalization of ₹33,926 Cr.
Tata Technologies has responded to an NSE clarification request regarding a significant increase in its stock price and trading volume. The company confirmed that there is no pending undisclosed material information or event that would impact the stock's performance. The recent volatility, including a 27.0% price return over the last 3 months, is attributed to general market conditions and investor sentiment. This filing is a standard regulatory response to exchange surveillance queries and provides no new fundamental data.
- Response issued on August 7, 2026, following an NSE query on August 6, 2026
- Company confirms 0 undisclosed material events are currently pending
- Stock has appreciated by 27.0% in the last 3 months and 29.8% in the last 6 months
- Market capitalization stands at ₹32,540 Cr with a P/E of 50.3
Financial Performance
Revenue Growth by Segment
The Services segment, which is the primary driver, grew 5.1% QoQ to INR 1,012.8 crore in Q2 FY26. Overall company operating revenue grew 6.4% QoQ in INR terms and 4.5% in constant currency to $150.9 million. Historically, the company achieved a revenue CAGR of 36.2% between FY21 and FY23.
Geographic Revenue Split
The company maintains a diversified presence across key global geographies including India, Europe, and North America to enable global reach, though specific percentage splits per region for the current quarter were not disclosed in the provided documents.
Profitability Margins
Net Income Margin for Q2 FY26 stood at 12.5%, a slight decline from the FY25 full-year margin of 13.1%. Profit After Tax for FY25 was INR 676.95 crore, a marginal decrease of 0.4% compared to INR 679.37 crore in FY24.
EBITDA Margin
Adjusted EBITDA margin for Q2 FY26 was 16.4% (excluding one-off cyber incident costs). For the full year FY25, the operating EBITDA margin was 18.1%, representing the fourth consecutive year of margins exceeding 18%, despite a slight dip from 18.4% in FY24.
Capital Expenditure
The company remains debt-free as of March 31, 2025, and relies on internal cash generation to fund capital expenditure and growth initiatives. Specific planned INR figures for future CapEx were not disclosed.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE AA+; Stable / CARE A1+' for bank facilities totaling INR 765 crore. Borrowing costs are reflected in Inter-Corporate Deposits (ICDs) with Tata Motors, which carried interest rates of 7.25% as of September 2023.
Operational Drivers
Raw Materials
As an Engineering Research and Development (ER&D) firm, the primary 'raw material' is human capital/talent. Employee benefit expenses represent the largest cost component, though specific percentage of total cost was not provided.
Import Sources
Not applicable as a service-based entity; however, talent is sourced globally with a major delivery hub in Pune, India.
Key Suppliers
Not applicable for physical raw materials. Key partners include technology providers and the BMW Joint Venture for software-defined vehicle development.
Capacity Expansion
Expansion is focused on talent and strategic acquisitions. The company recently integrated ES-TEC to strengthen its position in the Volkswagen ecosystem for high-end test and validation services.
Raw Material Costs
Not disclosed as a percentage of revenue; however, the company maintains margin discipline through 'enterprise-wide margin expansion' programs led by the incoming CFO.
Manufacturing Efficiency
Efficiency is measured by billable utilization and DSO. Billed Days Sales Outstanding (DSO) stood at 54 days and unbilled DSO at 27 days as of March 31, 2025.
Strategic Growth
Expected Growth Rate
36.20%
Growth Strategy
Growth is driven by a return to momentum in key accounts, specifically in Aerospace and Industrial Heavy Machinery. The strategy involves deepening relationships within the Volkswagen ecosystem via ES-TEC, leveraging the BMW Joint Venture, and pursuing 'large-deal pricing' and 'financial integration' of new acquisitions.
Products & Services
Product engineering, digital services, software-defined vehicle development, test and validation services, and outsourced ER&D.
Brand Portfolio
Tata Technologies, Tata Group.
New Products/Services
Software-defined future initiatives and high-end niche test/validation services for the EV ecosystem; specific revenue contribution % for new launches was not disclosed.
Market Expansion
Targeting deeper penetration in Europe (specifically the VW group) and maintaining growth in the Aerospace vertical.
Market Share & Ranking
Recognized as a leading global product engineering and digital services company; specific market share percentage was not disclosed.
Strategic Alliances
BMW Joint Venture (contributed INR 4.06 crore profit share in FY25) and the acquisition of ES-TEC for VW group access.
External Factors
Industry Trends
The industry is shifting toward 'software-defined' products and EVs. Tata Tech is positioning itself through JVs (BMW) and niche acquisitions (ES-TEC) to capture this transition from traditional hardware engineering to digital-first R&D.
Competitive Landscape
Competes with global ER&D players; maintains an edge through the Tata ecosystem and specialized focus on the automotive and aerospace verticals.
Competitive Moat
The 'Tata' brand recall provides a significant competitive advantage in trust and talent acquisition. Deep domain expertise in the automotive vertical (70% exposure) and long-standing relationships with anchor clients like JLR create high switching costs.
Macro Economic Sensitivity
Highly sensitive to global automotive R&D cycles; a downturn in FY20 and FY21 led to revenue declines of 2.8% and 15.9% respectively.
Consumer Behavior
Shifting preferences toward sustainable and software-heavy vehicles are driving increased demand for the company's digital engineering services.
Geopolitical Risks
Potential 'geo-economic issues' in markets of operation and climate change-related health and safety risks for global employees.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI Listing Regulations and NGRBC (National Guidelines on Responsible Business Conduct) principles P1 through P9.
Environmental Compliance
Maintains an Environmental Policy and conducts 'Business Responsibility & Sustainability' reporting, though specific ESG compliance costs in INR were not disclosed.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; it recently received a GST demand order for INR 1.77 crore plus interest and penalties.
Legal Contingencies
Pending GST demand of INR 1,77,20,025 from the Assistant Commissioner of Central Tax, Pune-I, dated November 28, 2025.
Risk Analysis
Key Uncertainties
The resignation of CFO Savitha Balachandran (effective Dec 2025) introduces leadership transition risk. Cyber security is a noted risk, having already impacted Q2 FY26 margins through consulting fees.
Geographic Concentration Risk
Significant operations in Pune, India, and exposure to European automotive hubs (Germany/UK).
Third Party Dependencies
High dependency on the Tata Group (Tata Motors/JLR) for a substantial portion of revenue.
Technology Obsolescence Risk
Risk of failing to keep pace with 'digital finance modernization' and 'software-defined' engineering shifts; mitigated by continuous R&D and JVs.
Credit & Counterparty Risk
Receivables quality is managed with a 54-day billed DSO; liquidity is 'superior' with ease of access to capital markets post-IPO.
