Tata Motors Limited (TMCV)
₹396.00 -4.41% last close, 23 Oct
Q2 FY27 results
Tata Motors Limited reported Q2 FY27 results on 23 Oct 2026: revenue ₹25,338 Cr (+36.2% year on year, +22.6% on the previous quarter), and net profit ₹1,254 Cr (against a loss a year earlier); the operating margin was 7.7%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹25,338 | +36.2% | +22.6% |
| Operating profit | ₹1,940 | -8.5% | -40.7% |
| Net profit | ₹1,254 | from loss | -50.9% |
| EPS (₹) | 3.41 | — | -50.9% |
| Operating margin | 7.7% | — | — |
- Turnaround: profit against a loss a year ago
- Operating margin contracted 374 bps YoY
- 35% of pre-tax profit came from other income and one-off items
- Exceptional items of ₹-218 Cr in the quarter
Quality of profit: of pre-tax profit of ₹1,998 Cr, ₹1,301 Cr (65%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -5.8% year on year.
TMCV delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 23 Oct 2026, 50.47% of the TMCV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.61%. That is close to its usual level. 2 bulk or block deals were reported in TMCV in the last 60 days: ₹31 Cr bought and ₹31 Cr sold.
Delivery in the last 5 sessions: 42.3% · 45.5% · 47.9% · 51.4% · 50.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 18 Sep | Sell | Bank Of America National Association | ₹30.95 Cr | ₹438.00 | 706,512 | Block |
| 18 Sep | Buy | Bofa Securities Europe Sa | ₹30.95 Cr | ₹438.00 | 706,512 | Block |
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 Motors reported a 36% YoY rise in consolidated revenue from operations to ₹25,338 Cr for Q2 FY27, with consolidated PAT turning around to ₹1,253 Cr compared to a loss of ₹867 Cr in Q2 FY26. Total standalone wholesales climbed 42% YoY to 135.1K units, supported by triple-digit growth in International Business. On the Iveco Group acquisition front, 35% of shares have been tendered as of October 22, 2026, with the offer price increased to €14.40 per share and acceptance scheduled to close on October 26, 2026. Consolidated net cash stood robust at ₹15,900 Cr compared to ₹13,700 Cr in March 2026.
- Consolidated revenue from operations grew 36% YoY to ₹25,338 Cr in Q2 FY27
- Consolidated PAT reached ₹1,253 Cr vs a loss of ₹867 Cr in Q2 FY26
- Overall wholesales grew 42% YoY to 135.1K units, with International Business surging 177% to 21.1K units
- Iveco Group acquisition offer saw 35% shares tendered by Oct 22, 2026, at a revised price of €14.40 per share
- Free cash flow generation remained strong at ₹3,000 Cr consolidated (₹4,606 Cr standalone) in Q2 FY27
Tata Motors reported a 42% YoY jump in standalone revenue to ₹23,930 crore for Q2 FY27, with standalone EBITDA growing 31% to ₹2,800 crore and PAT reaching ₹2,100 crore. On a consolidated basis, revenue increased 36% YoY to ₹25,338 crore while PAT stood at ₹1,300 crore. Standalone Free Cash Flow stood strong at ₹4,606 crore, increasing standalone net cash to ₹11,300 crore. Concurrently, the maximum tender offer value for Iveco Group was revised up to €14.40 per share, totaling ~₹42,561 crore (~€3.91 billion), with settlement scheduled for October 30, 2026.
- Standalone Q2 FY27 revenue grew 42% YoY to ₹23,930 crore with EBITDA margin at 11.7%
- Total wholesale volume expanded 42% YoY to 135.1K units, led by a 177% increase in exports
- Consolidated net cash position reached ₹15,900 crore with Q2 consolidated FCF of ₹3,044 crore
- Iveco acquisition offer price raised to €14.40/share, raising total deal size to ~₹42,561 crore (~€3.91B)
- H1 FY27 domestic CV VAHAN market share improved 110 bps YoY to 36.2%
Tata Motors' indirect subsidiary TML CV Holdings B.V. has increased its tender offer price for Iveco Group N.V. from €14.10 to €14.40 per share, declaring it as the best and final offer. The €0.30 per share hike raises the maximum aggregate disbursement by €81.36 million to €3,905,501,760 (~€3.91 billion or ~₹34,000+ crore). To fund the additional disbursement, the subsidiary has tied up an €85 million credit facility with MUFG Bank Ltd. (GIFT Branch). The price revision was undertaken due to procedural delays in obtaining prior regulatory authorisations across multiple jurisdictions.
- Offer price raised by €0.30 from €14.10 to €14.40 per share (declared best and final)
- Maximum aggregate disbursement increased by €81,364,620 to €3,905,501,760 for 271,215,400 common shares
- New offer price represents a 33.47% premium over the undisturbed share price of €10.79 on July 17, 2025
- Secured an €85,000,000 credit facility and guarantee from MUFG Bank Ltd. (GIFT Branch) to cover the increase
Tata Motors Limited submitted its unaudited quarterly SIAM report covering production, domestic sales, and exports for July to September 2026. The N1-A2 small commercial vehicle category (Yodha, Super Ace, Intra) saw production surge to 28,796 units from 14,713 units and domestic sales rise to 21,741 units from 14,735 units year-on-year. In heavy haulage and tippers, category N3-B1(b) domestic sales increased to 7,377 units compared to 5,889 units in the prior year period. Meanwhile, category N1-A1 (Ace series) domestic sales rose to 22,081 units from 19,997 units, while exports in N1-A2 expanded significantly to 7,789 units from 1,425 units.
- N1-A2 segment (Yodha, Intra) production grew to 28,796 units in Jul-Sep 2026 from 14,713 units in Jul-Sep 2025
- N1-A2 domestic sales rose to 21,741 units (vs 14,735 units) and exports jumped to 7,789 units (vs 1,425 units)
- N1-A1 segment (Ace, Ace Zip) domestic sales rose to 22,081 units compared to 19,997 units in the previous year period
- N3-B2(d) tractor-trailer domestic sales expanded to 10,365 units compared to 7,055 units in Jul-Sep 2025
- N2-A2 haulage/tipper production surged to 11,560 units (vs 3,475 units) with exports rising to 7,387 units (vs 371 units)
Tata Motors Limited reported total commercial vehicle sales of 1,35,114 units for Q2 FY27, up 42.7% YoY from 94,681 units in Q2 FY26. For September 2026, monthly volumes climbed 42.4% YoY to 51,062 units, driven by robust domestic CV growth (31.2%) and a 179.1% surge in international business. For H1 FY27, cumulative volumes reached 2,43,602 units, marking a 35.1% YoY increase. Electric vehicle sales showed substantial acceleration, expanding 2.4X YoY during the quarter.
- Total CV sales in Q2 FY27 reached 1,35,114 units, rising 42.7% YoY vs 94,681 units
- September 2026 sales stood at 51,062 units, growing 42.4% YoY vs 35,862 units
- H1 FY27 cumulative volume reached 2,43,602 units, up 35.1% YoY
- International business volumes jumped 177.3% YoY in Q2 FY27 to 21,132 units
- EV volumes expanded 2.4X YoY during Q2 FY27
Tata Motors Limited's wholly owned subsidiary, TML Smart City Mobility Solutions Limited (TSCMSL), has acquired a 26% stake in Mateshwari E-Smart Mobility (Hyderabad) Private Limited (MEMHPL) for ₹2,60,000. MEMHPL, incorporated on August 11, 2026, becomes an associate company of Tata Motors. The acquisition follows a joint tender award with Mateshwari Urban Transport Solutions for the operations and maintenance of electric buses under Telangana State Road Transport Corporation. The deal value is negligible relative to Tata Motors' quarterly revenue of ₹20,667 crore (Jun 2026).
- Acquired 26,000 equity shares (26% stake) at par value of ₹10 each
- Total cash consideration paid is ₹2,60,000
- MEMHPL was incorporated on August 11, 2026, with an authorized capital of ₹10,00,000
- Enables SPV structure for operating electric buses awarded under Telangana State Road Transport Corporation tender
Tata Motors Limited has announced the closure of its trading window for designated persons starting Wednesday, September 23, 2026. This closure is in compliance with SEBI insider trading regulations for the declaration of financial results for the second quarter and half year ended September 30, 2026. The window will reopen 48 hours after the official declaration of the financial results to the stock exchanges. This is a standard compliance filing and has no operational or financial impact.
- Trading window closes effective Wednesday, September 23, 2026
- Closure pertains to financial results for the quarter and half year ended September 30, 2026
- Trading window will reopen 48 hours after financial results are declared to the exchanges
Tata Motors Limited announced a price increase of up to 1% across its commercial vehicles range, effective 1 October 2026. The revision is intended to offset rising commodity and other input costs, with the exact quantum differing across individual models and variants. Tata Motors maintains dominant market leadership in domestic CVs with a 35.3% share in H1 FY26 and generated Rs 20,667 crore in quarterly revenue in June 2026. The price hike demonstrates continued pricing discipline to protect operating margins amidst cyclical raw material movements.
- Commercial vehicle prices to increase by up to 1% across the portfolio
- Price revision effective date set for 1 October 2026
- Adjustment implemented to offset rising commodity and other input costs
- Actual price increase will vary depending on specific model and variant
Tata Motors Limited has issued notices to its equity shareholders, secured creditors, and unsecured creditors regarding the Composite Scheme of Amalgamation with TMF Holdings Limited and TMF Business Services Limited. This follows an order from the NCLT Mumbai Bench dated September 2, 2026. The scheme facilitates the merger of both direct and indirect wholly-owned subsidiaries into Tata Motors. Although formal meetings have been dispensed with by the NCLT, representations from stakeholders are being sought.
- NCLT Mumbai Bench issued the relevant order on September 2, 2026
- Scheme involves merger of wholly-owned subsidiaries TMF Holdings and TMF Business Services into Tata Motors
- Shareholder and creditor meetings have been formally dispensed with by the NCLT
- Announcement follows earlier company communication dated January 29, 2026
Tata Motors Limited has informed exchanges about a physical group meeting with institutional investors and analysts scheduled for September 22, 2026, starting at 10:00 AM IST. A total of 12 institutional firms, including Goldman Sachs, Temasek Holdings, Kotak Mahindra AMC, and M&G Investment Management, are slated to participate. This is a routine investor interaction under Regulation 30 of SEBI LODR regulations. No commercial transactions, strategic updates, or financial numbers were disclosed in the intimation.
- Physical group investor meeting scheduled for September 22, 2026, at 10:00 AM IST
- Participation by 12 institutional investors and analysts including Temasek, Goldman Sachs, and Kotak AMC
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
Tata Motors Limited has allotted 89,048 equity shares of face value ₹2 each to eligible employees under its Share-based Long Term Incentive Scheme. The allotment was executed pursuant to the exercise of 89,048 Performance Share Units at an exercise price of ₹2 per share. Following this allotment, the company's total paid-up equity share capital increased marginally to ₹7,36,55,78,704 comprising 3,68,27,89,352 shares. The equity dilution is minimal at less than 0.003% of the total share base.
- Allotted 89,048 equity shares of face value ₹2 each upon exercise of Performance Share Units
- Exercise price fixed at ₹2 per share
- Paid-up share capital expanded from ₹7,36,54,00,608 to ₹7,36,55,78,704
- Total outstanding share count increased to 3,68,27,89,352 equity shares
Tata Motors Limited's indirect wholly owned subsidiary, TML CV Holdings B.V., has officially published the CONSOB-approved offer document to acquire all common shares of Iveco Group N.V. The recommended all-cash tender offer is priced at €14.10 (cum dividend) per common share. The acceptance window opens on September 7, 2026, and closes on October 26, 2026, with settlement scheduled for October 30, 2026. This marks a critical formal step in executing the €3.8 billion acquisition to expand its global commercial vehicle footprint.
- Cash consideration set at €14.10 (cum dividend) per Iveco Group common share.
- Acceptance period runs from September 7, 2026 to October 26, 2026.
- Settlement and consideration payment scheduled for October 30, 2026.
- Provision for a 5-day reopening of the acceptance window from November 2 to November 6, 2026.
Tata Motors' indirect wholly owned subsidiary, TML CV Holdings B.V., has published the CONSOB-approved Offer Document for its voluntary tender offer to acquire all common shares of Iveco Group N.V. The offer consideration is fixed at €14.10 per share (cum dividend). The acceptance period will open on September 7, 2026, and run until October 26, 2026, with payment scheduled for October 30, 2026. This formalizes a key regulatory step in Tata Motors' planned €3.8 billion (~₹34,000 Cr) global expansion acquisition.
- Offer consideration set at €14.10 (cum dividend) per common share of Iveco Group N.V.
- Acceptance period starts at 8:30 a.m. CET on 7 September 2026 and ends on 26 October 2026.
- Settlement/payment date for accepted shares is scheduled for 30 October 2026.
- Potential 5-day reopening window for acceptances from 2 November to 6 November 2026, settling on 13 November 2026.
- Offer Document approved by Italian market regulator CONSOB under resolution no. 24119 dated 3 September 2026.
Tata Motors Limited has scheduled physical group meetings with multiple institutional investors and analysts on September 10, 2026. The sessions are split across two time slots (2:00 PM IST and 3:00 PM IST) and include key domestic and global funds such as CPPIB, Kotak Mutual Fund, Nippon Life India AM, and Bandhan Mutual Fund. This is a routine intimation under Regulation 30 of SEBI LODR Regulations without any material operational or financial disclosures.
- Physical group meetings with institutional investors scheduled for September 10, 2026
- Meeting sessions divided into two batches at 2:00 PM IST and 3:00 PM IST
- Participants include major institutions such as Canada Pension Plan Investment Board, Kotak Mutual Fund, and Nippon Life India AM
Italian securities regulator CONSOB has approved the tender offer document submitted by Tata Motors' indirect subsidiary, TML CV Holdings B.V., for the acquisition of Iveco Group N.V. The voluntary totalitarian tender offer is priced at Euro 14.10 per common share (cum dividend). The acceptance period is set to open on September 7, 2026, and close on October 26, 2026, with settlement scheduled for October 30, 2026. This regulatory clearance marks a crucial operational step toward completing the ~€3.8 billion global commercial vehicle acquisition.
- CONSOB approved the Offer Document via Resolution No. 24119 on September 3, 2026
- Offer consideration is fixed at Euro 14.10 (cum dividend) per Iveco common share
- Tender acceptance period runs from September 7, 2026, to October 26, 2026
- Scheduled payment date for tendered shares is October 30, 2026 (reopening window November 2 to November 6, 2026)
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Commercial Vehicles segment revenue reached INR 18,370 Cr, a 6.6% YoY increase. Segment growth was led by ILMCV at 15%, CV Passenger at 9%, and HCV at 5%. International business (exports) saw a significant surge of 75% YoY.
Geographic Revenue Split
Domestic sales dominate the mix, but exports grew 75% YoY in Q2 FY26 to 7,600 units, primarily driven by the SAARC region, specifically Bangladesh, Nepal, and Sri Lanka, returning to pre-Covid FY20 levels.
Profitability Margins
Operating margins have shown a steady upward trajectory. Segment EBIT margin improved by 200 bps YoY to 9.8% in Q2 FY26. Cash Profit After Tax for H1 FY26 reached a record INR 4,200 Cr, driven by favorable realization and cost optimization.
EBITDA Margin
The CV segment EBITDA margin stood at 12.2% in Q2 FY26, a 150 bps improvement YoY. This was achieved through higher volumes, better price realization, and Production-Linked Incentive (PLI) benefits which offset cyclical pressures.
Capital Expenditure
Planned annual Capex and R&D expenditure is estimated between INR 2,500 Cr and INR 3,500 Cr for FY26 and FY27. In H1 FY26, total investment spending was INR 1,565 Cr, with INR 439 Cr allocated to R&D in Q2 FY26 alone.
Credit Rating & Borrowing
The company maintains a robust credit profile with a 'Stable' outlook. It has secured a bridge loan of €3.8 billion for the Iveco acquisition. Net adjusted debt-to-EBITDA is expected to remain below 1.0x post-refinancing.
Operational Drivers
Raw Materials
Key raw materials include steel, precious metals for catalysts, and rubber. Cost of materials consumed was INR 12,506 Cr in Q2 FY26, representing approximately 68% of total revenue.
Import Sources
Not specifically disclosed in available documents, though SAARC regions are mentioned as key export destinations.
Key Suppliers
Tata Cummins is a key joint operation partner for engine supply. The company also recently increased its stake in Freight Tiger to INR 284 Cr to enhance digital logistics.
Capacity Expansion
Wholesale volumes reached 184,800 units in H1 FY26, a 2.8% increase. The company is focusing on ramping up volumes for the Ace Pro, Ace, and Intra brands to regain market share in the SCV segment.
Raw Material Costs
Material costs increased to INR 12,506 Cr in Q2 FY26 from INR 11,746 Cr in Q2 FY25. Procurement strategies focus on cost optimization and leveraging PLI benefits to mitigate commodity price volatility.
Manufacturing Efficiency
Q2 FY26 ROCE reached 45%, reflecting high capital efficiency. Fixed cost savings were achieved through lower Depreciation & Amortization (D&A) charges, which fell to INR 432 Cr in Q2 FY26 from INR 503 Cr YoY.
Logistics & Distribution
Distribution and other expenses were INR 2,276 Cr in Q2 FY26, remaining relatively flat YoY despite higher volumes, indicating improved logistics efficiency.
Strategic Growth
Expected Growth Rate
13%
Growth Strategy
Growth will be driven by the €3.8 billion acquisition of Iveco Group N.V. to expand global footprint, a 75% growth in SAARC exports, and a focus on the 'non-cyclical' digital and service business. The company is also delivering on electric mobility tenders in Maharashtra, Gujarat, and Telangana.
Products & Services
Heavy Commercial Vehicles (28 ton+), Intermediate Light and Medium Commercial Vehicles (ILMCV), Small Commercial Vehicles (SCV), Buses, Vans, and Electric Mobility Solutions.
Brand Portfolio
Ace Pro, Ace, Intra, Tata Cummins, Freight Tiger, TML Smart City Mobility Solutions.
New Products/Services
New launches in the SCV segment and Ace Pro range are expected to drive retail growth. Electric bus deliveries for state transport undertakings are also key revenue contributors.
Market Expansion
Targeting SAARC markets (Bangladesh, Nepal, Sri Lanka) and global expansion through the Iveco acquisition by April 2026.
Market Share & Ranking
Dominant market leader in the domestic CV segment with a 35.3% market share in H1 FY26.
Strategic Alliances
Joint operation with Tata Cummins; strategic investment in Freight Tiger (INR 284 Cr total) for digital freight transformation.
External Factors
Industry Trends
The industry is shifting toward decarbonization and GST-led logistics efficiency. TIV grew 8% in Q2 FY26, with TMCV outperforming in the ILMCV segment (15% growth).
Competitive Landscape
TMCV is the dominant player but faces competition in the LGV segment where market share has seen some historical decline.
Competitive Moat
Moat is built on a 35.3% market share, the backing of the Tata Group (providing financial flexibility and low-cost funds), and a vast service touchpoint network that provides a competitive edge in distribution.
Macro Economic Sensitivity
Strong linkage to GDP and infrastructure outlay. Increased infrastructure spending supports MHCV demand, while e-commerce growth drives LGV demand.
Consumer Behavior
Shift toward higher tonnage vehicles (HCV) and electric mobility in public transport (tenders).
Geopolitical Risks
Trade barriers or economic shifts in SAARC countries could impact the 75% export growth momentum.
Regulatory & Governance
Industry Regulations
Operations are influenced by axle load norms, BS-VI emission standards, and PLI scheme benefits which improved margins by 100 bps.
Environmental Compliance
Majority of Capex is directed toward decarbonization, circularity, and BS-VI transition initiatives.
Taxation Policy Impact
The company benefited from a GST rate reduction which boosted consumption and utilization in the MHCV cargo segment.
Risk Analysis
Key Uncertainties
The primary risk is the debt-funded acquisition of Iveco; the reduction of debt through equity infusion by end of FY27 is critical to maintaining the financial risk profile.
Geographic Concentration Risk
High concentration in the Indian domestic market, though SAARC exports are scaling.
Third Party Dependencies
Dependency on Tata Group for financial flexibility and Tata Cummins for engine technology.
Technology Obsolescence Risk
Mitigated by INR 439 Cr quarterly R&D spend and pivot to Electric Mobility Solutions.
Credit & Counterparty Risk
Liquidity is strong with INR 5,397 Cr in cash and equivalents and INR 4,000 Cr in bank limits.
