Q2 FY27 results analysis · November 13, 2026
Tata Motors Passenger Vehicles Ltd (TMPV) Q2 FY27 Results Analysis: Revenue Surges 51%, JLR Cuts FY27 Guidance
+33.9%Revenue year on year, Rs. 96,920.00 Cr
Source: Quarterly results filing (BSE)
Quick summary
Tata Motors Passenger Vehicles Ltd's Q2 FY27 numbers came in soft. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 96,920.00 Cr (+33.90% YoY) |
| PAT (Q2) | Rs. -5,531.00 Cr |
| EBITDA margin | 6.09% (+654 bps YoY) |
| EPS (Q2) | Rs. -15.02 |
Quarter Snapshot
Domestic PV delivered record revenue of Rs.20,422 Cr (+50.9% YoY) with 40% volume growth and 14.3% Vahan share, and held its guided 4.0% EBITDA margin despite commodity pressure. However, JLR cut FY27 guidance to a 2-3% adjusted EBIT margin with a ~£1.25bn free cash outflow, and a Rs.6,738 Cr restructuring exceptional drove a reported loss of Rs.5,531 Cr with net debt rising to Rs.50,877 Cr. The domestic volume/EV momentum is intact, but margin recovery and JLR's H2 cash-flow delivery are the key swing factors.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "Revenue / demand — likely ahead", restock-flattered wholesales | Revenue +33.9% YoY; PV +50.9% (record) | Played out |
| Margins | "Margins / costs — likely compressing" | Consol EBITDA margin 6.09% vs 7.40% QoQ; PV EBITDA 4.0% (−180 bps YoY) | Played out |
| "Flat Q2 EBITDA margin" guidance | "the contested item" | PV EBITDA held 4.0% QoQ — guidance held | Played out |
| Channel/wholesale-retail gap | Dealer inventory ~43–45 days flagged | Not addressed in the filing — remains open for the call | Not observable |
| H1 FCF / net debt recovery | "whether Q2 reversed the Q1 auto FCF of Rs.(11.8)K Cr" | Q2 FCF Rs.(6.3)K Cr; net debt 50,877 vs 42,200 — concern direction — no reversal | Played out |
| JLR China drag | "a clear drag inside an otherwise recovering JLR quarter" | JLR Rs. revenue (1.7)% QoQ; guidance cut | Played out |
| Restructuring charges (JLR "Growth Reimagined", pre-registered from the Sep 7, 2026 announcement) | Charges expected | Confirmed in filing and locked from it: Rs.6,738 Cr exceptional (separation 3,776 + impairment 2,856); JLR £530m | Confirmed & locked from the filing |
| GBP/INR translation tailwind | "modest translation tailwind for £-reported JLR revenue" | JLR Rs. revenue (1.7)% QoQ vs £ (1.2)% QoQ — roughly neutral | Partially |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Tata PV EBITDA margin flat QoQ in Q2 FY27 | Q1 FY27 earnings call (Aug 13, 2026) | Company-stated 4.0% in Q2 vs 4.0% in Q1 (EBIT-basis (0.3)% vs (0.4)%) | Met |
| Commodity headwind ~+3% additional impact in Q2 | Q1 FY27 earnings call | "Persistent commodity pressures" confirmed; margin held flat via pricing/cost actions — absorbed | On Track |
| Production 65,000+ units/month, toward 70,000 | Q1 FY27 earnings call / monthly updates | Sep: 70,210; Oct: 75,426 (highest-ever month) | Met |
| TMPV "higher double-digit volume growth" FY27 | Q1 FY27 earnings call | Q2 sales 201,723 units, +40% YoY; Vahan share 14.3% | On Track |
| Exports grow 70–100% in FY27 | Q4 FY26 earnings call | Oct PV international 1,532 units, +852% YoY (low base) | Too Early |
| JLR FY27: revenue £26bn, adj. EBIT margin c.4%, operating cashflow breakeven | Q1 FY27 earnings call | Revised at Q2: adj. EBIT margin 2–3%, FCF outflow ~£1.25bn; Q2 adj. EBIT margin 1.1%, PBT (bei) £6m, FCF £(540)m — guidance cut | Missed |
| JLR ~12,000 EV wholesales, 4 BEV launches in FY27 | Q1 FY27 earnings call | Range Rover Electric, Range Rover Sport Electric, Jaguar Type 01 unveiled; deliveries from early 2027 | Too Early |
| Progressive price increases (up to Rs.25,000/vehicle, Sep 1, 2026) | Company announcement Aug 21, 2026 | PV revenue +50.9% YoY vs +40% volumes — realisation uplift visible | On Track |
| "Recovery from the cyber incident at JLR" drove YoY improvement | Q2 FY27 press release | JLR revenue +30.3% YoY (Rs.), result +994 vs | Confirmed |
| "Adverse mix and continuing commodity cost pressures" weighed on margins sequentially | Q2 FY27 press release | Consol EBITDA margin 6.09% vs 7.40% Q1; PV EBIT (0.3)% | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| PV wholesales (K units) | 144.5 | 170.5 | 201.8 | ~182 | 201.7 |
| PV revenue (Rs. K Cr) | 13.5 | 15.3 | 18.7 | 17.9 | 20.4 |
| PV EBITDA % | 5.8 | 7.0 | 9.4 | 4.0 | 4.0 |
| JLR adj. EBIT % | (8.6) | (6.8) | 9.2 | 2.8 | 1.1 |
| Consol EBITDA % | (0.45) | 2.2 | 13.1 | 7.40 | 6.09 |
Key Investment Insights
Key Positives
- Consolidated revenue grew 33.9% YoY to Rs.96,920 Cr; H1 revenue +20.4% YoY
- Tata PV delivered record revenue of Rs.20,422 Cr (+50.9% YoY) on record 201,723 wholesale units (+40% YoY)
- JLR revenue recovered to Rs.75,420 Cr (+30.3% YoY) from the cyber-incident quarter; segment result swung to +994 Cr from (5,271) Cr
- PV EBITDA margin held flat QoQ at 4.0%, meeting management's guidance despite ~3% additional commodity headwind
- EV sales grew 90% YoY to 47,150 units; EV penetration 23%, Vahan share 14.3% (#2)
- October wholesales of 75,426 units were the highest-ever month
- Continuing-ops loss narrowed YoY to (5,451) Cr from (6,368) Cr; normalized PAT attributable of ~Rs.267 Cr
- H1 operating cash flow turned positive at Rs.5,135 Cr vs (1,826) Cr in H1 FY26; PV FCF positive at Rs.825 Cr in Q2
Risk Factors
- JLR cut FY27 guidance: adjusted EBIT margin to 2-3% (from c.4%) and free cash outflow of ~£1.25bn vs prior operating-cashflow-breakeven
- Rs.6,738 Cr net exceptional loss (JLR restructuring: separation costs Rs.3,776 Cr, impairment Rs.2,856 Cr) drove reported attributable loss of Rs.5,531 Cr (EPS Rs.(15.02))
- Consolidated EBITDA margin fell 131 bps QoQ to 6.09%; PV EBIT was (0.3)% despite record revenue
- Net debt rose to Rs.50,877 Cr (from Rs.42,200 Cr in Q1); Q2 FCF was an outflow of Rs.(6.3)K Cr
- JLR revenue declined 1.7% QoQ on adverse mix and the Jaguar wind-down
- EPR (end-of-life vehicles) obligation remains an unquantified contingent cost pending CPCB clarity
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