Tata Motors Q2 FY27 Earnings: Revenue Up 42%, EBITDA Surges 31%
Tata Motors reported Q2 FY27 standalone revenue of ₹23,900 crore, up 42% YoY. EBITDA rose 31% to ₹2,800 crore. Consolidated revenue was ₹25,300 crore, up 36%. Free cash flow was ₹4,600 crore. The company is progressing with the IVECO transaction, with settlement expected by October 30, 2026. EV volumes grew 143%.
The announcement details significant financial performance improvements, strategic corporate actions (IVECO transaction), and strong growth across key business segments, which are material factors influencing investor perception and the company's valuation.
The company reported strong year-on-year growth in revenue, EBITDA, and free cash flow, along with positive business updates and progress on strategic initiatives like the IVECO transaction, indicating a favorable financial performance and outlook.
Tata Motors Limited has released its financial results for the second quarter and half-year ended September 30, 2026. The company reported a significant year-on-year increase in wholesales, with Q2 wholesales at 1,35,100 units, up 42%, and half-year wholesales at 2,43,800 units, up 35%.
On a standalone basis, Q2 revenue grew by 42% to ₹23,900 crores. EBITDA for the quarter stood at approximately ₹2,800 crores, a 31% increase, with a margin of 11.7%. EBIT margin was 9.7%, and profit before tax (before exceptional items) was ₹2,700 crores, up 51%. Free cash flow for Q2 was ₹4,600 crores, a substantial improvement from ₹2,200 crores in the previous year.
Consolidated revenue for Q2 was ₹25,300 crores, up 36% year-on-year. Consolidated EBITDA was ₹2,800 crores, up 31% with a margin of 10.9%. Consolidated free cash flow was ₹3,000 crores.
The company highlighted strong performance across its segments, with HCV up 41%, ILMCV up 24%, and international business up 177% year-on-year. In the Parts & Services segment, growth was sustained in the aftermarket business. EV volumes grew by 143% year-on-year, with small commercial vehicle EV retails crossing 4,400 units.
The IVECO transaction is progressing as per timeline, with the acceptance period opening on September 7, 2026, and closing on October 26, 2026. The offer price was increased to EUR14.40 per share. Settlement is expected on October 30, 2026.
Management noted that commodity inflation remains a significant headwind, with an expected further increase in Q3. The company has implemented several price hikes throughout the year to mitigate these costs. Looking ahead, Tata Motors aims to leverage healthy demand momentum while balancing pricing, cost efficiency, and supply readiness to drive profitable growth.
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