Tata Motors

“Overall, we have gained market share, and our focus in H2 will be to improve on these gains.”

“So, we would see Q3 and Q4 also to be continuously positive because generally Q4 is a very, very strong quarter.”

“But we have gone ahead with those actions during Q2. Some of the actions will also happen in Q3. This is in anticipation of the kind of demand which one may see in Q4, although the growth rate will taper down.”

“I think a lot of actions still continue, and I believe that they will continue through Q3 and maybe a few in Q4 also.”

“And currently, we are supplying at the rate of anywhere between 4,500 to 5,000 a month. The total order is almost of 70,000.”

“As we have said in the last analyst call also, Indonesia order to a large extent will be delivered over two years, so this financial year and the next financial year.”

“international business was up 177%, close to 2.6 times over last year. The step up in international business that you see is driven by the Indonesian order, where deliveries ramped up sharply during the quarter”

“H1 market share at 55.7%, improving by 50 basis points over FY26.”

“In ILMCV, H1 market share stands at 36.3%, and a good part of this also has been due to supply chain constraints in this particular segment.”

“Then coming to SCV pickups, the trajectory has been positive, with H1 market share improving to 27.6%. So, it is an increase of 130 basis points over FY26.”

“CV Passenger registered H1 market share of 41.1%, up 500 basis points over FY26”

“Q2 saw healthy momentum in the Commercial Vehicle industry with industry offtake growing 28.4% year-on-year while our volumes grew at 30.5%.”

“The freight rates also strengthened during Q2, providing support to transporter economics.”

“Now, we expect that even this Q3, it appears that we will see a very high single-digit or beginning of double-digit kind of growth.”

“But as we have been saying, the YoY growth rates will taper now. Because post-GST rate rationalization, the demand had picked up in last year third quarter.”

“See, actually, the fleet utilization started on a weaker side in Q2, but through the quarter, the fleet utilization has consistently improved.”

“EBITDA was about ₹2,800 crores, up 31% at a margin of 11.7%. While EBITDA margin was down 90 basis points YoY, it held flat sequentially despite a commodity headwind intensifying further during the quarter.”

“To summarize, a 590 bps commodity headwind has been almost entirely offset by operating leverage, cost efficiency, and improved realization.”

“EBIT margin was 8.9%, up to 20 basis points. So, at the consolidated level, we have actually expanded EBIT margin supported by operating leverage and share of profits from JVs and associates.”

“And on a YoY basis, the commodity cost impact has been almost 540 bps. On a quarter-on-quarter basis, from Q1 to Q2, it has been 200 bps.”

“Within that, I would say steel and rubber will continue to be the largest driver.”

“the net cash stood at ₹11,300 crores as at September 30 against ₹7,500 crores at March and ₹7,100 crores at June end, and this is after the dividend payout in Q1.”

“Working capital released ₹2,679 crore in this quarter.”

“I would want to mention here that part of this working capital release is timing-related and will partially reverse as payables normalize as we move forward.”

“Consolidated free cash flow was ₹3,000 crores against ₹2,000 crores in Q2 FY26.”

“Net cash stood at ₹15,900 crores as at September 30 against ₹13,700 crores at March end”

“On 9 October, we increased the offer price from EUR14.10 to EUR14.40 per share”

“As of 22 October, approximately 35% of shares have been tendered.”

“Subject to the offer conditions being met, settlement is expected on 30 October 2026, when Tata Motors will pay the offer price for the shares tendered.”

“On IVECO, consolidation will begin next quarter, with immediate priority being to ensure a seamless transition.”

“We obtained all required regulatory clearances, completing the condition to launch the offer.”

“Profit before tax before exceptional items was ₹1,800 crores against a loss of ₹550 crore in Q2 FY26. The comparison is distorted by the mark-to-market on our investment in Tata Capital.”

“diesel prices will continue to be a very important monitorable, as also the interest rates. I think a 25-basis point hike has already been taken. This, of course, will not dent the demand much, but it remains an important monitorable.”

“And I think the larger bottleneck has been the supply chain capacity, the reason being significant growth in demand across most of the segments”

“And within that, I would say the battery cells and batteries have been constrained by capacity.”

“But despite that, I think we have lost some demand, especially in the ILMCV and in electric small commercial vehicles.”

“We still continue to be in the few last laps of development of this technology, and therefore still not in a position to indicate the exact cost impact, which we will see.”

“Q2 wholesales were at 1,35,100 units, up 42% year-on-year and up 24% sequentially.”

“Volume momentum translated into 42% revenue growth. Revenue for Q2 was ₹23,900 crores.”

“The profit before tax, before exceptional items, was at ₹2,700 crores, up 51%.”

“The Auto ROCE was 65% on a trailing 12-month basis against 68% at the end of Q1, a moderation largely reflecting the lower margins over the last 12 months.”

“EBIT margin was at 9.7%, down 50 basis points YoY. EBIT at ₹2,300 crores.”