Tata Motors Passenger Vehicles (500570) Q2 26/27 earnings summary

Executive summary

• Consolidated Q2 FY27 revenue was ₹96,920 crore, up 34% YoY; EBITDA margin was 6.2% and PBT before exceptional items ₹403 crore.

• Exceptional losses of ₹6,738 crore drove a Q2 loss for the period of ₹5,451 crore; free cash flow was negative ₹6,300 crore.

• Domestic passenger-vehicle demand and launches drove record quarterly sales, while JLR reported operating profit amid challenging markets and mix.

Financial highlights

• Consolidated H1 revenue was ₹192.7K crore versus ₹160.0K crore; EBITDA was ₹13.1K crore versus ₹7.5K crore, and EBIT ₹3.3K crore versus a ₹2.0K crore loss.

• Domestic Q2 revenue was a record ₹20,423 crore, up 50.9% YoY; EBITDA margin was 4.0% and EBIT margin -0.3%, with PBT before exceptional items at breakeven.

• JLR Q2 revenue was £5.894bn, up 20.3% YoY; adjusted EBIT margin was 1.1%, PBT before exceptional items £6m, and PAT a loss of £451m.

• JLR Q2 free cash outflow was £540m; H1 outflow was £1.538bn, including £1.766bn of working-capital and accrual outflows.

• Consolidated net debt was ₹50,800 crore at September 30, 2026, versus ₹42.2K crore a year earlier.

Outlook and guidance

• JLR revised FY27 guidance to revenue of ~£25bn, adjusted EBIT margin of 2–3%, and free cash outflow of ~£1.25bn; FY28 targets are double-digit EBITDA and positive FCF.

• JLR targets breakeven volumes near 300,000 units in two years and £1.7bn of savings over two years versus FY26.

• Domestic H2 priorities include scaling production, growing EV sales and improving margins through calibrated pricing, cost reductions and faster PLI accruals; commodity pressure is expected to remain adverse in Q3.