Tata Motors closed the September quarter with a net profit of ₹2,138 crore on revenue of ₹23,930 crore, a swing from a ₹1,021 crore loss in the same period last year. The stock fell 4.43% to ₹395.70 on the BSE, reflecting a cautious market reaction to the miss on EBITDA and margin forecasts.
Revenue missed the poll estimate of ₹24,800 crore, falling short by ₹870 crore, while EBITDA came in at ₹2,723 crore against expectations of ₹2,890 crore. The EBITDA margin settled at 11.38%, slightly below the consensus of 11.7% and down from 12.3% a year earlier.
Wholesale volumes surged 42% YoY to 135,100 units, with domestic sales up 30% and export sales skyrocketing 177%. First‑half volumes grew 35%, buoyed by a 36.2% domestic commercial‑vehicle market share that eclipsed the 110‑basis‑point increase from FY26.
Free cash flow rose ₹2,400 crore to ₹4,600 crore, elevating the company’s net cash position to ₹11,300 crore as of September 30. Automotive ROCE fell to 65% from 68% in June, yet remains robust for the sector.
Chief financial officer GV Ramanan noted that commodity cost pressures were offset by disciplined pricing and cost efficiencies, maintaining sequential margins. The firm is on track to complete the proposed Iveco transaction by end‑October, with a focus on integration and unlocking strategic synergies.
Looking ahead, Tata Motors will consolidate its FY27 outlook, emphasizing the integration of new‑generation mobility solutions showcased at Prawaas 5.0 and the launch of Ultra Prime and Starbus Prime ranges. Shareholders will watch the next quarterly report on December 30 for guidance and the impact of the upcoming consolidation on earnings.