Tata Motors PV Q2 Results: Company reports net loss of Rs 5,531 crore; revenue jumps 34% YoY

Tata Motors Passenger Vehicles on Friday reported a consolidated net loss of Rs 5,531 crore for the September quarter of FY27 (Q2FY27), compared with a net profit of Rs 76,170 crore in the corresponding quarter of the previous financial year. The company reported a one-time loss of Rs 6,738 crore for the quarter.

Revenue from operations for the quarter rose 33.9% year-on-year (YoY) to Rs 96,920 crore, against Rs 72,349 crore reported in Q2FY26.

Total expenses increased 23.3% year-on-year to Rs 97,827 crore in Q2FY27, compared with Rs 79,310 crore in the corresponding quarter last year, reflecting higher costs during the reporting period.


Sequentially, margins were impacted due to adverse mix and continuing commodity cost pressures.

JLR updates

Jaguar Land Rover (JLR), Tata Motors' British luxury vehicle subsidiary, reported revenue of £5.9 billion for Q2FY27, registering a 20.3% year-on-year increase. Revenue for the first half of FY27 stood at £11.9 billion, up 3.2% from the corresponding period last year.

Profit before tax and exceptional items stood at £6 million during the September quarter, compared with a loss of £485 million in the year-ago period. For the first half, the company reported a profit of £115 million, against a loss of £134 million a year earlier.

JLR's adjusted EBIT margin stood at 1.1% for Q2FY27 and 2% for the first half. However, the company recognised exceptional items of £530 million during the quarter, primarily related to restructuring activities, including separation costs and write-downs of assets and intangible assets under development.

The company reported a free cash outflow of £540 million during the quarter, while its closing cash balance stood at £1.8 billion. Total liquidity was £6 billion as of September 30, 2026.

Citing continuing market challenges, geopolitical risks and exceptional costs, JLR revised its full-year FY27 guidance. It now expects an adjusted EBIT margin of 2-3% and free cash outflow of around £1.25 billion.

On the operational front, wholesale volumes improved year-on-year, reflecting a recovery from the impact of last year's cyber incident. Volumes also grew sequentially in the UK and overseas markets, offsetting declines in China and the Middle East.

Tata Motors PV domestic revenue jumps 51% to record Rs 20,400 crore

On the domestic passenger vehicle business front, Tata Motors PV reported its highest-ever quarterly revenue of Rs 20,400 crore in Q2FY27, registering a 51% year-on-year increase. Vehicle volumes grew 40% year-on-year, significantly outperforming the industry.

Electric vehicle volumes surged 90% year-on-year, contributing to a 380-basis-point sequential improvement in market share. The company reported an EBITDA margin of 4% for the quarter, down 180 basis points year-on-year, while EBIT margin stood at negative 0.3%, declining 50 basis points.

Tata Motors said profitability remained under pressure due to adverse commodity prices and foreign exchange movements. Profit before tax and exceptional items was at breakeven, compared with a profit of around Rs 200 crore in the year-ago quarter.

Despite margin pressures, the domestic passenger vehicle business reported positive free cash flow of Rs 825 crore during the quarter, taking first-half free cash flow to Rs 1,945 crore. Closing cash balance stood at Rs 11,000 crore, while gross debt was Rs 3,100 crore, resulting in net cash of Rs 7,900 crore.

EV sales, new launches drive business momentum

Tata Motors PV retained its second position in the domestic passenger vehicle market, with a Vahan market share of 14.3% in Q2FY27. Its electric vehicle market share stood at 43%, despite increased competition and the entry of new players.

The company said alternative powertrains accounted for more than 50% of its portfolio mix during the quarter, with EV penetration at 23% and CNG at 28%.

During the quarter, Tata Motors unveiled its new consumer-facing global brand identity, TATA.CARS, alongside the brand promise 'Nothing's Too Far'. It also launched the all-new Tata Aeris and introduced product interventions across the Curvv and Sierra portfolios.

The company extended its Battery-as-a-Service offering across its entire electric vehicle portfolio and signed a memorandum of understanding with Stellantis to provide access to its advanced product technology and vehicle architecture for global products.

Tata Motors also entered the third quarter on a strong footing, recording its highest-ever monthly volumes of 75,400 units in October 2026.

Commenting on the performance, Shailesh Chandra, Managing Director and CEO of Tata Motors Passenger Vehicles, said the company recorded quarterly sales of more than 200,000 units, with 40% year-on-year growth reflecting strong demand across its portfolio.

He said the company would remain focused on sustaining growth, expanding EV penetration, ramping up production capacity and improving profitability.

JLR focuses on new product launches and cost savings

On the product front, JLR launched three luxury electric vehicles — Range Rover Electric, Range Rover Sport Electric and Jaguar Type 01 — with deliveries scheduled to begin in early 2027.

The company also plans to introduce the Range Rover GT and an all-new electric Defender next year, both based on its new EMA architecture.

These launches form part of JLR's planned investment programme of £15-18 billion, of which £11.5 billion has been invested since 2024.

JLR's Enterprise Missions programme is also on track to deliver £1.7 billion in savings over the next two years, aimed at simplifying operations, improving efficiency and reducing breakeven volumes towards 300,000 units.

JLR CEO PB Balaji said the company delivered positive operating profits in the second quarter and first half despite ongoing global challenges. He added that new product launches, growth plans for the US market and cost-reduction initiatives would support its efforts to deliver consistent, cash-accretive growth.

Ahead of the results announcement, Tata Motors PV shares settled 3.31% lower at Rs 287.40 apiece on the NSE on Friday, compared with the previous close of Rs 297.25.