Tata Motors Passenger Vehicles LimitedAutomobilesTMPV
Q1 FY27 earnings callTata Motors Passenger Vehicles Limited
Strong volume growth and EV momentum in India were offset by commodity headwinds and weaker JLR performance due to supply issues and challenging markets.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | Rs. 95,800 Cr | — | |
| Consolidated EBIT Margin | 2.4% | — | |
| Consolidated PBT | Rs. 1,600 Cr | down on a year-on-year basis | |
| Consolidated Net Debt | Rs.42,000 Cr | — | |
| India Business Revenue | Rs.18,000 crores | 65% year-on-year | |
| India Business EBITDA Margin | 4% | flattish year-on-year | |
| India PV Wholesale Volumes | 182,000 units | 46% year-on-year | |
| India PV Market Share | 14.3% | 200 bps YoY |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,13,575.00 Cr+2.7% YoY+12% QoQ | ₹5,578.00 Cr-21.9% YoY+61.7% QoQ | ₹14.81-19.2% YoY+52.4% QoQ |
| Q2 FY25 | ₹1,01,450.00 Cr-3.5% YoY-6.1% QoQ | ₹3,450.00 Cr-10% YoY-39.4% QoQ | ₹9.72-0.9% YoY-33% QoQ |
| Q1 FY25 | ₹1,08,048.00 Cr+5.7% YoY-9.9% QoQ | ₹5,692.00 Cr+72.5% YoY-67.5% QoQ | ₹14.51+73.8% YoY-68.1% QoQ |
| Q4 FY24 | ₹1,19,986.31 Cr+13.3% YoY+8.5% QoQ | ₹17,528.59 Cr+218.9% YoY+145.3% QoQ | ₹45.42+221.9% YoY+147.9% QoQ |
| Q3 FY24 | ₹1,10,577.14 Cr+25% YoY+5.2% QoQ | ₹7,145.43 Cr+134.8% YoY+86.5% QoQ | ₹18.32+137.6% YoY+86.7% QoQ |
TL;DR
- Consolidated revenue was Rs 95,800 Cr, EBIT margin 2.4%, PBT Rs 1,600 Cr.
- India PV business saw 46% YoY volume growth and 14.3% market share, but margins were flat at 4% due to 4.5% commodity impact.
- EV penetration reached 19% in Q1 (23% exit in June/July) with market share above 40%; bookings are 3.5x pre-crisis levels.
- JLR wholesales were down 10% YoY due to supplier fire, Jaguar run-out, and Middle East conflict, with EBIT at 2.8% and VME up to 7.1%.
- JLR maintains full-year guidance, expects 12,000 EV units in FY27, and is focusing on cost savings and North America growth.
- Commodity inflation remains a headwind; India business plans calibrated price hikes and accelerated cost reduction to protect margins.
Said on the call
“We would like to keep that kind of momentum going forward. So, I would definitely be targeting higher double-digit growths in FY 27.”
From the Q&A
| Topic | What management said |
|---|---|
| Price Sensitivity & Commodity Impact | Management took only a 1% price increase to maintain competitiveness; will use cost reductions and further calibrated price hikes to offset 4.5% Q1 commodity impact and expected 3% Q2 hardening. |
| India PV Production & Inventory | Dealer inventory is around 30 days; production is targeted at 70,000 units/month, up from 63,000 in July (affected by rain), to build stock for the festive season. |
| India EV Demand & Supply | EV bookings are 3.5x pre-Mid-East crisis levels; production ramped to 15,000 units in July, with plans to increase further to close the demand-supply gap. |
| JLR Volume Recovery & Outlook | Temporary issues (supplier fire, Middle East conflict) are resolved; Jaguar Type 01 production starts early next year with no material FY27 impact; FY27 guidance stands but requires strong H2 performance. |
| JLR North America Strategy & Margins | No localization of existing vehicles; MoU with Stellantis for US-specific production; new EVs (Range Rover Electric, etc.) expected to be at least margin neutral, not dilutive. |
| JLR China Market | China market remains difficult and may worsen; focus is on disciplined retailer stock and innovative demand generation amidst economic and tax headwinds. |
| India Export Outlook | Exports are in early stages; targeting ~2x growth in FY27 after 4x growth in FY26 on a low base. |
| JLR EV Volume Forecast | Tentatively penciling ~12,000 EV units in FY27 from new launches starting September. |
Guidance
- India business targeting higher double-digit volume growth in FY27.
- India margins expected to be flattish in Q2 vs Q1, with step-up in H2 from price increases, cost reductions, and PLI.
- JLR full-year guidance remains unchanged but requires strong performance for the remainder of the year.
- JLR expects ~12,000 EV units in FY27.
- JLR aiming for 10% revenue growth per annum, focusing on the US market.
- JLR targeting $1.7 billion in cost savings (ex-works cost, warranty, fixed costs).
- India EV market share expected to be protected or increased despite intensifying competition.
- India exports targeting ~2x growth in FY27.
Source
Summary written from the transcript filed by Tata Motors Passenger Vehicles Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:20 IST.