Tata Motors Q2 Results: Rs 5,531 Crore Loss as Revenue Rises 33.9%
Tata Motors Passenger Vehicles posted a Rs 5,531 crore consolidated loss for the September quarter even as revenue rose 33.9% to Rs 96,920 crore. JLR cut its full-year outlook, while the domestic car business booked record quarterly revenue.
Tata Motors Passenger Vehicles reported a consolidated net loss of Rs 5,531 crore for the September quarter of FY27 on Friday, November 13, 2026, even as revenue from operations rose 33.9% from a year earlier. The Tata Motors Q2 results include a one-time loss of Rs 6,738 crore. A crore is an Indian unit for large sums.
Revenue reached Rs 96,920 crore, against Rs 72,349 crore in the same quarter a year earlier. Total expenses rose 23.3% to Rs 97,827 crore.
Margins weakened from the previous quarter, the company said, because of an adverse sales mix and continuing commodity cost pressures.
JLR trims its full-year outlook
JLR, Tata Motors' British luxury car subsidiary, booked revenue of £5.9 billion for the quarter, up 20.3% from a year earlier. For the first half of the fiscal year, revenue was £11.9 billion, up 3.2%.
JLR made a profit before tax and exceptional items of £6 million. A year earlier it lost £485 million on the same measure. Its adjusted EBIT margin, a measure of operating profit as a share of revenue, was 1.1% for the quarter and 2% for the half.
The unit also recognised £530 million of exceptional items. These were mainly restructuring costs, including separation costs and write-downs of assets and intangible assets under development.
Free cash outflow for the quarter was £540 million. JLR ended September 30, 2026 with £1.8 billion in cash and £6 billion in total liquidity.
Citing continuing market challenges, geopolitical risks and exceptional costs, JLR revised its guidance for the full year. It now expects an adjusted EBIT margin of 2-3% and a free cash outflow of around £1.25 billion.
Wholesale volumes rose from a year earlier as JLR recovered from last year's cyber incident. Volumes also grew from the previous quarter in the UK and overseas markets, offsetting declines in China and the Middle East.
Record quarter at home
The domestic passenger vehicle business posted its highest quarterly revenue yet, at Rs 20,400 crore, up 51% year on year. Vehicle volumes grew 40%, well ahead of the wider industry, according to the company.
Electric vehicle volumes jumped 90%. That helped lift market share by 380 basis points from the previous quarter, a basis point being one-hundredth of a percentage point.
Profitability stayed under pressure. The EBITDA margin was 4%, down 180 basis points year on year, while the EBIT margin was negative 0.3%. Tata Motors blamed adverse commodity prices and foreign exchange movements.
Profit before tax and exceptional items was at breakeven, against about Rs 200 crore a year earlier. The domestic unit still generated positive free cash flow of Rs 825 crore in the quarter and Rs 1,945 crore for the first half.
It closed with cash of Rs 11,000 crore and gross debt of Rs 3,100 crore, leaving net cash of Rs 7,900 crore.
Tata Motors kept second place in India's domestic passenger vehicle market, with a Vahan market share of 14.3%. Its share of the electric vehicle segment was 43%. Alternative powertrains made up more than 50% of its portfolio mix, with EVs at 23% and CNG at 28%.
During the quarter, the company also unveiled a new consumer-facing global brand identity, TATA.CARS, with the brand promise "Nothing's Too Far".
