TMCV · Capital Goods
Tata Motors Ltd. reported revenue of ₹25,338 cr for July to September 2026, +36.3% on the year and +22.6% on the quarter. Over the last four quarters revenue comes to ₹93,950 cr, +22.7% on the four before.
Operating profit (EBITDA) was ₹2,648 cr, a margin of 10.5%, −48 bps on the year and −538 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 10.5% to 15.8%). Operating costs grew +37.1%, faster than revenue at +36.3%, so operating profit grew less than sales.
The company swung to a net profit of ₹1,254 cr from a loss of ₹867 cr a year earlier, with earnings per share of ₹3.41. The tax rate was 37% against an average of 23% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹6,308 cr, +95.6% on the four before.
Of the 48 companies in Capital goods and EPC that have reported Q2 FY27 so far, Tata Motors Ltd. ranks 8th on revenue growth; the sector median is +17.0%. Its margin moved −48 bps on the year against a sector median of +9 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹17.14 over the last four quarters, the stock at ₹436.65 trades at 25.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹17,535 cr | ₹18,819 cr | ₹21,863 cr | ₹17,324 cr | ₹18,585 cr | ₹21,847 cr | ₹26,098 cr | ₹20,667 cr | ₹25,338 cr |
| YoY | — | — | — | — | +6% | +16% | +19% | +19% | +36% |
| EBITDA margin | 9.7% | 10.8% | 11.1% | 12.0% | 10.9% | 11.8% | 12.7% | 15.8% | 10.5% |
| Other income, % of PBT | 21% | 27% | 5% | 20% | — | −106% | −1% | 11% | −1% |
| Exceptional items | — | — | — | — | — | — | — | — | — |
| Tax rate | 48% | 12% | 16% | 17% | — | 24% | 32% | 14% | 37% |
| Net profit | ₹498 cr | ₹1,355 cr | ₹1,340 cr | ₹1,397 cr | −₹867 cr | ₹705 cr | ₹1,793 cr | ₹2,556 cr | ₹1,254 cr |
| YoY | — | — | — | — | −274% | −48% | +34% | +83% | — |
| Core profit YoY | — | — | — | — | +72% | +70% | +74% | +96% | +54% |
| EPS | — | — | — | — | — | ₹1.91 | ₹4.87 | ₹6.95 | ₹3.41 |
| Flags | · | · | 1 | · | 2 | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Motors Ltd. reported revenue of ₹25,338 cr (+36.3% on the year) and net profit of ₹1,254 cr (— on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +54.1% on the year, against — for reported profit.
None of the 6 checks that could run raised a question.
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