TMPV · Automobile and Auto Components
Tata Motors Passenger Vehicles Ltd. reported revenue of ₹95,799 cr for April to June 2026, +9.3% on the year and −9.1% on the quarter. That is faster than this quarter has grown in recent years (−6.7% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹3.44 lakh cr, −5.6% on the four before.
Operating profit (EBITDA) was ₹6,176 cr, a margin of 6.4%, −286 bps on the year and −423 bps on the quarter. Over the last 8 quarters the margin has ranged from −1.9% to 14.6%, averaging 7.9%. Operating costs grew +12.7%, faster than revenue at +9.3%, so operating profit grew less than sales.
Net profit was ₹859 cr, −78.5% on the year and −85.4% on the quarter, with earnings per share of ₹2.10. Profit before other income, one-offs and tax fell 82.4%, so 4 points of the headline growth came from outside the core business. The tax rate was 45% against an average of 25% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹79,502 cr, +268.7% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹215.18 over the last four quarters, the stock at ₹287.40 trades at 1.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: 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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.05 lakh cr | ₹1.11 lakh cr | ₹1.19 lakh cr | ₹1.07 lakh cr | ₹83,656 cr | ₹94,472 cr | ₹98,377 cr | ₹87,677 cr | ₹72,349 cr | ₹70,108 cr | ₹1.05 lakh cr | ₹95,799 cr |
| YoY | — | — | — | +5% | −20% | −15% | −17% | −18% | −14% | −26% | +7% | +9% |
| EBITDA margin | 13.1% | 13.9% | 14.0% | 14.2% | 11.9% | 11.0% | 14.6% | 9.3% | −1.9% | 1.3% | 10.7% | 6.4% |
| Other income, % of PBT | 26% | 21% | 15% | 48% | 36% | 37% | 21% | 51% | 109% | — | 26% | 71% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 36% | 7% | — | 23% | 33% | 26% | 24% | 25% | −2% | — | 19% | 45% |
| Net profit | ₹3,832 cr | ₹7,145 cr | ₹17,528 cr | ₹10,587 cr | ₹3,521 cr | ₹5,484 cr | ₹8,556 cr | ₹4,003 cr | ₹76,248 cr | −₹3,483 cr | ₹5,878 cr | ₹859 cr |
| YoY | — | — | — | +221% | −8% | −23% | −51% | −62% | +2,066% | −164% | −31% | −79% |
| Core profit YoY | — | — | — | +82% | −25% | −23% | +12% | −64% | −308% | −202% | −39% | −82% |
| EPS | ₹11.33 | ₹21.14 | ₹52.37 | ₹31.63 | ₹9.36 | ₹14.69 | ₹23.01 | ₹10.66 | ₹206.85 | −₹9.47 | ₹15.70 | ₹2.10 |
| Flags | · | 1 | 1 | 2 | 1 | 1 | ✓ | 2 | 4 | 2 | 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 Passenger Vehicles Ltd. reported revenue of ₹95,799 cr (+9.3% on the year) and net profit of ₹859 cr (−78.5% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −82.4% on the year, against −78.5% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.