• The document is a transcript of the Q1 FY27 earnings/conference call conducted after the Meeting of Board of Directors held on August 13, 2026, discussing Audited Standalone and Unaudited Consolidated Financial Results for the quarter ended June 30, 2026.
  • Management participants included: Mr. Shailesh Chandra (MD & CEO, Tata Motors Passenger Vehicles Limited), Mr. PB Balaji (CEO, Jaguar Land Rover), Mr. Dhiman Gupta (CFO, Tata Motors Passenger Vehicles Limited), and Mr. Richard Molyneux (CFO, Jaguar Land Rover).
  • Tata Motors Passenger Vehicles (TMPV) Performance:
  • Consolidated revenue: ₹95,800 Cr for the quarter
  • EBIT margins: 2.4%
  • PBT: ₹1,600 Cr (down YoY)
  • India business revenue: ₹18,000 Cr (65% YoY growth)
  • India business EBITDA margins: ~4% (flat YoY)
  • India business volumes: 182,000 units (46% YoY growth)
  • Market share: 14.3% (200 bps YoY improvement)
  • EV penetration: 19% in Q1, exited at 23% in June and reached 24% in July
  • EV volumes: 34,000+ units in quarter (highest ever), July exceeded 15,000 units
  • EV market share: 43% in July
  • Capex: ₹1,300 Cr for the quarter
  • FCF: ₹1,100 Cr for the quarter
  • PLI accruals: ₹313 Cr (mainly from Nexon.ev and Harrier.ev)
  • Jaguar Land Rover (JLR) Performance:
  • Revenue: £6 billion
  • EBIT margin: 2.8%
  • PBT: £109 million (down from £351 million YoY)
  • Wholesales: down ~10% YoY (8,000 units lower)
  • Net debt: £3.6 billion
  • Free cash flow: ~£1 billion negative (post-working capital)
  • Capitalization: 74% in the quarter
  • VME: 7.1% (significantly higher YoY)
  • Challenges Mentioned:
  • Commodity inflation impact: 4.5% in Q1, expected additional 3% in Q2
  • Supply chain constraints affecting production
  • Middle East conflict impacting retail (1,400 units)
  • Supplier fire impacted Range Rover and Range Rover Sport production
  • China market down 25% YoY
  • Jaguar model run-out affecting volumes
  • Strategic Updates:
  • JLR targeting 10% revenue growth per annum with focus on US market
  • Cost savings target: $1.7 billion
  • Four BEV launches imminent: Range Rover Electric, Range Rover Sport Electric, Range Rover GT, Jaguar Type 01
  • JLR EV production target: ~12,000 units in FY27
  • MoU with Stellantis for US manufacturing
  • India business targeting higher double-digit growth in FY27
  • Price increases: 1% cumulative across April and July (0.5% each)
  • Additional product launches planned in India EV portfolio
  • Guidance & Outlook:
  • JLR results not inconsistent with full-year guidance but require strong H2 performance
  • India margins expected to improve in H2 through price increases, cost reductions, and PLI
  • Commodity headwinds expected to persist in near term
  • Production target: ~70,000 units monthly (currently ~65,000)
  • Export growth target: 2x of FY26 levels in FY27

Additional Notes Section

  • The transcript was submitted to exchanges pursuant to Regulation 30 read with Para A of Part A of Schedule III of SEBI LODR Regulations, 2015.
  • The transcript is available on the company's website at https://cars.tatamotors.com/investors/financial-information/quarterly-results.html.
  • The document contains extensive financial data and operational metrics for both Tata Motors Passenger Vehicles and Jaguar Land Rover segments.
  • No explicit statement about unpublished price sensitive information was included in the transcript.