• Event Type: Earnings call conducted after the Meeting of Board of Directors to discuss Q2 FY27 financial results.
  • Date and Time: The call was conducted following the board meeting on October 23, 2026 (specific time and time zone not mentioned in the transcript).
  • Purpose: Discussion of financial results for the second quarter and half year ended September 30, 2026.
  • Timing Relative to Earnings: The meeting was conducted after the earnings announcement (board meeting held on October 23, 2026).
  • Management Participants: Mr. Girish Wagh, MD & CEO; Mr. GV Ramanan, CFO; Sneha Gavankar (moderator/IR team).
  • Availability of Materials: The transcript is available on the company website at https://cv.tatamotors.com/. No mention of presentation deck or recording availability.
  • UPSI Statement: No specific statement regarding unpublished price sensitive information was included in the provided transcript.

Financial Highlights Discussed

Q2 FY27 Standalone Performance (including joint operations with Tata Cummins):

  • Wholesales: 1,35,100 units, up 42% YoY and 24% sequentially
  • Revenue: ₹23,900 crores, up 42% YoY
  • EBITDA: ₹2,800 crores, up 31% YoY at margin of 11.7% (down 90 bps YoY)
  • EBIT: ₹2,300 crores at margin of 9.7% (down 50 bps YoY)
  • PBT (before exceptional items): ₹2,700 crores, up 51% YoY
  • Free Cash Flow: ₹4,600 crores (vs ₹2,200 crores in Q2 FY26)
  • Net Cash: ₹11,300 crores as of September 30, 2026
  • Auto ROCE: 65% on trailing 12-month basis
  • Investment Spend: ₹600 crores for the quarter

Segment Performance Q2 YoY:

  • HCV: +41%
  • ILMCV: +24%
  • Small Commercial Cargo and Pickup: +27%
  • CV Passenger: +31%
  • International Business: +177%

Commodity Impact: 590 bps headwind in Q2, with further 150-200 bps expected in Q3

Price Actions Taken in FY27: 1% in January, 2% in April, 2.5% in July, and 1-2% from October 1

Market Share H1 FY27:

  • Overall: 36.2% (up 110 bps vs FY26)
  • HCV: 55.7% (up 50 bps)
  • ILMCV: 36.3%
  • SCV Pickups: 27.6% (up 130 bps)
  • CV Passenger: 41.1% (up 500 bps)

EV Business:

  • Overall EV volumes grew 143% YoY
  • SCV EV retails: 4,400+ units in Q2 (2.9x YoY growth)
  • EV salience in SCV pickup: ~12% in Q2, expected to reach ~20%

IVECO Acquisition Update:

  • Best and final offer: EUR 14.40 per share (increased from EUR 14.10)
  • Acceptance period: September 7 - October 26, 2026
  • As of October 22: ~35% of shares tendered
  • EGM approved all offer-related resolutions on October 16
  • Expected settlement: October 30, 2026

Indonesia Order: 70,000-unit order being delivered at 4,500-5,000 units/month over FY27-FY28

Additional Notes

  • The document is a regulatory filing containing the earnings call transcript submitted to BSE and NSE.
  • The transcript includes detailed financial results, business updates, and Q&A session with analysts.
  • No attachments were mentioned in the provided data text.
  • Significant financial data was disclosed including revenue, profitability, cash flow, and segment performance metrics.