International business: Volumes nearly tripled (3x) YoY, driven by Indonesia order
H1 domestic market share: 36.2% based on VAHAN registrations, increased 110 bps vs FY26
VAHAN data inclusion: Now includes MP and Andhra states, excluding Telangana (prior periods restated)
Segment Performance
Trucks: Volumes grew 34% YoY
CV Passenger: Volumes grew 31% YoY
SCV PU: Volumes grew approximately 27% YoY
EV volumes: Grew 143% in Q2 FY27
SCV EV retails: 4,400+ units in Q2 FY27, 2.9x YoY growth
E-buses: 64+ Cr green kms since inception, maintaining 95%+ fleet uptime
Industry Context
TIV offtake: Grew 28% YoY in Q2 FY27
Freight activity: Robust, recovering from monsoon-led slowdown in July
E-way bill generation: Remained healthy supported by goods movement and festive stocking
Fleet utilization: Improved as the quarter progressed
Freight rates: Increased in Q2 FY27
Transporter profitability: In recovery mode after dip at start of Q2
Strategic Initiatives & Partnerships
Showcased next-generation passenger mobility solutions at Prawaas 5.0
Launched new Ultra Prime and Starbus Prime range
Showcased next-generation aggregates portfolio at Bauma CONEXPO India 2026
Crowned "Best Truck of the Year" at Logistics & Transport Award 2026 in UAE
Signed MoU with Drivn: To offer innovative leasing and financing solutions for electric commercial vehicles
Collaborated with Petronas: To pilot scalable used-oil recycling model
Partnered with Welspun Renewable Energy: To develop 86 MW Wind-Solar Hybrid Project
Corporate Actions
Iveco consolidation to begin next quarter (Q3 FY27)
Q3 FY27 Strategic Priorities
Leverage demand momentum with disciplined pricing, costs and supply
Drive truck growth through productivity, payload and TCO improvements
Capture passenger mobility growth and scale electric buses
Accelerate SCV & Pickup portfolio growth and EV adoption
Scale aftermarket through uptime and service reach
Diversify and scale international business while managing geopolitical volatility
Focus on seamless transition for Iveco consolidation
Accounting Standards & Presentation Format
Financials prepared as per IndAS
Standalone results include Joint Operations with Tata Cummins
Consolidated financials include TML (including Joint Operation with Tata Cummins) and its subsidiaries TDM, TDMS, TMBSL, PTTMIL, TML CV Mobility Solutions, TML Smart City Mobility Solutions, Freight Tiger, TMF Holding group, TMIBASL, TML Holdings CV, associate companies (ACGL, Nita Co, Tata Hitachi), and joint ventures (TMGSL, TMDALL)
Key Metric Definitions
Reported EBITDA: Includes product development expenses charged to P&L and realized FX/commodity hedges, excludes gain/loss on realized derivatives for debt hedging, revaluation of foreign currency debt/assets/liabilities, MTM on FX/commodity hedges, MTM on unquoted investments, other income (except government grant), and exceptional items
Reported EBIT: Reported EBITDA plus profits from equity accounted investees less depreciation & amortization
Free cash flow: Net cash from operating activities less net cash used in automotive investing activities (including realized P/L on sale of mutual funds, excluding investments in consolidated entities, M&A asset purchases, movements in financial investments), after net finance expenses (including interest on leases) and fees paid
Reported ROCE (Auto): EBIT for last 12 months divided by average capital employed (YoY)
