The company attributed the net loss in the quarter under review to the Mark-to-Market losses on account of recently listed investments in Tata Capital (Rs 2,000 crore) leading to PBT (bei) of Rs 600 crore and net income of Rs 900 crore.
Tata Motors is the commercial vehicle business of the Tata Group which was carved out from erstwhile Tata Motors Limited. The company has retained the name while the passenger vehicle business has been turned to Tata Motors Passenger Vehicles (TMPV). Tata Motors (CV) was listed on the exchanges on Wednesday and this is the company’s first earnings after being listed separately.
The company attributed the net loss in the quarter under review to the Mark-to-Market losses on account of recently listed investments in Tata Capital (Rs 2,000 crore) leading to PBT (bei) of Rs 600 crore and net income of Rs 900 crore.
The company improved its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margins to 12.2%, witnessing an uptick of 150 bps while the EBIT margin stood at 9.8%, rising by 200 bps aided by higher volumes and favorable realisations.
The Profit Before Tax (bei) for the quarter was reported at Rs 1,700 crore.Concerted actions over the years have resulted in consistent high cash flow generation and the free cash flows (FCF) for the quarter stood at Rs 2,200
crore.
H1FY26 FCF was at Rs 417 cr despite a seasonally weak Q1, leading to the highest ever H1 FCF for the business, the company filing claimed.
Consistent margins and higher penetration of non-cyclical businesses continue to grow ROCE% which stood at 45% versus 37% in Q2FY25.
The net debt for domestic business stood at Rs 600 crore as of September 30, 2025.
Business Highlights:
— CV segment wholesales stood at 96.8K units, up 12%. Domestic volumes were up by 9% YoY while exports jumped by 75%. Domestic CV VAHAN market share was steady at 35.3% in H1FY26.
— The company said that passed the entire benefit of GST reduction to customers across product range.
— Strengthened the portfolio with new offerings including Ace Gold+ Diesel, Winger Plus, LPT 812 and LPO 1822 to address diverse customer needs.
— Signed MoU with Green Energy Mobility Solutions to supply 100 Magna EV intercity coaches. ď‚· 1300 vehicles of Ace Pro EV billed within 4 months of launch.
Business outlook
The company said that the full impact of GST reforms is yet to unfold and with the festive season underway and improving consumption, it anticipates a strong second half for FY26. Construction, infrastructure, and mining activities will gain momentum, further fueling demand for trucks and tippers.
The business will continue its focus on profitable growth to deliver double digit EBITDA margin and robust cash flows along with high ROCE, the company filing said.
Tata Motors MD & CEO Girish Wagh called the Wednesday listing, a historic milestone for Tata Motors. “Our financial results underscore a resilient performance, driven by a sound and agile business strategy. After a subdued start, the rollout of GST 2.0 and the onset of the festive season catalyzed a surge in demand across segments. We recorded a 12% year-on-year volume growth, led by enhanced product availability, a refined pricing strategy, and intensified market activations,” he said.
Looking ahead to H2 FY26, we anticipate continued momentum from key demand drivers—construction, infrastructure, and mining. These sectors are poised to fuel growth, and our focus will remain on driving sustainable performance and shaping the future of mobility,” Wagh added.