Tata Motors Ltd.Wholesales +26%, EBITDA 11.7%, Commodity Hit

Tata Motors, formerly TML Commercial Vehicles, reported Q1 FY27 standalone wholesales of about 108,700 units, up 26% year on year, with every product line growing in double digits.

Standalone revenue rose 23% to ₹19,300 Cr and EBITDA was ₹2,300 Cr at an 11.7% margin, down 60 bps as steel, aluminium and copper costs took 340 bps, offset by price increases and operating leverage. PBT before exceptional items rose 26% to ₹2,057 Cr and free cash flow was ₹1,114 Cr against a negative ₹1,796 Cr, helped by a working capital outflow of only ₹232 Cr and an Indonesia advance. Consolidated revenue was ₹20,700 Cr with a 10.9% EBITDA margin.

Heavy commercial vehicle share reached 56.3%, EV orders topped 3,400, and a 2.5% price increase was taken on 1 July. Management expects double-digit growth in Q2, battery cell and component supply constraints to ease, and the Iveco tender offer to launch in early September with closure by early November.