Tata Motors Ltd.volumes +42%, EBITDA +31%, IVECO offer at EUR14.40

Tata Motors' Q2 FY27 call, held on 23 October 2026, reported wholesales of 1,35,100 units, up 42% on the year and 24% on the quarter, with every segment growing double digits and international volumes up 177% on the Indonesian order.

Standalone revenue was ₹23,900 crore, up 42%, EBITDA about ₹2,800 crore, up 31% at an 11.7% margin that held flat on the quarter, and profit before tax before exceptional items ₹2,700 crore, up 51%. Free cash flow was ₹4,600 crore and net cash ₹11,300 crore. Management said a 590 bps commodity headwind was almost fully offset by operating leverage and pricing, but expects a further 150 to 200 bps in Q3, with four price actions taken this year.

The IVECO tender offer was raised to EUR14.40 as a best and final offer, with about 35% tendered and settlement due 30 October. Q3 growth is guided to slow to high single digits or early double digits. Of 14 earlier promises, 1 was beaten, 5 met, 5 are on track, 2 are delayed and 1 was not mentioned.