Tata Motors Passenger Vehicles Ltd.India Up 46%, JLR Weak

TMPV reported Q1 FY27 revenue of ₹95,800 Cr, an EBIT margin of 2.4% and PBT of ₹1,600 Cr, down year on year.

India PV was strong: wholesale volumes rose 46% to about 182,000 units against industry growth of 24%, market share rose 200 bps to 14.3%, revenue grew 65% to ₹18,000 Cr and EV volumes hit a record 34,000-plus. But commodities cost 4.5% of revenue, offsetting a 2% material cost reduction and fixed-cost leverage, so EBITDA margin stayed near 4%; another 3% commodity hit is expected in Q2, with margins guided flattish.

JLR wholesales fell about 10% on the Jaguar run-out, a supplier fire and the Middle East conflict, VME rose to 7.1%, PBT dropped to GBP 109 million from GBP 351 million and free cash flow was just under GBP 1 billion negative. JLR kept its full-year guidance, targets $1.7 billion of savings, and expects about 12,000 EVs this year starting with the Range Rover Electric in September. Consolidated net debt was ₹42,000 Cr.