Tata Motors Q2 FY27 Results: Consolidated Net Profit ₹1,254 Crore on Total Income of ₹25,774 Crore
Earnings
automotive
Blacklitt Research4 min read
Tata Motors (NSE: TMCV) reported consolidated total income of ₹25,774 crore and net profit of ₹1,254 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹24,391 crore and net profit of ₹2,138 crore, it said in a filing on 23 Oct 2026. Consolidated profit attributable to shareholders was ₹1,257 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹25,774 crore, up 37.4% YoY and 22.4% QoQ
Net profit and EPS: ₹1,254 crore; basic EPS ₹3.41, against a loss of ₹867 crore a year earlier
Exceptional items: A gain of ₹218 crore, including a ₹235 crore Labour Codes reversal
Finance costs: ₹100 crore, down 60.9% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹24,391 crore, up 42.3% YoY and 23.7% QoQ
Net profit and EPS: ₹2,138 crore; basic EPS ₹5.81, against a loss of ₹1,021 crore a year earlier
Exceptional items: A gain of ₹218 crore in the quarter
Finance costs: ₹52 crore, down 72.0% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
25,774.00
18,757.00
+37.4%
21,063.00
+22.4%
Revenue from operations
25,338.00
18,585.00
+36.3%
20,667.00
+22.6%
Other income
436.00
172.00
+153.5%
396.00
+10.1%
1,254.00
-867.00
n/a
2,556.00
-50.9%
Finance costs
100.00
256.00
-60.9%
135.00
-25.9%
Depreciation
539.00
472.00
+14.2%
508.00
+6.1%
Tax expense
744.00
306.00
+143.1%
414.00
+79.7%
Net profit margin
4.87%
-4.62%
+9.49 pp
12.14%
-7.27 pp
Tax as share of profit before tax
37.2%
n/a
n/a
13.9%
+23.30 pp
EPS, basic (₹)
3.41
n/a
n/a
6.95
-50.9%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 50.9% QoQ to ₹1,254 crore while total income rose 22.4%. The quarter's profit before tax is ₹1,998 crore, after a gain of ₹218 crore in exceptional items, which the notes say includes a ₹235 crore reversal from the statutory impact of the new Labour Codes. The notes say this reversal relates to changes in salary for certain employee groups, which reversed provisions for gratuity and long-term compensated absences.
Tax of ₹744 crore is 37.2% of profit before tax, against 13.9% in the previous quarter.
Other income of ₹436 crore is 21.8% of consolidated profit before tax. Revenue from operations rose 36.3% YoY, while other income rose 153.5%. The notes say the quarter includes a lower mark-to-market loss on investments in Tata Capital Limited than in the year-earlier quarter. Net profit attributable to shareholders was ₹1,257 crore, with a ₹3 crore non-controlling interest loss.
Basic EPS of ₹3.41 is set against net profit of ₹1,254 crore. The filing says EPS is calculated after considering the impact of equity shares issued under the scheme from the date of incorporation, but the filing does not give the share count used, so the per-share figure cannot be reconciled from the text read.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
24,391.00
17,139.00
+42.3%
19,725.00
+23.7%
Revenue from operations
23,930.00
16,861.00
+41.9%
19,329.00
+23.8%
Other income
461.00
278.00
+65.8%
396.00
+16.4%
2,138.00
-1,021.00
n/a
1,528.00
+39.9%
Finance costs
52.00
186.00
-72.0%
68.00
-23.5%
Depreciation
472.00
412.00
+14.6%
447.00
+5.6%
Tax expense
740.00
412.00
+79.6%
429.00
+72.5%
Net profit margin
8.77%
-5.96%
+14.72 pp
7.75%
+1.02 pp
Tax as share of profit before tax
25.7%
n/a
n/a
21.9%
+3.79 pp
EPS, basic (₹)
5.81
n/a
n/a
4.15
+40.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 39.9% QoQ to ₹2,138 crore, faster than total income, which rose 23.7%. Standalone tax of ₹740 crore is 25.7% of profit before tax of ₹2,878 crore, against 21.9% in the previous quarter. Finance costs of ₹52 crore are 0.2% of total income.
The standalone figures include the company's proportionate share of income and expenditure in its joint operation, Tata Cummins Private Limited and its subsidiary. Excluding the joint operation, the filing gives revenue from operations of ₹23,708 crore and profit after tax of ₹2,071 crore for the quarter, which is ₹67 crore below the reported standalone figure.
Consolidated net profit of ₹1,254 crore is ₹884 crore lower than standalone net profit of ₹2,138 crore. Consolidated total income is ₹1,383 crore higher than standalone.
Inference
The results add a 18% incremental stake in Freight Commerce Solutions Private Limited, acquired for ₹96 crore, which made it a subsidiary from May 2026 and gave rise to goodwill of ₹360 crore. Eligible shareholders exercised put options in the quarter for ₹4 crore of equity shares and ₹23 crore of CCPS. The filing does not give the total paid to date for these put options beyond those amounts.
The Iveco tender offer, open until 26 Oct 2026, has a revised maximum offer value of approximately ₹42,561 crore (€3.91 billion). The filing does not say how the offer is funded or how much has been paid as at 30 Sep 2026. The company says Iveco will be consolidated from the next quarter, but the filing does not say what effect that will have on results.
The company paid a final dividend of ₹4.00 per share, totalling ₹1,473 crore, during the six months. The filing says the cost of EPR obligations for end-of-life vehicles cannot be reliably estimated as at 30 Sep 2026, and the filing does not give the cost of EPR certificates.
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