Tata Motors revenue rises in Q1 as India PV growth offsets JLR slowdown

Tata Motors Passenger Vehicles reported a mixed performance for the first quarter of FY27, with consolidated revenue rising 9% year-on-year, while EBITDA fell 20% as higher raw material costs, adverse foreign exchange movements and weaker performance at Jaguar Land Rover (JLR) weighed on profitability.

Tata Motors PV’s consolidated revenue stood at ₹95,799 crore in Q1FY27, compared with ₹87,677 crore a year earlier. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) declined to ₹6,176 crore from ₹7,758 crore, while the EBITDA margin contracted to 6.5% from 8.8%.

The Tata Group auto firm reported an FX loss of ₹150 crore during the quarter, compared with an FX gain of ₹520 crore in the year-ago period, adding to the pressure on operating profitability.

India PV volumes rise 46%; market share remains strong

Tata Motors' India passenger vehicle business recorded a sharp 46% year-on-year increase in volumes in Q1FY27, although volumes declined 9% sequentially from the March quarter.

The company said domestic demand remains healthy, supported by rising electric vehicle penetration. Tata Motors' Vahan market share stood at 14.3%, while its electric vehicle market share remained steady at 39%.

The company expects commodity costs to remain elevated, signalling continued pressure on margins even as domestic demand stays resilient.

Tata Motors has maintained a strong position in India's EV market, with its portfolio spanning multiple segments. The company is also looking to build on its EV leadership as competition intensifies with new launches from domestic and global automakers.

JLR revenue, volumes decline; four new BEVs planned

Jaguar Land Rover (JLR) reported revenue of £5,973 million for Q1FY27, down 10% from £6,604 million in the corresponding quarter last year. EBITDA declined 21% to £484 million from £616 million, while the EBITDA margin narrowed to 8.1% from 9.3%.

JLR volumes fell 9% year-on-year and 17% quarter-on-quarter. Realisations were flat year-on-year but increased 5% sequentially.

Free cash flow remained negative at £998 million in the quarter, with closing cash balance at £1.7 billion.

The current year remains an important period for the JLR as the luxury brand expands its battery electric vehicle portfolio. JLR is expected to launch four new products in the coming months — Range Rover Electric, Range Rover Sport Electric, Range Rover GT and Jaguar Type 01.

Tata Motors PV shares settled nearly 2% higher on the NSE, quoting at ₹349.60. The stock has corrected around 5% so far this year, while the one year return too is negative by over 12%.