Tata Motors' Q2 wholesales rise 42%; EBITDA margin slips 90 bps to 11.7%

What happened

• Tata Motors' wholesale volumes grew 42% in the September 2026 quarter, Upstox reported, with first-half volumes up 35%. Free Press Journal gave wholesales as 135.1K units, with domestic volumes up 30% and exports up 177%.
• Upstox gave profit after tax of ₹2,138 crore against a loss of ₹1,021 crore a year earlier, alongside standalone revenue up 42% to ₹23,930 crore. It reported EBITDA of ₹2,800 crore, up 31%, with the margin down 90 basis points to 11.7%, free cash flow of ₹4,600 crore and a net cash position of ₹11,300 crore.
• Free Press Journal's consolidated figures were a profit of ₹1,257 crore against ₹530 crore, revenue from operations of ₹25,338 crore against ₹18,585 crore, up 36%, and profit before tax of ₹1,998 crore against a loss of ₹561 crore. Its report is timed at 4:42 PM, after the close. The two outlets give different profit figures and comparisons.
• Upstox quoted the managing director as saying commodity cost pressures persisted through the first half and remain a headwind. The shares closed at ₹395.70 against ₹414.25 on Thursday on Kite data, a fall of 4.48% by my calculation, with the results out after the close.

Why it matters

Good to know: A basis point is one hundredth of a percentage point, so a margin that slipped 90 basis points fell by 0.9 of a percentage point. Operating profit can rise 31% while the margin falls if revenue grows faster, as here.

Key facts

Wholesale volumes

Up 42%; 135.1K units per Free Press Journal

Profit after tax, per Upstox

₹2,138 crore (loss of ₹1,021 crore a year earlier)

Consolidated profit, per Free Press Journal

₹1,257 crore (₹530 crore)

EBITDA, per Upstox

₹2,800 crore, up 31%; margin 11.7%, down 90 bps

Net cash, per Upstox

₹11,300 crore; free cash flow ₹4,600 crore

Read the source

• Tata Motors Q2: CV Major Posts Profit Of ₹2,138 Crore; EBITDA Margin Slips 90 bps To 11.7%Upstox
• Tata Motors Reports Significant Q2 FY27 Earnings Jump, Consolidated Profit Rises To ₹1,257 CroreFree Press Journal

Tata Motors in the news before

1. 12 OCT 2026 · DEALS & FUNDINGTata Motors raises its Iveco offer to €14.40 a share and calls it final
2. 10 SEP 2026 · DEALS & FUNDINGSends notices to shareholders and creditors on its amalgamation scheme
3. 4 SEP 2026 · DEALS & FUNDINGLaunches a voluntary tender offer for all shares of Iveco Group