The call has ended.

Key takeaways

JLR-led group revenue rose 34% YoY off a cyber-hit base, but EBIT margin fell to 1.1% from 2.4% QoQ amid ₹6,700 Cr exceptionals. JLR FY27 guidance was cut.

Guidance and delivery
Management target	Revenue 10.0%

Highlights
Revenue growth	Group revenue +34% YoY, flattered by JLR cyber-hit base.
Margins	EBITDA 6.2%, EBIT 1.1%, down from 2.4% QoQ; contraction.
Order book	EV bookings ~30% of total; pending EV bookings 40-45%; EV stock ~10 days.
Demand visibility	India demand robust; EV orders ahead of capacity; H2 growth moderating.
Management confidence	Balanced-to-defensive; admits guidance cut, defers China answers.

Growth

Group revenue ~₹96-97k Cr, +34% YoY, flattered by JLR's cyber-hit base; India revenue +50%.

Outlook

FY27 JLR EBIT 2-3%, cash outflow ~£1.25bn; FY28 double-digit EBIT; net cash by FY30.

Risks

China/MENA collapse hits JLR mix; FY27 EBIT cut to 2-3%; commodity squeeze; net debt ₹51,000 Cr.

Last quarter's promises, checked

Delivered

Guided higher double-digit FY27 volume growth → India offtake +40% YoY (= BEAT)
Guided 10% revenue growth p.a. → group revenue +34% YoY (= BEAT)

Partly delivered

Guided capex step-up from ₹1,300 Cr Q1 → H1 ₹2,700 Cr (= PARTIAL)

Missed

Guided FY27 JLR guidance held (Q1 EBIT 2.8%) → cut to 2-3% (= MISS)
Guided Q2 margins flattish vs Q1 (EBIT 2.4%) → EBIT 1.1% (= MISS)
Guided commodity headwinds neutralized → ~40% offset YTD (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 9:42 PM IST. Open it on ALFA Filings ›