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Earnings Call Transcript

Tata Motors Passenger Vehicles Earnings Call Transcript: Key Takeaways

Tata Motors faces a difficult Q1 FY27 as rising commodity costs and supply disruptions in the JLR segment offset strong domestic EV volume growth. Management remains optimistic about H2 recovery through new launches.

Guidance and delivery
Management target Revenue 10.0%
Highlights
Revenue growthConsolidated revenue at ₹95.8K Cr; domestic up 65%, JLR down 9.6%.
MarginsEBITDA margins flat at 7.4% due to severe commodity cost pressures.
Order bookStrong EV order book; JLR inventory balancing ahead of new launches.
Demand visibilityStrong domestic demand; China and luxury segments face significant macro headwinds.
Management confidenceCautiously optimistic, focusing on H2 recovery through aggressive new product pipeline.

Growth

Domestic volumes grew 46% YoY, while JLR wholesales fell 10% due to supply constraints and Middle East conflict.

Outlook

Targeting 10% annual revenue growth; expected margin recovery in H2 via price hikes and cost reductions.

Risks

Elevated commodity inflation (3% residual impact in Q2), China market correction (-25%), and JLR supply chain volatility.

Last quarter's promises, checked

Delivered

  • JLR EBIT guidance 0%-2% → delivered 0.7% (= BEAT)
  • JLR Cash Loss guidance GBP 2.2B-2.5B → delivered GBP 2.2B (= BEAT)
  • Domestic Capex guidance 7.5% of revenue → delivered 7.5% (= BEAT)

Partly delivered

  • Sierra production milestone 10K units → supply constraints cited (= PARTIAL)
  • PLI accruals target Rs 1,000 Cr → delivered Rs 1,000 Cr but includes Q3 catch-up (= PARTIAL)

Missed

  • JLR Wholesales target 300K+ units → delivered 95K in Q4 (= MISS)
Source

Earnings Call Transcript filed with BSE, NSE: TMPV. Summary written with AI assistance from the document.

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Tata Motors Passenger Vehicles Ltd: key numbers

Share price
₹290.45
Market cap
₹1,06,973 Cr
Revenue (annual)
₹3,35,582 Cr
Net profit (annual)
₹82,390 Cr
P/E (TTM)
1.4×Sector 33.6×
Promoter holding
42.51%-0.05% QoQ
FII holding
17.11%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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