Tata Motors PV Q2 Results: Net loss at ₹5,531 crore on JLR restructuring costs, asset impairment

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Tata Motors PV's Q2 FY27 performance saw revenue rise 34% year-on-year to ₹96,920 crore, while EBITDA turned positive at ₹4,866 crore from a loss of ₹1,404 crore a year ago. However, exceptional charges of ₹6,738 crore, including employee separation costs and asset impairment, pushed the company into a net loss of ₹5,531 crore.

Tata Motors Passenger Vehicles Ltd (Tata Motors PV) on Friday (November 13) reported a consolidated net loss of ₹5,531 crore for the second quarter of FY27, compared with a net profit of ₹76,170 crore in the corresponding quarter last year.

The company reported exceptional items worth ₹6,738 crore during the September quarter, compared with ₹2,608 crore in Q2 FY26.

Revenue from operations increased 34% year-on-year to ₹96,920 crore in Q2 FY27, compared with ₹72,349 crore in the year-ago period. However, the revenue figure was below the CNBC-TV18 poll estimate of ₹1 lakh crore.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹4,866 crore, compared with an EBITDA loss of ₹1,404 crore in the corresponding quarter last year. However, the figure missed the CNBC-TV18 poll estimate of ₹7,354 crore.

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Consolidated profit before tax and exceptional items (PBT before exceptional items) stood at ₹400 crore, compared with a year-ago improvement of ₹5,900 crore.

Exceptional items worth ₹6,700 crore during the quarter primarily comprised provisions towards employee separation costs of ₹3,800 crore and impairment of assets worth ₹2,900 crore. This resulted in a consolidated loss before tax of ₹6,300 crore. Net loss for the quarter stood at ₹5,500 crore after recognition of a deferred tax asset.

The company's consolidated earnings before interest and tax (EBIT) margin stood at 1.1%, up 790 basis points year-on-year. The year-on-year improvement in margins primarily reflected the recovery from the cyber incident at Jaguar Land Rover (JLR) during the corresponding period last year. However, sequential margins were affected by adverse product mix and continuing commodity cost pressures.

Consolidated free cash flow (FCF) was negative at ₹6,300 crore during the quarter, compared with the year-ago period. Net debt stood at ₹50,800 crore as of September 30, 2026.

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