- Revenue from operations, standalone (incl. Tata Cummins joint operation) · Q2 FY27 (July to September 2026)23,930 Rs crore +42% from Rs 16,861 crore in Q2 FY26
- EBIT margin, standalone (company definition) · Q2 FY27 (July to September 2026)9.7 % 10.2% in Q2 FY26
- Revenue from operations, consolidated · Q2 FY27 (July to September 2026)25,338 Rs crore +36% from Rs 18,585 crore in Q2 FY26
- Net cash position, standalone · 30 September 202611.3K Rs crore Rs 7.5K crore in March 2026
- Iveco shares tendered to the offer, per Tata Motors · 22 October 202635 %
- Offer price per Iveco common share (cum dividend) · 9 October 202614.40 € raised from €14.10
Tata Motors Limited, formerly TML Commercial Vehicles Limited, reported standalone revenue from operations of Rs 23,930 crore for the quarter ended 30 September 2026 (Q2 FY27), up 42% from Rs 16,861 crore a year earlier, its results filing of 23 October 2026 shows. Consolidated revenue from operations rose 36% to Rs 25,338 crore from Rs 18,585 crore.
| Measure | Standalone Q2 FY27 | Standalone Q2 FY26 | Consolidated Q2 FY27 | Consolidated Q2 FY26 |
|---|---|---|---|---|
| Revenue from operations, Rs crore | 23,930 | 16,861 | 25,338 | 18,585 |
| EBIT margin (company definition) | 9.7% | 10.2% | 8.9% | 8.7% |
| Profit/(loss) before exceptional items and tax, Rs crore | 2,660 | 1,757 | 1,780 | (551) |
| Profit/(loss) for the period, Rs crore | 2,138 | (1,021) | 1,254 | (867) |
Source: Tata Motors Ltd Q2 FY27 financial results and investor presentation (NSE filings, 23 October 2026), Quarters ended 30 September 2026 and 30 September 2025. Standalone includes the Tata Cummins joint operation. Brackets are losses.
The EBIT margin of 9.7% compares with 10.2% a year earlier and 9.4% in the prior quarter.
Standalone profit before exceptional items and tax, Q2 FY26 to Q2 FY27
- PBT (bei) Q2 FY261,757 Rs crore
- Volume, Mix+1,159 Rs crore
- Realisation (net)+1,017 Rs crore
- Variable costs−1,416 Rs crore
- Other costs−214 Rs crore
- FX & Others+356 Rs crore
- PBT (bei) Q2 FY272,660 Rs crore
Source: Tata Motors Ltd Q2 FY27 investor presentation, 23 October 2026 (for analytical purposes only), Q2 FY27.
Wholesales were 135.1K units in Q2 FY27, up 42% year on year, with domestic volumes up 30% and exports up 177%. Standalone free cash flow, another company-defined measure, was Rs 4,606 crore, against Rs 2,210 crore in Q2 FY26. Standalone net cash was Rs 11.3K crore at 30 September 2026, against Rs 7.5K crore in March 2026.
Where the Iveco offer stands
- Deal value
- 3.91 €bn (approx. revised maximum)
- Paid in
- Cash
- Per share
- €14.40 per share (cum dividend)
- Expected to close
- Settlement scheduled 30 October 2026, if completed
Conditions
- Minimum acceptance level, which Iveco said will be reduced from 95% to 80% of common shares after its 16 October EGM
- Threshold condition may be waived only subject to a minimum acceptance level of 66.67%
- No governmental or court order condition, which may not be waived
as of 16 October 2026. Sources below.
TML CV Holdings B.V. raised its cash offer for Iveco Group N.V. to €14.40 a common share from €14.10 on 9 October 2026 and called the new price best and final. Tata Motors' filing puts the revised maximum offer value at about Rs 42,561 crore (€3.91 billion). Its presentation says 35% of shares had been tendered as of 22 October 2026. The presentation says Iveco consolidation is to begin next quarter.
The standalone Q2 FY27 results are audited; the consolidated results are unaudited, with a limited review by B S R & Co. LLP.
- Tata Motors Ltd (formerly TML Commercial Vehicles Ltd), Q2 FY27 financial results, auditors' reports and press release (NSE filing), 23 Oct 2026, 12:14 CEST
- Tata Motors Ltd, Q2 FY27 investor presentation (NSE filing), 23 Oct 2026, 13:47 CEST
- TML CV Holdings B.V., increase in the price of the offer to €14.40 per common share (NSE filing by Tata Motors), 9 Oct 2026, 18:45 CEST
- Iveco Group, results of the Extraordinary General Meeting, 16 October 2026, 16 Oct 2026, 02:00 CEST
- Tata Motors and Iveco Group, launch of the voluntary tender offer for Iveco common shares (NSE filing), 4 Sept 2026, 22:02 CEST