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ata Motors CV Q1FY27 results came in healthy

ICICIdirect Research 13 Aug 2026 DISCLAIMER

News: Tata Motors CV Q1FY27 results came in healthy. Consolidated topline for Q1FY27 stood at ₹20,667 crore (up 19% YoY) with EBITDA at ₹2,274 crore and EBITDA margins at 11% (down ~270 bps QoQ). PAT in Q1FY27 came in at ₹ 2,560 crore (up 83% YoY), supported by exceptional gains (MTM gains on investment in Tata Capital).  

View: volumes nearly tripled. Management shared positive growth commentary supported by Indonesia order (70,000 units of visibility across FY27-FY28), and more than 4,500 CV passenger orders incl. 850 e-bus orders. The key near-term risks are commodity inflation, where variable costs already created a 340-bps headwind during the quarter. However, the company has responded with a 2.5% July price increase, which along with volume/mix and realization contributed positively while operating leverage from the larger revenue base provided another 180-bps benefit. Management remains constructive on near-term demand and expects Q2 to deliver double-digit YoY volume growth, with July described as particularly robust despite the monsoon. 

Impact: Positive

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