TMPV Q2 revenue up 34%, but JLR cuts its FY27 outlook

what happened

According to TradingView, Tata Motors Passenger Vehicles (TMPV) reported second-quarter revenue up 34% year over year, reaching 96,900 crore rupees. The EBITDA margin came in at 6.2%. Consolidated net debt rose to 50,800 crore rupees, while the company improved its FY27 cash-outflow outlook.

Subsidiary Jaguar Land Rover, by contrast, cut its guidance: it now expects an FY27 operating margin of 2–3%, down from 4%, and revenue of about 25 billion pounds instead of 26 billion. It expects net cash outflows of 1.25 billion pounds. TMPV sold 75,400 units in October 2026, its highest monthly volume ever.

The company also signed an MoU giving Stellantis access to its vehicle technology and architecture for global products, expanded its Battery-as-a-Service offer across the electric range, and introduced Tata.Cars as its global consumer brand.

why it matters

For investors, the key question is whether record sales volumes can offset weakening margins at JLR. The lower outlook for the British unit weighs on profit expectations for the group, while higher debt adds scrutiny to its financial resilience. The Stellantis agreement could open new opportunities for TMPV in electric vehicles.

market impact

TMPV shares: lower JLR margin outlook weighs on group profit expectations

• ▼TMPV shares pressure down — a lower JLR margin outlook weakens expectations for group profit

tags

instruments