TMCV Tata Motors (TMCV) Q2 FY26 results (Jul–Sep 2025) and concall
TMCV's first standalone earnings call post-demerger showcased a strong commercial vehicles franchise with double-digit EBITDA, 45% ROCE, and record H1 free cash flow. The business demonstrated resilience with 12% volume growth despite transitioning through GST cuts. Management highlighted structural improvements in cash generation capability - FCF at 10% of revenue. The Iveco acquisition is progressing with funding secured. Key demand drivers include GST-driven consumption boost, improving fleet utilization, and recovery in mining/construction. The Rs 2,000 crore Tata Capital MTM loss was a no
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What they filed
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|
| Revenue | 18,819 | 21,863 | 17,324 | 18,585 |
| EBITDA | 2,033 | 2,431 | 2,076 | 2,032 |
| Net profit | 1,355 | 1,340 | 1,397 | -867 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
