Tata Motors Passenger Vehicles Q1 FY27: Growth in India, Headwinds at JLR

Consolidated revenue was 95,799 crore, EBITDA margin 7.4%, EBIT margin 2.4%, and PBT (before exceptional items) 1,606 crore for the quarter ended June 30, 2026.

JLR revenue was 5,973 million pounds, adjusted EBIT margin 2.8%, PBT (before exceptional items) 109 million pounds, and free cash flow was negative 998 million pounds.

Management cited lower volumes due to temporary supply constraints (including a supplier fire), Middle East disruption, planned Jaguar wind-down, and higher retail VME (7.1% vs 4.1% YoY).

Tata PV revenue was 17,930 crore (+64.8% YoY), wholesales were 182.3 thousand units (+46.1% YoY), EBITDA margin 4.3%, and EBIT margin -0.5%.

EV offtake volumes (avg monthly) rose 112% YoY to 11.5 thousand in Q1 FY27. Vahan EV market share was 39.0% in Q1 FY27 and 42.7% in July 2026, as per the presentation.

Consolidated net debt was 42.2K crore at the end of Q1 FY27; the presentation attributed the increase primarily to seasonality.

JLR highlighted Range Rover Electric, Range Rover Sport Electric, Range Rover GT, and Jaguar Type 01. India PV highlighted Sierra.ev and refreshed Tiago and Tiago.ev.