Tata Motors Q2 preview: Here's what to expect from the auto giant

Tata Motors Q2 preview: Key factors to watch will be JLR and India CV demand and margin outlook, analysts at Nuvama said.

Tata Motors Q2 preview: Auto giant Tata Motors is set to announce its first quarterly results post-demerger, marking a major milestone for the auto major. The company recently split into two entities: Tata Motors Commercial Vehicles (CV) and Tata Motors Passenger Vehicles (PV).

 

Tata Motors CV is slated for listing today i.e November 12, 2025, while Tata Motors PV will report its quarterly earnings on November 14, 2025.  FOLLOW TATA MOTORS CV SHARE PRICE LIVE 

These are the first numbers after the demerger. However, at the consolidated levels this is the expectation of top brokerages.

Nuvama

 

Nuvama analysts expect Tata Motors’ consolidated revenue to decline year-on-year (Y-o-Y), led by a fall in JLR volumes. Consolidated Ebitda margin is likely to contract owing to weaker profitability in the JLR business. 

 

Within revenue, PV and CV segments are estimated at ₹79,800 crore and ₹19,300 crore, respectively, while Ebitda from PV and CV is projected at ₹6,340 crore and ₹2,340 crore. 

 

Key factors to watch will be JLR and India CV demand and margin outlook. 

 

Overall, analysts forecast revenue to drop 2 per cent Y-o-Y to ₹99,134.8 crore, Ebitda to fall 26 per cent Y-o-Y to ₹8,656.4 crore, and adjusted PAT to dip 2 per cent Y-o-Y to ₹2,786.6 crore.

InCred Equities

 

Analysts at InCred Equities expect Tata Motors to be among the laggards in Q2FY26, with year-on-year Ebitda growth likely to remain weak despite broader sector gains. 

 

Therefore, they project revenue to decline 6.6 per cent Y-o-Y to ₹94,756.8 crore, Ebitda to fall 35.9 per cent Y-o-Y to ₹9,362.6 crore, and PAT to drop 26 per cent Y-o-Y to ₹2,112.5 crore.

Kotak Institutional Equities

 

Kotak Institutional Equities experts predict JLR volumes (excluding the China JV) to decline 12 per cent Y-o-Y, led by weakness in the US (tariff-related) and China markets. Revenues (ex-China JV) are expected to drop 16 per cent Y-o-Y in Q1FY26, driven by lower volumes, though average selling price may rise 2.5 per cent QoQ on a richer model mix and lower discounts. 

 

The reported Ebitda margin is projected to decline 680 bps Y-o-Y to 9 per cent, impacted by negative operating leverage, higher US tariffs, and adverse forex movement due to GBP appreciation versus USD. 

 

JLR Ebit margin is expected at 3.2 per cent (-570 bps Y-o-Y). The domestic PV business Ebitda margin is seen falling to 6.8 per cent (-100 bps Y-o-Y) on account of negative operating leverage, higher marketing spends (IPL), and commodity headwinds, partly offset by a richer SUV mix. 

 

That said, Kotak Institutional Equities analysts forecasts revenue down 9.3 per cent Y-o-Y to ₹1,08,048 crore, Ebitda down 41.9 per cent Y-o-Y to ₹15,509 crore, and profit down 41.6 per cent Y-o-Y to ₹5,342.7 crore.