Mumbai: In a week that saw the newly demerged Tata Motors Limited (formerly TML Commercial Vehicles Ltd.) take its first lap as an independently listed entity, the company has followed it up with something even more exciting—a power-packed Q2 FY26 result sheet that reads like a CV sector superhero origin story.
And yes, for those keeping count: the ticker symbol “TMCV” is officially on the BSE and NSE, meaning traders can now honk proudly as they track one of India’s most iconic CV brands.
📊 Financials That Flex
The Commercial Vehicles (CV) segment of Tata Motors delivered a quarter that would make even a long-haul truck look light on its feet.
- Revenue: ₹18.4K Cr (+7%)
- EBITDA: ₹2.2K Cr (+21%)
- PBT (before exceptional items): ₹1.7K Cr (up ₹469 Cr)
- Free Cash Flows: ₹2.2K Cr (a jump of ₹1.2K Cr)
- ROCE: A hearty 45%, proving efficiency isn’t just for electric powertrains.
The secret sauce? 12% YoY volume growth, disciplined pricing, and what the company calls “profitable growth focus.” Translation: selling better, not just selling more.
And perhaps the real showstopper—H1 FY26 FCF hit its highest ever, despite the monsoon blues of a typically slow Q1.
As of September 30, the domestic business net debt has slimmed down to ₹0.6K Cr—which, in corporate fitness terms, is practically marathon-ready.
🏢 Consolidated View: One Speed Breaker, Many Accelerations
On a consolidated basis:
- Revenue: ₹18.6K Cr (+6%)
- EBITDA Margin: 11.4% (+140 bps)
- EBIT Margin: 8.8% (+170 bps)
But just as the company was cruising comfortably, mark-to-market turbulence arrived courtesy of the recently listed Tata Capital investments—impacting profits with a ~₹2K Cr drag. Result: a PBT (bei) of ₹(0.6)K Cr and Net Income of ₹(0.9)K Cr.
Silver lining?
TML is Net Cash Positive at ₹1.2K Cr, proving that even during accounting rainstorms, the cash umbrella stayed open.
🔧 Corporate Actions: Busy, Bold, and Very Businesslike
- Demerger Completed: Commercial Vehicles business is now officially “Tata Motors Limited” and proudly trading as TMCV since November 12.
- IVECO Acquisition: On track with regulatory approvals in progress; targeted closure by April ’26.
- Freight Tiger Investment: Additional ₹134 Cr pumped in, taking total investment to ₹284 Cr—because AI-led logistics waits for no one.
🚛 Business Highlights: Wheels Turning Everywhere
- Wholesales: 96.8K units (+12%)
- Exports: Up a massive 75%—proof that Indian trucks are making global highways nervous.
- Domestic VAHAN Share: 35.3% in H1
- Segment splits continue to impress:
- HGV+HMV: 47.2%
- MGV: 35.8%
- LGV: 28.6%
- Passenger: 36.5%
The entire GST reduction benefit has been passed on to customers, making this one of the rare times the CV industry collectively smiles.
New launches such as the Ace Gold+ Diesel, Winger Plus, LPT 812, and LPO 1822 further expand the showroom buffet.
Meanwhile, MoUs and EV milestones keep rolling in: 1300 Ace Pro EVs billed within four months—a number even small EVs would envy.
🔮 Outlook: Expect a Busy Highway Ahead
With GST 2.0 accelerating demand, the festive season energizing consumption, and infrastructure & mining sectors gearing up, H2 FY26 is expected to be nothing short of a multi-axle growth parade.
The company’s mantra is clear:
Double-digit EBITDA, strong cash flows, and high ROCE—all while keeping the “Better Always” promise polished.
🎙 Leadership Speak
Girish Wagh, MD & CEO, Tata Motors Ltd., summed up the quarter with confidence and clarity:
“Listing on the stock exchanges was a historic moment. With GST 2.0 and festive tailwinds, demand has strengthened across segments. Our strategy and customer-centricity continue to deliver. H2 looks promising as infrastructure and mining activity pick up.”
GV Ramanan, CFO, Tata Motors Ltd., highlighted the financial discipline:
“Strong fundamentals led to double-digit EBITDA and a ROCE of 45%. Consistent cash flow generation has given us our highest-ever H1 FCF. As a newly listed entity, we are poised for long-term value creation.”
💼 Additional Notes
- Finance costs remained stable at ₹256 Cr (vs ₹254 Cr in Q1).
- Free Cash Flow turned positive at ₹2.0K Cr this quarter (vs negative ₹2.0K Cr in Q1).
- Net cash position stands at a confident ₹1.2K Cr.
Commercial Vehicles Segment – Key financials
| Q2 FY25 | Q2 FY26 | H1 FY25* | H1 FY26 | Q2 vs Q2 | H1 vs H1 | |
| YoY | YoY | |||||
| Revenue (Rs. Cr.) | 17,237 | 18,370 | 35,073 | 35,378 | 6.6% | 0.9% |
| EBITDA % | 10.7% | 12.2% | 11.2% | 12.2% | 150 bps | 100 bps |
| EBIT% | 7.8% | 9.8% | 8.4% | 9.8% | 200 bps | 140 bps |
| PBT (bei) (Rs. Cr.) | 1,225 | 1,694 | 2,728 | 3,326 | 469 | 598 |
| FCF (Rs. Cr.)** | 984 | 2,211 | 176 | 417 | 1,227 | 241 |
*Q1 FY25 numbers included within H1 FY25 numbers are derived. ** Standalone+ Joint operation
