Mumbai: Tata Motors Ltd. reported sales of 1,35,114 commercial vehicles across domestic and international markets in the second quarter of FY27, marking a 42.7% year-on-year increase from 94,681 units sold during the same period last year.
The company also maintained strong momentum in September, with domestic and international sales reaching 51,062 units, up from 35,862 units in September 2025.
For the first half of FY27, Tata Motors recorded volumes of 2,43,602 units, representing a 35.1% increase year-on-year, according to the company.
Growth during the quarter was spread across several commercial vehicle segments, supported by demand from infrastructure, construction, mining, e-commerce, consumer goods and passenger transportation.
Medium and Heavy Commercial Vehicles Lead Growth
Domestic sales of medium and heavy commercial vehicles, or MH&ICVs, stood at 22,616 units in September 2026, compared with 15,669 units a year earlier, translating into 44.3% year-on-year growth.
For Q2 FY27, domestic MH&ICV sales increased 34.1% to 55,582 units, from 41,461 units in Q2 FY26.
Including exports, MH&ICV sales reached 23,910 units in September, up 42.7% from 16,759 units in September 2025.
During the full quarter, domestic and international MH&ICV volumes stood at 59,194 units, compared with 45,095 units a year earlier, representing growth of 31.3%.
Electric vehicle volumes also expanded sharply, with Tata Motors reporting 2.4-times year-on-year growth in EV sales during Q2 FY27.
Infrastructure, E-Commerce and Consumption Support Demand
Girish Wagh, MD & CEO, Tata Motors Ltd., said the company had seen broad-based momentum across its commercial vehicle businesses during the past 12 months.
“We are encouraged by the strong, broad-based momentum built across our businesses in the past 12 months as an independent commercial vehicle company, reflecting the strength of our portfolio, technology-led innovation and deep customer understanding.
In Q2 FY27, sales grew to 1,35,114 units, a strong 42.7% growth, taking H1 FY27 volumes to 2,43,602 units, up 35.1% year-on-year. Importantly, the growth registered during the quarter was broad-based, reflecting healthy demand across the economy. HCVs benefited from continued activity in core sectors, sustained infrastructure, construction and mining activity; ILMCVs from e-commerce and FMCG, FMCD, and two-wheeler logistics; and SCVPU from consumption-led freight movements. Passenger transportation also maintained momentum, supported by last-mile mobility, government orders and growing intercity travel. Overall fleet utilisation levels were stable, indicating healthy underlying freight activity.
Looking ahead, commodity costs remain a significant concern, while diesel prices, potential interest rate hikes and global uncertainties remain key monitorables. While the high H2 base could moderate growth rates, industry fundamentals remain supportive. Sustained government capital expenditure, a post-monsoon pickup in mining and construction activity, rising e-commerce volumes and the festive season are expected to support freight and transportation demand. Through this, we remain confident in our ability to drive sustainable growth through innovation, customer value and disciplined execution.”
The demand picture cited by the company suggests that commercial vehicle growth is being supported by more than one corner of the economy. Heavy trucks are benefiting from infrastructure and mining activity, while intermediate and light commercial vehicles are being supported by e-commerce, FMCG, consumer durables and two-wheeler logistics.
Small commercial vehicles and pickups, meanwhile, are benefiting from consumption-driven freight movement. Passenger transportation demand has also remained firm, helped by last-mile mobility, government orders and expanding intercity travel.
In other words, the quarter was not simply a case of one truck category doing all the heavy lifting.
Commodity Costs and Interest Rates Remain Risks
Despite the strong performance, Tata Motors flagged several factors that could affect demand and profitability in the months ahead.
Commodity prices remain a significant concern, while diesel costs, the possibility of higher interest rates and broader global uncertainty are among the factors being monitored by the company.
Tata Motors also cautioned that a relatively high comparison base in the second half of the financial year could moderate the pace of year-on-year growth.
At the same time, the company expects continued government capital expenditure, increased mining and construction activity after the monsoon, rising e-commerce volumes and festive-season demand to provide support to freight and passenger transportation.
Tata Motors Ltd., formerly TML Commercial Vehicles Ltd., is part of the USD 180 billion Tata Group and manufactures trucks, buses, pickups and utility vehicles. Its operations extend beyond India to South Korea, with a presence across Africa, the Middle East, Latin America, Southeast Asia and SAARC markets.
Under the Composite Scheme of Arrangement sanctioned by the National Company Law Tribunal’s Mumbai Bench involving Tata Motors Limited, TML Commercial Vehicles Limited and Tata Motors Passenger Vehicles Limited, the company’s name was changed from TML Commercial Vehicles Limited to Tata Motors Limited with effect from October 29, 2025. Its shares are listed on the BSE under scrip code 544569 and on the NSE under TMCV.
The latest numbers underline the continued strength of India’s commercial vehicle market as infrastructure spending, logistics activity and consumption generate freight demand. Whether that momentum can be sustained through the second half of FY27 will increasingly depend on how commodity costs, fuel prices, borrowing rates and the wider economy behave.
| Category | September ’26 | September ’25 | % Change | Q2 FY27 | Q2 FY26 | % Change |
| HCV Trucks | 14,171 | 9,870 | 43.6% | 33,756 | 24,056 | 40.3% |
| ILMCV Trucks | 7,990 | 6,066 | 31.7% | 20,949 | 16,845 | 24.4% |
| Passenger Carriers | 4,816 | 3,102 | 55.3% | 15,455 | 11,428 | 35.2% |
| SCV cargo and pickup | 16,510 | 14,110 | 17.0% | 43,822 | 34,732 | 26.2% |
| Total CV Domestic | 43,487 | 33,148 | 31.2% | 1,13,982 | 87,061 | 30.9% |
| International Business | 7,575 | 2,714 | 179.1% | 21,132 | 7,620 | 177.3% |
| Total CV | 51,062 | 35,862 | 42.4% | 1,35,114 | 94,681 | 42.7% |
