TMCV Q1 results: Net profit jumps 83% to Rs 2,560 crore; revenue rises 19%

Tata Motors (Commercial Vehicles) Ltd (TMCV) on Wednesday reported a consolidated net profit of Rs 2,560 crore for the first quarter of financial year 2027 (Q1 FY27), an 83.25 per cent increase from Rs 1,397 crore in the corresponding quarter a year earlier. The profit is attributable to shareholders of the company.

TMCV said the increase in net profit was led by a mark-to-market gain on investments in Tata Capital.

Revenue from operations stood at Rs 20,667 crore in Q1 FY27, up 19.30 per cent from Rs 17,324 crore in the year-ago quarter, according to the company's exchange filing released after market hours.

EBITDA increased 10 per cent year-on-year to Rs 2,300 crore during the quarter. However, the EBITDA margin declined to 10.9 per cent from the year-ago period, marking a contraction of 90 basis points (bps).

As of June 30, 2026, TMCV was net cash positive at Rs 13,500 crore. The company said this figure includes TMF Holdings' gross debt, less the market value of its investments in Tata Capital.

Sharing an update on Iveco deal, TMCV said regulatory approvals were in the final stage, with one approval still pending. The company said all queries raised by the competent authority had been addressed and that the final clearance was expected by the end of August 2026.

"Accordingly, the Tender Offer is expected to be launched in early September 2026 with an expected closure by early November 2026," TMCV said.

Girish Wagh, MD & CEO of TMCV, said, "The commercial vehicle industry remained resilient in Q1 FY27, supported by India's strong economic fundamentals, healthy fleet utilisation, and sustained demand across key sectors."

He added, "Our ecosystem-led approach to electrification continued to gain momentum, reflected in a growing order pipeline across segments. The eSCV segment recorded its strongest-ever performance, achieving ~10 per cent salience during May and June and ~47 per cent market share in Q1, underscoring the increasing adoption of electric commercial vehicles and the strength of our integrated EV ecosystem. Looking ahead, supported by a robust product portfolio, continued innovation, and a relentless focus on delivering better customer value, we remain confident of strengthening our market leadership and delivering sustainable, profitable growth in the following quarters."

The Q1 FY27 results were released after market hours on Wednesday. Earlier in the day, TMCV shares settled 1.59 per cent higher at Rs 456.85 on BSE.