Tata Motors / Q1-FY24

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Positive2023-07-25Back to TATAMOTORS

Revenue

Pending

verification pending

Revenue YoY

42%

reported change

EBITDA

Pending

latest reported figure

Source

bse pending

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
9 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 1,05,000 · Positive source sentiment · 2023-11-03Q2 FY24Q4 FY24: 1,20,000 · Positive source sentiment · 2024-05-10Q4 FY24Q2 FY25: 17,535 · Negative source sentiment · 2024-10-30Q2 FY25Q3 FY25: 18,819 · Watch source sentiment · 2025-01-29Q3 FY25Q4 FY25: 21,863 · Watch source sentiment · 2025-05-15Q4 FY25Q1 FY26: 17,324 · Negative source sentiment · 2025-07-31Q1 FY26Q2 FY26: 18,585 · Negative source sentiment · 2025-10-30Q2 FY26Q3 FY26: 21,847 · Negative source sentiment · 2026-02-10Q3 FY26Q4 FY26: 26,098 · Positive source sentiment · 2026-05-15Q4 FY261,20,00017,324
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tata Motors delivered a strong Q1 FY24 with consolidated revenue growing 42% YoY and EBITDA margin expanding 700 bps to 14.4%. JLR was the standout, posting an EBIT of 8.6% (highest in 6 years) driven by mix improvement towards high-margin Range Rover, Sport, and Defender models. The CV business saw revenue up 4% despite a 14% wholesale decline, with EBITDA margins improving 390 bps to near double digits. PV maintained market share at 14.2% with EV penetration at 14%. Management remains optimistic on demand, with JLR reiterating its 400k wholesale target and CV expecting 5-10% industry growth in Q2. Key risks include supply chain constraints (especially PHEV components) and potential demand moderation in entry-level segments.

Colored figures show movement against the previous available record.

Guidance to track

  • JLR reiterates its target of 400,000 wholesale units for FY24, with Q2 expected to be similar to recent quarters.
  • If the world progresses as expected, JLR may revise its EBIT margin guidance upward after Q2 results.
  • EV margins expected to strengthen in H2 due to lithium price moderation, PLI benefits, and localization.
  • CV aims to regain market share by leveraging BS6 Phase 2 product upgrades and value communication.

Risks flagged

  • JLR faces supply shortages for PHEV components, particularly for Range Rover, constraining production and sales in UK and Europe.
  • Entry-level hatchback segment faces demand pressure and high inventory, potentially increasing VME and impacting margins.
  • CV market share declined in Q1 due to constrained availability during the BS6 Phase 2 transition, with recovery expected from Q2.
  • High inflation and a stronger GBP could pressure JLR's cost competitiveness, though management plans to offset with cost reductions.

Key quotes

  • This is the highest EBIT that we have achieved in 6 years, and EBITDAR, 16.3%. That is the highest EBITDAR that we have achieved in eight years.
  • We do aim to sustain on this performance and deliver a strong performance on a full year basis. The priorities for the respective businesses are clear, we intend to execute them flawlessly.
  • We are going to grow profitably. That is the target that we have set for ourselves.

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