Tata Motors / Q2-FY25

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Negative2024-10-30Back to TATAMOTORS

Revenue

₹17,535 Cr

verified against source

Revenue YoY

-3.5%

reported change

EBITDA

Pending

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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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 reported a disappointing Q2 FY25 with consolidated revenue down 3.5% YoY and JLR EBIT margin falling 190 bps to 5.6%, impacted by aluminum supply disruptions and a temporary quality hold on 6,000 vehicles. Domestic CV volumes declined 11% YoY due to slowdown in infrastructure and mining, while PV market share slipped to 13.3% amid industry-wide discounting. JLR reiterated its FY25 guidance of ≥8.5% EBIT and net cash positive, but headroom is tight. Management expects H2 recovery driven by volume normalization and working capital reversal. Key risks include further deterioration in China demand and sustained discounting in the domestic PV market.

Colored figures show movement against the previous available record.

Guidance to track

  • JLR reaffirms full-year EBIT margin target of at least 8.5%, despite Q2 headwinds, expecting H2 recovery from volume normalization and working capital reversal.
  • JLR expects to end FY25 with net cash positive, driven by working capital reversal and strong Q4 cash generation.
  • Management sees 10% EBIT margin achievable in FY26, aided by lower D&A from extended ICE lifecycles, but headroom is tightening.
  • Tata Motors aims to increase SUV share in PV portfolio to 80% by FY30, with new launches like Harrier EV and Sierra.

Risks flagged

  • JLR's China business faces extreme retailer stress and market decline, which could impact H2 sales and profitability.
  • Warranty expenses are rising despite improving quality, driven by higher labor rates and repair costs, pressuring margins.
  • High industry channel inventories and price discounting could persist, impacting Tata Motors' PV margins and market share.
  • Rising NPAs in small commercial vehicle financing may constrain demand and require continued support schemes.

Key quotes

  • We are holding our guidance, but with very limited headroom left.
  • We will not be returning to the old model. We will be focusing on Range Rover, Range Rover Sport, Defender, new Jaguar, and Discovery to drive value ahead of volume.
  • We took a conscious decision to rather cut the prices rather than keep the discount very heavy because it impacts the brand.

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