Tata Motors earnings calls.

Tata Motors delivered a robust Q1 FY27 with 26% volume growthCurrent reported value: 26% volume growth. No comparable prior figure is available in the source record. and 23% revenue growthCurrent reported value: 23% revenue growth. No comparable prior figure is available in the source record. to Rs 19,300 crore on standalone basis. EBITDA margin compressed 60bps to 11.7% due to commodity inflation (steel, aluminum, copper) but was largely absorbed through price increases and operating leverage. Free cash flow turned positive at Rs 1,114 crore versus negative Rs 1,796 crore in Q1 FY26, a swing of ~Rs 2,900 crore driven by working capital discipline and Indonesia advance. Market share improved 170bps YoY with strong gains across HCV (56.3%), SCV, and CV passenger segments. EV business showed exceptional momentum with 3x volume growth and double-digit EV penetration in SCV pickup. Guidance remains constructive with double-digit industry growth expected in Q2 and 70,000 Indonesia units to be fulfilled over FY27-28. Key risks include persistent commodity inflation, cell supply bottlenecks for EVs, and supply chain constraints in sheet metal/casting/forgings that could limit volume execution.