Tata Motors Commercial Vehicles (TMCV) posted a consolidated net loss of ₹867 crore in Q2FY26, marking a sharp downturn from the ₹498 crore profit reported in the same quarter last year. The results come shortly after the company’s listing on Indian stock exchanges following its demerger from the passenger vehicles business.
MTM Losses Weigh Heavily on Quarterly Performance
According to the company, the loss was primarily driven by mark-to-market (MTM) losses of around ₹2,000 crore related to its recent investments in Tata Capital. These valuation adjustments significantly impacted profitability despite stable operational performance.
Revenue Up 6% YoY, Sequential Growth Strong
TMCV reported ₹18,491 crore in revenue, a 6% increase year-on-year compared with ₹17,402 crore in Q2FY25. Sequentially, revenue grew 8%, improving from ₹17,192 crore in Q1FY26. The company attributed this improvement to rising demand and better market availability across key commercial vehicle categories.
First Results After Listing Post-Demerger
The quarter marked TMCV’s first financial results as a separately listed entity. The company debuted on Indian stock exchanges on November 12, 2025, following its demerger from Tata Motors Passenger Vehicles Ltd (TMPV).
Managing Director & CEO Girish Wagh said the restructuring will help unlock greater value and create dedicated growth pathways for the commercial vehicles segment. He expects the domestic CV industry to expand in high single digits during FY26.
Q2FY26 Sales Performance
- CV Wholesales: 96,800 units (up 12% YoY)
- Domestic Sales: Up 9%
- Exports: Surged 75%
Wagh highlighted that sales momentum strengthened due to the GST 2.0 rollout, festive-season demand, improved product availability, and competitive pricing strategies. He expects continued tailwinds in the second half of FY26, driven by construction, infrastructure, and mining activities.
Key Financial Highlights – Q2FY26
- Revenue: ₹18,491 crore
- Net Loss: ₹867 crore
- Loss Per Share: ₹2.35
Summary
Tata Motors Commercial Vehicles reported a ₹867 crore loss in Q2FY26, mainly due to ₹2,000 crore MTM losses associated with Tata Capital investments. Despite this, revenue grew 6% YoY, supported by strong domestic and export demand. The quarter also marked TMCV’s first results post-listing after its demerger. Management expects sustained demand in H2FY26, backed by infrastructure and construction sector activity.
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