“Tariffs, FX, and Demand Slowdown—The Real Story Behind Tata Motors Q1”

📊 Financial Snapshot - Net Profit: ₹3,924 crore, down 30% YoY - Revenue: ₹1.04 lakh crore, declined 2.5% YoY - EBITDA: ₹9,700 crore, down 36% YoY - EBIT Margin: 4.3%, dropped 370 bps YoY 🏭 Segment-Wise Performance - Jaguar Land Rover (JLR): - Revenue: £6.6 billion, down 9.2% YoY - EBIT Margin: 4.0%, down 490 bps - Impacted by US trade tariffs and FX headwinds - Commercial Vehicles (CV): - Revenue: ₹17,000 crore, down 4.7% - EBITDA Margin: 12.2%, up 60 bps (thanks to better realizations and cost savings) - Passenger Vehicles (PV): - Revenue: ₹10,877 crore, down 8.2% - EBIT Margin: -2.8%, reflecting weak demand and model transitions 📉 Market Reaction & Outlook - Tata Motors shares dipped 2.5% ahead of results - Despite macro headwinds, the company delivered its 11th consecutive profitable quarter - Focus remains on mitigating tariff impacts, improving product mix, and preparing for the October 2025 demerger Strong Support at Rs. 600 Strong Resistance at Rs. 700