Tata Motors PV Q2 sales rise 40% to record 201,723 units

Tata Motors Passenger Vehicles Limited

sold 201,723 vehicles in Q2 FY27, up 40% from 144,397, the highest quarterly sales in its history. The stock still closed near ₹279 on October 1, within 3% of its 52-week low of ₹272. What happened: September sales rose 15% to 70,210 units from 60,907. Electric vehicle sales in Q2 rose 90% to 47,150 units, or 23% of the portfolio. The September 2025 base was the company's best month then, lifted by the GST rate cut and Navratri demand. Why it matters: A 15% rise on a record base is better than it looks, and 40% growth in Q2 shows demand is not the weak link. My view: Volumes are not the issue for this stock. Profit is. Q2 FY26 net profit fell 85% to ₹859 crore, so the comparison is easy, but the stock fell anyway and has dropped about 36% in a year. Screens show a trailing P/E of 103, which I would ignore. It is inflated by large other income of ₹84,536 crore in the reported numbers. I cannot see Q2 margins yet, and sales growth does not show them. If EV mix at 23% comes with lower margin per vehicle, volume growth may not lift earnings. A clean margin print is the risk to a cautious view. What I am watching: Q2 FY27 results for EBITDA margin. The trading window has been closed since September 23. Price: ₹272, the 52-week low, as support, and ₹283.70, the September 30 close, as resistance. Stance: Neutral. A close below ₹272 makes me cautious. A margin print above recent quarters would turn me positive. I do not hold a position in Tata Motors Passenger Vehicles Limited.] Not investment advice.