Tata Motors Hits Record Q2 Passenger Vehicle Sales

: The company recorded its highest-ever quarterly sales of 201,723 units in Q2 FY27, up 40% YoY from 144,397 units in Q2 FY26. Domestic passenger vehicle sales also increased 40% YoY to 196,674 units, while the international business grew 20% YoY to 5,049 units. Electric vehicle sales reached a record more than 47,000 units, up 90% YoY, taking EV penetration to 23% of quarterly PV volumes. CNG vehicles accounted for 28% of sales, taking combined EV and CNG penetration to 51%. My View: The strongest part of the update is the combination of record overall volumes and rapid EV growth. Alternative-fuel vehicles now account for more than half of quarterly sales, showing a significant shift in Tata Motors’ product mix. The key question is whether this volume momentum can continue into the festive and subsequent quarters while maintaining realizations and margins. What to watch: Watch monthly PV volumes, EV demand, CNG mix, new-model traction and Q2 FY27 profitability. Stance: TATAMOTORS – HIGHLY POSITIVE