’s Q2FY26 consolidated net profit rose about 16–28% YoY to ₹3,673 crore, with consolidated revenue up roughly 22% to ₹46,106 crore, driven by robust SUV demand and steady farm performance. Automotive revenue grew about 25% YoY with PBIT up ~22%, and standalone auto PBIT margin improved by 80 bps to 10.3% on better mix and operating efficiency. The SUV franchise gained about 390 bps YoY to 25.7% revenue share, led by Scorpio-N, XUV700, and Thar, while the LCV sub-3.5T segment and electric three-wheelers maintained leadership at 53.2% and 42.3% share, respectively. What stands out * Broad-based execution: Auto and Farm segments sustained growth and margin gains; tractor business captured ~50 bps market-share increase to 43% with higher PBIT margins. * Cash generation: Management highlighted over ₹10,000 crore operating cash flow in H1, supporting capex and EV roadmap without stressing leverage. * Portfolio depth: Services and TechM contributed via margin expansion and profit growth, helping smooth cyclicality across the group. Watch ahead New launches and EV plans are positioned to extend share gains, but monitor commodity costs, discounting intensity in SUVs, and demand normalization post-festive for margin durability into H2FY26. Source: The Hindu No Recommendations

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