{"id":326767,"date":"2026-10-26T15:05:37","date_gmt":"2026-10-26T09:35:37","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=326767"},"modified":"2026-10-26T15:05:37","modified_gmt":"2026-10-26T09:35:37","slug":"tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/","title":{"rendered":"Tata Motors Share After Q2 Results: Robust Volume Growth Powers the Quarter, but Input Cost Pressures Loom"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Tata Motors Ltd (NSE: TMCV), the commercial vehicle company, reported Q2 FY27 revenue of Rs 25,338 crore, up 36% year on year, and net profit of Rs 1,257 crore against a loss of Rs 867 crore. The Tata Motors share traded near Rs 388.15 around 2:54 PM on Monday, 26 Oct 2026, down 1.98%, as steel and rubber costs held the consolidated EBITDA margin at 10.9%.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Tata Motors share fell about 2% in its first session after the Q2 results because strong volumes were already known while input costs keep rising. Wholesale volumes grew 42% to 1,35,100 units against industry growth of 28%, but the consolidated EBITDA margin slipped 40 basis points to 10.9% on steel and rubber, and management guides to another 150 to 200 basis points of cost pressure in Q3. The company holds Rs 15,900 crore of net cash, and an Iveco tender offer is due to settle on 30 Oct. This is educational and not a recommendation to buy or sell.<\/p>\n<\/p><\/div>\n<p>The Tata Motors share price slipped about 2% on Monday after the commercial vehicle maker posted a strong volume quarter, because rising steel and rubber costs are squeezing margins even as demand stays firm. The Mint headline on the results, robust volume growth with input cost pressures looming, describes the same split that the market is weighing.<\/p>\n<p>A note on the name. The data provider lists two Tata Motors companies, and the quarter covered here belongs to Tata Motors Ltd (TMCV, formerly TML Commercial Vehicles), whose results were announced on 23 Oct after market hours. The passenger vehicle business behind the other Tata Motors share trades separately as Tata Motors Passenger Vehicles (TMPV). This article covers the share price, Q2 numbers, volumes, costs, the Iveco offer, brokerage targets, valuation, technical levels and risks, and it is educational and not advice.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Share_Price_Today_First_Reaction_to_the_Q2_Results\" title=\"Tata Motors Share Price Today: First Reaction to the Q2 Results\">Tata Motors Share Price Today: First Reaction to the Q2 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Q2_Results_Revenue_Profit_and_Margin\" title=\"Tata Motors Q2 Results: Revenue, Profit and Margin\">Tata Motors Q2 Results: Revenue, Profit and Margin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Share_Robust_Volume_Growth_Segment_and_Market_Share_Data\" title=\"Tata Motors Share: Robust Volume Growth, Segment and Market Share Data\">Tata Motors Share: Robust Volume Growth, Segment and Market Share Data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Input_Cost_Pressures_Steel_Rubber_and_the_Q3_Outlook\" title=\"Tata Motors Input Cost Pressures: Steel, Rubber and the Q3 Outlook\">Tata Motors Input Cost Pressures: Steel, Rubber and the Q3 Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Iveco_Offer_and_the_Balance_Sheet_Behind_the_Tata_Motors_Share\" title=\"Iveco Offer and the Balance Sheet Behind the Tata Motors Share\">Iveco Offer and the Balance Sheet Behind the Tata Motors Share<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Share_Price_Target_What_Brokerages_Said\" title=\"Tata Motors Share Price Target: What Brokerages Said\">Tata Motors Share Price Target: What Brokerages Said<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Valuation_and_Technical_Levels_for_the_Tata_Motors_Share\" title=\"Valuation and Technical Levels for the Tata Motors Share\">Valuation and Technical Levels for the Tata Motors Share<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Tata_Motors_Share_A_Framework_by_Investor_Type\" title=\"Tata Motors Share: A Framework by Investor Type\">Tata Motors Share: A Framework by Investor Type<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Risks_to_Check_Before_You_Act_on_the_Tata_Motors_Share\" title=\"Risks to Check Before You Act on the Tata Motors Share\">Risks to Check Before You Act on the Tata Motors Share<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#How_did_the_Tata_Motors_share_react_to_the_Q2_results\" title=\"How did the Tata Motors share react to the Q2 results?\">How did the Tata Motors share react to the Q2 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#What_were_the_Tata_Motors_Q2_results_for_FY27\" title=\"What were the Tata Motors Q2 results for FY27?\">What were the Tata Motors Q2 results for FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#What_are_the_Tata_Motors_input_cost_pressures_behind_the_Tata_Motors_share_fall\" title=\"What are the Tata Motors input cost pressures behind the Tata Motors share fall?\">What are the Tata Motors input cost pressures behind the Tata Motors share fall?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#What_is_the_Tata_Motors_share_price_target\" title=\"What is the Tata Motors share price target?\">What is the Tata Motors share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#What_is_the_Iveco_offer_and_when_does_it_settle\" title=\"What is the Iveco offer and when does it settle?\">What is the Iveco offer and when does it settle?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#What_are_the_key_technical_levels_for_the_Tata_Motors_share_price\" title=\"What are the key technical levels for the Tata Motors share price?\">What are the key technical levels for the Tata Motors share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Is_this_Tata_Motors_share_article_investment_advice\" title=\"Is this Tata Motors share article investment advice?\">Is this Tata Motors share article investment advice?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but-input-cost-pressures-loom\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Share_Price_Today_First_Reaction_to_the_Q2_Results\"><\/span><strong>Tata Motors Share Price Today: First Reaction to the Q2 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: measure (NSE, about 2:54 PM)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 388.15, down 1.98%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous close (23 Oct)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 396.00, down 4.41% that day<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 391.85<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high and low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 401.50 and Rs 381.70<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 52.7 lakh shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week high and low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 509 and Rs 306.30<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Distance from 52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 23.7% below (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Distance from 52-week low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 26.7% above (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Fall since the 22 Oct close of Rs 414.25<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 6.3% (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>The Tata Motors share was already weak before the numbers came out. It fell 4.41% on Friday, 23 Oct, on volume of about 81 lakh shares, and the results followed after the market closed. On Monday it opened at Rs 391.85, touched Rs 401.50 and then slid to a low of Rs 381.70, which suggests that buyers defended the open and sellers took charge later in the session.<\/p>\n<p>The Tata Motors share has now fallen about 8.2% from Rs 422.80 on 15 Oct (my calculation). That makes the question for the Tata Motors share clear. Does a quarter with 42% volume growth justify buying a fall, or does the cost warning for Q3 mean that more weakness is ahead?<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track auto stocks on the Univest screeners page<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Q2_Results_Revenue_Profit_and_Margin\"><\/span><strong>Tata Motors Q2 Results: Revenue, Profit and Margin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors Q2 FY27 item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comparison<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidated revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 25,338 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 18,585 crore a year ago, up 36.33%; up 22.6% on Q1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Standalone revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 23,900 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 42% year on year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidated net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,257 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss of Rs 867 crore a year ago; Rs 2,560 crore in Q1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidated EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">10.9%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down 40 basis points year on year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Standalone EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.7%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down 90 basis points year on year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Standalone profit before tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 51%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Absolute figure not given in the report I retrieved<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Free cash flow in Q2<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,600 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,200 crore a year ago<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net cash<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 15,900 crore consolidated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,300 crore standalone<\/td>\n<\/tr>\n<\/table>\n<p>The turnaround from a loss is the headline of the Tata Motors Q2 results, but the quarter-on-quarter profit fell about 51% from Rs 2,560 crore in Q1, and a report links that gap to the mark-to-market treatment of the company&#8217;s Tata Capital investment. For that reason I look at margin and cash flow, which are cleaner, and at those two the message is mixed. Revenue grew faster than profit, so the margin slipped, and free cash flow more than doubled.<\/p>\n<p>Sources differ slightly on net profit for the Tata Motors share, with one reporting Rs 1,257 crore and another Rs 1,254 crore. I use Rs 1,257 crore. One of the results summaries was produced with AI support, so I have used only the figures that other sources also report. Working capital contributed Rs 2,447 crore of the Rs 5,721 crore of H1 free cash flow, which means part of the cash gain may not repeat.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Share_Robust_Volume_Growth_Segment_and_Market_Share_Data\"><\/span><strong>Tata Motors Share: Robust Volume Growth, Segment and Market Share Data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: Q2 FY27 volumes<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Units<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Growth year on year<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Total wholesale<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,35,100<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 42%, against industry growth of 28%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">International<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">21,100<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 177%, mainly from a large Indonesia order<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Heavy commercial vehicles (HCV)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">33,800<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 41%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Small commercial vehicles and pickups<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">44,000<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 27%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Electric vehicles<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 143%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 30%<\/td>\n<\/tr>\n<\/table>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: H1 FY27 market share<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Share<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change versus FY26<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic commercial vehicles<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">36.2%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 110 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">HCV<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">55.7%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 50 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">CV passenger<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">41.1%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 500 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Small commercial vehicle pickups<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">27.6%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 130 basis points<\/td>\n<\/tr>\n<\/table>\n<p>Growth was broad, which supports the Tata Motors share. The company beat the industry by 14 percentage points, gained share in each of the four segments shown and saw electric volumes rise 143%. Even so, the export jump owes much to one large Indonesia order, so the 177% should not be treated as a run rate. Domestic growth of 30% is the cleaner measure of demand.<\/p>\n<p>H1 volumes grew 35%, which is the base the Tata Motors share is now valued on. The CEO, Girish Wagh, called Q2 another strong quarter of consistent, profitable growth, and he said growth should moderate in the second half against a higher base. For Q3, management expects demand growth to ease to the high single digits or low double digits, with double-digit growth in intermediate and light commercial vehicles and CV passenger, and higher single-digit growth in HCV and small commercial vehicles.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Input_Cost_Pressures_Steel_Rubber_and_the_Q3_Outlook\"><\/span><strong>Tata Motors Input Cost Pressures: Steel, Rubber and the Q3 Outlook<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors input cost item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Variable costs in the profit bridge<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up Rs 1,416 crore, a 5.9% impact<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume and mix<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Positive Rs 1,159 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net realisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Positive Rs 1,017 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Foreign exchange and other income<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Positive Rs 356 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Steel<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">At 52-week highs<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rubber<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Remains elevated<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Extra cost pressure guided for Q3<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">150 to 200 basis points, depending on settlement timing<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price increases this year<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 1% in January, 2% in April, 2.5% in July and 1% to 2% from 1 Oct<\/td>\n<\/tr>\n<\/table>\n<p>The bridge shows why Tata Motors input cost is the central worry for the Tata Motors share. Volume and price together added more than Rs 2,100 crore to profit before tax (my calculation), but variable costs took back Rs 1,416 crore. The company has raised prices four times this year, and it is still behind on costs, which is why the margin fell even in a quarter of strong demand.<\/p>\n<p>The next step matters more for the Tata Motors share. Management guides to a further 150 to 200 basis points of cost pressure in Q3, and the CEO said commodity costs persisted through H1 and remain a headwind. The October price increase of 1% to 2% should help the Tata Motors share margin, but the timing of steel settlements will decide how much of the pressure reaches the margin. A second risk is supply, since the company flagged constraints in castings, machining, sheet metal stamping and imported EV aggregates, with debottlenecking planned in Q3 and possibly Q4.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Iveco_Offer_and_the_Balance_Sheet_Behind_the_Tata_Motors_Share\"><\/span><strong>Iveco Offer and the Balance Sheet Behind the Tata Motors Share<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Iveco tender offer item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Offer price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Euro 14.40 per share, raised from Euro 14.10 on 9 Oct<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reported deal size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Euro 3.91 billion, all cash<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Iveco shareholder approval<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">All resolutions passed at the EGM on 16 Oct<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tendered as of 22 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 35% of shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Acceptance period closes<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">26 Oct<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Settlement<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Scheduled for 30 Oct, subject to successful completion<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Expected to begin next quarter<\/td>\n<\/tr>\n<\/table>\n<p>The Iveco offer is the other big item for the Tata Motors share. The deal is large against the company&#8217;s Rs 15,900 crore of net cash, and the reports I retrieved do not set out how it will be funded, so I will not guess at the mix of cash and debt. What can be said is that the balance sheet will look different once Iveco is consolidated, and that margin, debt and return ratios should be re-read after the next result.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Share_Price_Target_What_Brokerages_Said\"><\/span><strong>Tata Motors Share Price Target: What Brokerages Said<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: brokerage (after Q1, Aug 2026)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Rating<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Target (Rs)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Versus Rs 388.15 (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Emkay Global<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">700<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 80.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nomura<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy (upgraded)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">554<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 42.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nuvama<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">525<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 35.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elara<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Accumulate<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">508 (from 423)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 30.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">434<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 11.8%<\/td>\n<\/tr>\n<\/table>\n<p>These targets are from August, after the June quarter, and I could not retrieve updated Tata Motors share price target calls after the Q2 results. They are included to show how analysts valued the stock when it was near Rs 485. Emkay&#8217;s Rs 700 was the highest and Motilal Oswal&#8217;s Rs 434 the lowest among 18 brokerages at that time, and UBS, HSBC, Investec, Kotak Securities and IIFL were also on Buy, without targets in the report.<\/p>\n<p>Because the Tata Motors share has since fallen about 20% from that level (my calculation, from Rs 485 to Rs 388.15), and the cost outlook has been flagged, brokerages are likely to revisit their numbers. Please read the latest reports before you rely on any Tata Motors share price target.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Tata Motors and compare brokerage targets.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_and_Technical_Levels_for_the_Tata_Motors_Share\"><\/span><strong>Valuation and Technical Levels for the Tata Motors Share<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: valuation (data provider)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation at Friday&#8217;s close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,45,728 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Trailing price to earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">34.80; about 34.1 at Rs 388.15 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Industry price to earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23.44<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 34.58<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.44; about 11.2 at Rs 388.15 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.25<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend yield<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.01%<\/td>\n<\/tr>\n<\/table>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: indicator (daily)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14-day RSI<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 28.8, oversold<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">20-day EMA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 417.70, 7.1% above the price (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">50-day average<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 441.97, 12.2% above the price (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">SuperTrend<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sell; upper band Rs 432.62, lower band Rs 380.53<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">MACD<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Minus 10.06 against a signal of minus 8.18, negative<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ADX and directional lines<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ADX 34.7; plus DI 8.2, minus DI 30.5, a down trend<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bollinger bands<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lower Rs 392.70, middle Rs 418.39, upper Rs 444.07<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Average true range<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 13.72 a day<\/td>\n<\/tr>\n<\/table>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tata Motors share: level<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Rs<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What it marks<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Resistance 3<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">432.62<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">SuperTrend upper band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Resistance 2<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">414.25<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22 Oct close, the pre-fall area<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Resistance 1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">401.50<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Today&#8217;s high<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">381.70<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Today&#8217;s low<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 2<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">380.53<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">SuperTrend lower band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 3<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">306.30<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week low<\/td>\n<\/tr>\n<\/table>\n<p>The valuation of the Tata Motors share is high on earnings and on book value, and it is set by recent profit that includes non-operating items, so I would not read too much into the single P\/E. What stands out on the chart is that the price is oversold, with an RSI near 28.8, yet trapped below the lower Bollinger band at Rs 392.70 and the SuperTrend upper band at Rs 432.62.<\/p>\n<p>A close under Rs 380.53 would break the SuperTrend support and expose the lower levels, and a close above Rs 432.62 would be the first sign of a trend change. For context, the sister listing, Tata Motors Passenger Vehicles, traded near Rs 262.90, down 0.64%, close to its own 52-week low of Rs 259.35, so the weakness is not limited to this company. These are indicator readings and not forecasts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tata_Motors_Share_A_Framework_by_Investor_Type\"><\/span><strong>Tata Motors Share: A Framework by Investor Type<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Investor type<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Things to weigh<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What to check<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Long-term investor<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market share gains, free cash flow and the Iveco transaction against a high multiple<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Margin recovery after the Q3 steel settlements<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Short-term trader<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">An oversold down trend with resistance near Rs 401 to Rs 433<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support near Rs 380 to Rs 382 and volume<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Existing holder<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Strong volumes but a cost warning for Q3<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Your entry price and risk limit<\/td>\n<\/tr>\n<\/table>\n<p>None of these rows is a recommendation. The same quarter gives both a growth story and a margin warning, and the Tata Motors share will move on which one the market weights at any given time.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Check_Before_You_Act_on_the_Tata_Motors_Share\"><\/span><strong>Risks to Check Before You Act on the Tata Motors Share<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Input costs.<\/strong> For the Tata Motors share, steel is at 52-week highs and management guides to another 150 to 200 basis points of pressure in Q3.<\/li>\n<li><strong>Slower growth.<\/strong> For the Tata Motors share, management expects demand growth to moderate to high single digits or low double digits against a higher base.<\/li>\n<li><strong>Supply constraints.<\/strong> For the Tata Motors share, shortages in castings, machining, stamping and imported EV parts can cap volumes.<\/li>\n<li><strong>Deal risk.<\/strong> For the Tata Motors share, the Iveco offer is large, and the funding and integration details are not yet clear.<\/li>\n<li><strong>Trend.<\/strong> The Tata Motors share is in a down trend, and it fell 6.3% in two sessions.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tata Motors share fell about 2% on its first session after a quarter of 42% volume growth, Rs 25,338 crore of revenue and Rs 4,600 crore of free cash flow, because steel and rubber costs are squeezing margins and Q3 carries more pressure. The market is paying for volumes but pricing in the cost risk, so read the company&#8217;s filings, watch the levels near Rs 380 and Rs 401, and decide according to your own risk profile.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"How_did_the_Tata_Motors_share_react_to_the_Q2_results\"><\/span><strong>How did the Tata Motors share react to the Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tata Motors Ltd (TMCV) fell 4.41% on Friday, 23 Oct, before the results were announced after market hours. On Monday, 26 Oct, it was down 1.98% at about Rs 388.15 around 2:54 PM, after a high of Rs 401.50 and a low of Rs 381.70. The fall reflects concern about input costs and slower growth.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_Tata_Motors_Q2_results_for_FY27\"><\/span><strong>What were the Tata Motors Q2 results for FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Consolidated revenue rose 36% to Rs 25,338 crore, and net profit was Rs 1,257 crore against a loss of Rs 867 crore a year ago. Wholesale volumes grew 42% to 1,35,100 units, and the consolidated EBITDA margin fell 40 basis points to 10.9%. Free cash flow was Rs 4,600 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Tata_Motors_input_cost_pressures_behind_the_Tata_Motors_share_fall\"><\/span><strong>What are the Tata Motors input cost pressures behind the Tata Motors share fall?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Steel is at 52-week highs and rubber remains elevated, and variable costs reduced profit before tax by Rs 1,416 crore in the quarter. Management guides to another 150 to 200 basis points of cost pressure in Q3, depending on settlement timing. The company raised prices by about 1% in January, 2% in April, 2.5% in July and 1% to 2% from 1 Oct.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Tata_Motors_share_price_target\"><\/span><strong>What is the Tata Motors share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> I could not retrieve updated targets after the Q2 results. After the June quarter, Emkay Global had a target of Rs 700, Nomura Rs 554, Nuvama Rs 525, Elara Rs 508 and Motilal Oswal Rs 434. Please check the latest brokerage reports before you rely on any target.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Iveco_offer_and_when_does_it_settle\"><\/span><strong>What is the Iveco offer and when does it settle?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tata Motors made an all-cash tender offer for Iveco at Euro 14.40 per share, raised from Euro 14.10 on 9 Oct, with a reported size of about Euro 3.91 billion. About 35% of shares were tendered by 22 Oct, acceptance closes on 26 Oct and settlement is scheduled for 30 Oct. The company holds Rs 15,900 crore of consolidated net cash.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_technical_levels_for_the_Tata_Motors_share_price\"><\/span><strong>What are the key technical levels for the Tata Motors share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> On daily indicators, support is near Rs 381.70, Rs 380.53 and the 52-week low of Rs 306.30, and resistance is near Rs 401.50, Rs 414.25 and Rs 432.62. The 14-day RSI is about 28.8 and the SuperTrend is on a sell signal. These readings are not forecasts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_Tata_Motors_share_article_investment_advice\"><\/span><strong>Is this Tata Motors share article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational. Prices, ratios, results and targets come from company disclosures, news reports and data providers and may change. Please check the facts and your own risk profile before you invest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How did the Tata Motors share react to the Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Tata Motors Ltd (TMCV) fell 4.41% on Friday, 23 Oct, before the results were announced after market hours. On Monday, 26 Oct, it was down 1.98% at about Rs 388.15 around 2:54 PM, after a high of Rs 401.50 and a low of Rs 381.70. The fall reflects concern about input costs and slower growth.\"}},{\"@type\":\"Question\",\"name\":\"What were the Tata Motors Q2 results for FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Consolidated revenue rose 36% to Rs 25,338 crore, and net profit was Rs 1,257 crore against a loss of Rs 867 crore a year ago. Wholesale volumes grew 42% to 1,35,100 units, and the consolidated EBITDA margin fell 40 basis points to 10.9%. Free cash flow was Rs 4,600 crore.\"}},{\"@type\":\"Question\",\"name\":\"What are the Tata Motors input cost pressures behind the Tata Motors share fall?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Steel is at 52-week highs and rubber remains elevated, and variable costs reduced profit before tax by Rs 1,416 crore in the quarter. Management guides to another 150 to 200 basis points of cost pressure in Q3, depending on settlement timing. The company raised prices by about 1% in January, 2% in April, 2.5% in July and 1% to 2% from 1 Oct.\"}},{\"@type\":\"Question\",\"name\":\"What is the Tata Motors share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"I could not retrieve updated targets after the Q2 results. After the June quarter, Emkay Global had a target of Rs 700, Nomura Rs 554, Nuvama Rs 525, Elara Rs 508 and Motilal Oswal Rs 434. Please check the latest brokerage reports before you rely on any target.\"}},{\"@type\":\"Question\",\"name\":\"What is the Iveco offer and when does it settle?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Tata Motors made an all-cash tender offer for Iveco at Euro 14.40 per share, raised from Euro 14.10 on 9 Oct, with a reported size of about Euro 3.91 billion. About 35% of shares were tendered by 22 Oct, acceptance closes on 26 Oct and settlement is scheduled for 30 Oct. The company holds Rs 15,900 crore of consolidated net cash.\"}},{\"@type\":\"Question\",\"name\":\"What are the key technical levels for the Tata Motors share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"On daily indicators, support is near Rs 381.70, Rs 380.53 and the 52-week low of Rs 306.30, and resistance is near Rs 401.50, Rs 414.25 and Rs 432.62. The 14-day RSI is about 28.8 and the SuperTrend is on a sell signal. These readings are not forecasts.\"}},{\"@type\":\"Question\",\"name\":\"Is this Tata Motors share article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational. Prices, ratios, results and targets come from company disclosures, news reports and data providers and may change. Please check the facts and your own risk profile before you invest.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tata Motors share fell about 2% after Q2 FY27 revenue rose 36% on 42% volume growth. See margins, input costs, the Iveco deal, targets and levels.<\/p>\n","protected":false},"author":36,"featured_media":326766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[5066,4208,16045,16047,15171,16043,16044,9804,16048,16046],"class_list":["post-326767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-auto-stocks","tag-commercial-vehicle-stocks","tag-tata-motors-input-costs","tag-tata-motors-iveco-offer","tag-tata-motors-q2-results","tag-tata-motors-share","tag-tata-motors-share-price","tag-tata-motors-share-price-target","tag-tata-motors-volume-growth","tag-tmcv-share"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["326766"],"rank_math_title":["Tata Motors Share Price After Q2: Volume Growth vs Costs"],"rank_math_description":["Tata Motors share fell about 2% after Q2 FY27 revenue rose 36% to Rs 25,338 crore on 42% volume growth. See margins, input costs, the Iveco deal, targets and levels."],"rank_math_focus_keyword":["Tata Motors share"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/tata-motors-share-after-q2-results-robust-volume-growth-powers-the-quarter-but.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/326767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=326767"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/326767\/revisions"}],"predecessor-version":[{"id":326768,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/326767\/revisions\/326768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/326766"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=326767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=326767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=326767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}