Tata Elxsi vs Tata Tech: Which Tata Group Stock Wins Q2 Results Report Card? Profit, Revenue Compared, Target Price

Tata Elxsi and Tata Technologies are the two listed engineering and research and development services companies in the Tata Group, and both reported Q2 FY27 numbers within a day of each other. The headline question is which stock won the report card.

This article puts the Tata Elxsi and Tata Technologies results side by side, covers the share price moves, and lists the brokerage target price views. It also flags the points where my sources disagree, so you can check them before you act.

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Tata Elxsi Q2 FY27 Results: Profit and Revenue

Metric	Q2 FY27	Change
Revenue from operations	Rs 1,056 crore	Up 3.4% QoQ; up 15% YoY from Rs 918 crore (Business Standard)
Revenue in constant currency	Not stated in Rs	Up 2.3% QoQ; up 7.8% YoY (Nirmal Bang)
EBIT	Rs 208 crore	Up 7.3% QoQ from Rs 194 crore
EBIT margin	19.7%	Up 70 basis points QoQ from 19.0%
Net profit	Rs 170.30 crore	Up 10.0% YoY from Rs 154.82 crore; down 0.2% QoQ
Total income	Rs 1,090.57 crore	Up 12.8% YoY from Rs 966.98 crore
Other income	Rs 35 crore	Down from Rs 49 crore a year earlier

The company announced the results on 13 October 2026 after market hours. The profit rose 10% from a year ago, which matches the headline, but it was flat from the June quarter, and several data sites call it a flat result. Both statements are true because they use different base periods.

The segment picture was even. In constant currency, Media and Communications grew 3.4% QoQ, Healthcare and Life Sciences grew 3.5% and Transportation grew 2%. CEO Manoj Raghavan said the focus on operational efficiency lifted the margin and that the company is investing in generative AI across its verticals.

Risk: Revenue growth of 2.3% in constant currency is modest, and the 7.8% year on year figure is far below the 15% in rupee terms, so currency helped the headline number.

Compare Tata Elxsi and Tata Technologies on the Univest Screener

Tata Technologies Q2 FY27 Results: Profit and Revenue

Metric	Q2 FY27	Change
Revenue	Rs 1,698.80 crore	Up 28.4% YoY from Rs 1,323.33 crore
Revenue in US dollars	$177.9 million	Up 19.1% YoY; up 1.4% QoQ organic in constant currency
EBITDA	Rs 273.3 crore	Up 31.5% YoY; margin 16.1%, up 40 basis points
EBIT margin	12.9%	Below the 13.5% that MOFSL expected
Net profit	Rs 171.44 crore	Up about 3.6% YoY from Rs 165.50 crore
Services revenue	Rs 1,355.7 crore	Up 33.9%; about 80% of revenue
Technology Solutions revenue	Rs 343.1 crore	Up 10.5%

Tata Technologies reported on 14 October 2026 after market hours. Revenue grew far faster than at Tata Elxsi, but profit grew only about 3.6%, so the extra revenue did not reach the bottom line. The sources I reviewed do not say how much of the 28.4% growth came from acquisitions, so I do not split it.

The company has 12,895 employees, an attrition rate of 15.6% and a mix of 65% onshore and 35% offshore work. CEO Warren Harris said he is confident of strong double digit growth for the full year, while the CFO flagged near term challenges.

Risk: Adjusted profit missed the Rs 200.4 crore that MOFSL expected, and the EBIT margin of 12.9% was below its 13.5% estimate.

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Tata Elxsi vs Tata Technologies: Head to Head

Measure	Elxsi	Tata Technologies
Net profit	Rs 170.30 crore	Rs 171.44 crore
Revenue	Rs 1,055.7 crore	Rs 1,698.80 crore
Net profit margin (my calculation)	About 16.1%	About 10.1%
Profit growth YoY	10.0%	About 3.6%
Revenue growth YoY	15% in rupees; 7.8% in constant currency	28.4% in rupees; 19.1% in dollars
Operating margin	EBIT margin 19.7%	EBIT margin 12.9%; EBITDA margin 16.1%
Share price reaction	Up as much as 8.16% on 14 Oct	Down about 5% on 15 Oct

On profit quality, Tata Elxsi wins. It produced the same profit as Tata Technologies on about 38% less revenue (my calculation: 1,055.7 against 1,698.80), and its profit grew faster. On revenue growth, Tata Technologies wins by a wide margin, though acquisitions may explain part of it.

Valuation cuts the other way. MOFSL says Tata Technologies trades at 32 times FY28 estimated earnings, a 90% premium to KPIT Technologies and a 31% premium to Tata Elxsi. A higher multiple on a weaker profit result explains why the Tata Technologies shares fell more.

Risk: Winning the report card does not make a stock good value or a buy, and these shares also carry a Sell rating from several brokerages.

Share Price Moves: Tata Elxsi Rally and Tata Technologies Fall

Date	Elxsi	Tata Technologies
13 Oct 2026	Closed at Rs 3,426.70, up 5.21%	Results due after market
14 Oct 2026	Intraday high Rs 3,706 (up 8.16%); last Rs 3,693 (up 7.78%)	Closed at Rs 745.55, up 0.25%
15 Oct 2026	Not covered in my sources	Fell about 5% to Rs 707.65

The 5.21% gain on 13 October and the 7.78% gain on 14 October compound to about 13.4% in two sessions (my calculation). The headline cites a gain of about 22.8% for Tata Elxsi in a week and about 6.36% for Tata Technologies, and I could not verify either figure. The 6.36% gain for Tata Technologies also conflicts with the roughly 5% fall I found on 15 October, so check the exact dates and base prices.

One source puts Tata Elxsi at Rs 3,666.90 and describes it as down 7.01%, which looks like a sign error because the same report calls it a gain. I use the gain.

Risk: A sharp one day rally in Tata Elxsi can fade quickly if the next quarter does not confirm the margin gain.

Tata Elxsi and Tata Technologies Target Price Views

Brokerage	Stock	Rating and target price
MOFSL	Elxsi	Sell, Rs 2,970
Mirae Asset	Elxsi	Sell, Rs 3,020
Kotak Securities	Elxsi	Sell, Rs 3,200
360 ONE	Elxsi	Sell, Rs 2,840 (lowest, raised from Rs 2,780)
Choice Broking	Elxsi	Add, Rs 3,520
Nirmal Bang	Elxsi	Hold, Rs 3,825
Axis Capital	Elxsi	Rs 4,950 (highest)
Bloomberg consensus	Elxsi	Rs 3,442, about 5.8% below the Rs 3,693 price
MOFSL	Tata Technologies	Sell, Rs 630 (26 times FY28 estimated earnings)
JM Financial	Tata Technologies	Reduce, Rs 735 (from Rs 730)

The spread of target price calls on Tata Elxsi is very wide, from Rs 2,840 to Rs 4,950, which shows how far the analysts disagree on the pace of the recovery. Nirmal Bang expects the second half to be better than the first and ties it to deal ramp ups and closures. 360 ONE calls the quarter strong on revenue and margin but expects the margin improvement to be gradual.

For Tata Technologies, both brokerages I found see the stock at or above fair value. The Rs 630 target of MOFSL implies a fall of about 11% from Rs 707.65 (my calculation), and the Rs 735 target of JM Financial implies a rise of about 4%.

Risk: A target price is an opinion at one date, and it changes after each result.

What to Watch Next for Tata Elxsi and Tata Technologies

1. Conversion of European deals at Tata Elxsi, which analysts say is delayed by weak auto demand in Europe
2. Timing of the Aerospace and Defence ramp up at Tata Elxsi, seen two to three quarters away
3. Whether the EBIT margin of Tata Elxsi holds near 19.7% after salary revisions
4. Tata Technologies margin recovery from 12.9% and any update on its full year double digit growth guidance
5. Attrition at Tata Technologies, now 15.6%
6. Target price changes from brokerages after the next quarter

Conclusion

Tata Elxsi wins the Q2 FY27 report card on profit growth, margin and market reaction, while Tata Technologies wins on revenue growth. Both stocks face brokerage Sell or Reduce calls, so the next two quarters matter more than this one.

Frequently Asked Questions

What was Tata Elxsi's profit in Q2 FY27?

Ans. Net profit was about Rs 170 crore, up 10% from Rs 154.82 crore a year earlier and down 0.2% from the June quarter.

What was Tata Technologies' profit in Q2 FY27?

Ans. Net profit was Rs 171.44 crore, up about 3.6% from Rs 165.50 crore, while revenue rose 28.4% to Rs 1,698.80 crore.

Which stock did better after the results?

Ans. Tata Elxsi rose as much as 8.16% on 14 October 2026, while Tata Technologies fell about 5% on 15 October.

What is the EBIT margin of each company?

Ans. Tata Elxsi reported 19.7%, up 70 basis points. Tata Technologies reported 12.9%, below the 13.5% that MOFSL expected.

What is the target price for Tata Elxsi?

Ans. Brokerage targets range from Rs 2,840 at 360 ONE to Rs 4,950 at Axis Capital, and the Bloomberg consensus is Rs 3,442.

What is the target price for Tata Technologies?

Ans. MOFSL has a Sell with a target of Rs 630 and JM Financial has a Reduce with a target of Rs 735.

Did Tata Elxsi shares rise 22.8% in a week?

Ans. I could not verify that figure. My sources show gains of 5.21% on 13 October and 7.78% on 14 October, which compound to about 13.4% in two sessions.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell.