Tata Motors CV Q2FY26 Earnings Results: Reports ₹867 Crore Loss Despite 6% Growth in Revenue

Tata Motors Commercial Vehicles (TMCV), recently listed after its demerger, reported a consolidated loss of ₹867 crore for Q2FY26. This is a sharp reversal from the ₹498 crore profit in the same quarter last year and from the ₹1,397 crore profit posted in Q1FY26.

The company said the loss was mainly due to mark-to-market (MTM) losses of about ₹2,000 crore linked to its new investments in Tata Capital.

Revenue Rises 6% YoY

Despite the loss, revenue from operations grew 6% year-on-year to ₹18,491 crore, up from ₹17,402 crore in Q2FY25. Sequentially, revenue also improved by 8%, compared with ₹17,192 crore in Q1FY26.

Listed After Demerger

TMCV was officially listed on Indian stock exchanges on November 12, 2025, following its separation from Tata Motors Passenger Vehicles Ltd (TMPV).

Managing Director & CEO Girish Wagh said the demerger would help unlock more value and create new growth opportunities in the commercial vehicle segment. He expects the domestic CV industry to grow in high single digits this fiscal.

Tata Motors CV Q2 FY26 Sales Performance

• CV wholesales: 96,800 units (up 12% YoY)
• Domestic volumes: up9%
• Exports: surged 75%

Wagh added that demand picked up strongly due to GST 2.0 rollout and the festive season, supported by better product availability and sharper pricing strategies. For the second half of FY26, he expects continued momentum from construction, infrastructure, and mining sectors.

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Q2FY26 Key Highlights

• Revenue: ₹18,491 crore
• Loss: ₹867 crore
• Loss per share: ₹2.35

Conclusion

Tata Motors' commercial vehicle arm delivered healthy revenue and volume growth, but a large MTM loss linked to Tata Capital investments pushed the company into the red. 

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