Q2 FY27: 42% revenue growth and strong cash flow, but commodity pressure persists
TMCV · price
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Q2 FY27 standalone revenue rose 42% to ₹23,900 crore and wholesales climbed 42% to 135,100 units. EBITDA was ₹2,800 crore, up 31%, with margin at 11.7%, down 90 bps YoY. Free cash flow was ₹4,600 crore and net cash ₹11,300 crore. Management expects another 150-200 bps of commodity cost pressure in Q3. The 70,000-unit Indonesia order continues, while the IVECO offer price is EUR14.40, with 35% of shares tendered.
Strong growth and cash flow support the stock, but rising commodity costs and slower Q3 demand growth could limit margin gains; IVECO adds scale.