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Nuvama sees Tata Motors PV India revenue up 47% in Q2 FY27, ahead of M&M, Maruti and Hyundai

Nuvama Institutional Equities expects Tata Motors Passenger Vehicles' India revenue to grow 47% in Q2 FY27, ahead of M&M Auto at 34%, Maruti Suzuki at 27% and Hyundai Motor India at 19%, after domestic passenger vehicle volumes rose around 30% YoY.

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The numbers

Figures from Mint,

Domestic two-wheeler volume growth: around 15%
TVS Motor revenue growth expected: 38%
Aggregate EBITDA growth expected: 10%

Why it matters to operators and investors

Nuvama expects domestic PV volumes up about 30% in Q2 FY27, with Tata Motors and M&M outpacing Maruti and Hyundai, so dealers and retail partners should plan stock and staffing around stronger Tata and M&M demand while recognizing that aggregate EBITDA growth of only 10% points to margin pressure.

What to watch next

  • Reported Tata Motors PV India Q2 FY27 revenue growth against the 47% estimate
  • Aggregate EBITDA growth for the group against the 10% estimate
  • Maruti Suzuki and Hyundai Motor India revenue growth against 27% and 19%
  • TVS Motor revenue growth against 38%, and two-wheeler volumes against about 15%
  • Management margin commentary on costs and discounting in the results calls

Likely next moves

Our read of what comes next — analysis, not reported by the source.

  • Tata Motors PV India is likely to post the fastest revenue growth in the group, but management will probably be pressed on why profit growth trails revenue.
  • Maruti Suzuki and Hyundai Motor India, with lower estimated revenue growth of 27% and 19%, may be judged on share and margin defence rather than on growth.
  • M&M Auto is likely to keep revenue growth near the 34% estimate and to be asked whether that pace can hold into the following quarters.
  • TVS Motor is likely to show two-wheeler strength, with revenue growth well ahead of the roughly 15% volume growth if the 38% estimate holds.
  • Brokerages are likely to revise FY27 earnings estimates after the results, cutting margin assumptions if EBITDA growth stays well below revenue growth.

The source

Source Read the source at Mint Published

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