Whalesbook
Tata Motors' Commercial Vehicles (CV) business reported strong Q2 FY26 results with a 12% year-on-year increase in wholesales to 96,800 units. Revenue grew 6.0% to INR 185,850 million, aided by higher volumes and better pricing, leading to improved EBITDA and EBIT margins. Despite mark-to-market losses impacting net income, the business generated strong free cash flow and reduced net debt. Analyst Deven Choksey maintains an 'ACCUMULATE' rating, setting a target price of INR 369 based on September 2027 estimates.