Tata Motors released its first quarterly results after Tata Capital’s listing, with profits hit by a ₹2,026-crore mark-to-market loss, resulting in a ₹552-crore operating loss and a net loss of ₹868 crore. Without this impact, profit before tax would have been ₹1,474 crore. Managing director and CEO Girish Wagh discussed the benefits of separating the commercial and passenger vehicle businesses, while also sharing progress on acquiring Italy’s Iveco.
He said the recent GST cut has boosted road freight movement, which should drive higher single-digit demand growth in the second half of the year. On Iveco, Tata Motors sees opportunities to collaborate on product offerings for different markets, share technologies, and jointly pursue similar programmes. There is also scope to reduce costs through operating-expense synergies, with approvals for the deal on track for completion by April 2026.
Regarding upcoming CAFÉ norms, Wagh noted that the industry has reached a consensus for implementation in April 2027 for both MHCV and LCV categories. For MHCVs, SIAM has recommended using Bharat Vecto — a tool that reflects real-world fuel use and emissions. For LCVs, the industry has sought exemption, citing their minimal contribution to national fuel consumption and CO₂ emissions.