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The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and gross margins expand, but rising costs and weaker trading weigh on operating profits.
2W + 3W revenue grows from ₹15,164 Cr in Q1 FY26 to ₹17,887 Cr in Q1 FY27, sustaining core demand.
Consolidated EBIT margin declines from 10.1% in Q2 FY26 to 8.4% in Q1 FY27, signaling operating profit compression.
Consolidated gross profit margin improves from 19.1% in Q3 FY26 to 20.0% in Q1 FY27, reflecting better cost control.
Consolidated employee cost jumps from ₹812.3 Cr in Q1 FY26 to ₹1,153.0 Cr in Q1 FY27, adding pressure on operating expenses.
Consolidated finance cost falls from ₹800.4 Cr in Q1 FY26 to ₹464.8 Cr in Q1 FY27, reducing interest expenses.
Trading revenue drops from ₹4,934.9 Cr in Q2 FY26 to ₹3,485.9 Cr in Q1 FY27, indicating weaker trade volumes.
Manufacturing EBITDA rises from ₹2,536 Cr in Q1 FY26 to ₹2,793 Cr in Q1 FY27, showing stronger factory profitability.
Manufacturing EBITDA margin falls from 14.3% in Q2 FY26 to 12.7% in Q1 FY27, showing compressing factory margins.
Consolidated cash PAT increases from ₹2,016.9 Cr in Q1 FY26 to ₹2,204.5 Cr in Q1 FY27, maintaining steady cash earnings.
4W passenger revenue cools from ₹1,348 Cr in Q4 FY26 to ₹1,012 Cr in Q1 FY27, reflecting seasonal normalization.