India's Tata Technologies posts smaller-than-expected quarterly revenue drop on deal wins
The firm, which provides engineering and technology services to automobile, aero and heavy machinery makers, is optimistic about a sequential recovery in the second quarter and a stronger second half of fiscal year 2026, it said in a statement.
The company won six "strategic deals" during the quarter, including a partnership with Volvo Cars for product engineering and embedded software, and an engagement with an unnamed European luxury automaker for multi-domain technical services.
Its consolidated revenue dipped 1.9% year on year to 12.44 billion rupees ($144.69 million) in the April-June quarter. Analysts, on average, had expected a revenue of 12.04 billion rupees, as per data compiled by LSEG.
The engineering, research and development segment of India's IT industry, which relies heavily on outsourced work from U.S. and European clients, is seeing a broad slowdown as the global auto sector has been beset by concerns over U.S. tariffs, weak growth in China, sluggish EV adoption, and China's export curbs on rare earths.
"We achieved strong cash flow performance this quarter through consistent execution and disciplined working capital management, despite operating in a challenging environment," Tata Technologies CFO Savitha Balachandran said in a release.
Revenue from the firm's services segment, which is 77% of the overall pie, dropped 2.2%, while technology solutions' revenue dipped 1%.
Its profit rose 5% to 1.7 billion rupees, above analysts' expectations of 1.52 billion rupees, helped by a higher other income.
Peer Tata Elxsi (TTEX.NS), opens new tab missed quarterly earnings estimates last week, hurt by slowing research and development spend by customers across geographies.
($1 = 85.9790 Indian rupees)
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