Tata Motors PV Group Reports Strong Domestic Growth in Q2 FY26 Despite JLR Cyber Hit

Mumbai, November 14, 2025: Tata Motors Passenger Vehicles Ltd. (TMPVL) announced its financial results for Q2 FY26, reflecting a contrasting performance between its global and domestic operations. While the consolidated business faced headwinds—primarily due to a significant cyber incident at Jaguar Land Rover (JLR)—the India Passenger Vehicles (PV) business delivered strong growth driven by festive demand, GST 2.0 benefits, and a robust multi-powertrain portfolio.

Consolidated Performance Hit by JLR Disruption

TMPVL reported consolidated revenue of ₹72,349 crore, a decline of 13.5% year-on-year. EBIT came in at -6.8%, impacted sharply by the JLR cyber incident.

• PBT (before exceptional items): ₹-5,462 crore
• H1 FY26 PBT (bei): ₹-1,512 crore, down ₹13,858 crore YoY

Despite these challenges, the company posted a net profit of ₹76.2K crore, aided by a notional profit of ₹82.6K crore from the disposal of discontinued operations.

JLR Results: Cyber Incident, US Tariffs Weigh Heavily

Jaguar Land Rover recorded Q2 FY26 revenue of £4.9 billion, down 24.3%, with EBIT margins falling to -8.6%. Operations halted in September due to a cyber incident but have since returned to normal levels.

Key highlights:

• Exceptional items: £238 million (including £196m cyber incident costs)
• H1 FY26 revenue: £11.5 billion (-16.3% YoY)
• Free cash outflow: £791 million in Q2
• Revised FY26 EBIT guidance: 0%–2%

JLR also advanced several strategic initiatives, including electrification testing, the launch of new financing schemes for suppliers, and sustainability-led projects such as solar installations in the UK and China.

Domestic PV Business Shines With 15.6% Growth

The India Passenger Vehicles business delivered a standout quarter:

• PV revenue: ₹13,529 crore (+15.6% YoY)
• EBITDA: 5.8%
• EBIT: 0.2%

Strong demand supported by GST 2.0, an expanded EV/CNG portfolio, and festive season momentum fuelled the performance. PV & EV volumes rose 10.8% YoY to 144.5K units.

Key Market Highlights

• Vahan market share: 12.8% in Q2 FY26
• EV Vahan market share: 41.4%
• Punch crosses 6 lakh unit milestone, fastest SUV in India to do so
• Nexon tops industry sales in September and October
• Harrier & Safari hit highest-ever volumes, boosted by Adventure X variants and strong response to Harrier.ev
• Altroz achieves 5-star Bharat NCAP rating across all fuel types
• Tata Motors re-enters South Africa with a future-ready PV lineup

Shailesh Chandra, MD & CEO, TMPVL, noted that Q2 FY26 was a “landmark quarter” with record volumes, strengthened demand, and improved quarterly profitability. EV sales grew nearly 60% YoY, with ~25,000 units sold.

Looking Ahead

Tata Motors stated it will focus on:

• Stabilising production post-JLR disruption
• Strengthening supply chain resilience
• Driving brand-led demand generation
• Rolling out new launches including Sierra, Harrier/Safari petrol variants
• Continuing structural cost reduction initiatives

Global conditions remain challenging, but domestic demand has rebounded strongly. The company expects all-round performance improvement in H2 FY26.

CFO PB Balaji on the Outlook

PB Balaji emphasised the company’s resilience amid disruptions:
“Demand remains challenging globally, but domestically there are signs of resurgence. Our strategy is clear and execution remains strong.”