Net profit rose to ₹76,170 crore in Q2FY26 from ₹3,450 crore a year ago, mainly due to a ₹82,620-crore exceptional gain from the carve-out of the commercial vehicle business. Excluding this one-time item, the company reported a net loss of ₹ 6,368 crore at Ebitda level.
Analyst estimates were not available for the newly demerged unit of Tata Motors, which now owns JLR and listed last month.
Consolidated revenue fell 14% to ₹72,350 crore, weighed down by the slowdown at JLR. The luxury brand’s revenue fell 25% to £4.9 billion due to the cyber attack, as retail and manufacturing operations were “severely disrupted”, said PB Balaji, group CFO, adding that the loss of production days “materially impacted volumes and profitability” and coincided with the drag of higher US tariffs. JLR’s Ebit margin fell to –8.6%, while it ended the quarter with free cash flow of £790 million.
The hit to JLR’s volumes may not be recovered this financial year, prompting the automaker to cut its FY26 EBIT margin guidance to 0-2% from the previous 5-7%. Full-year free cash flow is now estimated at £2.2–2.5 billion.
In India, Tata Motors’ passenger vehicle and EV business remained resilient. PV division revenue grew 15.6% to ₹13,529 crore, supported by 11% growth at 144,500 units. Ebitda margin was 5.8%, while Ebit margin was broadly flat at 0.2%, reflecting commodity cost pressures and a temporary decline in profitability in the internal combustion engine (ICE) vehicle business.
The EV business, however, showed strong sequential margin improvement, aided by production linked incentive (PLI) benefits and strong demand.
On the domestic side, Shailesh Chandra, MD and CEO of TMPV, said demand has strengthened since late September as the Goods and Services Tax (GST) cuts into “unlocked pent-up purchases” during the festive period. He highlighted Tata’s compact SUV Nexon’s emergence as India’s best-selling model in September and October, record volumes for the Harrier and Safari SUVs, and continued traction in EVs led by the refreshed Nexon EV and Harrier EV models.
Chandra predicted a “strong second half” for Tata Motors supported by lean inventories, new model launches including the new generation Sierra and stable market conditions.
Balaji noted that JLR used the downtime due to the production shutdown to accelerate work on its electrification roadmap, including Electric Modular Architecture (EMA) platform readiness at Halewood. He said liquidity remains “comfortable” at £6.6 billion, including undrawn credit lines.
Shares of TMPV closed 1.62% lower at Rs 391.6 on the BSE, outperforming a flat market in Mumbai.
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