Athira Sethu
Kochi, 17 Nov 2025
Tata Motors Passenger Vehicles (TMPV) released its Q2 FY26 results, which showed a big jump in net profit, primarily due to a one-time gain from the demerger of its commercial vehicle business. But without this gain, the company faced a loss due to lower sales at Jaguar Land Rover (JLR). However, on a positive note, the domestic passenger vehicle business had strong growth, favored by higher sales during the festive season and GST rate cuts.
Key Financial Metrics – Tata Motors Q2 FY26
| Metric | Q2 FY26 | Q2 FY25 | Change | Q1 FY26 | Change |
| Net Profit | ₹76,248 crore | ₹3,056 crore | +25x | ₹6,378 crore | +10.7% |
| Revenue | ₹71,714 crore | ₹82,841 crore | -13.4% | ₹87,141 crore | -18% |
| EBITDA Loss | ₹1,404 crore | ₹9,914 crore | – | ₹3,200 crore | – |
| Revenue from JLR | £4.9 billion | £6.5 billion | -24.3% | £5.2 billion | – |
| JLR EBIT Margin | -8.6% | 5.1% | – | 3.2% | – |
| Domestic PV Revenue | ₹13,500 crore | ₹11,700 crore | +15.6% | ₹12,000 crore | +12.5% |
| Units Sold (Domestic PV) | 1.44 lakh | 1.30 lakh | +11% YoY | 1.39 lakh | +3.6% QoQ |
Performance by Segment
| Segment | Q2 FY26 Results | Reason for Change |
| Jaguar Land Rover (JLR) | Revenue: £4.9 billion, Loss: £485 million | Lower sales, higher costs, cyber attack impact |
| Domestic Passenger Vehicles | Revenue: ₹13,500 crore, 1.44 lakh units sold | Strong sales due to GST cuts, festive demand |
| Electric Vehicles (EV) | Included in Domestic PV | Growth with new models like Sierra |
Challenges at JLR
| Issue | Impact |
| Cyber Incident | Increased costs, delays |
| Model Changes & Tariff Pressure | Lower sales, higher costs |
| JLR EBIT Margin | Negative: -8.6% |
Domestic Market Growth
| Metric | Q2 FY26 | Reason for Growth |
| Revenue from Domestic PV | ₹13,500 crore | 15.6% growth, boosted by festive season |
| Units Sold | 1.44 lakh | 11% growth YoY |
Tata Motors had a mixed Q2 FY26 performance, with huge profits on account of a one-time gain, while the company’s core business, particularly at Jaguar Land Rover, had relatively tough times. The domestic passenger vehicle business, however, displayed strong growth on the back of improved sales and better realizations. The company is optimistic about overall growth with new product launches and improvement in cost-saving measures.
