Shares of Tata Motor Passenger Vehicles Ltd. (Tata Motors PV) fell to the lowest since the demerger took effect, after its quarterly results showed the impact of the JLR cycberattack that crippled production at the luxury carmaker.
On Monday, Tata Motors PV's share price fell as much as 7.26% to ₹363.15—the lowest since 14 October 2025 which was the record date for the Tata Motors demerger. That, after JLR pains offset India gains in July-September 2025.
Tata Motors Q2 Results FY26
Consolidated net loss of the Range Rover and Nexon maker stood at ₹6,368 crore in the three months ended 30 September, as against net profit of ₹3,056 crore in the year-ago period, according to an exchange filing on 14 November. That, even as revenue fell 13.51% year-on-year to ₹72,349 crore.
- Revenue down 13.51% YoY at ₹72,349 crore
- EBITDA loss at ₹1,404 crore (EBITDA: ₹9,914 crore)
- EBITDA margin at -1.94% vs 11.85% in Q2 FY25
- Net loss at ₹6,368 crore vs net profit of ₹3,056 crore
- Exceptional gain of ₹82,600 crore due to demerger
Jaguar Land Rover, which accounts for 80% of Tata Motors PV's revenue, has cut its guidance for the fiscal ending 31 March 2026: The Range Rover maker now expects to clock an earnings before interest and tax (EBIT) of 0-2% in FY26, as against 5-7% estimated earlier, with a negative cash flow of £2.2-2.5 billion versus nearly zero earlier.
{{/usCountry}}Jaguar Land Rover, which accounts for 80% of Tata Motors PV's revenue, has cut its guidance for the fiscal ending 31 March 2026: The Range Rover maker now expects to clock an earnings before interest and tax (EBIT) of 0-2% in FY26, as against 5-7% estimated earlier, with a negative cash flow of £2.2-2.5 billion versus nearly zero earlier.
{{/usCountry}}That, according to JLR, is due headwinds stemming from a cyberattack and weak sales globally due to an ongoing tariff war.
“The (Tata Motors PV) management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point,” HDFC Securities wrote in a note on 17 November.
For Tata Motors, even higher car sales in India—on the back of GST rate cuts—wouldn't be able to offset multiple headwinds at JLR, Jefferies said in a note.
JLR is grappling with falling demand for premium cars in China and component shortages. A cyberattack in early September halted production for five weeks and forced parent Tata Motors to take a one-time charge of $228.5 million in the second quarter.