Tata Motors Passenger Vehicles (Tata Motors PV) delivered a striking set of results for the September quarter of FY26 on November 14, 2025, reporting a consolidated net profit of ₹76,170 crore. The surge was primarily driven by an exceptional gain of ₹82,616 crore linked to the disposal of discontinued operations following the demerger of the commercial vehicles division. In comparison, the company had posted a net profit of ₹3,446 crore in the same quarter last year.
This quarter also marked the company’s first earnings report since the separation of its commercial vehicle business, a structural move that required significant Ind AS-compliant adjustments to reflect the transfer of assets and liabilities.
Revenue Performance and Operational Impact
Revenue from operations stood at ₹71,714 crore, representing a 13% year-on-year decline from ₹82,841 crore. The performance was heavily affected by a cyber incident at Jaguar Land Rover (JLR), which led to production disruptions and weakened overall international performance.
Although overseas operations faced challenges, Tata Motors PV noted that domestic performance remained steady throughout the quarter and improved meaningfully following GST 2.0-driven demand recovery.
The company reported an EBIT of –₹4,900 crore, a decline of ₹8,800 crore year-on-year, while PBT (BEI) for Q2 FY26 came in at –₹5,500 crore. For the first half of FY26, PBT (BEI) was –₹1,500 crore, a drop of ₹13,900 crore compared to the previous year.
Business Update: JLR and Cyber Incident Recovery
JLR’s performance was significantly affected during the quarter due to production stoppages in September, as well as the planned wind-down of legacy Jaguar models. Revenue for the unit dropped 24.3% to £4.9 billion, with EBIT margins falling to –8.6%.
JLR wholesale volumes declined 24.2% year-on-year to 66,000 units, while retail volumes fell 17.1%.
From 8 October, the company began restarting global manufacturing in phases, and production has now returned to normal levels.
JLR CEO Adrian Mardell noted that restoring operations safely and swiftly was the organisation’s priority, with support extended to clients, retailers, and suppliers throughout the recovery process.
Domestic Momentum and Strong PV Performance
In contrast to the global challenges, the domestic business delivered a strong showing:
- Total PV wholesales (domestic + exports): up 10% YoY to 1,44,397 units
- Domestic PV volumes: up 8% YoY to 1,40,189 units
- Exports: up 411% YoY to 4,208 units
The company maintained a 12.8% Vahan market share, while its EV Vahan market share stood at an impressive 41.4% in Q2 FY26.
Several product milestones highlighted the quarter:
- Tata Punch: fastest SUV in India to cross 6,00,000 sales
- Tata Nexon: India’s largest-selling car in September and October
- Festive period retail sales crossed 1,00,000 units, marking 33% YoY growth
Shailesh Chandra, Managing Director & CEO of Tata Motors PV, described Q2 FY26 as a “landmark quarter”, driven by double-digit growth in wholesale volumes, expanding registrations, and strong market traction across powertrains. EV sales rose nearly 60% YoY, with close to 25,000 units sold.
Management Commentary and Outlook
The management emphasised that the overall global environment remains challenging, but initiatives are underway to stabilise production, strengthen supply chain resilience, and enhance brand-led demand generation.
The domestic market continues to benefit from robust post-GST 2.0 demand, with the company planning to build further momentum through new product launches and sharper marketing actions.
PB Balaji, Group CFO, stated that despite the difficult quarter, the company is committed to emerging stronger, especially after completing the landmark demerger. Both the domestic PV business and JLR are positioned to tap into the industry’s evolving opportunities.
Tata Motors PV is now preparing for the upcoming launches of the ICE-powered Tata Sierra, along with petrol versions of the Harrier and Safari, signalling a continued focus on product expansion.
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- Tata Steel Q2FY26 Results: Profit Surges 272% to ₹3,102 Crore as Revenue Rises 9%
- Asian Paints Q2 FY26 Results: Profit Surges 43% as Revenue Rises 6%
Conclusion
Tata Motors PV’s Q2 FY26 results capture a quarter of contrasting dynamics—a significant one-time gain lifting bottom-line performance, even as revenue came under pressure from external disruptions, particularly at JLR. The company’s resilient domestic operations, strong festive demand, record product milestones, and recovering production at JLR set the stage for a more stable outlook in the second half of the financial year. With renewed customer confidence and several launches on the horizon, Tata Motors PV remains well placed to navigate the evolving automotive landscape.
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