Tata Motors PV Q2 Results: ₹5,531 Crore Loss as JLR Charges Weigh

Tata Motors PV Q2 results showed a consolidated net loss attributable to shareholders of ₹5,531 crore for July–September 2026, as ₹6,738 crore of exceptional charges outweighed a 34% rise in revenue to ₹96,920 crore. Tata Motors Passenger Vehicles (TMPV) declared the numbers after market hours on Friday, November 13.

The company had reported a profit of ₹76,170 crore in the year-ago quarter. That figure, however, included a large one-time gain from the demerger of its commercial vehicle business, so the two numbers are not directly comparable, according to Business Standard.

On a continuing-operations basis, the loss narrowed to ₹5,451 crore from ₹6,368 crore a year earlier. TMPV had posted a net profit of ₹775 crore in the April–June quarter.

Tata Motors PV Q2 Results: Key Numbers

Consolidated revenue from operations climbed to ₹96,920 crore from ₹72,349 crore. Operating profit (EBITDA) stood at ₹5,995 crore, against an operating loss of ₹71 crore in the same quarter last year.

The EBITDA margin improved 630 basis points to 6.2%, while the EBIT margin rose 790 basis points to 1.1%. The company said the yearly improvement mainly reflects recovery from last year’s cyber incident at Jaguar Land Rover (JLR). Sequentially, an adverse product mix and continuing commodity cost pressures weighed on margins.

The exceptional charges comprised employee separation costs of ₹3,776 crore, asset impairments of ₹2,856 crore and ₹161 crore of rationalisation costs, partly offset by a ₹55 crore past service credit. Profit before exceptional items and tax was ₹403 crore, and a net tax credit of ₹884 crore, including deferred tax credits, partly cushioned the reported loss.

TMPV shares closed 3.31% lower at ₹287.40 on the National Stock Exchange on Friday, before the results were announced.

Jaguar Land Rover Cuts Full-Year Guidance

JLR’s revenue rose 20.3% year-on-year to £5.9 billion as wholesale volumes recovered in the UK and overseas markets. Its profit before tax and exceptional items was £6 million, compared with a loss of £485 million a year earlier.

The British luxury carmaker booked exceptional charges of £530 million for restructuring and asset write-downs. Of this, about £295 million related to a voluntary redundancy programme targeting around 4,000 roles. Free cash outflow for the quarter was £540 million, and closing cash stood at £1.8 billion.

Citing market challenges, geopolitical risks and the exceptional costs, JLR revised its FY27 guidance to an adjusted EBIT margin of 2–3%. It now expects a free cash outflow of about £1.25 billion. China remained weak, with JLR’s wholesales there falling 46.5% to 6,100 units.

JLR Chief Executive Officer P B Balaji said the company delivered positive operating profits in the second quarter and the first half of the financial year despite global headwinds. JLR is also running a cost programme, Enterprise Missions, which targets £1.7 billion of savings over two years and aims to bring breakeven volumes closer to 300,000 units.

Domestic Growth, EV Ramp-Up and What Lies Ahead

The domestic business posted record revenue. Passenger vehicle revenue in India reached ₹20,423 crore, up 50.9% year-on-year, its highest for any quarter. However, its EBITDA margin contracted 180 basis points to 4%.

Total sales rose 40% to 2,01,723 units, the company’s highest-ever quarter. Tata Motors EV sales jumped 90% to 47,150 units, according to its quarterly sales update.

Managing Director and CEO Shailesh Chandra said the company has so far offset only about 40% of the commodity cost increase through price hikes and cost cuts. He said a slightly larger price increase is planned for the January–March quarter.

Chandra also said TMPV plans to raise EV supplies to about 20,000 units a month from around 16,000 now, as demand outstrips supply. He expects India’s passenger vehicle industry to grow around 12–13% in FY27.

Overall, the Tata Motors PV Q2 results tell a split story. The domestic franchise is gaining volumes and scaling up EVs, but JLR restructuring, weak China demand and lower guidance continue to drive the consolidated bottom line. For investors, JLR’s cash burn and the pace of domestic margin recovery are the key watch points.

Input costs remain a risk. Chandra said steep commodity cost pressures remained a headwind, which the company is countering with calibrated pricing and focused cost actions. For a comparison within the sector, see our coverage of Mahindra’s Q2 results and Maruti Suzuki’s record October sales.

Also Read: Tata Steel Q2 Results: Profit Rises 18% to ₹3,666 Crore on India Volumes

Around 3,000 JLR employees have signed up for the voluntary redundancy scheme. Company disclosures are available on Tata Motors’ official website.