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Tata Motors Passenger Vehicles (500570) investor relations material
Tata Motors Passenger Vehicles Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary14 Nov, 2025
Executive summary
Q2 FY26 was significantly impacted by a cyber incident at JLR, causing production stoppages and lower volumes, while the domestic passenger and electric vehicle businesses showed resilience and strong growth, supported by festive demand and GST reductions.
Consolidated Q2 FY26 revenue declined 13.5% year-over-year to ₹72,349 crore, with EBITDA at -0.1% and PBT (before exceptional items) at -₹5,462 crore.
Net profit for the quarter was ₹76,248 crore, driven by a notional profit of ₹82,616 crore from the disposal of discontinued operations following the demerger and restructuring.
Standalone passenger vehicle business saw robust growth, with Q2 FY26 revenue up 15.6% year-over-year to ₹13,529 crore, supported by strong festive demand and GST reductions.
Financial highlights
JLR Q2 FY26 revenue fell 24.3% year-over-year to £4.9 billion, with EBIT margin at -8.6% and a loss after tax of £559 million, impacted by the cyber incident and US tariffs.
Tata Passenger Vehicles Q2 FY26 EBITDA margin was 5.8%, EBIT margin at 0.2%, and PBT (before exceptional items) at ₹155 crore.
Free cash flow for the consolidated auto business was negative, with JLR reporting a £791 million outflow, while domestic PV business generated ₹1,600 crore in free cash flow.
Net auto debt increased to ₹20,100 crore, mainly at JLR; domestic business remains net cash.
Exceptional items for the quarter included ₹2,008 crore in cyber-related expenses and ₹840 crore in employee separation costs.
Outlook and guidance
JLR revised FY26 EBIT margin guidance to 0%–2% and expects free cash outflow of £2.2–2.5 billion, focusing on production ramp-up and cost savings.
The group expects improved performance in H2 FY26, focusing on stabilizing production, supply chain resilience, and new product launches.
Domestic PV business anticipates double-digit industry growth in H2, leveraging GST 2.0-driven demand and new launches.
Price increases planned for Q4 to offset commodity cost pressures; discounting expected to reduce post-festive season.
What drives JLR's revised FY26 EBIT and FCF guidance?
Tata PV: Impact of new products on H2 FY26 growth?
What are the strategic benefits of the demerger?
JLR structural tariff/tax impact on margins
India PV ICE double-digit EBITDA pathway
Tata Group cyber resilience actions
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Next Tata Motors Passenger Vehicles earnings date
Q3 202614 Feb, 2026
Next Tata Motors Passenger Vehicles earnings date
Q3 202614 Feb, 2026
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Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, pickup trucks, and trucks. The company is engaged in the design, development, manufacture, assembly and sale of vehicles including passenger cars, trucks and buses. It also produces other automotive products, including coach and bus bodies, machine tools and factory automation systems and electric vehicles.
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