Tata Motors / Q2-FY26

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Negative2025-10-30Back to TATAMOTORS

Revenue

₹18,585 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

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Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
9 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 1,05,000 · Positive source sentiment · 2023-11-03Q2 FY24Q4 FY24: 1,20,000 · Positive source sentiment · 2024-05-10Q4 FY24Q2 FY25: 17,535 · Negative source sentiment · 2024-10-30Q2 FY25Q3 FY25: 18,819 · Watch source sentiment · 2025-01-29Q3 FY25Q4 FY25: 21,863 · Watch source sentiment · 2025-05-15Q4 FY25Q1 FY26: 17,324 · Negative source sentiment · 2025-07-31Q1 FY26Q2 FY26: 18,585 · Negative source sentiment · 2025-10-30Q2 FY26Q3 FY26: 21,847 · Negative source sentiment · 2026-02-10Q3 FY26Q4 FY26: 26,098 · Positive source sentiment · 2026-05-15Q4 FY261,20,00017,324
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tata Motors Q2FY26 was severely impacted by a JLR cyber incident that shut down systems for most of September, causing a 24% revenue drop and a PBT loss of INR 5,500 crore. JLR wholesales fell to 66,000 units, with an EBIT of -8.6% and free cash flow of -GBP 791 million. The India PV business was a bright spot, with 15% revenue growth, record monthly wholesales of 61,000 units in October, and EV penetration rising to 17%. Management guided JLR FY26 EBIT of 0%-2% and FCF of -INR 2.2-2.5 billion, with recovery expected only in Q4. Risks include sustained high VME, structural tariff costs, and potential Nexperia chip supply disruption.

Colored figures show movement against the previous available record.

Guidance to track

  • JLR expects full-year EBIT margin to be between 0% and 2%, reflecting the impact of the cyber incident and challenging demand.
  • JLR expects free cash flow to be negative INR 2.2-2.5 billion for the full year, with recovery only in Q4.
  • Management plans to take a price increase in Q4 to offset higher commodity costs and improve ICE profitability.
  • Management expects the India PV industry to grow at double-digit rates in H2FY26, driven by GST cuts and festive momentum.

Risks flagged

  • JLR's VME rose to 6.9% of revenue and U.S. tariffs remain elevated; management expects these pressures to persist.
  • Potential shortage from Nexperia's wafer supply chain could impact production; management is monitoring closely.
  • China luxury segment continues to shrink, and the new luxury tax has worsened demand; management acknowledged this as a structural issue.
  • ICE margins fell to 6.4% due to commodity costs and adverse pricing; recovery expected only in Q4, with risks from discounting.

Key quotes

  • The loss in operating leverage, carryover of U.S. tariff impact from Q1 and increase VME flowed through every other financial metric resulting in a PBT loss of INR 5,500 crore for the quarter.
  • We anticipate VME levels to stay elevated for some time.
  • The production losses we've experienced will also impact quite heavily on Q3. It's only in Q4 as our pipeline fill completes that we'll return to normal.

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