Sustained high VME and structural tariff costs
JLR's VME rose to 6.9% of revenue and U.S. tariffs remain elevated; management expects these pressures to persist.
TATAMOTORS / Q2-FY26 / risks
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Tata Motors · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Nexperia chip supply disruption
Potential shortage from Nexperia's wafer supply chain could impact production; management is monitoring closely.
JLR demand deterioration in China
China luxury segment continues to shrink, and the new luxury tax has worsened demand; management acknowledged this as a structural issue.
India PV ICE margin recovery delayed
ICE margins fell to 6.4% due to commodity costs and adverse pricing; recovery expected only in Q4, with risks from discounting.