Tata Motors PV records Q3 loss of Rs 3,486 cr; JLR disruption weighs

Tata Motors Passenger Vehicles reported consolidated net loss of Rs 3,486 crore in Q3 FY26 compared with net profit of Rs 5,406 crore in Q3 FY25.

Revenue from operations fell 25.81% YoY to Rs 69,605 crore during the quarter. The performance continued to be impacted significantly by the cyber incident at JLR, as indicated earlier.

The company reported a loss before exceptional items and tax of Rs 3,483 crore in Q3 FY26, compared with a profit before exceptional items and tax of Rs 6,106 crore posted in Q3 FY25. Exceptional items totaled Rs 1,597 crore, comprising labour code charges of Rs 427 crore, employee separation costs of Rs 80 crore, supplier claim and cyber-related expenses of Rs 778 crore, and demerger-related expenses of Rs 421 crore. These were partly offset by a gain of Rs 109 crore from the reversal of restructuring costs.

 

Jaguar Land Rover (JLR) revenue stood at euro 4.5 billion, down 39.4%YoY. Volumes impacted following the cyber incident and the time taken thereafter to distribute vehicles globally, as vehicle production returned to normal levels by mid-November. Volumes were also affected by the planned wind -down of legacy Jaguar models ahead of new Jaguar launch, a deterioration of market conditions in China, and ongoing incremental US tariffs impacting JLRs US exports.

Looking ahead, the company said JLR remains resilient and well placed to address the economic, geopolitical and policy challenges the industry faces. Investment spend is expected to remain at euro 18 billion over the five-year period from FY24. In light of the challenges faced, FY26 guidance is reaffirmed, with EBIT margin of 0% to 2% and free cash outflow of euro 2.2 billion to 2.5 billion.

PB Balaji, chief executive officer, said: Q3 was a challenging quarter for JLR with performance impacted by the production shutdown we initiated in response to the cyber incident, the planned wind down of legacy Jaguar, and US tariffs. Thanks to the commitment of our dedicated teams, we returned vehicle production to normal levels by mid-November, and we are focused on building our business back stronger. While the external environment remains volatile, we expect performance to improve significantly in the fourth quarter and we have clear plans to manage global challenges. We have a resilient business and remain focused on transformation. 2026 is set to be an exciting year for JLR as we develop our next generation vehicles, including the launch of Range Rover Electric and the unveiling of the first new Jaguar.

Meanwhile, revenue from Tata Passenger Vehicles jumped 24% YoY to Rs 15,317 crore during the quarter. Passenger vehicles (PV) and Electric Vehicle (EV) volumes during the quarter were at 1,71,000 units (up 22% YoY) driven by impact of reduction in GST rates and robust performance of products.

Looking ahead, the company remains confident about the PV industrys growth, supported by positive demand momentum following GST 2.0. With deliveries from recent launches commencing in Q4 and a strong pipeline of upcoming models, Tata Motors PV is well poised to accelerate its growth trajectory in FY27.

Shailesh Chandra, managing director & CEO, Tata Motors Passenger Vehicles said: In Q3 FY26, we recorded our highest-ever quarterly wholesales at 171k units, while retail sales crossed the 200k mark for the first time, driven by strong demand tailwinds from GST 2.0 and a robust festive season.

With strengthened value proposition for our products, we witnessed robust demand during the quarter, with Nexon emerging as the highest-selling model in India in Q3, while Punch also saw enhanced volumes.

Tata Motors Passenger Vehicles (formerly Tata Motors), part of the $180 billion Tata Group, is one of Indias leading automobile manufacturers, offering a diverse portfolio of cars and SUVs renowned for their design, safety, and performance.

The counter shed 0.32% to Rs 372.95 on the BSE.

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