Tata Motors PV shares down 3% as cyber attack, tariffs weigh on JLR volumes

Tata Motors Passenger Vehicles said Jaguar Land Rover’s wholesale and retail volumes declined sharply in the third quarter, falling 43.3% and 25.1% respectively from a year earlier, largely due to production disruptions caused by one of Britain’s most severe and high profile cyber attacks.

The company said production at JLR facilities returned to normal only by mid-November following the cyber incident.

The disruption, coupled with the time required to ship vehicles globally once production resumed, led to a decline in both wholesale and retail volumes on a quarter-on-quarter as well as year-on-year basis.

Volumes were also impacted by the planned wind down of legacy Jaguar models ahead of the launch of the new Jaguar portfolio, along with incremental US tariffs affecting JLR’s exports to the American market.

Despite the volume pressure, the mix continued to tilt towards higher value models. Range Rover, Range Rover Sport and Defender together accounted for 74.3% of total wholesale volumes in Q3 FY26, compared with 70.3% in the same quarter last year, though lower than 76.7% in the previous quarter.

For the financial year so far, wholesale volumes stood at 212,600 units, down 26.6% YoY, while retail volumes declined 19.1% YoY to 259,400 units.

JLR is scheduled to report its full financial results for the third quarter of FY26 in February 2026.

Speaking to CNBC-TV18, Mithun Aswath of Kivah Advisors said Tata Motors’ passenger vehicle business could have a clear runway over the next three to four quarters, adding that he expects a rebound in the JLR business.

Shares of Tata Motors Passenger Vehicles Ltd. closed 0.86% higher on Monday at ₹373.55.