Tata Motors PV Q2: Cons PAT Soars To Rs 76,170 Cr On One-Time Gain; Revenue Slips 13% YoY

Tata Motors Q2 Results: Tata Motors Passenger Vehicles (PV) on Friday posted a consolidated net profit of Rs 76,170 crore for the September quarter, propelled by an exceptional gain of Rs 82,616 crore from

the disposal of discontinued operations. In comparison, the company had reported a PAT of Rs 3,446 crore in the same quarter last year.

Revenue from operations came in at Rs 71,714 crore, down 13% from Rs 82,841 crore a year earlier.

This marks Tata Motors PV’s first quarterly results after the demerger of its commercial vehicle business.

In its exchange filing, the company said:
“Having recorded the transfer of the assets and liabilities… the Demerged Company has made necessary adjustments for compliance with Ind AS, specifically Appendix A to Ind AS 10. A liability at the fair value of the Demerged Undertaking has been created, with the corresponding gain of Rs 82,616 crore recognised in the income statement and adjusted against retained earnings.”

The company clarified that this one-off gain impacts only consolidated results, has no bearing on net worth, and is excluded from EPS calculation.

In Q1 FY26, Tata Motors had reported a PAT of Rs 3,924 crore on revenue of Rs 87,141 crore, an 18% sequential decline.

During Q2, the PV segment reported an EBIT loss of Rs 4,900 crore, down Rs 8,800 crore year-on-year. The company noted that performance was significantly hit by the cyber incident at Jaguar Land Rover (JLR), though domestic operations remained steady and later benefited from GST reductions.
PBT (BEI) for Q2 FY26 stood at -Rs 5,500 crore.

For H1 FY26, the business posted a PBT (BEI) of -Rs 1,500 crore, a decline of Rs 13,900 crore from the previous year.

JLR revenue dropped 24.3% to £4.9 billion, with all key metrics affected by the cyber incident, resulting in EBIT margins of -8.6%, down 1,370 bps.

On a standalone basis, Tata Motors PV reported 15.6% revenue growth, supported by festive demand and GST 2.0. EBITDA margins stood at 5.8% (down 40 bps YoY), while EBIT margins improved slightly to 0.2%.

The company has revised its FY26 JLR EBIT guidance to 0–2%.
JLR closed the quarter with a cash balance of £3 billion, net debt of £1.8 billion, and gross debt of £4.7 billion.

Cyber Incident Update

Tata Motors said it has taken decisive steps to safely restart operations at JLR.

JLR CEO Adrian Mardell said:
“JLR’s performance was impacted by a cyber incident that stopped vehicle production in September and by US tariffs. We have made strong progress in recovering operations, prioritising client, retailer and supplier systems. Production across all luxury brands has now resumed.”

Management Commentary

Shailesh Chandra, MD & CEO, Tata Motors PV, described Q2 as a landmark quarter, delivering double-digit YoY growth in wholesales and registrations along with several record milestones.

“Our multi-powertrain portfolio drove growth, with CNG and EVs making up 45% of volumes. EV sales rose nearly 60% YoY to about 25,000 units, reinforcing our leadership in sustainable mobility,” he said.

He added that September was a standout month, with record sales of 60,000 units, leading to improved revenues and a sequential uptick in profitability.