Tata Motors PV Posts Rs 5,531 Crore Q2 Loss on One-Time Charges

Tata Motors Passenger Vehicles (TMPV), the parent of Jaguar Land Rover (JLR), reported a consolidated loss attributable to shareholders of Rs 5,531 crore for the July to September quarter of FY27 (Q2 FY27). The company announced the results on November 13, 2026. Exceptional charges of Rs 6,738 crore, mostly employee separation costs and asset impairments, drove the loss.

Consolidated revenue from operations rose about 34% to Rs 96,920 crore, from Rs 72,349 crore a year earlier. The loss from continuing operations was Rs 5,451 crore, about 14% lower than the Rs 6,368 crore loss from continuing operations in Q2 FY26. Before exceptional items and tax, the company made a profit of Rs 403 crore, against a loss of Rs 5,462 crore a year earlier.

Tata Motors PV Q2 FY27 at a glance

What made up Tata Motors PV's Rs 6,738 crore exceptional charge

The exceptional charge included Rs 3,776 crore of employee separation costs, Rs 2,856 crore of asset impairments and Rs 161 crore of rationalisation and restructuring programme costs. A past service cost credit of Rs 55 crore partly offset these items. The quarter also had a net tax credit of Rs 884 crore, which included a deferred tax credit of Rs 1,745 crore.

The year-ago quarter was hit by a cyber incident at JLR, and the company said the improvement from a year earlier mainly reflects JLR's recovery from it.

JLR returns to an operating profit but books restructuring costs

JLR's revenue rose 20.3% to about £5.9 billion in the quarter. Its profit before tax and exceptional items was £6 million, and it booked £530 million of exceptional items covering restructuring, separation costs and asset write-downs. JLR had a free cash outflow of £540 million in the quarter.

"JLR delivered positive operating profits in the second quarter and first half of the financial year, despite ongoing global challenges."

Tata Motors PV's India car business posts its highest quarterly revenue

The domestic passenger vehicle business reported revenue of Rs 20,423 crore, up about 51% and the highest it has recorded for a quarter. Volumes rose about 40%. Its EBITDA margin fell 180 basis points to 4%, and the business generated free cash flow of Rs 825 crore in the quarter. It ended September with net cash of Rs 7,900 crore.

"While steep commodity cost pressures remained a headwind, we responded through calibrated pricing and focused cost actions."

"However, adverse mix and persistent commodity pressures weighed on margins."

JLR's revised targets for FY27

JLR revised its full-year guidance to an adjusted EBIT margin of 2% to 3% and a free cash outflow of about £1.25 billion. The company said JLR's Enterprise Missions programme targets £1.7 billion of cost savings over two years.

Where Tata Motors PV stands after Q2 FY27

Tata Motors Passenger Vehicles grew revenue by about 34% to Rs 96,920 crore in Q2 FY27, but Rs 6,738 crore of exceptional charges left it with a loss attributable to shareholders of Rs 5,531 crore. Its India car business recorded its highest quarterly revenue of Rs 20,423 crore, while JLR returned to a pre-exceptional profit of £6 million. JLR has set its FY27 adjusted EBIT margin guidance at 2% to 3%.

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