Tata Motors Announces Q2 FY26 Results: Domestic PV Business Shines Despite JLR Slowdown

Tata Motors Passenger Vehicles Ltd. (TMPVL) has released its financial results for the quarter ending September 30, 2025. The company reported a 13.5% decline in consolidated revenue, falling to 72,349 crore. Despite this drop, Tata Motors posted an impressive net profit of 76,200 crore, largely driven by a notional gain of 82,600 crore from discontinued operations.

JLR's financial performance during the quarter was significantly affected by a cyber incident that temporarily halted production. As a result, JLR's Q2 FY26 revenue decreased 24.3% year-on-year to 4.9 billion.

In contrast, Tata Motors domestic passenger vehicles (PV) business delivered a strong second quarter. Supported by festive demand, GST rate reductions, and increasing interest in alternative powertrains, the PV division posted 13,500 crore revenue, marking a 15.6% YoY growth. For the first half of FY26, PV revenue rose to 24,400 crore, up 3.6% YoY.

The automaker recorded a 12.8% Vahan market share in Q2 FY26, while its EV market share soared to 41.4%. EV penetration reached 17%, and CNG accounted for 28% of sales. Combined PV and EV volumes touched 144,500 units, a 10.8% increase YoY.

Key models performed exceptionally well: the Punch crossed 6 lakh units, Nexon became India's top-selling model, and Harrier and Safari hit their highest-ever volumes, driven by the new Adventure X variants and growing interest in the Harrier.ev. Festive sales were particularly strong, with the company delivering over one lakh vehicles between Navratri and Diwali, marking a 33% YoY growth.