Tata Motors PV shares down 4% today: What's the reason?
What's the story
Tata Motors Passenger Vehicles (TMPV) shares fell over 4% to ₹360 today, after its luxury division, Jaguar Land Rover (JLR), reported a steep fall in wholesale and retail volumes for Q3 FY26. The drop was mostly due to the impact of a cyberattack and planned product transitions. JLR's wholesales for the quarter ending December 31, 2025, stood at 59,200 units, a sharp YoY decline of 43.3% and sequential drop of 10.6%.
Sales slump
Retail sales and production disruptions
JLR's retail sales for the quarter stood at 79,600 units, down 25% from last year and 6.7% from the previous quarter. The company said production was severely disrupted after a cyberattack, with normal operations only resuming by mid-November. Beyond initial production stoppages, extra time was needed to distribute vehicles globally after operations resumed, impacting both wholesale and retail volumes during the quarter.
Market challenges
Legacy Jaguar models and US tariffs impact volumes
The planned wind-down of legacy Jaguar cars ahead of a new portfolio launch affected volumes as expected. Incremental US tariffs on exports further weighed down, especially in North America where wholesale volumes witnessed one of the sharpest YoY declines. JLR reported declines across all its key geographies with North America, Europe and China witnessing major contractions compared to last year.
Model mix
Higher-margin vehicles dominate JLR's wholesale volumes
Despite the overall decline, JLR's model mix remained skewed toward higher-margin vehicles. The Range Rover, Range Rover Sport, and Defender models accounted for 74.3% of the total wholesale volumes in Q3 FY26. For the nine months ending December 2025, wholesale volumes were at 212,600 units, a YoY decline of 26.6%.