Cars & Utility Vehicles company Tata Motors Passenger Vehicles announced Q2FY26 results Financial Highlights: TMPVL delivered revenues of Rs 72.3K crore (down 13.5%) and EBIT of -Rs 4.9K crore (down Rs 8.8K crore). PBT (bei) for Q2FY26 stood at -Rs 5.5K crore. Net Profit was Rs 76.2K crore. JLR Business Highlights: Q2FY26 Revenue at GBP 4.9 billion (-24.-3%), EBITDA -1.6% (-1330 bps), EBIT -8.6% (-1370 bps), PBT (bei) GBP (485) million. H1FY26 Revenue at GBP 11.5 billion (-16.3%), EBITDA 4.7% (-920 bps), EBIT -1.4% (-850 bps), PBT (bei) GBP (134) million. EBIT guidance is revised to 0% to 2% for FY26. Cash balance was GBP 3.0 billion and net debt GBP 1.8 billion, with gross debt of GBP 4.7 billion. Total liquidity as at September 30, 2025 was GBP 6.6 billion, including undrawn RCF of GBP 1.7 billion and the new GBP 2.0 billion bridge facility, signed on September 22, 2025. Additionally, in October a GBP 1.5 billion UKEF guaranteed commercial loan was secured, providing further support to the balance sheet. To support liquidity in its supply chain, JLR fast tracked a new GBP 500 million financing solution to allow qualifying suppliers to receive cash at the point of production scheduling. Operations recovered at pace following cyber incident, with production now returned to normal levels. Transformation programme launched in June starting to drive planned cost savings Tata Passenger Vehicles Business Highlights: Q2FY26 revenue at Rs 13.5K crore (+15.6%), EBITDA 5.8% (-40 bps), EBIT 0.2% (+10bps), PBT (bei) Rs 0.2K crore. H1 FY26 revenue at Rs 24.4K crore (+3.6%), EBITDA 5.0% (-100 bps), EBIT -1.1% (-130 bps), PBT (bei) Rs 0.0K crore. Vahan registration market share at 12.8% in Q2FY26. EV Vahan market share at 41.4%. Secured #2 rank in Vahan Market Share across both Sep 2025 & Oct 2025 driving sharp reduction in stocks. Alternative powertrains continue to grow. EV penetration at 17%, CNG at 28% in Q2FY26. Punch becomes India’s fastest SUV to cross 6 Lakh milestone in under 4 years. Leveraging festive momentum, we retailed over 1 lakh vehicle deliveries between Navratri and Diwali (+33% YoY). Nexon was #1 model in industry in both Sep & Oct, with strong volumes across powertrains. Strong demand for Punch with 40k+ units across Sep & Oct. Highest-ever Harrier & Safari volumes on the back of newly launched Adventure X variants & strong response to Harrier.ev. India’s Safest Hatchback: All-new Altroz achieved 5-Star Bharat NCAP Rating Across Petrol, Diesel & CNG Powertrains. Re-entered South Africa market with Bold, Future-Ready Range of Passenger Vehicles. PB Balaji, Group Chief Financial Officer, Tata Motors said: “It has been a difficult period for the business. However, we are committed to emerging from the cyber incident even stronger. With the demerger completed, both JLR and domestic PV businesses are well poised to leverage the significant opportunities provided by this exciting industry. Demand situation remains challenging globally but domestically there are signs of resurgence. In this context, our strategy is clear, plans robust and we will continue to execute them with speed and rigour to win” Adrian Mardell, JLR Chief Executive Officer, said: “JLR’s performance in the second quarter of FY26 was impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs. JLR has made strong progress in recovering its operations safely and at pace following the cyber incident. In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed. “The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time, and I want to thank our clients, retailers, suppliers and everyone in the communities connected with JLR, for their support through this disruption. “JLR is a great business with strong global brands, a talented workforce and a loyal customer base. We are now set to deliver the outcome of an extraordinary period of British design and engineering, with the arrival of the Range Rover Electric and the new electric Jaguar - cars which will be unrivalled in their performance, design and capability. While we are mindful of the economic, geopolitical and policy challenges that our industry faces, we are resilient and well placed to make strong progress. “As I approach the end of my 35-year career at JLR, I am immensely proud of what we have achieved together. Leading JLR as CEO over the past three years has been the greatest honour of my career and I am confident that the next chapter will bring continued success for this great business under the leadership of PB Balaji.” Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles, said: “Q2FY26 was a landmark quarter for Tata Motors Passenger Vehicles, marked by double-digit year-on-year growth in wholesale volumes and registrations, alongside several record-breaking milestones. Our growth was powered by our multi-powertrain portfolio, with CNG & EV volumes accounting for 45% of our volumes in Q2. EV sales surged by nearly 60% YoY with nearly 25 thousand units sold in Q2, reaffirming our leadership in sustainable mobility. Leveraging a reinvigorated demand environment, our agile approach, strong portfolio and impactful marketing helped us drive this growth trajectory. September was particularly noteworthy, with record overall sales of 60k units and several other milestones. This strong market performance translated into improving revenues and QoQ improvement in profitability. With a robust booking pipeline and rising consumer confidence, we are poised to sustain this momentum in H2 FY26, guided by our unwavering commitment to innovation and several new launches ahead.” Result PDF
2/3 Wheelers company Hero MotoCorp announced Q2FY26 results Volume: 16.91 lakh units of motorcycles and scooters sold in Q2FY26 (vs 15.20 lakh units Q2FY25) Revenue from operations: Rs 12,126 crore, a growth of 16% over the corresponding quarter in the previous fiscal. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) for Q2FY26 stands at Rs 1,823 crore, a growth of 20%. Net Profit After Tax (PAT) at Rs 1,393 crore, a growth of 16% over the previous year. Vivek Anand, Chief Financial Officer (CFO), Hero MotoCorp, said: “The change in the GST regime has fundamentally simplified India's indirect tax structure and demonstrably improved consumer sentiment. The industry witnessed direct benefits of this policy reform, reflected in strong market performance. In Q2FY’26, the auto industry returned to broad based growth, further supported by positive festive sentiment. Hero MotoCorp witnessed strong momentum, aided by the success of our new launches, expanding product portfolio, and customer-centric marketing campaigns. Furthermore, our Emerging Mobility business—VIDA—returned growth ahead of the industry average, and the Company outperformed the markets in global business. We expect the momentum in growth to continue, supported by benefits flowing in from the GST reforms, healthy macro economic parameters, and a robust product portfolio. We remain committed to sustained growth and will continue to invest strategically in technology, global markets, and product innovation to build long-term value for our shareholders.” Result PDF
Conference Call with Hero MotoCorp Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.