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TMPV Q2 PAT skyrockets 2,110% YoY to Rs 76,170 cr on commercial vehicle demerger
(17:37, 14 Nov 2025)
This is TMPV's first earnings as an independent entity following the demerger.

On a consolidated basis, TMPV reported a 2,110% surge in net profit to Rs 76,170 crore in Q2 FY26, compared with Rs 3,446 crore in Q2 FY25, led by exceptional gains of Rs 82,616 crore from the disposal of discontinued operations. Revenue from operations declined 13.4% YoY to Rs 71,714 crore. EBIT for the TMPV segment stood at negative Rs 4,900 crore, down Rs 8,800 crore YoY.

The company said, 'Following the transfer of assets and liabilities, accounts were adjusted in line with Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, 2013. As per Appendix A of Ind AS 10 on 'Distribution of Non-Cash Assets to Owners,' a liability at the fair value of the demerged business was recorded. The gain, net of transferred assets and liabilities, was reflected in the income statement with a corresponding debit to retained earnings, effectively clearing the liability of Rs 82,616 crore.'

TMPV's performance was affected by a cyber incident at Jaguar Land Rover (JLR), although domestic operations remained steady. PBT (BEI) for Q2 FY26 stood at negative Rs 5,500 crore. JLR revenue fell 24.3% to '4.9 billion, with EBIT margins at -8.6%, down 1,370 bps due to the cyber incident. On a standalone basis, PV and EV revenues were up 15.6%, EBITDA margin stood at 5.8% (-40 bps YoY), and EBIT margin at 0.2% (+10 bps YoY).

The PV and EV segment's revenue reached Rs 13,500 crore, up 15.6% YoY on volume growth of 144,500 units. Sequentially, EBITDA and EBIT margins expanded 180 bps and 300 bps, respectively. PV (ICE) posted a 6.4% EBITDA margin (-210 bps YoY), while the EV business improved to 4.2% (+920 bps YoY).

The company's Vahan registration market share stood at 12.8% in Q2, with EV market share surging to 41.4%. Over 1 lakh vehicles were delivered during the festive season between Navratri and Diwali, up 33% YoY.

JLR chief executive officer Adrian Mardell 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 prioritized client, retailer, and supplier systems, and I am pleased to confirm that production of all our luxury brands has resumed.'

Shailesh Chandra, managing director & CEO, Tata Motors Passenger Vehicles, said, 'Q2 FY26 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.'

Tata Motors Group is a leading global automobile manufacturer. Part of the illustrious multinational conglomerate, the Tata Group, it offers a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses, and defense vehicles to the world.

Shares of Tata Motors Passenger Vehicles fell 1.62% to close at Rs 391.60 on the BSE.

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