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Informist, Thursday, Aug. 13, 2026

--Tata Motors PV: Have strong EV order book as co ups production 

--CONTEXT: Comments by Tata Motors PV mgmt in post-earnings analyst concall 

--Tata Motors PV: No steep price hikes in Q1 due to competition 

--Tata Motors PV: Attempting to build healthy stock ahead of festive season 

--Tata Motors PV: JLR FY27 target doesn't require revision after Q1 performance 

--Tata Motors PV: Pricing of new JLR launches to be at least margin neutral 

--Tata Motors PV: See China market deteriorating further for JLR ahead 

--Tata Motors PV: Expect to ink pact for US manufacturing before year-end 

--Tata Motors PV: Pencilling in JLR EV sales at 12,000 for FY27 

By Shakshi Jain and Adhithya Aji

NEW DELHI/MUMBAI – Despite a poor show in the June quarter, the British subsidiary of Tata Motors Passenger Vehicles Ltd. – Jaguar Land Rover Automotive PLC – does see the need to change the full-year financial numbers guided for 2026-27 (Apr-Mar). "...the results in Q1 (Apr-Jun) were not 100% where we wanted them. They're not inconsistent with our full-year guidance and those results don't imply that we have a need to change that guidance," a top executive from JLR told analysts in a post-earnings conference call Thursday.

This is despite the company's view that China as a market is likely to deteriorate further for JLR before it gets better. Wholesale sales of JLR units saw the biggest correction in this market in the June quarter, falling over 25% year-on-year, as it remained impacted much like its competitors amid multiple challenges including domestic competition. "China is the most difficult market year over year for us, given economic and retailer stress, and also the effect of the new luxury taxes that came into force after Q1 last year," the JLR official said.

Tata Motors Passenger Vehicles Ltd.'s consolidated bottom line for the June quarter fell sharply on year as continued underperformance by JLR eclipsed the strong performance of its domestic car business. The automaker's consolidated net profit for the June quarter was INR 7.75 billion, down 80% on year. Its consolidated revenues grew 9% on year to INR 957.99 billion. 

Revenue from JLR for the reporting quarter was INR 767.05 billion, up 1% on year. JLR's contribution to the company's consolidated top line fell to around 80% from 86% a year ago and 81% in the previous quarter. Its revenue fell almost 10% on year to 6 billion pound sterling.  

The UK-based luxury car arm is gearing up for four new car launches in the coming months – Range Rover Electric, Range Rover Sport Electric, Range Rover GT, and Jaguar Type 01. Answering a query on the impact of a rising electric vehicle mix on margins of JLR, the company said it is expected to be at least neutral if not accretive. "A Range Rover is supposed to be quiet and powerful. That's exactly what the BEV (battery electric vehicle) is. So, we're not pricing these at a discount. We expect to price them to be at least margin-neutral."

JLR is tentatively pencilling in sales in the EV space at 12,000 for the ongoing year. On a question tied to potential manufacturing in the US, the company said, "...We are aiming to get that to a formal and definitive agreement by the end of the year and yeah, discussions are live and underway to be able to do that."

Earlier this year, JLR and Stellantis N.V. signed a memorandum of understanding to explore collaborative opportunities for car development in the US. The non-binding MoU aims to unlock synergistic benefits in product and technology development.

Overall, Tata Motors PV said it has a strong EV order book as the company scales up production. It is also expediting efforts on the supply chain side to ensure a healthy stock for high retail sales in October, ahead of the festive season.

The company said it did not pass on the complete impact of higher raw material costs in the June quarter due to competition. "...Every car that we have, we compare with the competitive set and what price increases they are taking and therefore, we have to be around that to ensure that we don't lose on the competitiveness of each product," it explained.

Tata Motors PV said there would be more frequent but progressive price increases ahead to ensure that the company is able to compensate for the margin loss that it is suffering as of now.

On Thursday, shares of the company ended at INR 349.60 on the National Stock Exchange, up almost 2% from Wednesday.  End

Edited by Avishek Dutta

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