JLR | Business Upturn

Tata Motors’ JLR Q2 Sales Update: Wholesale falls 24.2% YoY to 66,165 units, retail down 17.1%

Aman Shukla — Tue, 07 Oct 2025 10:18:44 +0000

Tata Motors’ luxury arm, Jaguar Land Rover (JLR), has announced its wholesale and retail sales for Q2 FY26, ending September 30, 2025. The quarter saw a decline in volumes, reflecting several operational challenges including production stoppages due to a cyber incident, the planned wind down of legacy Jaguar models ahead of new launches, and incremental US tariffs affecting exports.

Wholesale Sales
JLR recorded wholesale volumes of 66,165 units (excluding Chery Jaguar Land Rover China JV – CJLR), marking a 24.2% decline year-on-year and a similar drop compared to Q1 FY26. The mix of Range Rover, Range Rover Sport, and Defender models accounted for 76.7% of total wholesale volumes, reflecting the company’s focus on its most profitable luxury vehicles. This is slightly down from 77.2% in the previous quarter but up from 67% in the same period last year.

Retail Sales
Retail sales stood at 85,495 units, including CJLR, down 17.1% year-on-year and 8.7% quarter-on-quarter. Market-wise, retail volumes fell across all regions:

UK: -32.3%
North America: -9.0%
Europe: -12.1%
China: -22.5%
MENA: -15.8%
Overseas markets: -4.1%

The UK market was notably impacted by the planned phase-out of older Jaguar models and the September cyber incident. In China, a reduction in CJLR-produced vehicles was partially offset by increased imported vehicle sales.

JLR will report its full financial results for Q2 FY26 in November 2025.

Tata Motors’ JLR resumes operations after cybersecurity incident; Phased restart underway

Aman Shukla — Mon, 29 Sep 2025 09:41:53 +0000

Tata Motors Limited announced that its subsidiary, Jaguar Land Rover (JLR), has begun resuming operations following a recent cybersecurity incident that temporarily disrupted manufacturing. The company confirmed that a controlled, phased restart of production is now underway, supported by leading cybersecurity specialists, the UK Government’s National Cyber Security Centre (NCSC), and law enforcement authorities.

JLR stated that some sections of its manufacturing facilities will come back online in the coming days, marking an important step towards full-scale recovery. The automaker emphasized that the safety and security of its operations remain the top priority as it works to restore normalcy.

“We are making steady progress in our recovery efforts, and the foundational work to bring our world-class vehicles back into production is firmly underway,” JLR noted in its latest update.

The company also extended its gratitude to employees, retailers, suppliers, and customers for their patience and support during this period. While acknowledging that more work lies ahead, JLR reassured stakeholders that updates will continue as manufacturing activity scales up.

Tata Motors’s JLR Q4 results: Revenue declines 1.7% YoY to £7.7 Billion, EBITDA margin drops 100 Bps YoY

Aman Shukla — Tue, 13 May 2025 11:00:21 +0000

Tata Motors’ Jaguar Land Rover (JLR) has reported its Q4 FY25 financial results, showcasing a stable yet notable performance amid a challenging global automotive landscape.

The company posted a revenue of £7.7 billion for Q4, down 1.7% year-on-year (YoY), with profit before tax (PBT) at £875 million, marking an improvement over the £661 million recorded in Q4 FY24. Full-year revenue remained flat at £29.0 billion, while the annual PBT reached £2.5 billion, reflecting a 15% YoY increase. This marked the best profit before tax in a decade.

JLR’s earnings before interest and taxes (EBIT) for Q4 stood at 10.7%, a 150 basis point improvement compared to the previous year, and the full-year EBIT margin was 8.5%. The company’s consistent profitability was driven by higher volumes and reduced depreciation and amortization (D&A), although offset by an increase in variable manufacturing expenses (VME).

Additionally, JLR achieved strong free cash flows of £1.5 billion in FY25, contributing to a cash balance of £4.6 billion, with net cash standing at £278 million. The company’s gross debt was £4.4 billion, and total liquidity, including undrawn credit facilities, amounted to £6.3 billion.

Looking ahead, JLR continues to progress with its “Reimagine Transformation” plan. Notable highlights include the launch of new electric vehicle (EV) production lines at Solihull, UK, and a strong demand for hybrid and electric models like the Range Rover and Defender. The company is also working on a fully electric Range Rover, which has garnered significant interest with over 61,000 orders.

JLR also completed successful trials with Novelis for high-grade, energy-efficient aluminium production, highlighting its commitment to sustainability. The company remains optimistic about its future prospects, with £18 billion planned investments over the next five years, funded by operational cash flows.

Looking forward, JLR plans to navigate challenges from global trade tariffs, with the recent US-UK trade agreement offering some relief, reducing tariffs on UK auto exports to the US from 27.5% to 10%, up to 100,000 vehicles annually. The company remains focused on delivering for its global clients and protecting its profitability through ongoing transformation and efficiency efforts.

Tata Motors gains 6%, while JLR wholesales rise 15% year on year in the December quarter

Aryan Jakhar — Tue, 10 Jan 2023 04:53:22 +0000

Shares of Tata Motors and Tata Motors DVR (Differential Voting Right) rose up to 6% on the BSE in Tuesday’s intra-day trade in an otherwise poor market after Jaguar Land Rover (JLR) announced increased wholesale sales in Q3FY23, citing steady improvement in chip supplies. JLR is a completely owned subsidiary of Tata Motors, which is part of Tata Sons. The S&P BSE Sensex was down 0.53 percent at 60,426 at 09:44 AM.

According to TataMotors, wholesale volumes were 79,591 units in the period (excluding the Chery Jaguar Land Rover China joint venture), up 5.7 percent from the prior quarter ending September 30, 2022 (Q2FY23) and 15% from the same quarter a year earlier (Q3FY22).

Tata Group’s passenger car and utility vehicle manufacturer stated that demand for its vehicles remains high. The overall order book climbed to 215,000 customer orders in Q3FY23, an increase of roughly 10,000 orders from Q2FY23. Demand for the New Range Rover, New Range Rover Sport, and Defender has remained high, accounting for 74% of the order book.

Meanwhile, Tata Motors predicted that free cash flow will be more than £400 million positive in the third quarter. In December 2022, the company completed a renewal of its undrawn revolving credit facility with 23 banks for £1.45 billion, with the expiry date pushed back from March 2024 to April 2026. JLR intends to release unaudited Q3FY23 earnings on January 25, 2023.

The increase in wholesale shipments comes in the midst of ongoing chip supply difficulties and Covid-led lockdowns in China. These figures exceed our forecast of 88,101 units (down 2 per cent QoQ). As a result, according to ICICI Securities, the company could record a higher operating performance in Q3FY23.

However, retail volumes fell 3.7% year on year to 84,827 units. Encouragingly, the company is experiencing healthy demand for its products, with order book increasing to around 2.15 lakh units vs. 2.05 lakh units as of December 2022 end, with New Range Rover, Defender, and New Range Rover Sport accounting for approximately 74% of the orderbook, according to the brokerage firm.

However, during the last six months, Tata Motors has underperformed the market, losing 6% while the S&P BSE Sensex has risen 11%. Furthermore, the stock has fallen 18% in the last year, compared to a 0.03 percent advance in the benchmark index. It had reached a 52-week high of Rs 528 on January 18, 2022.

JPMorgan reduces the stock rating on Tata Motors as wholesale volumes for JLR decline

Aryan Jakhar — Mon, 10 Oct 2022 07:00:38 +0000

In the opening hours of Monday, shares of Tata Motors Ltd fell about 5% to Rs. 393 per share on the BSE following the automaker’s disclosure of lower-than-anticipated wholesale volumes for its Jaguar Land Rover (JLR) business and a downgrade of the auto stock by international brokerage JP Morgan.

For the second quarter, Tata Motors’ wholesale volumes for Jaguar Land Rover (JLR) (excluding its joint venture in China) were 75,307, compared to its August forecast of approximately 90,000. The manufacturer, which is among the biggest in the nation, attributed its failure to fulfil its goal to a lower-than-anticipated supply of specialised chips from one supplier. However, it asserted that increased revenues in the second half of the fiscal year will result from new agreements with semiconductor vendors.

JPMorgan said in a note that it was reducing the shares of Tata Motors to “neutral” from “overweight” and lowering its target price to Rs 455 (from Rs 525). “We would need more clarity on the pace of production recovery at Jaguar Land Rover to turn constructive on the stock,” JPMorgan added.

In September, Tata Motors’ overall domestic sales rose by 44% to 80,633 units. In September 2021, the company had delivered 55,988 units to dealers. The Mumbai-based automaker claimed that its overall domestic passenger vehicle dispatches increased by 85% in September 2021 to 25,730 units, reaching 47,654 units last month.

According to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra, the company’s sales last month of 47,654 were the greatest monthly total ever, driven by record sales of the Nexon and Punch. “With the recent launch of the Tiago EV, the company has opened new vistas and is poised to drive the mass adoption of EVs across the country. Going forward, we expect the festive season will witness strong retail on the back of improving the supply of vehicles,” he added.

Government subsidies and high import tariffs have helped Tata take the lead in India’s EV market, and the business plans to increase its electric PV portfolio from 3 EVs at the moment to 10 EVs by FY26. Existing EV owners opting for a more compact vehicle with upscale features are the target market for Tiago EV.