Shares of Tata Motors Passenger Vehicles (TMPV) declined over 3 per cent on Tuesday after its luxury arm Jaguar Land Rover reported a sharp decline in wholesale and retail volumes for the third quarter of FY26, largely due to the impact of a previously disclosed cyber incident and planned product transitions.
The stock declined nearly 2 per cent to 366.25 on the NSE at 9.59 am, trading among losers of Nifty 50, hitting a early low of 360 against the previous close of 373.55.
Jaguar Land Rover stated that wholesales for the quarter ended December 31, 2025 stood at 59,200 units, marking a steep y-o-y decline of 43.3 per cent and a sequential drop of 10.6 per cent. Retail sales during the quarter were reported at 79,600 units, down 25.1 per cent from the same period last year and 6.7 per cent lower compared to the previous quarter.
According to JLR, production was significantly disrupted following a cyber incident, with manufacturing operations returning to normal levels only by mid-November. The company said that beyond the initial production stoppage, additional time was required to distribute vehicles globally after operations resumed, which weighed on both wholesale and retail volumes during the quarter.
It highlighted that the planned wind-down of legacy Jaguar models ahead of the launch of a new Jaguar portfolio continued to affect volumes, as anticipated. Incremental tariffs on US exports further added pressure, particularly in North America, which saw one of the sharpest year-on-year declines in wholesale volumes.
JLR said that wholesale volumes declined across all key geographies in the quarter, with North America, Europe and China seeing substantial contractions compared to last year. Despite the overall decline, the model mix remained skewed towards higher-margin vehicles, with Range Rover, Range Rover Sport and Defender accounting for 74.3 percent of total wholesale volumes.
For the nine months ended December 2025, wholesale volumes stood at 212,600 units, down 26.6 percent year on year, while retail volumes declined 19.1 percent to 259,400 units.
The weak quarterly performance at JLR is likely to influence near-term sentiment around Tata Motors’ passenger vehicle business, given the luxury arm’s significant contribution to consolidated revenues and profitability.
JLR said it will report its detailed Q3FY26 financial results in February 2026.
Published on January 6, 2026
