Tata Motors Passenger Vehicles Q2 FY26 Results: Key Highlights

s Passenger Vehicles Ltd (TMPVL), formerly Tata Motors Limited, released its first quarterly earnings as an independent entity following the demerger of its commercial vehicles (CV) business. The results for the second quarter ended September 30, 2025 (Q2 FY26), were announced on November 14, 2025, and reflect a mixed performance: a headline-grabbing surge in net profit driven by a one-time demerger gain, offset by operational challenges including a cyber incident at Jaguar Land Rover (JLR) and softer global demand. Profit and Loss Overview Consolidated Net Profit: ₹76,170 crore, marking a massive 2,110% YoY increase from ₹3,521 crore in Q2 FY25. This includes a notional one-time gain of ₹82,616 crore from the demerger of the CV business (transferred to the new Tata Motors Ltd) and the merger of Tata Motors Finance Ltd with Tata Capital Ltd. Net Profit (Excluding One-Time Gain): A loss of ₹6,368 crore, compared to a profit of ₹3,056 crore in Q2 FY25 and ₹2,597 crore in Q1 FY26. This reflects the underlying operational strain. Profit Before Tax (PBT, before exceptional items): Loss of ₹5,500 crore. The demerger gain significantly boosted the bottom line, but core profitability was hit hard, particularly at JLR, which accounts for about two-thirds of TMPVL's revenue.