Tata Motors Passenger Vehicles (TMPV) share price down 5% after weak Q2—a buying opportunity?

TMPV Share Price: Tata Motors Passenger Vehicles (TMPV) shares fell sharply on Monday after the company reported disappointing Q2 FY26 earnings. The stock dropped as much as 6 per cent in early trade and was quoting at Rs 369, down 5.7 per cent from Friday’s close of Rs 391.2.

The decline came after a significant deterioration in Jaguar Land Rover’s (JLR) profitability, a cut in full-year margin guidance, and a higher-than-expected operational impact from the September cyberattack.

TMPV Q2 Results Highlights

Add Zee Business as a Preferred Source

TMPV reported a net profit of Rs 76,248 crore for Q2, driven by a one-time notional gain of Rs 82,600 crore from discontinued operations. Excluding this, the company posted a loss of Rs 6,368 crore, compared with a profit of Rs 3,056 crore a year ago. Revenue fell 13.51 per cent to Rs 72,349 crore. JLR revenue declined 24.3 per cent to £4.9 billion.

The company slashed its FY26 EBIT margin guidance for JLR to 0–2 per cent from the earlier 5–7 per cent. JLR’s EBIT margin stood at –8.6 per cent during the quarter, hit by shutdowns following the cyber incident. Production in September was fully lost, while October output recovered to 17,000 units.

Tata Motors Passenger Vehicles (TMPV) Share Price Target

Brokerages maintained mixed views but trimmed target prices. Goldman Sachs kept a Neutral rating and cut its target to Rs 365, citing a sharp miss in JLR earnings and continued production disruption.

Jefferies maintained Underperform with a lower target of Rs 300, flagging multiple headwinds including competition in China, higher discounts, and BEV transition pressures.

CLSA retained its Accumulate stance but cut its target to Rs 450. It noted weaker-than-expected JLR margins but highlighted confidence in India’s PV growth driven by GST cuts, especially in small-to-mid SUV segments.

JP Morgan also stayed Neutral, reducing its target to Rs 365.

Brokerage said the near-term outlook remains challenging due to JLR disruptions and slower demand in key markets, raising the question of whether the recent share price correction provides a buying opportunity or signals further volatility ahead.