Tata Motors Passenger Vehicles (TMPV) on Tuesday reported a sharp decline in Jaguar Land Rover’s (JLR) wholesale and retail volumes for the third quarter of financial year 2025-26, as production disruptions triggered by one of Britain’s most severe cyberattacks weighed heavily on its manufacturing operations. 

Numbers do the talking  

JLR’s wholesale volumes fell 43.3% year-on-year to 59,200 units in the October–December quarter, while retail volumes declined 25.1% to 79,600 units. Sequentially, wholesales dropped 10.6%, and retail sales slipped 6.7%, reflecting the lingering impact of the cyber incident and subsequent “supply chain bottlenecks”, according to Tata Motors, the parent company of JLR.  

Tata Motors, in its filing to the exchanges, stated that production at JLR facilities returned to normal only by mid-November. However, the time required to ship vehicles globally once manufacturing resumed further constrained volumes on both a quarter-on-quarter and year-on-year basis. 

According to the company, JLR’s volumes were also affected by the planned wind-down of legacy Jaguar models ahead of the launch of a refreshed Jaguar portfolio, as well as “incremental US tariffs” impacting exports to North America.  

On a regional basis, wholesale volumes declined across markets, with North America down 64.4%, Europe 47.6%, China 46%, and overseas markets falling over 50% from a year earlier. 

Despite the sharp contraction in volumes, JLR continued to see a favourable shift in its product mix. Higher-value models—Range Rover, Range Rover Sport and Defender—accounted for 74.3% of total wholesale volumes in Q3 FY26, up from 70.3% in the same quarter last year, though lower than the 76.7% recorded in the preceding quarter, claimed Tata Motors.  

For the financial year to date, JLR’s wholesale volumes stood at 212,600 units, down 26.6% year-on-year, while retail volumes declined 19.1% to 259,400 units. 

Stock price takes a beating  

Market sentiment remained resilient despite the operational setback. Shares of Tata Motors Passenger Vehicles was trading 1.26% lower at ₹368.8 on NSE as of 3 pm, even after slipping nearly 4% intraday following the release of the provisional sales data. 

Going forward, JLR is scheduled to report its full audited financial results for the third quarter in February 2026.