Shares of Passenger Vehicles plunged 7.2 per cent to a seven-month low of ₹363, trading as a major loser of Nifty 50 components, after the company trimmed Jaguar Land Rover’s fiscal 2026 margin target following a cyberattack, raising fears about future volume growth.
Brokerages turned cautious on TMPV following a weak September quarter, largely blamed on the cyberattack that disrupted ’s (JLR) operations.
Jefferies maintained an underperform rating with a ₹300 target price, noting an EBITDA loss in the quarter and warning that while cyberattack-related disruptions should normalise by 4Q, JLR still faces structural headwinds — including rising competition and consumption taxes in , elevated discounts, an ongoing BEV transition and an aging model lineup — none of which India PV strength can offset.
Goldman Sachs stayed neutral with a ₹365 target, highlighting a material 2Q miss, with revenue/EBITDA coming in +2 per cent/-130 per cent vs its estimates, and JLR posting an EBITDA loss of £78 million after larger-than-expected production setbacks; management now expects to lose 30,000 units in 3Q after 20,000 units in 2Q.
Meanwhile, CLSA retained outperform rating with a ₹450 target but flagged JLR’s sharply weaker –8.6 per cent EBIT margin versus its –2 per cent estimate, citing shutdown-driven operating-leverage pressure and US impacts; while India PV margins softened to 5.8 per cent, the brokerage sees growth support from cuts. CLSA also noted that JLR has cut its FY26 guidance to 0–2 per cent EBIT margin (from 5–7 per cent) and expects negative £2.2–2.5 billion FCF.
Domestic brokerage JM Financial initiated coverage on the stock with a reduce rating at ₹365 target price.
HDFC Securities maintained reduce rating on TMPV at ₹342 target price, emphasising that headwinds galore for JLR due to demand weakness continues across key markets like Europe and China. While US tariffs have fallen from 25 per cent to 15 per cent for Europe and 10 per cent for UK, they still remain higher than the earlier tariff of 2.5 per cent. Demand for luxury cars in China has been impacted by the recent luxury tax, and the country’s retailer base is also financially weak. VME is expected to remain elevated for some time. Financial impact from production loss will continue in Q3, it added.
The stock traded 4.5 per cent lower at ₹373,60 on the at 11.56 am, hitting a low of ₹363.