Maruti, M&M, Hyundai, Tata: Tata Sales Up 34% but Loses Money
Tata Motors Passenger Vehicles posted 34% revenue growth to Rs 96,920 crore in the September 2026 quarter but still reported a Rs 5,451 crore consolidated loss. Here is how it compares with Maruti, Mahindra & Mahindra and Hyundai.
Tata Motors Passenger Vehicles reported a consolidated loss from continuing operations of Rs 5,451 crore for the September 2026 quarter, even as revenue from operations rose 34% year on year to Rs 96,920 crore. In the Maruti, M&M, Hyundai and Tata comparison, Tata posted the fastest net sales growth of the four.
A loss of Rs 6,368 crore a year earlier means the gap has narrowed. A large one-off charge still kept the company in the red.
Loss narrows, but a big charge remains
The operating loss shrank to Rs 3,631 crore from Rs 8,727 crore a year earlier. Profit before exceptional items and tax came in at Rs 403 crore, against a loss of Rs 5,462 crore in the same quarter last year.
An exceptional loss of Rs 6,738 crore pushed the bottom line back below zero. That figure includes Rs 3,776 crore related to employee separation costs and the write-down of assets, which is understood to be at the UK operations.
Rising raw material costs, especially steel and copper, weighed on results. Recovery in UK sales volumes and strong local demand partly offset them.
Jaguar Land Rover drives the numbers
Jaguar and Land Rover (JLR) account for nearly 78% of the company's consolidated revenues. Wholesale volumes at the UK operations rose 24.7% to 82,500 units. The company credited better demand for Range Rover and Defender models in the UK, the US and Europe, which offset sluggish demand in China.
JLR revenue was £5.9 billion, nearly Rs 73,500 crore, up 20.3%. The comparison is flattered by a weak base: in the September 2025 quarter, a cyber incident hit its UK operations.
In the first quarter of FY27, the unit also faced a fire at a major component supplier, disruption tied to the Middle East crisis and the planned wind-down of outgoing Jaguar models.
India business at a record
The smaller Indian business sold more than 200,000 units in the quarter, a record and a rise of more than 40% year on year. Electric vehicle volumes grew 90%. Standalone revenue, which reflects the domestic operations, reached a quarterly high of Rs 19,201 crore, up 48.2%.
How the four carmakers compare
A sector comparison built from company results and investor presentations shows four-wheeler sales growth of 26.5% at Maruti, 26% at Mahindra & Mahindra, 14.7% at Hyundai and 24.7% at Tata Motors Passenger Vehicles. Net sales growth was 26%, 27%, 18.3% and 34% respectively.
The company launched Range Rover Electric in the second quarter of FY27, and it is expected in showrooms by December 2026. It has also launched the Jaguar Type 01, and both models are expected to drive growth.
