TMPV gains as JLR Q4 wholesale volumes surge 61% QoQ

Wholesale volumes for the fourth quarter were 95,300 units (excluding the Chery Jaguar Land Rover China (CJLR) JV), down 14.5% year-on-year, reflecting ongoing challenges in certain markets and the planned wind down of legacy Jaguar models ahead of new Jaguar launch.

Compared to the prior year, wholesale volumes for the fourth quarter were down in all markets, aside from Europe, which was up 4.1%. Volumes were lower in the UK (-23.1%), North America (-19.0%), China (-29.8%), Overseas (-7.9%) and MENA (-2.4%).

The overall mix of Range Rover, Range Rover Sport and Defender models was 77.1% of total wholesale volumes in Q4 FY26, up from 66.3% in Q4 FY25 and up from 74.3% in the prior quarter.

Retail sales for the fourth quarter of 92,700 units (including CJLR) were down 14.3% year-on-year but up 16.2% compared to Q3 FY26. Compared to the prior year, retail volumes for the fourth quarter were down in all markets, with the UK down 2.9%, North America down 13.8%, Europe down 6.4%, China down 34.6%, Overseas down 16.2% and MENA1 down 29.6%.

On an annual basis, wholesale volumes for FY26 stood at 307,900 units, down 23.2% compared to FY25. Retail volumes for FY26 were 352,300 units, declining 17.8% year-on-year. For the full year, the combined mix of Range Rover, Range Rover Sport, and Defender models increased to 76.5%, up from 67.8% in the previous year.

JLR will report its fourth quarter and full year results for the period ended 31 March 2026 in May 2026.

Tata Motors Passenger Vehicles (formerly Tata Motors), part of the $180 billion Tata Group, is one of India?s leading automobile manufacturers, offering a diverse portfolio of cars and SUVs renowned for their design, safety, and performance.

The company reported consolidated net loss of Rs 3,486 crore in Q3 FY26 compared with net profit of Rs 5,406 crore in Q3 FY25. Revenue from operations fell 25.81% YoY to Rs 69,605 crore during the quarter.