1:1 Split Of Tata Motors: TMCV Hits New 1-Yr Low, TMPV Share Drops 2.3%; Why They Record Huge Q2 Losses?

The Tata Motors demerger has been completed with the listing of commercial vehicles unit shares on BSE and NSE. After the 1:1 demerger, Tata Motors Commercial Vehicles announced its quarterly earnings for the September 2025 quarter. However, TMCV shares traded under pressure after it reported net loss of Rs 867 crore in Q2FY26. Along the similar lines, Tata Motors Passenger Vehicles shares dropped amidst its Q2 results. Both the entities have recorded sharp losses.

Tata Motors Share Price (TMCV):

After market hours of November 14, TMCV share price closed at Rs 320.40 apiece on BSE, with market cap of Rs 1,17,981.90 crore. The performance was broadly flat. TMCV recovered early losses where it touched a new 52-week low of Rs 306 apiece.

Tata Motors Commercial Vehicles Q2 Results:

Tata Motors Commercial Vehicles reported a net loss of Rs 867 crore in the quarter ending September 2025 period. The net loss appeared against a net profit of Rs 498 crore in Q2FY25.

However, the company's revenue jumped to Rs 18,585 crore, compared to revenue of Rs 17,535 crore in Q2FY25.

As per the regulatory filing, concerted actions over the years have resulted in consistent high cash flow generation; FCF for the quarter stood at Rs 2.2KCr. H1 FY26 FCF was Rs417 Cr despite a seasonally weak Q1, leading to the highest ever H1 FCF for the business. Consistent margins and higher penetration of non-cyclical businesses continue to grow ROCE% which stood at 45% (vs 37% in Q2 FY25) for the quarter. As of September 30, 2025, the net debt for domestic business stood at Rs0.6K Cr.

Its said, the company successfully completed the demerger of its Commercial Vehicle businesses, making the scheme effective October 1, 2025.The Commercial Vehicles business has been renamed as Tata Motors Limited and is listed on BSE and NSE on November 12, 2025, under the Ticker "TMCV".

Also, TMCV gave an update on its acquisition of IVECA. It said, the acquisition is progressing as planned with regulatory approvals underway as we work towards an April '26 closure.

Tata Motors Passenger Vehicles Share Price:

Unlike TMCV, TMPV share price dropped more steeper. The PV stock closed at Rs 391.60 apiece, down by 1.62% on BSE, with market cap of Rs 1,44,200.10 crore.

The PV company's 52-week high and low is at Rs 507.97 apiece and Rs 335.30 apiece respectively.

Tata Motors Passenger Vehicles Q2 Results:

As per the regulatory filing, Tata Motors Passenger Vehicles posted a consolidated net loss of Rs 6368 crore in Q2FY26, compared to a profit of Rs 3056 crore in the same quarter a year ago. Net loss is also against net profit of Rs 2597 crore in June 2025 quarter.

Meanwhile, consolidated revenue plunged by 13.5% year-on-year to Rs 72,349 crore in the quarter under review.

Jaguar Land Rover (JLR) who accounts 80% of Tata Motors PV business, reported revenue decline of 24.3% YoY to £4.9 billion. All JLR metrices were significantly impacted by cyber incident which resulted in EBIT margins of -8.6% (down 1370 bps).

PB Balaji, Group Chief Financial Officer, Tata Motors said, "It has been a difficult period for the business. However, we are committed to emerging from the cyber incident even stronger. With the demerger completed, both JLR and domestic PV businesses are well poised to leverage the significant opportunities provided by this exciting industry. Demand situation remains challenging globally but domestically there are signs of resurgence. In this context, our strategy is clear, plans robust and we will continue to execute them with speed and rigour to win."

JLR reported Loss after tax in the quarter was £(559)m compared to a profit of £283m in the same quarter a year ago. Exceptional items of £238m in the quarter reflect costs of £196m relating to the cyber incident and voluntary redundancy programme costs of £42m. For H1 FY26, the loss after tax was £(311)m compared to a profit of £785m in H1 FY25.

"JLR's performance in the second quarter of FY26 was impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs. JLR has made strong progress in recovering its operations safely and at pace following the cyber incident. In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed," said Adrian Mardell, JLR Chief Executive Officer.

The two Tata Motors stocks will be in focus next as well due to their Q2 earnings.