Equity Snap: Tata Motors PV (TMPV IN): JLR volume miss, product mix improves & incentives moderate

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Equity Snap: Tata Motors PV (TMPV IN): JLR volume miss, product mix improves & incentives moderate

2 July 2026

Equity Snap: Tata Motors PV Equities Automobiles

(TMPV IN)

JLR volume miss, product mix improves & incentives

moderate India

-

◆ JLR reported volumes of 79.3k v/s HSBCe of 84.9k in 1Q27 Yogesh Aggarwal*

Head of Research, India

◆ JLR marketing incentives decrease c5% on a q-o-q basis HSBC Securities and Capital Markets (India) Private

Limited

yogeshaggarwal@hsbc.co.in

+91 22 2268 1246

Tata Motors PV (TMPV IN, INR345.95, Hold, TP INR400.00)

(Priced as of 02 Jul 2026) Vipul Agrawal*, CFA

Analyst, India Automotive

HSBC Securities and Capital Markets (India) Private

JLR reported wholesale volumes of 79.3k units compared to HSBC estimate of Limited

84.9k (a miss of 6.6%) for 1QFY27. JLR volumes declined by 9.2% y-o-y and 16.8% vipul.agrawal@hsbc.co.in

+91 97690 51842

on a q-o-q basis. The volumes were affected by the production disruption at the

Ayush Jhunjhunwala*

Solihull plant in early April and the geopolitical conflicts in the Middle East. RR, RR Analyst, Autos and Auto Ancillary

Sport and Defender now account for c81% of total wholesale volumes, as compared HSBC Securities and Capital Markets (India) Private

to c77% in 1QFY26. ayush.jhunjhunwala@hsbc.co.in

+91 22 40891378

Retail sales came in at 80k, down 15.3% y-o-y and 13.8% on a q-o-q basis. Retail

sales declined by 1.8% in UK, Europe by c11%, North America by c13%, China by * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

c24% and MENA by c42%. not registered/ qualified pursuant to FINRA regulations

Incentive Spending

In USA, JLR’s average marketing incentives have decreased from USD7k/unit to

USD6.6k/unit on a q-o-q basis, declining c5%. Contrastingly, BMW, Audi and