Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Sreemant Dudhoria is a CFA Charterholder with 15 years of experience in equity research and information technology. He is also a SEBI-registered Research Analyst (Registration Number: INH000016861). His focus is on analyzing companies with bottom-up specific triggers. Previously, he has worked with Unifi Capital and Infosys Technologies Limited.

Equity Analyst - Fundamental & Thematic

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul>
<li>
 Q1FY26 Decline: JLR’s Q1FY26 wholesale volumes dropped 10.7% YoY and 21.7% QoQ, signaling a tougher-than-expected environment amid planned model transitions and tariff shocks.</li>
<li>
 US Tariffs &amp; Jaguar Phase-Out Drag Down Sales:Pause in US shipments post-April'25 and wind-down of legacy Jaguar models led to sharp volume contraction in key markets, particularly UK and North-America.</li>
<li>
 Luxury Mix Strong, but Growth Uncertain:While 77.2% of Q1FY26 volumes came from high-margin models (Range Rover/Defender),growing reliance on a few nameplates adds concentration risk in a sluggish global macro environment</li>
</ul>



 Q1FY26 Decline: JLR’s Q1FY26 wholesale volumes dropped 10.7% YoY and 21.7% QoQ, signaling a tougher-than-expected environment amid planned model transitions and tariff shocks.

 US Tariffs &amp; Jaguar Phase-Out Drag Down Sales:Pause in US shipments post-April'25 and wind-down of legacy Jaguar models led to sharp volume contraction in key markets, particularly UK and North-America.

 Luxury Mix Strong, but Growth Uncertain:While 77.2% of Q1FY26 volumes came from high-margin models (Range Rover/Defender),growing reliance on a few nameplates adds concentration risk in a sluggish global macro environment


Tata Motors Passenger Vehicles

Tata Motors - JLR Q1FY26 Weakness