S&P Global Ratings has turned negative on Tata Motors Passenger Vehicles (Tata Motors PVs), warning that the fallout from a recent cyberattack at Jaguar Land Rover (JLR) could drag recovery and weaken the company’s financial strength. The rating agency, however, affirmed its ‘BBB’ long-term credit rating on Tata Motors PVs.

The cyber incident, which halted JLR’s production through September and early October, has sharply dented its output and earnings. S&P estimates the British luxury carmaker’s FY26 revenue will drop 15-18% to about £24 billion, with profit margins narrowing to as low as 3%.

That’s a setback for Tata Motors PVs, now heavily dependent on JLR for over 80% of its earnings following the demerger of its commercial vehicle business earlier this month. S&P expects the parent

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