New Delhi, June 17 -- Tata Motors Ltd has started FY26 on a bumpy road, with its key subsidiary Jaguar Land Rover (JLR) navigating multiple headwinds - from US tariffs and tough market conditions in China to ongoing uncertainty around the electric vehicle (EV) transition.

It's not entirely surprising, then, that at its latest investor day, JLR's management scaled back expectations on crucial parameters. It now expects an FY26 Ebit (earnings before interest and tax) margin of 5-7%, around 300-500 basis points lower than its earlier guidance. This is also well below the 8.5% margin recorded in both FY24 and FY25, its strongest performance in recent years, according to the company's presentation.

"The margin guidance at the mid-point assum...