Shares of Tata Motors Ltd. $TATAMOTORS.NS declined by over 5% during early trading on Monday, following a downward revision of earnings expectations for its British luxury subsidiary Jaguar Land Rover (JLR). The company now projects an EBIT margin between 5% and 7% for FY26, significantly below the previously communicated target of 10%, citing the potential impact of proposed U.S. import tariffs on foreign vehicles. The revised margin forecast also reflects a reduction from the 8.5% EBIT margin achieved in FY25, indicating margin compression amid an increasingly protectionist trade environment and cost pressure across the automotive value chain.