Tata Motors' JLR cuts FY26 EBIT margin forecast to 5%-7% from 10%, sparking broker downgrades and a 0.8% stock decline.

• Jefferies cites weak dollar, China's macro, and warranty costs as ongoing headwinds, maintaining 'Underperform' rating.
• Morgan Stanley expects a gradual JLR recovery, noting past downcycle resilience but potential FY26 margin downgrades.
• CLSA lowers FY26 EPS 4% due to JLR margin cut, citing macro pressures despite 'Outperform' rating.