Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Q2 FY2026 Earnings Presentation
43 slides from Tata Motors Passenger Vehicles's earnings presentation, Nov 14, 2025
Slide 1: Exchange filing cover letter for investor presentation
BSE Limited National Stock Exchange of India Ltd. First Floor, New Trading Ring Exchange Plaza, C-1, Block G, Rotunda Building, P J Towers, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra(E), Mumbai 400 051 November 14, 2025 Sc no.- 18823 Dear Sirs/Madam, Sub: Submission of Investor
Slide 2: Results for the quarter ended September 30, 2025
Tata Motors Passenger Vehicles Limited ( f o r m e r l y k n o w n a s Ta t a M o t o r s L i m i t e d ) Results for the quarter ended September 30, 2025
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the objectives, projections, Other Details estimates and expectations of Tata Motors Passenger Vehicles Limited (the • Presentation format : The results provided represent the details on consolidated segment “Group”), Jaguar Land Rove
Slide 4: Safe harbour – accounting nuances
Safe harbour – accounting nuances Post Demerger for FY26 Entities Prior period (FY25 & Q2-Q4 FY26 Q1FY26) (recast) Existing PV segment + JLR + Others (incl. TTL) Existing PV segment + + unallocable JLR + Others (incl. Tata Motors Passenger TTL)+ unallocable Vehicles Limited The prior period (Consoli
Slide 5: Safe harbour – one time exceptional gain
Safe harbour – one time exceptional gain Difference between the fair value of net assets as on July 1, 2025 and book value of net assets is recorded as a one-time exceptional gain in the income statement. This gain is offset in Retained earnings as deemed distribution to shareholders. There is no im
Slide 6: Q2FY26 – Key highlights
Q2FY26 – Key highlights Re-entered South Africa market with Bold, Punch becomes India’s fastest SUV to cross Launched Adventure X Persona of Harrier & Future-Ready Range of Passenger Vehicles 6 Lakh milestone in under 4 years Safari; Nexon.ev with ADAS Range Rover in Interbrand Top 100 Global Q2 per
Slide 7: Q2: Revenue ₹72.3K Cr, EBITDA (0.1)%, PBT(bei) ₹(5.5)K Cr
Q2: Revenue ₹72.3K Cr, EBITDA (0.1)%, PBT(bei) ₹(5.5)K Cr Performance impacted by JLR cyber incident; Domestic performance steady. Resurgence in demand post GST cuts Q 2 F Y 2 6 | C o n s o l i d a t e d | IndAS,₹ K C r Revenue EBIT PBT (bei) FCF (Auto) ₹K Cr YoY (13.5) % % YoY (1140) bps ₹K Cr YoY
Slide 8: EBIT (6.8)%; Net Auto Debt at ₹20.1K Cr
EBIT (6.8)%; Net Auto Debt at ₹20.1K Cr Cyber incident increases net debt, domestic PV+EV business in healthy net cash position Q 2 F Y 2 6 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr PBT (bei) ₹ C r (13.0) (3.2) 4.5 0.3 4,777 (5,462) 83.7 (15.5)% (3.9)% 5.4% 0.5% 12 72.3 (10,175) (76) 13.5% dec
Slide 9: Jaguar Land Rover Automotive plc
JAGUAR LAND ROVER AUTOMOTIVE PLC R I C H A R D M O LY N E U X Chief Financial Officer Results for the quarter ended September 30, 2025 8
Slide 10: Q2 Revenue £4.9bn, EBIT margin (8.6)%
Q2 Revenue £4.9bn, EBIT margin (8.6)% All metrices impacted by the cyber incident in September Q2 FY26 | Jaguar Land Rover | IFRS, £m Revenue EBIT YoY (1370) bps PBT (bei)1 FCF YoY (24.3) % YoY (0.9) b YoY (0.5) b £m % £m £m 6,475 6,604 5.1 4.0 4,900 398 351 Q2 (256) (758) (791) (485) (8.6) Q2 FY25
Slide 11: Q2 FY26 performance
Q2 FY26 performance Significantly impacted by the cyber incident • VOLUME & REVENUE - Volumes reduced in Q2 following production stoppages in September after a cyber incident and the planned wind down of legacy Jaguar models ahead of the launch of new Jaguar - Q2 wholesales of 66k, down 24.2% YoY; Q
Slide 12: Q2 Wholesale volumes at 66.2K
Q2 Wholesale volumes at 66.2K Production stoppages in September, and planned wind down of Legacy Jaguar reduced volumes F Y 2 6 | W h o l e s a l e s 1 | B r a n d s | Units in 000’s JLR POWERTRAIN RANGE ROVER DEFENDER DISCOVERY JAGUAR2 TOTAL3 MIX (RETAILS) 50.9 87.3 87.3 44.8 66.2 Q2 38.8 16% 28.8
Slide 13: Q2 Wholesale volumes at 66.2K
Q2 Wholesale volumes at 66.2K Production stoppage in September, and planned wind down of Legacy Jaguar reduced volumes F Y 2 6 | W h o l e s a l e s 1 | R e g i o n s | Units in 000’s UK NORTH AMERICA EUROPE CHINA MENA OVERSEAS 27.2 25.1 17.3 17.9 17.1 Q2 13.7 12.7 14.2 12.3 11.7 11.4 11.1 11.9 10.9
Slide 14: Q2 FY26 EBIT decreased from 5.1% to (8.6)%
Q2 FY26 EBIT decreased from 5.1% to (8.6)% Loss before tax and exceptional items of £485m in Q2 FY26, down from profit of £ 398m in Q2 FY25 Q2 FY26 | IFRS, £m Operational FX (126) Realised FX 114 derivatives D&A 88 FX revaluation (144) (351) Inventory de- 398 VME (4.0)% (257) stocking (96) Unrealise
Slide 15: £791m of free cash outflow in the quarter
£791m of free cash outflow in the quarter After investment spend of £828 m Q2 FY26 | IFRS, £m Free cashflow before working capital £(832)m (121) (4) 602 (485) (828) (791) Payables (1,125) D&A 345 Receivables 367 Engineering costs expensed 283 Inventory 634 Other 165 Interest paid (120) Other 94 41 P
Slide 16: Q2 FY26 investment spend of £828m
Q2 FY26 investment spend of £828m Investment spend in Q2 continued despite the cyber incident Q2 FY26 | IFRS, £m 199 828 283 629 346 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment Q2 FY25 435 236 671 276 947 15
Slide 17: Business Update
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Slide 18: Update on cyber incident response
Update on cyber incident response Decisive actions taken to restart business safely, support stakeholders and recover operations at pace following recent cyber incident. Actions included: Establishment of processes for Restart of the systems used to retailers to continue delivering wholesale vehicle
Slide 19: Update on Macroeconomic challenges
Update on Macroeconomic challenges GEOPOLITICAL TENSIONS GLOBAL DEMAND SUPPLY CHAIN RISKS 18
Slide 20: Enterprise mission delivering but headwinds also grow
Enterprise mission delivering but headwinds also grow US TARIFFS Work with Government continues. Internally, now focused on optimising parts business where sectoral and metal tariffs overlap URGENT IMPACT CO2 Excess credits identified, and contracts signed for sale to other OEMs (post 30-Sep-25) WAR
Slide 21: Changes in guidance for FY26
Changes in guidance for FY26 Challenges during Q2 have resulted in revised EBIT and cash flow guidance for FY26 GUIDANCE - FY26 EBIT in the range of 0% to 2% - FY26 negative free cash flow of £2.2bn to £2.5bn KEY FOCUS AREAS - Execute next phase of recovery by ramping up production, stepping up engi
Slide 22: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 21
Slide 23: Strong growth in volumes in Q2 with recovery in market share in Sep'25
Strong growth in volumes in Q2 with recovery in market share in Sep’25 Alternate powertrains continue to grow in salience – now at 45% of mix Tata Passenger Vehicles | India business Average Monthly Offtake Volumes & Powertrain Mix Tata Motors PV CAFE Compliance Vahan Domestic Market Share(1) (CO2 i
Slide 24: Highest-ever quarterly EV volumes in Q2 with 59% growth YoY
Highest-ever quarterly EV volumes in Q2 with 59% growth YoY Steep growth driven by strong response to Harrier.ev launch & growing traction for Nexon.ev Tata Passenger Electric Vehicles EV Offtake Volumes (incl. IB) EV Vahan Domestic Market Share(1) Public Charging Infrastructure YoY + 58.9 % 50.00%
Slide 25: Q2: Revenue ₹13.5K Cr, EBITDA 5.8%, PBT(bei) positive
Q2: Revenue ₹13.5K Cr, EBITDA 5.8%, PBT(bei) positive Upswing in demand reflecting improvement in performance QoQ Q 2 F Y 2 6 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ K C r Revenue EBITDA EBIT ₹K Cr % YoY + 10 bps PBT (bei) YoY + 15.6 % YoY (40) bps % YoY -K Cr ₹K Cr 13.5 11.7 10.9 6.2
Slide 26: Q2 EBIT at 0.2% (+10 bps); PBT (bei) 0.2K Cr
Q2 EBIT at 0.2% (+10 bps); PBT (bei) 0.2K Cr Fixed costs and adverse realizations offset impact of favourable volumes and variable cost savings Q 2 F Y 2 6 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ K C r FME : ₹31 Cr PY CCPS fair valuation : ₹71 Cr Employee cost : ₹72 Cr JV : ₹36 Cr PV
Slide 27: Business update – Q2 FY26
Business update – Q2 FY26 Industry demand rebounded towards end of Q2; Record performance by Tata Motors following GST 2.0 Tata Passenger and Electric Vehicles Industry Highlights for Q2 FY26 Tata Motors Highlights for Q2 FY26 • Operating environment improves due to GST 2.0 driving price • Actions u
Slide 28: Focus Areas – H2 FY26
Focus Areas – H2 FY26 Sustain growth momentum & drive growth through new product interventions & strong marketing actions Tata Passenger and Electric Vehicles Strong Festive Performance – Sep & Oct’25 Key Focus Areas Going Forward • Strong performance continued into October • Leverage robust demand
Slide 29: Q2 FY26 Free Cash Flows ₹1.6K Cr
Q2 FY26 Free Cash Flows ₹1.6K Cr Investment spend in the quarter covered majorly by cash profits after tax F Y 2 6 | D o m e s t i c B u s i n e s s (1) | I n d A S , ₹ C r Payables, acceptances ₹1667 Cr Trade receivables ₹36 Cr Inventories ₹59 Cr Others ₹ 124 Cr 68 (28) 1,016 1,580 1,638 1,195 (1,3
Slide 30: Investment Spending in Q2 FY26 ~₹1.3K Cr
Investment Spending in Q2 FY26 ~₹1.3K Cr Steady investments as planned F Y 2 6 | D o m e s t i c B u s i n e s s (1) | I n d A S , ₹ C r 576 231 1,321 745 514 Capitalised Expensed Total Capital & Other Total Investment Q2 FY26 R&D R&D R&D Investment Spending H1 FY26 1,106 500 1,606 1,113 2,719 (1)In
Slide 31: Looking ahead
Looking ahead Outlook • Global demand continues to remain challenging. • Anticipate resurgence in domestic demand due to greater affordability of PVs following rollout of GST 2.0 • H1 performance disappointing. Anticipate a stronger H2 with JLR recovery actions and product actions on domestic PV bus
Slide 32: Q&A session Thank you
Q&A session Thank you Please submit your questions in the Q&A textbox Please mention your name and name of the organization you represent along with the questions 31
Slide 33: Tata Motors Passenger Vehicles Group: Additional details
Tata Motors Passenger Vehicles Group : Additional details Results for the period ended September 30, 2025 32
Slide 34: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Quarter ended September 30, 2025 Rs Cr. IndAS Consolidated Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 57,877 13,529 943 72,349 Grant income / incentives 631 207 - 838 Expenses : Cost of materials consumed (36,737) (10,971)
Slide 35: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Quarter ended September 30, 2024 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 71,100 11,701 857 83,658 Grant income / incentives 698 85 - 783 Expenses : Cost of materials consumed (41,192) (9,337) (
Slide 36: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Half year ended September 30, 2025 Rs Cr. IndAS Consolidated Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 133,829 24,406 1,790 160,025 Grant income / incentives 1,205 333 - 1,538 Expenses : Cost of materials consumed (83,571
Slide 37: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Half year ended September 30, 2024 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 147,999 23,548 1,698 173,245 Grant income / incentives 1,346 130 - 1,476 Expenses : Cost of materials consumed (85,684
Slide 38: Tata Motors Group Financials – Jaguar Land Rover
Tata Motors Group Financials Jaguar Land Rover Q 2 F Y 2 6 | I F RS , £ m Q2 Q1 Q2 FY25 YTD FY26 YTD YoY QoQ YTD YoY FY25 FY26 FY26 Revenues 6,475 6,604 4,900 13,748 11,504 (1,575) (1,704) (2,244) Material and other cost of sales (3,784) (4,096) (3,126) (8,012) (7,222) 658 970 790 Employee costs (81
Slide 39: China JV performance
China JV performance Q 2 F Y 2 6 | I F RS , £ m Q2 Q1 Q2 FY25 YTD FY26 YTD YoY QoQ YTD YoY FY25 FY26 FY26 Reta il volu m es (‘ 0 00 u n its ) 10.5 6.3 7.4 21.0 13.7 (3 . 1 ) 1.1 (7 . 3 ) W h oles a le volu m es (‘ 0 0 0 u n its ) 9.9 5.6 8.2 21.7 13.8 (1 . 7 ) 2.6 (7 . 9 ) Reven u e 310 169 221 671
Slide 40: Q2 YoY unfavorable operational FX
Q2 YoY unfavorable operational FX Total Q2 FX and commodity impact £(175)m unfavorable YoY Q2 FY26 YoY | IFRS, £m (12) (126) (92) 114 (156) (174) (52) (18) Operational Realised FX FX impact on EBIT FX revaluation of Other FX FX impact on PBT Unrealised FX & Commodity exchange 1 hedges net debt & deb
Slide 41: Q2 Retail volumes 85.5K
Q2 Retail volumes 85.5K Retails fall 9% vs prior quarter and 17% YoY F Y 2 6 | R e t a i l s | B r a n d s | Units in 000’s JLR POWERTRAIN RANGE ROVER DEFENDER DISCOVERY JAGUAR TOTAL1 MIX (RETAILS) 103.1 94.4 53.4 85.5 Q2 52.2 47.3 16% 21% 30% 26.7 27.5 25.4 10.0 14.2 8.3 5.9 5.3 6.9 Q2 Q1 Q2 Q2 Q1
Slide 42: Q2 Retail volumes 85.5K
Q2 Retail volumes 85.5K Reduction in domestically produced vehicle sales from CJLR partially offset by increase in imported vehicle sales F Y 2 6 | R e t a i l s | R e g i o n s | Units in 000’s UK NORTH AMERICA EUROPE CHINA MENA OVERSEAS Q2 28.1 25.4 23.1 22.8 21.0 17.2 17.7 16.1 16.0 16.1 14.2 14.
Slide 43: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover £m Debt maturity profile £m TML Holdings Total Debt Total liquidity Changes to debt & liquidity since Q1 FY25: 638 £ 6,625m 1.£1bn UKEF guaranteed loan dated 01-Aug-25, drawn on 27-Aug-25 2.$700m bond due 15-Oct-25 repa
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