Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors Group — Q1 FY26 Earnings Presentation
46 slides from Tata Motors Passenger Vehicles's earnings presentation, August 2025
Slide 1: Tata Motors Group Results for the quarter ended June 30, 2025
Tata Motors Group Results for the quarter ended June 30, 2025
Slide 2: Safe harbour statement
Safe harbour statement Statements in this presentation describing the objectives, projections, Other Details estimates and expectations of Tata Motors Limited (the “Group”), Jaguar • Presentation format : The results provided represent the details on consolidated segment Land Rover Automotive plc (“
Slide 3: Q1FY26 – Tata Motors key highlights
Q1FY26 – Tata Motors key highlights Launched Air Conditioned Cabins and Harrier.ev unleashes a Bold New Range Rover/Range Rover Sport Black Cowls across its Truck Range League of SUVs launched Launched Ace Pro: India’s Most Introduced Lifetime HV Battery Warranty JLR Moody’s rating upgraded to Ba1 A
Slide 4: Corporate actions
Corporate actions UPDATE ON DEMERGER IVECO ACQUISITION: Transaction summary • The business has three segments: Industrials (Truck, Bus, • The final hearing for the scheme of demerger has been Powertrain), Financial Services, and Defence. IVECO concluded today by NCLT and order is reserved • Transact
Slide 5: Q1: Revenue ₹104.4K Cr, EBITDA 9.2%, PBT(bei) ₹5.6K Cr
Q1: Revenue ₹104.4K Cr, EBITDA 9.2%, PBT(bei) ₹5.6K Cr Profitability primarily impacted by US tariffs Q 1 F Y 2 6 | C o n s o l i d a t e d | IndAS, ₹ K C r Global Wholesales Revenue PBT (bei) (K units) ₹K Cr ₹K Cr YoY (9.1) % YoY (2.5) % 366.0 119.5 330.3 12.1 300.1 107.1 104.4 8.8 5.6 Q1 FY25 Q4 F
Slide 6: Revenues down 2.5%, Net Auto Debt at ₹13.5K Cr
Revenues down 2.5%, Net Auto Debt at ₹13.5K Cr Adverse working capital in Q1 on account of seasonality Q 1 F Y 2 6 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr PBT (bei) ₹ C r 6.7 (0.5) (8.5) (0.4) 107.1 (8.0)% (0.4)% 6.3% (0.4)% 8,849 104.4 5,617 2.5% decrease Q1 FY25 Volume & Mix Price Translat
Slide 7: 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 June 30, 2025 7
Slide 8: Q1 Revenue £6.6b, EBIT margin 4.0%
Q1 Revenue £6.6b, EBIT margin 4.0% EBIT margin guidance remains unchanged at 5% to 7% for FY26 including revised tariff rates Q 1 F Y 2 6 | J a g u a r L a n d R o v e r | I F RS , £ m Wholesales PBT (bei)(1) Revenue (K units) £m £m 875 YoY (9.2) % YoY (10.7) % 693 7,273 7,727 111.4 6,604 97.8 87.3
Slide 9: Q1 FY26 Performance highlights
Q1 FY26 Performance highlights UK and EU trade deals with USA will ease significant impact of tariffs seen in Q1 VOLUME & REVENUE Volumes in line with JLR’s expectations, following temporary pause in shipments to the USA in April and planned wind-down of legacy Jaguar models Q1 wholesales of 87k, do
Slide 10: Q1 Wholesale volumes 87.3K, Retail volumes 94.4K
Q1 Wholesale volumes 87.3K, Retail volumes 94.4K Reflects temporary pause in shipments to USA in April and planned legacy Jaguar wind down Q1 FY26 | Brands | Units in 000’s 63.3 57.4 111.4 15% 16% 20% WHOLESALES1 50.9 97.8 -------------------------- 84% electrified ---------------------------- 31.5
Slide 11: Q1 Wholesale volumes 87.3K, Retail volumes 94.4K
Q1 Wholesale volumes 87.3K, Retail volumes 94.4K Reflects temporary pause in shipments to USA in April and planned legacy Jaguar wind down Q1 FY26 | Regions | Units in 000’s 34.8 31.0 WHOLESALES1 28.0 27.2 23.2 21.0 17.3 16.5 14.2 12.9 11.6 11.7 11.4 11.9 9.2 5.6 4.9 4.1 Q1 FY25 Q4 FY25 Q1 FY26 Q1 F
Slide 12: Q1 FY26 EBIT margin at 4.0%
Q1 FY26 EBIT margin at 4.0% EBIT significantly impacted by US tariffs of 27.5% and FX sentiment Q1 FY26 Operational FX (205) Realised FX 75 derivatives FX revaluation 48 Unrealised (230) D&A 154 Industrial Ops 51 commodity (43) Other (10) derivatives Warranty (144) (38) 144 (125) (93) 693 Volume & m
Slide 13: £758m of free cash outflow in the quarter
£758m of free cash outflow in the quarter After investment spend of £864m and significant tariff payments Q1 FY26 | IFRS, £m (60) 431 Payables (336) Receivables (181) 722 (864) Inventory (145) 351 Other 46 (758) (616) 1 PBT Non-cash and other Cash tax Cash profit after tax Investment spending Workin
Slide 14: First quarter investment spend £864m
First quarter investment spend £864m Increased spend consistent in run up to new product launch Q1 FY26 | IFRS, £m 228 193 864 636 443 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment Q1 FY25 449 229 678 273 951 14
Slide 15: Business Update
BUSINESS UPDATE JAGUAR LAND ROVER AUTOMOTIVE PLC 15
Slide 16: Brand building partnerships
Brand building partnerships 16
Slide 17: Macroeconomic conditions
Macroeconomic conditions U S TA R I F F S OTHER GEOPOLITICAL ASPECTS BEV TRANSITION 17
Slide 18: We have specific enterprise mission to drive our transformation
We have specific enterprise mission to drive our transformation Enterprise missions (excluding tariffs) will progressively deliver £1.4b per annum China US Tariff Accessories Customer Resilience Mitigation Love URGENT Ex- HIGH Launch UNLOCK GAME Digital I M PA C T Works VA LU E Excellence POTENTIAL
Slide 19: On track to deliver guidance
On track to deliver guidance GUIDANCE FY26 EBIT in the range of 5% to 7% FY26 free cash flow close to zero Improving year-on-year for FY27 and FY28 Enterprise missions (excluding tariffs) will progressively deliver £1.4b per annum Builds over time to offset residual tariff, foreign exchange and Chin
Slide 20: Tata Commercial Vehicles
Tata Commercial Vehicles Girish Wagh & GV Ramanan (Includes Tata CV India, Tata Cummins JO results and Tata CV International) 20
Slide 21: Registration (Vahan) market share
Registration (Vahan) market share Tata Commercial Vehicles | Domestic market share* Commercial Vehicles 37.1% 35.6% 36.1% FY25 Q4 FY25 Q1 FY26 HGV+HMV MGV LGV Passenger 48.8% 47.7% 47.7% 37.3% 35.9% 37.6% 36.5% 36.9% 34.5% 30.5% 28.9% 28.9% FY25 Q4 FY25 Q1 FY26 FY25 Q4 FY25 Q1 FY26 FY25 Q4 FY25 Q1 F
Slide 22: Q1: Revenue ₹17.0K Cr, EBITDA 12.2%, PBT(bei) ₹1.7K Cr, ROCE ~40%
Q1: Revenue ₹17.0K Cr, EBITDA 12.2%, PBT(bei) ₹1.7K Cr, ROCE ~40% Margins continue to be healthy on better realizations and material cost savings, offset by lower volumes Q 1 F Y 2 6 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ K C r Wholesales Revenue PBT (bei) (K units) ₹K Cr YoY (6.0)
Slide 23: EBIT at 9.7% (+80 bps); PBT (bei) ₹ 1.7K Cr
EBIT at 9.7% (+80 bps); PBT (bei) ₹ 1.7K Cr Favorable pricing, variable costs offset adverse volume impact Q 1 F Y 2 6 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ Cr D&A and PDC ₹115 Cr Employee cost ₹ (25) Cr Others : ₹ (62) Cr 1,657 1,535 EBIT % 8.9% (1.1)% 0.5% 0.8% 0.2% 0.4% 9.7% Fo
Slide 24: Overall fleet indicators & transporter profitability are healthy
Overall fleet indicators & transporter profitability are healthy, Customer sentiments are muted Fleet Utilization (active vehicle%) Customer Sentiment Index Transporter Business HCV Cargo HCV Tipper 72.2% 79.1% 71.6% 69.4% MHCV Tipper Freight Rates Jan’23 Jun’25 Jan’23 Jun’25 43.7% 43.8% 104.5 41.9%
Slide 25: Tata Commercial Vehicles – Highlights
Tata Commercial Vehicles – Highlights Vehicle Business Electric Mobility Smart City Mobility Solutions • In Q1 FY26, industry volumes improved • E Buses: • Deployment completed in J&K, Bengaluru and marginally by 0.7% YoY. TIV in HCV and SCVPU • 43 EV buses registered in Q1 FY26; total Delhi. droppe
Slide 26: Digital Business: Continuing to scale up
Digital Business: Continuing to scale up • Fleet Edge (connected vehicles) • 825K+ active vehicles, 80% monthly active users and 59% weekly active users on platform. • Mileage Saarathi has led to a ~6% improvement (median) in fuel efficiency • E-Dukaan (on-line spare part sales) • Third Party Logist
Slide 27: FY26: Focus areas
FY26: Focus areas • Q2 FY26 TIV is likely to improve YoY on a lower base in Q2 FY25, with normalization of monsoons, festive season build up, and anticipated recovery in rural and infrastructure led demand. • TML’s focus areas: • Drive Trucks market share while maintaining realizations, aided by imp
Slide 28: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 28
Slide 29: Vahan market share at 12.3%; Alternative powertrains now at 40% of mix
Vahan market share at 12.3%; Alternative powertrains now at 40% of mix Penetration of CNGs & EVs at 40%; Portfolio emissions continue to trend well below CAFE norms Tata Passenger Vehicles |India business VAHAN Domestic Market share(1) Powertrain Mix Tata Motors PV CAFE Compliance Petrol Diesel EV C
Slide 30: EV volumes growing sequentially; new launches to drive momentum
EV volumes growing sequentially; new launches to drive momentum Industry penetration and charging infrastructure continues to grow TPEM records highest ever monthly EV sales in July Tata Passenger Electric Vehicles EV Volumes VAHAN registration market share(1) Charging Network* Wholesales (incl. exp
Slide 31: Q1: Revenue ₹10.9K Cr, EBITDA 4.0%, PBT(bei) ₹(0.1)K Cr
Q1: Revenue ₹10.9K Cr, EBITDA 4.0%, PBT(bei) ₹(0.1)K Cr Off-takes were moderated as business pivoted to a pull model in a soft demand environment Q 1 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 Wholesales Revenue PBT (bei) YoY (10.1) % ₹K Cr YoY (8.2) % (K units) ₹K Cr 147.0
Slide 32: Q1 EBIT at (2.8)% (-310 bps); PBT (bei) -0.1K Cr
Q1 EBIT at (2.8)% (-310 bps); PBT (bei) -0.1K Cr PV margins impacted on account of adverse volumes; realizations offset by cost savings Q 1 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, ₹ Cr PV (ICE) and EV financials split PV FME : ₹61 Cr ₹K Cr Q1 FY25 Q4 FY25 Q1 FY26 Employee cost :
Slide 33: Business update – Q1 FY26
Business update – Q1 FY26 New launches receiving strong traction as industry demand tapers Industry Highlights Tata Motors Highlights • In Q1 FY26, the PV industry saw moderation with flat volumes • Tata Motors moderated wholesales for the quarter to YoY, reflecting softness in demand ensure control
Slide 34: Focus Areas – Q2 & Q3 FY26
Focus Areas – Q2 & Q3 FY26 Drive retails in the festive period while uplifting dealer sentiments through a revamped S&OP process. Well poised to fully leverage the buoyancy seen in EVs Key actions & initiatives Greenshoots of recovery in EVs in July ‘25 • Institutionalization of dealer stock policy
Slide 35: Tata Motors (CV+PV)
Tata Motors (CV+PV) *TML, TMPVL, TPEML and Joint operations TCL and FIAPL.
Slide 36: Q1 FY26 Free Cash Flows ₹(3.8)K Cr
Q1 FY26 Free Cash Flows ₹(3.8)K Cr Driven by adverse working capital during the quarter on account of seasonality Q 1 F Y 2 6 | T a t a M o t o r s D o m e s t i c B u s i n e s s ( C V + P V ) | I n d A S , ₹ C r (1) Payables, acceptances ₹ 1008 Cr Trade receivables ₹371 Cr Inventories ₹ 1967 Cr Ot
Slide 37: Investment Spending in Q1 FY26 ~₹2.2K Cr
Investment Spending in Q1 FY26 ~₹2.2K Cr Steady investment as planned Q 1 F Y 2 6 | T a t a M o t o r s D o m e s t i c B u s i n e s s (1) | I n d A S , ₹ C r PV+EV CV 919 2,242 381 844 441 1,323 538 882 173 268 463 290 1,398 860 592 Capitalised Expensed Total Capital & Other Total Investment Q1 FY
Slide 38: Looking ahead
Looking ahead Outlook • Global demand likely to remain challenging in the short term • Underlying domestic demand to improve gradually with government infrastructure spends, lower interest rate conditions and exciting product launches • Focus remains on executing our strategies flawlessly and contin
Slide 39: 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 39
Slide 40: Tata Motors Group : Additional details
Tata Motors Group : Additional details Results for the quarter ended June 30, 2025 40
Slide 41: Tata Motors Group Financials
Tata Motors Group Financials Rs Cr. IndAS Consolidated Quarter ended June 30, 2025 Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 75,952 17,009 10,877 569 104,407 Grant income / incentives 574 90 126 - 790 Expenses : Cost of materials consumed (46,8
Slide 42: Tata Motors Group Financials
Tata Motors Group Financials Consolidated Quarter ended June 30, 2024 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 76,899 17,849 11,847 507 107,102 Grant income / incentives 648 49 45 - 742 Expenses : Cost of materials consumed (44,49
Slide 43: Tata Motors Group Financials – Jaguar Land Rover
Tata Motors Group Financials Jaguar Land Rover Q 1 F Y 2 6 | I F RS , £ m Q1 v Q1 YoY Q1 v Q4 QoQ Q1 FY25 Q4 FY25 Q1 FY26 Change Change Revenues 7,273 7,727 6,604 (669) (1,123) Material and other cost of sales (4,228) (4,524) (4,096) 132 428 Employee costs (848) (912) (847) 1 65 Other (expense)/inco
Slide 44: China JV performance
China JV performance Q 1 F Y 2 6 | I F RS , £ m Q1 Q4 Q1 Q1 v Q1 YoY Q1 v Q4 QoQ FY25 FY25 FY26 Change Change Retail volumes ('000 units) 10.5 5.2 6.3 (4.2) 1.1 Wholesale volumes ('000 units) 11.8 5.0 5.6 (6.2) 0.6 Revenue 361 181 169 (192) (12) Profit/(Loss) – before tax 10 (13) 6 (4) 19 Profit/(Lo
Slide 45: Q1 YoY unfavorable operational FX
Q1 YoY unfavorable operational FX Total Q1 FX and commodity impact £(125)m unfavorable YoY Q1 FY26 YoY | IFRS, £m (82) (130) (125) (205) (43) 68 (20) 75 Operational Realised FX hedges FX impact on EBIT FX revaluation of net Other FX revaluation FX impact on PBT Unrealised FX & Commodity exchange 1 d
Slide 46: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover Tata Domestic Business* IFRS, £m Debt maturity profile IndAS Total Debt TML CV Business 8,078 ₹ Cr Moody’s rating upgraded to Ba1 7-year £1b UKEF backed loan facility signed 1 August 2025 2,124 384 Total liquidity 2,441