Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q2 FY2026 Earnings Presentation
23 slides from Tata Motors Passenger Vehicles's earnings presentation, Nov 13, 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, 5th Floor Rotunda Building, P J Towers Plot No.C/1, G Block Dalal Street, Fort Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 November 13, 2025 Sc no.- 7 Dear Sir/Madam, Sub: Submission
Slide 2: Tata Motors Limited – Results for the quarter ended September 30, 2025
Tata Motors Limited ( f o r m e r l y k n o w n a s T M L C o m m e r c i a l Ve h i c l e s L t d . ) Results for the quarter ended September 30, 2025 Girish Wagh - MD & CEO GV Ramanan - Chief Financial Officer c Copyright, Confidential, Tata Motors Limited 1
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the objectives, projections, estimates Other Details and expectations of Tata Motors Limited and its business segments may be “forward-looking statements” within the meaning of applicable securities laws • Presentation format : The re
Slide 4: Q2FY26 – Tata Motors key highlights
Q2FY26 – Tata Motors key highlights Entire benefit of GST reduction extended to customers Strengthened the portfolio with new offerings Tata Motors and DIMO expanded mobility leadership by way of reduction in prices across product range including Ace Gold+ Diesel, Winger Plus, LPT 812 and in Sri Lan
Slide 5: Corporate actions
Corporate actions SUCCESFUL DEMERGER AND LISTING IVECO ACQUISITION FREIGHT TIGER – ADDITIONAL INVESTMENT • Demerger scheme made effective on • Regulatory approvals underway; on • Significant step forward to driving AI led 01st October 2025. track for April ‘26 closure. freight transformation in the
Slide 6: Q2 Wholesales of 97K, up 12% YoY
Q2 Wholesales of 97K, up 12% YoY Growth momentum across product lines led by exports and HCV Q2 FY26 | Commercial Vehicles Segment | Category | Units in ‘000’s (1) HCV ILMCV SCV Cargo & Pickup Passenger Carriers Exports Total Wholesales 34.7 96.8 31.4 86.0 88.0 28.3 22.9 24.0 21.7 16.8 14.7 14.8 15.
Slide 7: Registration (Vahan) market share at 35.3%
Registration (Vahan) market share at 35.3% Steady market shares across product lines Co m m e rcia l Ve h icle s Se gme nt | D o me st ic market sh are * Domestic market share* 37.1% 36.1% 34.6% 35.3% FY25 Q1 FY26 Q2 FY26 H1 FY26 HGV+HMV MGV LGV Passenger 48.8% 47.7% 47.2% 46.7% 37.3% 37.6% 36.9% 36
Slide 8: Q2: Revenue ₹18.4K Cr, EBITDA 12.2% (up 150 bps)
Q2: Revenue ₹18.4K Cr, EBITDA 12.2% (up 150 bps) With focus on profitable growth, margin expansion trajectory continues Q 2 F Y 2 6 | C o m m e r c i a l V e h i c l e s S e g m e n t | IndAS, ₹ K C r Revenue EBITDA EBIT PBT (bei) ₹K Cr % % ₹K Cr YoY 6.6 % YoY +150 bps YoY +200 bps 12.2 12.2 10.7 1.
Slide 9: EBIT at 9.8% (+200 bps); PBT (bei) ₹1.7K Cr
EBIT at 9.8% (+200 bps); PBT (bei) ₹ 1.7K Cr Higher volumes and favourable realisation aid margin improvement Q 2 F Y2 6 | C o mmer c i al Veh i c l es Segmen t | IndAS, ₹ Cr ₹ Cr. IndAS D&A and PDC ₹140 Cr PLI & Incentives ₹41 Cr Employee cost ₹ (24) Cr Others ₹ (16) Cr Others : ₹ (66) Cr 50 25 89
Slide 10: Q2 FY26 Strong FCF of ₹2.2K Cr; highest ever H1 FCF
Q2 FY26 Strong FCF of ₹2.2K Cr; highest ever H1 FCF of ₹417 Cr Robust cash flows are resultant of concerted actions over the years… Q2 FY26 | Commercial Vehicles Segment| IndAS, ₹ Cr(1) Payables, acceptances ₹ 658 Cr Trade receivables ₹ 64 Cr Inventories ₹ 385 Cr Others ₹ 201 Cr (75) 395 (337) 905 (
Slide 11: Strong business fundamentals driving consistent cashflows
Strong business fundamentals driving consistent cashflows Non-Cyclical business Capex spend* (% of Rev) Revenues (Rs. K Cr.) EBITDA K Cr and % 2X 2.4 79 75 10.8 11.8 1.8x 2.3 71 2.0 1.7 52 7.4 8.5 8.8 9% CAGR 3.7 5.3 1X 1.9 FY21 FY25 FY21 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 F
Slide 12: Consolidated Financials
Consolidated Financials Alt 1 c Copyright, Confidential, Tata Motors Limited 11
Slide 13: Q2: Revenue ₹18.6K Cr EBITDA 11.4%, underlying PBT(bei) ₹1.5K Cr
Q2: Revenue ₹18.6K Cr EBITDA 11.4%, underlying PBT(bei) ₹1.5K Cr Reported profit impacted by Mark-to- Market loss on investments in Tata Capital (~₹2k Crore) Q 2 F Y 2 6 | T a t a M o t o r s L i m i t e d ( C o n s o l ) | IndAS, ₹ K C r Revenue EBITDA** EBIT ₹K Cr % % PBT (bei) YoY 6.0 % YoY +140
Slide 14: Business Updates
BUSINESS UPDATES c Copyright, Confidential, Tata Motors Limited 13
Slide 15: Overall fleet indicators & transporter profitability healthy
Overall fleet indicators & transporter profitability healthy Fleet Utilization (active vehicle%) Transporter Business HCV Cargo HCV Tipper 76.3% 75% 77% 61.8% Freight Rates Q4 FY23 Q2 FY26 Q4 FY23 Q2 FY26 104.4 100 Indexed MCV Cargo ICV trucks Q4 FY23 Q2 FY26 64.7% 67% 69.6% 69.7% Q4 FY23 Q2 FY26 Q4
Slide 16: Tata Commercial Vehicles – Highlights
Tata Commercial Vehicles – Highlights Vehicle Business Non Cyclical business Electric Mobility Solutions • In Q2 FY26, industry volumes grew by 8% YoY. TIV • Consistent yoy growth in Parts & Service • Electric Mobility grew in all segments. spares penetration improving consistently • 81 EV buses reg
Slide 17: Digital Business: Continuing to scale up
Digital Business: Continuing to scale up FLEET EDGE (CONNECTED VEHICLES) • 885K+ active vehicles, 75% monthly active users and 54% weekly active users on platform. • Mileage Saarathi has led to a ~7% improvement (median) in fuel efficiency FLEETVERSE (ONLINE VEHICLE SALES) E-DUKAAN (ONLINE SPARE PAR
Slide 18: FY26: Outlook and focus areas
FY26: Outlook and focus areas • Q2 saw demand recovery driven by good monsoons and positive sentiment post-GST rate reduction. • Growth momentum expected to continue through H2 across segments • GST cut boosted consumption and utilization, supporting MHCV cargo volume growth. • Mining, construction,
Slide 19: Q&A session Thank You
Alt 1 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 c Copyright, Confidential, Tata Motors Limited 18
Slide 20: Additional Details
Additional Details Results for the quarter ended September 30, 2025 c Copyright, Confidential, Tata Motors Limited 19
Slide 21: P&L Details
P&L Details Commercial Vehicles Segment Rs Cr. IndAS Q2 vs Q2 Q2 vs Q1 H1 vs H1 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 YoY QoQ YoY Revenue from operations 17,237 17,008 18,370 35,073 35,378 1,133 1,362 306 Grant income / incentives 40 90 81 89 171 41 (8) 82 Expenses : Cost of materials consumed (11
Slide 22: Investment Spending in H1 FY26 ~₹1.5K Cr
Investment Spending in H1 FY26 ~₹1.5K Cr Steady investments as planned Q2 FY26 | Commercial Vehicles Segment |IndAS, ₹ Cr 200 203 638 439 236 Capitalised Expensed Total R&D Capital & Other Total Investment Q2 FY26 R&D R&D Investment Spending Q2 FY25 206 273 479 119 598 H1 FY26 525 376 901 550 1451 F
Slide 23: Debt Profile - Domestic
Debt Profile - Domestic Strong liquidity position, Domestic Credit Rating Agencies retain long term rating at AA+/ Stable TML Domestic Business* Gross and Net Debt Particulars ₹Cr Total Debt Long Term Debt 2,806 5,983 Short Term Debt 2,816 361 2,816 Leases 361 5,397 Gross Debt 5,983 2,816 2,806 1,64