Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Investor Day (June 2026)
64 slides from Tata Motors Passenger Vehicles's investor day presentation, Jun 23, 2026
Slide 1: Submission of Investor Presentation to exchanges
BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Fort, Bandra-Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 June 23, 2026 Sc no.: 92 Dear Sir/Madam, Sub: Submission of Investor presentation to be made to the Analys
Slide 2: Tata Motors Commercial Vehicles
TATA MOTORS | & COMMERCIAL VEHICLES Al etter ways
Slide 3: Agenda
Agenda 09:15 AM 09:25 AM 09:35 AM 10:00 AM 10:20 AM 10:40 AM 11:00 AM 11:15 AM 11:30 AM 12:01 AM 12:05 AM 01:00 PM Welcome Financial Performance and Year gone by Strategy and Outlook Business Updates > Trucks Business > Buses and CV Passenger Business > SCV and Pickup Business > Digital Business Bre
Slide 4: Ramanan GV, Chief Financial Officer
Ramanan GV Chief Financial Officer, Tata Motors Limited
Slide 5: Disclaimer
Disclaimer Safe Harbour Statement Statements in this presentation describing the objectives, projections, estimates and expectations of Tata Motors Limited may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially fro
Slide 6: FY26 has been our best performance yet
'S | Better Always: FY26 has been our best performance yet... 428K 77,399 Cr} 13.2% | 7.5K Cr || ¥9,186 Cr || ¥8,682 Cr || 21,473 Cr Units sold \| Revenue EBITDA Net Free Cash PBT Dividend (Wholesale) (Standalone) Margin Cash i} Flows (bei) Payout vs. 377K in vs. 269K vs. 12.0% in vs. L6K Cr ~12% of
Slide 7: A journey of consistent delivery
..and it has been a journey of consistent delivery ES [te Revenues KCr. Consistent increase in scale PBT (bel) 2 KCr. and EBIT % astineyalliscid teed Robust PBT (bei) in FY26 EBIT% turns double digit in FY26 Sharp improvement in margins. it operations with Tata Cummins mEBITDAKCr = —-EBITDA% mPBT (b
Slide 8: Performance driven by key structural shifts
TATA MOTORS | Better commerciat venictes | Always This performance is driven by key structural shifts... ER Customer Value Creation 2 Financial fitness discipline 8 Revenue diversification * Supply-push offtake model driven by channel loading TH Ee N » Low & volatile realisations with limited pricin
Slide 9: New Chapter with the Demerger & Listing of TMCV
TATA MOTORS | Better . . MMERCIAL VEHICLES | Alwi FY26 also marked a New Chapter with the Demerger & Listing of TMCV i ae Empowers the business to pursue strategies that deliver higher growth with greater agility while reinforcing accountability Significant value Unlock post Value unlocking post DEM
Slide 10: Corporate actions in the past year
TATA MOTORS | Better commerciat venictes | Always Our corporate actions in the past year are strategic, aimed at further strengthening our position Key Actions Status Strategic Rationale + Expand TMCV's footprint into global * Most of the regulatory approvals in place markets IVECO Acquisition * Tra
Slide 11: We made good on our commitments for 2027 ahead of targets
We made good on our commitments for 2027 ahead of targets 7x © EBITDA Margin | TARGET: Teens EBITDA % | 7 © Investments Spends TARGET: 2-4% of Revenue TATA MOTORS | Better commerciat venictes | Always @ Market Share = 13 DY rome e0s | ‘Structural margin improvement driven by mix, cost discipline & N
Slide 12: With solid foundations laid, we move forward
\ With solid foundations laid, we move forward... } Pall rR “93
Slide 13: Girish Wagh, Managing Director & CEO
Managing Director & CEO Tata Motors Limited 4 m > GIRISH WAGH s >
Slide 14: TML CV enters a new era
TATA MOTORS | Better TML CV enters a new era commenciat venictes | Alwaus First year of operations post de-merger marked new milestones FY26 was our first full year as an (A) The business responded with its independent, listed company ™) strongest financial performance New learnings | Renewed focus
Slide 15: CV industry is being reshaped globally, domestic demand remains strong
CV industry is being reshaped globally, domestic demand remains strong Global CV industry going through a paradigm shift - Leading to fundamental shifts = ©) connected cvs @ 4 Global Megatrends Key Industry Shifts “|p ADAS (Advanced Driver » Value pools shifting beyond the vehicle Assistance ean) Ri
Slide 16: Three pillars to drive next phase of value creation
Three pillars to drive next phase of value creation Vision Objectives Strategic Pillars Key Enablers Exceeding stakeholder & customer expectations Trusted, globally recognized mobility solutions leader with sustainability at the core se Delivering superior \) financial returns TATA MOTORS (COMMERCIA
Slide 17: Leading in the largest revenue pool, resetting where needed
FY26: Leading in the largest revenue pool, resetting where needed TRUCKS Defend & Extend Leadership TATA MOTORS | Better commerciat venicues | Always: IW Revenue Pool industry) MCW Market Share cvp SCV-PU Focused Reset HCV market share A ~55% Market share Market share vy -27% ILMCV market share am ~
Slide 18: EVs set for inflection in FY27
EVs set for inflection in FY27 O THE INFLECTION FY27 marks an epoch in the EV journey TCO Parity Regulatory Support Dedicated EV Financing Expanding Charging Network EV Ambition: Strong shift in TML volumes towards EVs by FY27, with a further TATA MOTORS | Better commerciat venictes | Always: O2 POR
Slide 19: Expanding downstream play to capture value across life cycle
TATA MOTORS | Better commerciat venicues | Always: Expanding downstream play to capture value across life cycle Parts & Services Smart City Mobility Digital Mn+ sx | 3X am 2X Channel expansion Spare & service * Strategic price positioning 2X * Disciplined bidding Penetration since FY21_—. pigital-le
Slide 20: Focused growth in IB markets to counter cyclicity
TATA MOTORS COMMERCIAL VEHICLES Focused growth in IB markets to counter cyclicity >’ Consolidating in legacy markets despite short-term headwinds Volume ramp up with market specific solutions in high growth applications 2S &3S dealer scale up | Fit for market bila-larellare} »> Driving growth in eme
Slide 21: Synergies from IVECO acquisition
TATA MOTORS | Better commerciat venictes | Always: Synergies from IVECO acquisition will unlock new geographies and complementary products ‘Australia & New Zealand @ oven ee perers
Slide 22: Road Ahead: structural tailwinds and manageable headwinds
Road Ahead | Structural tailwinds coupled with short term, manageable headwinds Lg mii ee ( Revenue + Marsin= | STRUCTURAL & DURABLE \ MACRO POLICY DIGITAL GLOBAL Robust India GDP growth 6-7% GDP CAGR outlook; Road BTKM CAGR ~1% lower than real GDP growth Fleet electrification mandates E-Bus tenders
Slide 23: A defining first year and a clear path forward
A defining first year and a clear path forward A landmark first year as an independent company ia o A structurally stronger business Aligned to India's growth story apf TATA MOTORS | Better commerciat venictes | Always: Strengthening leadership in the core New engines of growth cd 4 Sustainability t
Slide 24: Rajesh Kaul, VP & Business Head, Trucks
RAJESH KAUL VP & Business Head, Trucks
Slide 25: We continue to be India's #1 Trucks player
We continue to be India’s #1 Trucks player TML Trucks in Numbers Truck Player | Highest market share +H in India | in HCV &ILMCV Deepest dealer 4. S K+ network in the country Sales & service touchpoints 1 2 O+ Widest product portfolio across tonnage points (3.5T to 55T) Models a TATA MOTORS | Better
Slide 26: We have delivered on our focus
We have delivered on our focus Drive profitable market share growth Heavy CV Address whitespaces with innovative, tech led products High payload trucks 320HP range tippers 727 Crash worth cabin meeting European Safety standards (ECER29,03) areas Value-added Services delivering uptime & performance l
Slide 27: Delivered innovative tech led products
Delivered innovative tech led products Key interventions - Segment Highest Payload. Higher Profits. Faster Payback. 30-49T High Payload Trucks Higher Efficiency & Profits 6.7L 320HP Range with FE benefits AZURA: Next Gen Trucking 7-12T Truck Series Value to Customers - Upto 1.8T higher payload Upto
Slide 28: Our Approach
Our Approach Customers North Star & ¢ ry & a RS ~ [e} ¢ 7] Process People Agile Lean . Digital . Skills . Culture . Safety TATA MOTORS | Better commerciat venictes | Always. Build the best product, run the sharpest process, develop the finest people ——— al Widest Product Range with superior lifecycl
Slide 29: Strategic levers to respond to the shifts
6 strategic levers to respond to the shifts Drive Technology led products + Application duty cycle tuned products + New segments entry * 24x7 assistance + SAFE trucks Service Delight + Fleet care solution + Uptime excellence Customer Centric Solutions * Drive 2X growth + Business value-oriented solu
Slide 30: Scaling EV
Scaling EV Widest portfolio, purpose- pay Trucks.EY) built platforms —= E.55 S Long haul E.28 K Mining & Surface movement E.7, E.9 & E.12 Distribution Bigger Range. Better Reliability. Indian Engineering. TATA MOTORS | Better commerciat venictes | Always. pce? Electronic Axle Built on home grown |-M
Slide 31: Electrifying Business. Responsibly.
Electrifying Business. Responsibly. EV trucks operating routes sur Tarapur Vishakapatnam TATA MOTORS | Better commerciat venictes | Always Mobile Chargers Captive ) Public >) Chargers Chargers TATA Trucks.Ey) @® Anse mora Gexicom charging CHERSEZONE = EA Partners SIEMENS... ‘Mvourric’ STATIC TATA PO
Slide 32: Driving Sustainable, Profitable Value creation
TATA MOTORS | Better commerciat venictes | Always: Driving Sustainable, Profitable Value creation Profitable Growth Margin led volume growth, disciplined capital allocation & a richer product mix to compound returns “_,) Customer-Centric Solutions Connected vehicles, fleet intelligence, financi afte
Slide 33: Anand S., Business Head, CV Passenger
ANAND S. Vice President & Business Head, CV Passenger Head, TML Smartcity Mobility Solutions
Slide 34: Another memorable year for CV Passenger Business
TATA MOTORS | Better commerciat venicues | Always Another memorable year for CV Passenger Business 72.0 72.1 Winger Plus H2F25° -HIF26-H2FY26 People mover of the Year 1 Millionth vehicle rollout 150,000* Bus body rollout Bus & | Winger & | Magic A -* Significant milestones & recognitions validate th
Slide 35: TML CV Passenger Business Overview
TATA MOTORS COMMERCIAL VEHICLES TML CV Passenger Business Overview Among the fastest growing market globally backed by strong passenger movement, rapid electrification & STU demand Fastest growing in CV in last 4 years India leading Global bus growth Volume CAGR @16% 10x Volume pas —cos ms Vohan Tv
Slide 36: Strategic Initiatives: Core growth driving engine
Strategic Initiatives: Core growth Griving engine Project Swabhimaan: Magic Retail Growth 1B 18x » & FY24 FY25 FY26 - Magic retail doubled in last 3 years Product charter | a FY25 FY26 FY24 Product quality improvement Project Phoenix: MCV Pvt Bus Market Growth x 22x FY24 FY25 FY26 MS growth continue
Slide 37: Structural Macro Drivers will ensure Sustained Demand Growth
TATA MOTORS | Better commerciat venicues | Always. Structural Macro Drivers will ensure Sustained Demand Growth Passenger KM growth! 25.000 Billion Passenger KM. 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 BPKM to grow 1.5% by 2030 Electrification* = EVbus sales (00's) — EVbus P
Slide 38: Accelerating Growth Through Technology & Capability Building
TATA MOTORS | Better commerciat venicues | Always. Accelerating Growth Through Technology & Capability Building Drive sustainable growth through next-generation innovation and technology Drive Platform & Architecture Convergence Next-Gen Modular & Scalable Platform Architectures Fuel efficiency & re
Slide 39: Strengthening competitive leadership: Segment wise approach
TATA MOTORS (COMMERCIAL VEHICLES Strengthening competitive leadership : Segment wise approach Focus Area pa) Vans apn ILcv Bus Tae Cal) EV Buses MCV Bus: STU MCV Intercity Customer Experience Key Drivers New market identification Growth in school enrolment Financing scheme for private market GCC* fo
Slide 40: Electrification: from cities to 23 cities
TATA MOTORS | Better commerciat venictes | Always ELECTRIFICATION From 10 cities to 23 cities across applications Intercity: Magna 12m EV Tarmac Starbus 4/12 EV Staff/Urban: Ultra 9/9 EV Staff Ultra 9/7 EV School: Ultra 9/9 EV Key growth enablers + Tender Business: Strengthen consortium-led tender p
Slide 41: TML Smart City Mobility Solutions Ltd
TATA MOTORS | Better commerciat venicues | Always TML Smart City Mobility Solutions Ltd
Slide 42: Experience of deploying over 3800 EV buses
Experience and Knowledge of deploying over 3800 EV buses with S3 Cr Kms coverage Over S3 crore e-bus kilometers clocked since inception 1.8 crore kilometers added each month in FY 26 EV Bus Sales (cumulative!) 48x _ 3632 3812 = a | | oo (ie — Fy23 FY24 FY25 FY26 + Enhanced uptime & reliability throu
Slide 43: Unlocking scalable and capital efficient growth in GCC market
ES |i Unlocking scalable and capital efficient growth in GV GCC market Focusing on PSM and credit backed STUs Consortium led bidding + Reduced payment delays better financing comfort * Reduced equity requirement (minority stake) + Brings in strong investor confidence * Risk allocated to best suited
Slide 44: Pinaki Haldar, Business Head, SCVPU
PINAKI HALDAR Vice President & Business Head, SCVPU Tata Motors Limited
Slide 45: FY26: Start of Turnaround
TATA MOTORS | Better FY26 : Start of Turnaround Parner lamas 26.8% FY26 SCV-PU Vahan share Full year under pressure; exited FY26 at ~27.2% 29% Alternate-fuel salience Ahead of industry at ~19%; leadership extended v 9 +8.2% [I FY26 volume growth (YoY) Growth from Q2 FY26, all segments contributing +
Slide 46: FY26: Volume & Shares
FY26 : Volume & Shares CR MOTORS ays 29.0% 27.3% 27.9% Vahan MS% 265% 63% 272% 35.3% TMCV volume growth Industry volume 20.5% growth Fy25 FY26Q1 Fy26Q2 FY26Q3 FY26Q4 — FY27Q1 (QTD) ‘owth from Q2’26
Slide 47: FY26: Alternate Fuel & 360° Ecosystem
FY26: Alternate Fuel & 360° Ecosystem 0, 29% B Alternate-fuel salience Ahead of industry at ~19%; leadership extended +43% & +26% Service Network & Dealer FOS ‘Structural fixes driven by Channel Profitability > Alternate fuel salience ‘TML Continues to outpace Industry in Alternate Fuel (CNG, EV) +
Slide 48: Structural Tailwinds: Consumption, last-mile and electrification
TATA MOTORS | Better Structural Tailwinds: Consumption, last-mile, AND SlEctrifiI CATION comet vericus | Aways GDP-led consumption Domestic consumption growth of ~6-7% underpins SCV-PU demand Mid-to-last-mile logistics E-commerce and organized logistics drive last-mile mobility Shift to EVs EV penet
Slide 49: FY27 Strategic Priorities
FY27 Strategic Priorities TATA MOTORS | Better commerciat venictes | Always Sustainable & Profitable Growth reg Strengthen ® Customer Value a Lead Sunrise Core Proposition Segments & Product Leadership 2 Operational &xcellence GB EV Leadership * SCV: 4 Launches * Service & CX Focus * Range Expansion
Slide 50: Swaminathan TV, Head Digital Business
SWAMINATHAN TV + Head, Digital Business * Commercial Vehicles
Slide 51: Last year we made a promise. Here's what we delivered
TATA MOTORS | Better commerciat venicues | Always. Last year we made a promise. Here's what we delivered + What we saidinFY'eS + Scale Fleet Edge with engagement and retention Mileage Saarathi monetization Freight Tiger TMS scale + carrier matching Build toward integrated ecosystem Effective monetiz
Slide 52: Logistics tech just crossed an inflection. The moat has moved
TATA MOTORS | Better commerciat venicues | Always Logistics tech just crossed an inflection. The moat has moved Gartner: Software with agentic Al grows from under USD 2B in 2025 to USD 53B by 2030. From Al features to Al agents that run the workflow . . . INFLECTION POINT ir OE-agnostic aftermarket
Slide 53: We occupy a structural position no one else does
TATA MOTORS | Better commerciat venictes | Always: We occupy a structural position no one else does Factory-grade integration ~—* OEM CAPTIVE > DAIMLER TRUCK Al-native cannect VOLVO CONNECT [Tor-agnoste ~—+ NICHE / FRAGMENTED - __+ PURE SaaS AT SCALE - _ project BLacKsuck @samsara GEOTAB. Motive <$
Slide 54: FY26 was about products. FY27 is about the platform
TATA MOTORS | Better commerciat venicues | Always. FY26 was about products. FY27 is about the platform \ / _/ FY26— WHAT WE PROVED } —4 FY27— WHAT COMPOUNDS + = BEYOND FY27 ‘ / 2 strong products that scaled independently Fleet Edge - Market leading FMS price f \ The flywheel turns — every km of INR
Slide 55: Fleet Edge: from visibility to Al-driven vehicle intelligence
TATA MOTORS | Better commerciat venicues | Always Fleet Edge: from visibility to Al-driven vehicle intelligence ~427K ~266 mins ZA 49% & 1S%+ Too Customers onboarded Monthly engagement genni Revenue growth Renewal improvement (Mar '26) (Mar '26) YoY YoY What's new in FY26 - Ww Mileage Sarathi moneti
Slide 56: Freight Tiger: from TMS to autonomous freight orchestration
TATA MOTORS | Better commerciat venicues | Always Freight Tiger: f-om TMS to autonomous freight orchestration ~5S% of india BTKM | ~10 Mn WA Tracked on Trips Bae Freight Tiger tracked annually What's new in FY26 - Part Truck Load, Planning, Procurement modules at production scale %. xe Carrier match
Slide 57: The integrated flywheel: where 1+1=3
TATA MOTORS | Better COMMERCIAL veHicLes | Always The integrated flywheel: where 1+1=3 VEHICLE DATA IMF exxarer01 Vehicles Fleet Edge’ i TRIP DATA Value added ~S% “iy meee os services share of STICER} India BTKM Kettiea uss) 4] Data/spv Fuel, uptime, safety — unlocks Every km driven -—— on the platf
Slide 58: Building Al-native, from the ground up
TATA MOTORS | Better commerciat venictes | Always. Building Al-native, from the ground up - Large platforms and start-ups bolted Al onto SaaS architectures designed before agents existed. -— "We rewrote the stack to be Agent-native _ Tool-use, not dashboards Operators converse with the platform; age
Slide 59: The long-term ambition
TATA MOTORS | Better commerciat venicues | Always. The long-term ambition -+ In the next 5 years, we will be the world's first OE-agnostic, Al-native logistics operating system. — METRIC FY'26 BASE aE EB Vehicles on platform ~1Mn Revenue trajectory Early scale Compounding multi-fold ey Monetization
Slide 60: Logistics tech is at an inflection
y Logistics tech is at an inflection. The category is consolidating around platforms. TATA MOTORS | Better commerciat venicues | Always 23) We build on a supply network of vehicles, anchored in India, ready to go beyond. OE-agnostic reach, integrated truck + trip, Al-native — are uniquely combined h
Slide 61: Ramanan GV, Chief Financial Officer
Ramanan GV Chief Financial Officer, Tata Motors Limited
Slide 62: 2028 Outlook
2028 Outlook: Market Share 40% Domestic CV (VAHAN-based) TATA MOTORS | Better commerciat venicues | Always Focus on profitable growth agenda continues EBITDA Margin Double dioit through the cycle Teens through upcycle Investment Spend 2-4a% of Revenue (disciplined) Free Cash Flow 7-9% of Revenue (po
Slide 63: We enter FY27 well positioned for profitable and sustainable growth
We enter FY27 well positioned for profitable and sustainable growth Proven Transformation 4 years of disciplined execution * EBITDA expanded from 7.8% to 13.2% + FCF turned structurally positive to ~12% of revenue + ROCE scaled to industry-leading levels at ~72% TATA MOTORS | Better commerciat venic
Slide 64: Thank You
THANK YOU