Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q3 FY2026 Earnings Presentation
22 slides from Tata Motors Passenger Vehicles's earnings presentation, Jan 29, 2026
Slide 1: Exchange submission 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 January 29, 2026 Sc no.- 27 Dear Sir/Madam, Sub: Submission
Slide 2: Results for the quarter ended December 31, 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 December 31, 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 and Other Details expectations of Tata Motors Limited and its business segments may be “forward- looking statements” within the meaning of applicable securities laws and • Presentation format : T
Slide 4: Q3FY26 – Tata Motors key highlights
Q3FY26 – Tata Motors key highlights Led the way with innovative, sustainable and intelligent Regulatory approvals underway; on track for expected Q1 Launched 17 Next-Generation Trucks, setting new mobility solutions at EXCON 2025; unveiled our most FY27 closure. standards for Safety, Profitability &
Slide 5: Q3 Wholesales of 117K, up 20% YoY
Q3 Wholesales of 117K, up 20% YoY GST2.0 and festive momentum continued to drive growth in Q3 across all product lines Q3 FY26 | Commercial Vehicles Segment | Category | Units in ‘000’s HCV ILMCV SCV Cargo & Pickup Passenger Carriers Exports Total Wholesales(1) YoY 23 % YoY 26 % YoY 15 % YoY 4 % YoY
Slide 6: Q3: Revenue ₹21.5K Cr, EBITDA 12.7%, double digit EBIT margin achieved
Q3: Revenue ₹21.5K Cr, EBITDA 12.7%, double digit EBIT margin achieved Robust delivery of revenue, EBITDA and FCF leads to strong net cash position Q 3 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 YoY +17% EBITDA YoY +30 bps EBIT YoY +100 bps PBT (bei) YoY +36
Slide 7: YTD: Revenue ₹57K Cr, EBITDA 12.4%, EBIT 10.1%
YTD: Revenue ₹57K Cr, EBITDA 12.4% (up 80 bps), EBIT 10.1% (up 130 bps) Strong improvement across all financial metrics Y T D 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 YoY +6% % YoY +80 bps % YoY +130 bps ₹K Cr YoY +27% 5.6 56.9
Slide 8: EBIT at 10.6% (+100 bps); PBT (bei) ₹2.3K Cr
EBIT at 10.6% (+100 bps); PBT (bei) ₹ 2.3K Cr Higher volumes and improved realization aid margin expansion, partially offset by rising input costs and maiden PLI benefit recorded in prior period. Q 3 F Y2 6 | C o mmer c i al Veh i c l es Segmen t | IndAS, ₹ Cr ₹ Cr. IndAS Warranty ₹(94) Cr D&A and P
Slide 9: Strong and consistent FCF generation at ₹4.8K Cr
Strong and consistent FCF generation at ₹4.8K Cr Driven by operating performance and disciplined working capital management Q3 FY26 | S t a n d a l o n e i n c l u d i n g J o i n t O p e r a t i o n s T a t a C u m m i n s | IndAS, ₹ Cr Payables, acceptances ₹ 2,066 Cr Trade receivables ₹ 194 Cr In
Slide 10: Consolidated Financials
Consolidated Financials c Copyright, Confidential, Tata Motors Limited 9
Slide 11: Q3: Revenue ₹21.8K Cr EBITDA 12.5%, PBT(bei) ₹2.6K Cr
Q3: Revenue ₹21.8K Cr EBITDA 12.5%, PBT(bei) ₹2.6K Cr Q 3 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 YoY +16% EBITDA* YoY +30 bps EBIT YoY +100 bps PBT (bei) YoY +65% Revenue ₹K Cr ₹K Cr % % 12.5 21.8 12.2 18.8 18.6 11.4 10.4 2.6 9.4 1.6 1.5 Q3 8.8 Q3 FY25 Q2 FY26 Q
Slide 12: Business Updates
BUSINESS UPDATES Intelligent Modular Electric Vehicle Architecture c Copyright, Confidential, Tata Motors Limited 11
Slide 13: Tata Motors Launches 17 Next-Generation Trucks
Tata Motors Launches 17 Next-Generation Trucks Sets New Standards for Safety, Profitability and Progress Introduced Azura Series — Excellence Reimagined for the Launched Tata Trucks.ev – India’s widest electric ILMCV segment truck range, based on I-MOEV Architecture – Intelligent Modular Electric Ve
Slide 14: VAHAN Market share at 35.5%
VAHAN Market share at 35.5% HCV leads with strong market share recovery in Q3; steady market share across other 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% 35.5% 35.4% 34.5% FY25 Q1 FY26 Q2 FY26 Q3 FY26 YTD FY26 HCV ILMCV SCV
Slide 15: Fleet and transporter profitability metrics continue to grow
Fleet and transporter profitability metrics continue to grow Fleet Utilization (active vehicle%) HCV Cargo HCV Tipper 80.4% 71.6% 74.4% 72.2% Freight Rates 105.3 Jan’23 Dec’25 Jan’23 Dec’25 100 Indexed MCV Cargo ICV trucks Jan’23 Dec’25 68% 70.7% 60.2% 65.8% Transporter Profitability Jan’23 Dec’25 J
Slide 16: Cyclical Businesses
Cyclical Businesses Trucks Buses SCVPU • Trucks segment grew • Strong CV Passenger • New launches of Ace pro and significantly after a flat H1. momentum with ~6,000-unit Ace Gold have established well TML volumes grew by 24.2%, government order book in the market and have led to with HCV growing at
Slide 17: Non-cyclical Businesses
Non-cyclical Businesses Parts and Services Smart City Digital International Business ➢ Parts and Service business ➢ 3600+ e buses deployed running ➢ Fleet Edge new subscription ➢Shipments grew 70% YoY in Q3 continued healthy growth YOY cumulative distance of 47 Crore Kms plans (Lite and Prime) launc
Slide 18: FY26: Outlook and focus areas
FY26: Outlook and focus areas • Q3 witnessed sustained sales momentum driven by GST 2.0 and improvement in overall sentiment • Sustained push for infrastructure by government and expansion in end-use sectors expected to strengthen demand in Q4FY26 across most commercial vehicle segments • Focus area
Slide 19: 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 c Copyright, Confidential, Tata Motors Limited 18
Slide 20: Additional Details
Additional Details Results for the quarter ended December 31, 2025 c Copyright, Confidential, Tata Motors Limited 19
Slide 21: P&L Details
P&L Details Commercial Vehicles Segment ₹ Cr. IndAS Q3 vs Q3 Q3 vs Q2 9M vs 9M Q3 FY25 Q2 FY26 Q3 FY26 YTD FY25 YTD FY26 YoY QoQ YoY Revenue from operations 18,478 18,370 21,533 53,551 56,912 3,055 3,163 3,360 Grant income / incentives 226 81 168 315 339 (58) 87 25 Expenses : Cost of materials consu
Slide 22: Investment Spending in YTD FY26 ~₹2K Cr
Investment Spending in YTD FY26 ~₹2K Cr Steady investments as planned Q3 FY26 | Standalone including Joint Operations Tata Cummins |IndAS, ₹ Cr 230 552 159 321 162 Capitalised Expensed Total R&D Capital & Other Total Investment Q3 FY26 R&D R&D Investment Spending Q3 FY25 221 268 486 161 650 YTD FY26