Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Q4 FY26 Earnings Presentation
46 slides from Tata Motors Passenger Vehicles's earnings presentation, May 14, 2026
Slide 1: Submission letter to BSE and NSE
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 (E), Mumbai 400 051 May 14, 2026 Sc no.- 18915 Dear Sir/Madam, Sub: Submission of Investor presentation to be made to the Analysts
Slide 2: Results for the quarter and year ended March 31, 2026
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 and year ended March 31, 2026
Slide 3: Safe harbour statement
Safe harbour statement Other Details Statements in this presentation describing the objectives, projections, • Presentation format : The results provided represent the details on consolidated segment estimates and expectations of Tata Motors Passenger Vehicles Limited (the level. The operating segme
Slide 4: FY26 – TMPV Key highlights
FY26 –TMPV Key highlights Highest ever annual volumes of > 6.4 lakh; Strong demand for Sierra New Tata Punch launched; Harrier and Safari now #2 based on Vahan registrations in H2 available in Petrol Powertrains Harrier.ev unleashes a Bold New League of Punch becomes India’s fastest SUV to cross 6 R
Slide 5: FY26 – JLR Key highlights
FY26 – JLR Key highlights Range Rover in Interbrand Top 100 Global Brands Defender wins Dakar Rally Stock Class on debut New Jaguar receives positive reaction from media Responding to operational and geopolitical challenges Chery built Freelander design concept revealed Large-scale solar installatio
Slide 6: Q4: Revenue ₹105.4K Cr, EBITDA ₹13.9K Cr, FCF ₹11.4K Cr
Q4:Revenue ₹105.4K Cr, EBITDA ₹13.9K Cr, FCF ₹11.4K Cr Resilient performance to end a challenging year F Y 2 6 | C o n s o l i d a t e d | IndAS, ₹ K C r Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Global wholesales (K units) 212.0 210.7 229.7 297.1 258.4 15.0% 949.5 957.3 (0.8)% R
Slide 7: Dividend recommendation
Dividend recommendation • The Board has recommended a final dividend of ₹ 3 per share (150% of face value) • Resultant cash outflow ₹ 1,105 Cr • To be approved in the ensuing shareholders’ meeting 6
Slide 8: Q4 EBIT 8.4%; Net Debt at ₹30.7K Cr
Q4 EBIT 8.4%; Net Debt at ₹30.7K Cr Production stoppages slipped JLR into net debt; domestic business maintains healthy Net Cash Q 4 F Y 2 6 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr PBT (bei) ₹ C r 8.2 0.8 (1.9) (0.1) 710 223 98.4 105.4 10,198 (3,964) (2.0)% (0.1)% 8.6% 0.7% 7,167 7.2% increa
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 and year ended March 31, 2026 8
Slide 10: Q4 Revenue £6.9b, Adjusted EBIT margin 9.2%
Q4 Revenue £6.9b, Adjusted EBIT margin 9.2% All metrics recovered well in Q4 following the cyber incident F Y 2 6 | J a g u a r L a n d R o v e r | I F RS , £ m Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Wholesale (K units) 87.3 66.2 59.1 95.3 111.4 (14.5) % 307.9 400.9 (23.2) % R
Slide 11: Q4 and FY26 performance
Q4 and FY26 performance • VOLUME & REVENUE - Volumes and revenue increased significantly in Q4, versus the prior quarter, as operations recovered and production returned to normal levels following the cyber incident - Full year volumes and revenue were impacted by China market challenges, planned wi
Slide 12: Wholesale volumes bounced back in Q4 (brands)
Wholesale volumes bounced back in Q4, up 61.1% vs prior quarter Volumes rose significantly quarter-on-quarter as production returned to normal 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) 63.3 111.4 54.3 95.
Slide 13: Wholesale volumes bounced back in Q4 (regions)
Wholesale volumes bounced back in Q4, up 61.1% vs prior quarter Volumes rose significantly quarter-on-quarter as production returned to normal 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 34.8 28.0 28.2 21.5 21.0 21.9 17.4 Q4 13.6 12.9
Slide 14: Q4 adjusted EBIT margin decreased YoY from 10.7% to 9.2%
Q4 adjusted EBIT margin decreased YoY from 10.7% to 9.2% Profit before tax and exceptional items at £458m in Q4 FY26, down from £875m in Q4 FY25 Q4 FY26 | IFRS, £m 6 (127) 78 Volume & mix (44) (17) US Duties Impact (114) VME (4.9)% (127) D&A 28 to (7.4)% (357) P&A 30 Industrial Ops 88 Other 50 Emiss
Slide 15: £2.2bn of free cash outflow in the year
£2.2bn of free cash outflow in the year After investment spend of £3.6bn FY26 | IFRS, £m Free cashflow before working capital £(1,670)m (271) 2,158 1,901 14 (3,571) Payables (366) D&A 1,374 Receivables (87) Engineering costs expensed 930 Inventory (136) (2,229) Interest paid (405) Other 30 Other 259
Slide 16: Full year investment spend of £3.6bn
Full year investment spend of £3.6bn In line with expectations at beginning of FY26 as launch of new products draws near FY26 | IFRS, £m 984 3,571 930 2,587 1,657 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment FY25 1,792 869 2,661 1,129 3,790 Q4 FY
Slide 17: Business Update
B U S I N E S S U P D AT E JAGUAR LAND ROVER AUTOMOTIVE PLC 16
Slide 18: Middle East
Middle East MARKET DEMAND SUPPLY CHAIN & LOGISTICS MARKET DEMAND SUPPLY CHAIN & LOGISTICS INFLATIONARY PRESSURES INFLATIONARY PRESSURES 17
Slide 19: Industry challenges continue
Industry challenges continue GEOPOLITICS INFLATIONARY PRESSURES SUPPLY CHAIN & LOGISTICS REGULATORY VOLATILITY 18
Slide 20: Demand outlook
Demand outlook GLOBAL • Iran conflict impacting fuel prices and consumer confidence • Range Rover and Range Rover Sport continue to perform well; SV Ultra elevating offering further and BEV variants nearing launch • Strong order intake levels and continued strong retail performance for Defender, dri
Slide 21: Launch intensity
Launch intensity 20
Slide 22: Enterprise missions
Enterprise missions Resetting our operating base and focusing on process efficiency to drive £1.7bn* of savings COST LAUNCH EXCELLENCE EX-WORKS WARRANTY EFFICIENCIES PROCESS EXCELLENCE Critical to underpinning the above value delivery RETURN BREAK-EVEN VOLUMES TOWARDS 300K IN 2 YEARS * Indicative sa
Slide 23: FY27 Outlook
FY27 Outlook PRIORITIES • Continue to step up growth rates by leveraging our well differentiated House of Brands in focused markets • Reduce break-even volumes towards 300k in two years by additionally focusing on £1.7bn of savings from Enterprise Missions • Flawless delivery of exciting launches ov
Slide 24: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 23
Slide 25: #2 OEM in H2 FY26 (basis Vahan)
#2 OEM in H2 FY26 (basis Vahan) Holistic performance with strengthening market share & alternate powertrain mix; leading CAFÉ compliance Tata Passenger Vehicles | India business Offtake Volumes & Vahan Domestic Market Share(1) Powertrain Mix CAFÉ Compliance Wholesale (incl. IB) K units (CO2 in g/km)
Slide 26: EV: Sustained market leadership
EV: Sustained market leadership Highest ever quarterly and annual volumes; +43% in FY26 Tata Passenger Electric Vehicles EV Offtake Volumes (incl. IB) EV Vahan Domestic Market Share(1) Public Charging Infrastructure 55.4% 60.00% 120 YoY + 43.3 % YoY + 69.2 % 50.00% 43.3% 32,640 100 92.2 40.9% 40.2%
Slide 27: Q4: Revenue ₹18.7K Cr, EBITDA 9.4%, PBT(bei) ₹1.1K Cr
Q4: Revenue ₹18.7K Cr, EBITDA 9.4%, PBT(bei) ₹1.1K Cr Consistent growth has driven margin improvement; input cost challenges persist 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 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Wholesales (K units) 124.7 144.5 170
Slide 28: Q4 EBIT at 4.7% (+310 bps); PBT (bei) 1.1K Cr
Q4 EBIT at 4.7% (+310 bps); PBT (bei) 1.1K Cr Favourable leverage and incentives offset impact of higher costs & VMEs Q 4 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 PDC : ₹71 Cr Employee cost : ₹148 Cr Others : ₹27 Cr (67) (76) 96 (192) 301 749 (98) 1,102 389 PBT (bei) Volu
Slide 29: Q4 FY26 FCF ₹1.7K Cr
Q4 FY26 FCF ₹1.7K Cr Healthy cash profits funding planned investment spends Q 4 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 ₹1,276 Cr Trade receivables ₹671 Cr 373 Inventories ₹39 Cr Others ₹ 190 Cr (1,399) 1,000 279 2,448 376 1,704 1,075 (1) PBT (bei) Non
Slide 30: Investment Spending in Q4 FY26 ~₹1.4K Cr
Investment Spending in Q4 FY26 ~₹1.4K Cr Continued investment focus to drive growth 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 673 1,399 253 726 473 Capitalised Expensed Total Capital & Other Total Investment Q4 FY26 R&D R&D R&D Investment Spending FY26 2,032 945 2,977 2,241 5
Slide 31: Business update – Q4 FY26 & FY26
Business update – Q4 FY26 & FY26 Delivered record volumes and attained #2 market position in H2, supported by GST 2.0 Tata Passenger and Electric Vehicles PV Industry Highlights TMPV Highlights • Record annual sales at 6.42L units (+15% YoY, 2x industry • Highest ever annual volumes at ~4.7 mn units
Slide 32: Focus Areas – FY27
Focus Areas – FY27 Drive profitable and industry-beating growth on the back of new product interventions & key initiatives Tata Passenger and Electric Vehicles Key Focus Areas • New product launches to enhance demand & reinforce portfolio • Impactful marketing & network expansion to sustain retail m
Slide 33: Looking ahead
Looking ahead Outlook • Global geopolitical and regulatory challenges to be monitored for supply-chain risks and cost headwinds • We remain resilient and well placed to address the aforesaid challenges and execute on our growth aspirations Key priorities JLR PV EV • Step up growth by leveraging our
Slide 34: Investor Day 2026
Tata Motors Passenger Vehicles Group Investor Day 2026 JLR Jaguar Land Rover Investor Day Tata Motors Passenger Vehicles India Investor Day Wednesday, June 17, 2026 Tuesday, June 23, 2026 Gaydon, Warwickshire, UK Mumbai, India 33
Slide 35: 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 34
Slide 36: Tata Motors Passenger Vehicles Group: Additional details
Tata Motors Passenger Vehicles Group : Additional details Results for the quarter and year ended March 31, 2026 35
Slide 37: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Quarter ended March 31, 2026 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 85,625 18,742 1,080 105,447 Grant income / incentives 527 536 8 1,071 Expenses : Cost of materials consumed (51,032) (15,276
Slide 38: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Quarter ended March 31, 2025 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 84,958 12,549 870 98,377 Grant income / incentives 527 252 3 782 Expenses : Cost of materials consumed (49,506) (10,024) (20
Slide 39: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Year ended March 31, 2026 Rs Cr. IndAS Consolidated Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 273,303 58,465 3,814 335,582 Grant income / incentives 2,295 1,276 32 3,603 Expenses : Cost of materials consumed (165,718) (47
Slide 40: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Year ended March 31, 2025 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 314,220 48,451 3,423 366,094 Grant income / incentives 2,438 644 4 3,086 Expenses : Cost of materials consumed (181,919) (38,61
Slide 41: Tata Motors Group Financials: Jaguar Land Rover
Tata Motors Group Financials Jaguar Land Rover Q4 FY26 | IFRS, £m Q4 Q3 Q4 FY25 FY26 YoY QoQ FY YoY FY25 FY26 FY26 Revenues 7,727 4,538 6,870 28,961 22,911 (857) 2,332 (6,050) Material and other cost of sales (4,524) (2,646) (4,153) (16,865) (14,020) 371 (1,507) 2,845 Employee costs (912) (832) (835
Slide 42: China JV performance
China JV performance Q4 FY26 | IFRS, £m Q4 Q3 Q4 FY25 FY26 YoY QoQ FY YoY FY25 FY26 FY26 Retail volumes (‘000 units) 5.2 7.4 3.9 34.2 25.0 (1.3) (3.5) (9.2) Wholesale volumes (‘000 5.0 7.2 2.1 33.5 23.1 (2.9) (5.1) (10.4) units) Revenue 181 342 137 1,105 869 (44) (205) (236) Profit before tax (13) 6
Slide 43: Q4 YoY unfavorable operational FX
Q4 YoY unfavorable operational FX Total Q4 FX and commodity impact £(281)mn unfavorable YoY FY26 | IFRS, £m Operational Realised FX FX impact on EBIT FX revaluation of Other FX FX impact on PBT Unrealised FX & Commodity exchange 1 hedges net debt & debt revaluation commodity impact on PBT hedges hed
Slide 44: Q4 Retail volumes 92.8K (brands)
Q4 Retail volumes 92.8K 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) 59.5 108.2 52.2 92.8 15% 14% 43.7 79.8 19% Q4 30.2 29.7 24.0 11.2 5.9 7.7 7.3 6.2 3.2 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY
Slide 45: Q4 Retail volumes 92.8K (regions)
Q4 Retail volumes 92.8K 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 31.0 24.8 26.7 24.1 22.3 Q4 17.8 16.7 17.0 14.1 15.5 12.6 12.3 10.2 8.5 10.4 6.8 5.3 4.8 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY2
Slide 46: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover Debt maturity profile £m TML Holdings Total liquidity £ 6,910 m Cash and financial deposits Undrawn RCF (£2bn) Total Debt Undrawn UKEF facility Bank loans 644 1,660 Total Debt Leases (IFRS16) & other Bonds Undrawn £5,38
Tata Motors Passenger Vehicles — Q4 FY26 Earnings Presentation on 6ix