Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q2 FY27 Earnings Presentation
22 slides from Tata Motors Passenger Vehicles's earnings presentation, Oct 23, 2026
Slide 1: Exchange filing cover letter for investor presentation
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 October 23, 2026 Sc no.- 136 Dear Sir/Madam, Sub: Submission of Investor presentation to be made to the An
Slide 2: Results for the quarter ended September 30, 2026
Tata Motors Limited (formerly known as TML Commercial Vehicles Ltd.) Results for the quarter ended September 30, 2026 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 • Presentation format : The results provided in this deck represent details on statements”
Slide 4: Q2 FY27 – Key highlights
Q2 FY27 – Key highlights Showcased next-generation passenger mobility solutions Showcased next-generation aggregates portfolio at Crowned “Best Truck of the Year” at the Logistics & at Prawaas 5.0, launches new Ultra Prime and Starbus Bauma CONEXPO India 2026 Transport Award 2026 in the UAE Prime ra
Slide 5: Corporate actions: IVECO update timeline
Corporate actions IVECO UPDATE TIMELINE Regulatory clearances obtained All required regulatory clearances obtained, completing the conditions to launch the Offer Acceptance Period opens 7 September 2026 Offer price increased from €14.10 to €14.40 9 October 2026 In consideration of the slight delay i
Slide 6: Q2 Wholesales 135K (↑42% YoY)
Q2 Wholesales 135K (↑42% YoY) Double digit growth across segments, International business ~ 3x Q2 FY27| Standalone including Joint Operations Tata Cummins | Units in ‘000’s Wholesales | Q2 FY27 135.1 Wholesales | H1 FY27 243.8 108.7 95.0 181.0 135.1K 243.8K ▲ 42% YoY Q2 FY 26 Q1 FY 27 Q2 FY 27 ▲ 35%
Slide 7: Standalone Financials
Standalone Financials c Copyright, Confidential, Tata Motors Limited 6
Slide 8: Q2: Revenue ₹23.9K Cr, EBITDA ₹2.8K Cr, PBT(bei) ₹2.7K Cr
Q2:Revenue ₹23.9K Cr(↑42%), EBITDA ₹2.8K Cr(↑31%),PBT(bei) ₹2.7K Cr(↑51%) Robust revenue growth driving operating leverage, EBITDA margin maintained QoQ despite significant commodity headwinds Q2 FY27 | Standalone including Joint Operations Tata Cummins | IndAS | ₹K Cr Revenue, ₹K Cr EBITDA % PBT (b
Slide 9: Q2 EBIT at 9.7%, PBT (bei) at ₹2.7K Cr
Q2 EBIT at 9.7%, PBT (bei) at ₹2.7K Cr Commodity impact largely offset by operating leverage, cost efficiencies and improved realizations Q2 FY27 | Standalone including Joint Operations Tata Cummins |IndAS|₹ Cr D&A and PDE ₹13 Cr Other Income ₹118 Cr Employee cost ₹(88) Cr Finance Cost ₹134 Cr Other
Slide 10: Robust H1 FCF of ₹5.7K Cr
Robust H1 FCF of ₹5.7K Cr Q2 FY27 FCF at ₹4.6K Cr Q2 FY27 | Standalone including Joint Operations Tata Cummins | IndAS | ₹ Cr Trade receivables ₹(622) Cr Payables, acceptances and others ₹4,786 Cr Inventories ₹(1,717) Cr 219 636 (1,262) 2,447 (1,036) 5,721 4,717 4,091 PBT (bei) Non-cash Tax Cash Pro
Slide 11: Investment Spending in H1 FY27 ₹1.1K Cr
Investment Spending in H1 FY27 ₹1.1K Cr Steady Investments in line with plan Q2 FY27 | Standalone including Joint Operations Tata Cummins |IndAS| ₹ Cr 496 1,112 258 616 358 Capitalized Expensed Total R&D Capital and Total investment H1 FY27 R&D R&D other investments spending Q2 FY27 209 130 339 258
Slide 12: Consolidated Financials
Consolidated Financials c Copyright, Confidential, Tata Motors Limited 11
Slide 13: Q2: Revenue ₹25.3K Cr, EBITDA ₹2.8K Cr, PBT(bei) ₹1.8K Cr
Q2:Revenue ₹25.3K Cr(↑36%), EBITDA ₹2.8K Cr(↑31%),PBT(bei) ₹1.8K Cr(↑423%) Strong Net Cash position at ₹15.9K Cr Q2 FY27 | Tata Motors Limited (Consol) | IndAS | ₹K Cr Revenue, ₹K Cr EBITDA % PBT (bei), ₹K Cr* 3.0 ₹25.3K Cr 25.3 10.9% 11.3% 10.9% 10.9% ₹1.8K Cr 1.8 20.7 18.6 40bps YoY 36% YoY
Slide 14: Business Updates
BUSINESS UPDATES c Copyright, Confidential, Tata Motors Limited 13
Slide 15: H1 VAHAN Market share at 36.2%; ↑110bps vs FY26
H1 VAHAN Market share at 36.2%; ↑110bps vs FY26 Commercial Vehicles | Domestic market share* Domestic market share Vs FY26 36.8% 35.7% 36.2% 35.1% 36.2% ▲ 110bps FY26 Q1 FY27 Q2 FY27 H1 FY27 HCV ILMCV SCV PU CV Passenger 55.7% ▲ 50bps 36.3% ▼ 170bps 27.6% ▲ 130bps 41.1% ▲ 500bps 55.2% 56.3% 55.7% 55
Slide 16: Fleet Utilization stable; Freight rates increased in Q2
Fleet Utilization stable; Freight rates increased in Q2, Transporter profitability on a recovery mode after dip at the start of Q2 Fleet Utilization (active vehicle%) Operating Economics HCV Cargo HCV Tipper 76.4% 71.6% 62.1% 72.2% Freight Rates 106.4 Jan’23 Sep’26 Jan’23 Sep’26 100 Indexed MCV Carg
Slide 17: Business Overview — Q2 FY27
Business Overview — Q2 FY27 INDUSTRY BUSINESSES SUSTAINABILITY ➢ Q2 saw healthy momentum with offtake TIV ➢ Trucks: TML volumes grew 34% YoY, supported by ➢ EV volumes grew by 143% in Q2. growing 28% YoY, and TML volumes grew strong demand momentum and new product approx. 30% YoY. launches across HC
Slide 18: Looking Ahead: Q3 FY27 Strategic Priorities
Looking Ahead Q3 FY27 Strategic Priorities • Overall: Leverage demand momentum with disciplined pricing, costs and supply. • Trucks: Drive growth through productivity, payload and TCO improvements. • CV Passenger : Capture passenger mobility growth and scale electric buses. • Small Commercial Vehicl
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 September 30, 2026 c Copyright, Confidential, Tata Motors Limited 19
Slide 21: P&L Details (Standalone)
P&L Details Standalone including Joint operations Tata Cummins |INDAS | ₹ Cr ₹ Cr. IndAS Q2 vs Q2 Q2 vs Q1 H1 vs H1 Particulars Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 YoY QoQ YoY Revenue from operations 16,861 19,329 23,930 32,543 43,259 7,069 4,601 10,716 Grant income / incentives 56 77 121 121 19
Slide 22: P&L Details (Consolidated)
P&L Details Tata Motors Limited Consolidated|INDAS | ₹ Cr ₹ Cr. IndAS Q2 vs Q2 Q2 vs Q1 H1 vs H1 Particulars Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 YoY QoQ YoY Revenue from operations 18,585 20,667 25,338 35,909 46,005 6,753 4,671 10,096 Grant income / incentives 82 103 147 171 250 65 44 79 Revenue