Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Q3 FY26 Earnings Presentation
41 slides from Tata Motors Passenger Vehicles's earnings presentation, Feb 5, 2026
Slide 1: Submission letter to BSE and NSE
BSE Limited National Stock Exchange of India Ltd. First Floor, New Trading Ring Exchange Plaza, C-1, Block G, Rotunda Building, P J Towers, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra(E), Mumbai 400 051 February 5, 2026 Sc no.- 18862 Dear Sir/Madam, Sub: Submission of Investor pr
Slide 2: Results for the quarter ended December 31, 2025
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 ended December 31, 2025
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the objectives, projections, Other Details estimates and expectations of Tata Motors Passenger Vehicles Limited (the • Presentation format : The results provided represent the details on consolidated segment “Group”), Jaguar Land Rove
Slide 4: Q3FY26 – Key highlights
Q3FY26 – Key highlights Strong market reaction for Sierra >70K order New Tata Punch launched; Harrier and Safari now TATA.ev Surpasses 250,000 EV sales, Reaffirms confirmations on Day 1 of bookings opening available in Petrol Powertrains Leadership in India’s Electric Mobility Charge Defender wins D
Slide 5: Q3: Revenue ₹70.1K Cr, EBITDA 2.2%, PBT(bei) ₹(3.1)K Cr
Q3: Revenue ₹70.1K Cr, EBITDA 2.2%, PBT(bei) ₹(3.1)K Cr Resilient performance QoQ Q 3 F Y 2 6 | C o n s o l i d a t e d | IndAS,₹ K C r Revenue EBIT PBT (bei)(1) FCF % ₹K Cr YoY (9.2)K Cr ₹K Cr ₹K Cr YoY (25.8) % YoY (1290) bps 6.1 8.2 4.7 94.5 72.3 70.1 Q3 (3.1) (8.3) (5.5) (4.7) (6.8) (17.9) Q3 Q2
Slide 6: EBIT (4.7)%; Net Debt at ₹39.4K Cr
EBIT (4.7)%; Net Debt at ₹39.4K Cr Adverse volumes & working capital increase JLR net debt; domestic business in healthy net cash position Q 3 F Y 2 6 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr PBT (bei) ₹ C r (31.1) 7.5 0.2 6,106 (1.0) 94.5 (32.9)% (1.1)% 7.9% 0.3% 10 92 (3,136) 70.1 (9,344) 2
Slide 7: 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 ended December 31, 2025 6
Slide 8: Q3 Revenue £4.5bn, EBIT margin (6.8)%
Q3 Revenue £4.5bn, EBIT margin (6.8)% All metrices impacted by the cyber incident Q3 FY26 | Jaguar Land Rover | IFRS, £m Revenue EBIT YoY (1580) bps PBT (bei)1 FCF YoY (39.4) % YoY (0.8) b YoY (1.7) b £m % £m £m 7,486 9.0 157 523 4,900 4,538 Q3 (791) (310) (6.8) (485) (8.6) (1,509) Q3 FY25 Q2 FY26 Q
Slide 9: Q3 FY26 performance
Q3 FY26 performance Significant impact of cyber incident VOLUME & REVENUE - Volumes impacted during Q3 following the cyber incident. Production only returned to normal levels by mid-November and it took time to distribute vehicles globally after production restarted - Volumes and profitability both
Slide 10: Q3 Wholesale volumes at 59.1K by brand
Q3 Wholesale volumes at 59.1K Continued production stoppages and planned wind down of Legacy Jaguar reduced volumes 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) 59.2 104.4 38.8 15% 66.2 20% 19% Q3 31.8 30.6
Slide 11: Q3 Wholesale volumes at 59.1K by region
Q3 Wholesale volumes at 59.1K Continued production stoppages and planned wind down of Legacy Jaguar reduced volumes 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 38.1 21.6 17.6 17.4 17.9 Q3 12.3 13.6 10.5 11.3 11.4 10.8 10.9 9.3 7.1 6.5
Slide 12: EBIT decreased YoY from 9.0% to (6.8)%
EBIT decreased YoY from 9.0% to (6.8)% Loss before tax and exceptional items of £310m in Q3 FY26, down from profit of £523m in Q3 FY25 Q3 FY26 | IFRS, £m Volume & mix (960) US Duties Impact (82) Emissions 75 Operational FX (113) Realised FX 23 derivatives FX revaluation 32 523 Unrealised commodity 1
Slide 13: £1.5bn of free cash outflow in the quarter
£1.5bn of free cash outflow in the quarter After investment spend of £1bn Q3 FY26 | IFRS, £m Free cashflow before working capital £(842)m (44) 166 520 (310) Payables 173 (1,008) Receivables (83) D&A 344 Inventory (795) Engineering costs Other 38 (1,509) expensed 260 Interest paid (98) (667) Other 14
Slide 14: Q3 FY26 investment spend of £1b
Q3 FY26 investment spend of £1b Investment spend in Q3 continued in line with expectations Q3 FY26 | IFRS, £m 362 1,008 259 646 387 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment Q3 FY25 459 229 688 324 1,012 13
Slide 15: Business Update
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Slide 16: Market environment challenging
Market environment challenging Geopolitics including Tariffs & FX Market conditions increasing costs to sell EU regulations including emissions and battery rules of origin Costs of doing business in the UK China market 15
Slide 17: China market update
China market update CHINESE AUTOMOTIVE AUTOMOTIVE MARKET JLR IN CHINA OUTPERFORM ENVIRONMENT CHALLENGES IN HIGHER SEGMENT RETAILER PROFITS DECLINE ADDRESSABLE PREMIUM MARKET* JLR IMPORT - Import business includes 2k volume impact from cyber incident Profitable & 47% CY25H1 -21% -19% breakeven % of v
Slide 18: Reaffirming guidance for FY26
Reaffirming guidance for FY26 EBIT and cash flow guidance for FY26 remains unchanged GUIDANCE - FY26 EBIT in the range of 0% to 2% - FY26 negative free cash flow of £2.2bn to £2.5bn KEY FOCUS AREAS - Navigate demand environment by building the power of our brands - Execute ‘Enterprise Missions’ tran
Slide 19: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 18
Slide 20: TMPV growth momentum continues; #2 player in Q3 FY26
TMPV growth momentum continues; #2 player in Q3 FY26 basis Vahan MS Growth driven by GST 2.0 tailwinds & strong performance of our products; Alternate powertrains at 43% of mix Tata Passenger Vehicles | India business Average Quarterly Offtake Volumes & Powertrain Mix Tata Motors PV CAFE Compliance
Slide 21: EV growth trajectory continued with 50% volume growth YoY
EV growth trajectory continued with 50% volume growth YoY Sustained market share improvement over the past 6 months with exit market share at 46% in Dec’25 Tata Passenger Electric Vehicles EV Offtake Volumes (incl. IB) EV Vahan Domestic Market Share(1) Public Charging Infrastructure YoY + 49.5 % 53.
Slide 22: Q3: Revenue ₹15.3K Cr, EBITDA 7.0%, PBT(bei) 0.3K Cr
Q3: Revenue ₹15.3K Cr, EBITDA 7.0%, PBT(bei) 0.3K Cr Upswing in demand reflecting improvement in performance QoQ Q 3 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 Revenue EBITDA EBIT PBT (bei) ₹K Cr YoY + 24.0 % % YoY (80) bps YoY (50) bps ₹K Cr % YoY - 15.3 13.5 7.8 12.4 7.0
Slide 23: Q3 EBIT at 1.2% (-50 bps); PBT (bei) 0.3K Cr
Q3 EBIT at 1.2% (-50 bps); PBT (bei) 0.3K Cr Higher Fixed costs, D&A offset the impact of favourable volumes and incentives Q 3 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 FME : ₹42 Cr Employee cost : ₹125 Cr Others : ₹28 Cr (44) 10 155 (139) (24) 178 (124) 290 302 PBT (bei)
Slide 24: Business update – Q3 FY26
Business update – Q3 FY26 Record performance by Tata Motor PV in Q3 on the back of growing demand across the industry Tata Passenger and Electric Vehicles Industry Highlights for Q3 FY26 Tata Motors Highlights for Q3 FY26 • PV industry recorded highest-ever offtake & registration • TMPV recorded hig
Slide 25: Focus Areas – Q4 FY26 & FY27
Focus Areas – Q4 FY26 & FY27 Sustain industry-beating growth & consolidate market position leveraging new launches & strong demand pipeline Tata Passenger and Electric Vehicles New Product Launches to Drive Impact in Q4 & Beyond Key Focus Areas Going Forward • Launch of new nameplate, Sierra, which
Slide 26: Q3 FY26 Free Cash Flows ₹0.3K Cr
Q3 FY26 Free Cash Flows ₹0.3K Cr Investment spend in the quarter covered by cash profits after tax 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 ₹640 Cr Trade receivables ₹353 Cr Inventories ₹427 Cr Others ₹ 78 Cr (91) 636 941 (1,125) 4 396 309 489 (1) PBT (
Slide 27: Investment Spending in Q3 FY26 ~₹1.1K Cr
Investment Spending in Q3 FY26 ~₹1.1K Cr Steady investments as planned 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 455 217 1,125 670 453 Capitalised Expensed Total Capital & Other Total Investment Q3 FY26 R&D R&D R&D Investment Spending YTDFY26 1,559 716 2,275 1,568 3,843 (1)In
Slide 28: Looking ahead
Looking ahead Outlook • Global demand continues to remain challenging. • Domestic demand continues to remain strong post GST 2.0 and exciting pipeline of launches and innovations. • Expect a sharp recovery in Q4 led by normalization of JLR volumes. Key priorities JLR PV EV • Unlocking the next level
Slide 29: Investor day 2026
Investor day 2026 To be held in June 2026 Details to Follow soon !! 28
Slide 30: 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 29
Slide 31: Tata Motors Passenger Vehicles Group: Additional details
Tata Motors Passenger Vehicles Group : Additional details Results for the period ended December 31, 2025 30
Slide 32: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Quarter ended December 31, 2025 Rs Cr. IndAS Consolidated Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 53,849 15,317 942 70,108 Grant income / incentives 563 407 25 995 Expenses : Cost of materials consumed (31,115) (12,471)
Slide 33: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Quarter ended December 31, 2024 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 81,264 12,354 854 94,472 Grant income / incentives 565 262 3 830 Expenses : Cost of materials consumed (46,729) (9,964) (
Slide 34: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Period ended December 31, 2025 Rs Cr. IndAS Consolidated Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 187,678 39,723 2,734 230,135 Grant income / incentives 1,768 740 25 2,533 Expenses : Cost of materials consumed (114,686)
Slide 35: Tata Motors Passenger Vehicles Group Financials
Tata Motors Passenger Vehicles Group Financials Rs Cr. IndAS Consolidated Period ended December 31, 2024 Tata JLR Passenger Others* Consolidated Vehicles Revenue from operations 229,262 35,902 2,553 267,717 Grant income / incentives 1,911 392 3 2,306 Expenses : Cost of materials consumed (132,413) (
Slide 36: Tata Motors Group Financials: Jaguar Land Rover
Tata Motors Group Financials Jaguar Land Rover Q3 FY26 | IFRS, £m Q3 Q2 Q3 FY25 YTD FY26 YTD YoY QoQ YTD YoY FY25 FY26 FY26 Revenues 7,486 4,900 4,538 21,234 16,042 (2,948) (362) (5,192) Material and other cost of sales (4,329) (3,126) (2,646) (12,341) (9,868) 1,683 480 2,473 Employee costs (846) (8
Slide 37: China JV performance
China JV performance Q3 FY26 | IFRS, £m Q3 Q2 Q3 FY25 YTD FY26 YTD YoY QoQ YTD YoY FY25 FY26 FY26 Reta il volu m es (‘ 0 00 u n its ) 8.0 7.4 7.4 29.0 21.1 (0 . 6 ) - (7 . 9 ) W h oles a le volu m es (‘ 0 0 0 u n its ) 6.8 8.2 7.2 28.5 21.0 0.4 (1 . 0 ) (7 . 5 ) Reven u e (1) 253 221 342 924 732 89
Slide 38: Q3 YoY unfavorable operational FX
Q3 YoY unfavorable operational FX Total Q3 FX and commodity impact £56m favorable YoY Q3 FY26 | IFRS, £m 56 114 (58) (90) (113) (8) 40 23 Operational Realised FX hedges FX impact on EBIT FX revaluation of Other FX FX impact on PBT Unrealised FX & Commodity exchange 1 net debt & debt revaluation comm
Slide 39: Q3 Retail volumes 79.8K by brand
Q3 Retail volumes 79.8K 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) 106.3 56.3 47.2 85.4 15% 43.7 79.8 20% 19% Q3 28.3 25.4 24.0 10.1 11.6 5.9 5.9 6.9 6.2 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 F
Slide 40: Q3 Retail volumes 79.8K by region
Q3 Retail volumes 79.8K 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 35.7 23.1 22.3 20.8 Q3 16.1 17.2 17.7 17.0 14.2 14.1 14.1 12.6 9.9 11.1 8.5 6.5 5.3 5.3 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26
Slide 41: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover Debt maturity profile £m TML Holdings Total liquidity £ 6,575m Cash and financial deposits Undrawn RCF (£2bn) Total Debt Total Debt 1,660 Undrawn UKEF facility Bank loans £5,187m 638 RCF3 Leases (IFRS16) & other Bonds U
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