Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q4 FY26 Earnings Presentation
23 slides from Tata Motors Passenger Vehicles's earnings presentation, May 13, 2026
Slide 1: Exchange filing cover 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 May 13, 2026 Sc no.- 66 Dear Sir/Madam, Sub: Submission of
Slide 2: Results for the quarter and full year ended March 31, 2026
Tata Motors Limited (formerly known as TML Commercial Vehicles Ltd.) Results for the quarter and full year ended March 31, 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: FY26 – Tata Motors key highlights
FY26 – Tata Motors key highlights Launched 17 Next-Generation Trucks, setting new Launched Ace Pro: India’s most affordable 4-wheel Secured biggest order for 70,000 Yodha and Ultra T.7 standards for Safety, Profitability & Progress. mini-truck; empowering India’s next wave of Vehicles for deployment
Slide 5: Corporate actions
Corporate actions Iveco Update Final dividend recommended ▪ Regulatory approvals for the proposed acquisition of Iveco ▪ The Board has recommended a final dividend of ₹4 per are currently underway with most of the approvals already share (200% of face value) received. ▪ To be approved in the ensuing
Slide 6: Consistent growth across all financial metrices
Consistent growth across all financial metrices 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, ₹ K C r Revenues ₹ KCr. EBITDA ₹ KCr. and % EBITDA KCr PBT (bei) ₹ KCr. and % PBT (bei) Consistent increase in scale Sharp improvement in margins EBITDA
Slide 7: Q4 Wholesales 132K (up 25%); Full year wholesales 428K
Q4 Wholesales 132K (up 25%); Full year wholesales 428K (up 14%) Strong volume momentum sustained across product lines in FY26 Q 4 & F Y 2 6 | 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 | C a t e g o r y | Units in ‘000’s HCV: Heavy Commercial vehicles I
Slide 8: Q4: Revenue ₹24.5K Cr, EBITDA 13.9%, Year end Net Cash at ₹7.5K Cr
Q4 : Revenue ₹24.5K Cr, EBITDA 13.9%, Year end Net Cash at ₹7.5K Cr Robust revenue, EBITDA, PBT(bei), FCF; mid term guidance of ‘teens’ EBITDA margin delivered ahead of target Q4 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, ₹ K C r Q1 FY26
Slide 9: Q4 EBIT at 12.1% (+220 bps); PBT (bei) at ₹3.0K Cr
Q4 EBIT at 12.1% (+220 bps); PBT (bei) at ₹3.0K Cr Higher volumes, mix and improved realization aid margin expansion, partially offset by rising input costs Q4 FY 2 6 | St 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 in s | IndAS, ₹ Cr ₹ Cr. IndAS D&A and PDE ₹102
Slide 10: Consistently growing FCF: Full year at ₹9.2K Cr
Consistently growing FCF: Full year at ₹9.2K Cr Driven by strong operational performance and efficient working capital management through the year Q4 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 Trade receivables ₹ 376 Cr Payables, ac
Slide 11: Investment Spending in FY26 ~₹3k Cr
Investment Spending in FY26 ~₹3k Cr Investments in line with plan; FY27 expected to be in similar range Q4 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 Capex range bound. Growth and tech investments prioritized 1,094 PDE % Capex % 3.8
Slide 12: Consolidated Financials
Consolidated Financials c Copyright, Confidential, Tata Motors Limited 11
Slide 13: Q4: Revenue ₹26.1K Cr, EBITDA 13.1%, PBT(bei) ₹2.4K Cr
Q4: Revenue ₹26.1K Cr, EBITDA 13.1%, PBT(bei) ₹2.4K Cr Q 4 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 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Y-O-Y FY26 FY25 Y-O-Y Wholesales ( K units) 88.0 96.8 116.8 133.7 107.6 24% 435.2 384.7 13% Revenue 17.3 18.6 21.8 26.1 21.9
Slide 14: Business Updates
BUSINESS UPDATES c Copyright, Confidential, Tata Motors Limited 13
Slide 15: VAHAN Market share at 35.7%
VAHAN Market share at 35.7% HCV market share continues to consolidate Commercia l Vehicle s Segme nt | Domestic market share* Domestic market share* 37.1% 36.5% 36.1% 35.5% 35.7% 34.6% FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 HCV ILMCV SCV & PU CV Passenger 58.2% 55.8% 55.0% 53.9% 40.2% 39.3% 40.0%
Slide 16: Overall fleet indicators & transporter profitability are healthy
Overall fleet indicators & transporter profitability are healthy Fleet Utilization (active vehicle%) Operating Economics HCV Cargo HCV Tipper 75.9% 71.6% 68.2% 72.2% Freight Rates Apr’26 – 76.8% Apr’26 – 71.2% 106 Jan’23 Mar’26 Jan’23 Mar’26 100 Indexed MCV Cargo ICV trucks Jan’23 Mar’26 66.7% 68.8%
Slide 17: Business Overview — FY26
Business Overview — FY26 Industry Businesses Sustainability A Story of Two Halves Trucks 2.4K • Launched next-gen higher payload trucks, Azura SCV EV retails in Q4 FY26 H1 muted : Operation Sindoor & monsoon impact. Highest since FAME incentives discontinued ILMCV range with European safety standard
Slide 18: Looking Ahead
Looking Ahead Q1 Focus Areas: • Trucks: Continue growth momentum by leveraging the new higher-payload truck portfolio and scaling the BEV Truck range to capture emerging demand. • Buses: Drive profitable market share recovery across sub-segments while scaling government tender procurement and execut
Slide 19: Investor Day 2026
Investor Day 2026 Save the date Investor Day 2026 Tuesday, 23rd June 2026 c Copyright, Confidential, Tata Motors Limited 18
Slide 20: 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 19
Slide 21: Additional Details
Additional Details Results for the quarter and full year ended March 31, 2026 c Copyright, Confidential, Tata Motors Limited 20
Slide 22: P&L Details
P&L Details Standalone including Joint operations Tata Cummins ₹ Cr. IndAS Q4 vs Q4 Q4 vs Q3 Q4 FY25 Q3 FY26 Q4 FY26 FY25 FY26 FY26 vs FY25 YoY QoQ Revenue from operations 19,998 20,404 24,451 69,419 77,398 4,453 4,047 7,979 Grant income / incentives 34 139 59 285 318 25 (80) 33 Expenses : Cost of m
Slide 23: P&L Details – Commercial Vehicles Segment
P&L Details Commercial Vehicles Segment Commercial Vehicles segment includes TML and its subsidiaries Tata Daewoo Mobility, Tata Daewoo Mobility Sales, Tata Motors Body Solutions Limited, PT Tata Motors Indonesia Ltd, TML CV Mobility Solutions, TML Smart City Mobility Solutions. and Joint operation