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Copyright, Confidential, Tata Motors Limitedc 1 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 V e h i c l e s L t d . ) Results for the quarter ended September 30, 2026 Girish Wagh - MD & CEO GV Ramanan - Chief Financial Officer
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Copyright, Confidential, Tata Motors Limitedc 2 Other Details • Presentation format : The results provided in this deck represent details on Standalone level including Joint operations with Tata Cummins. • Consolidated financial statements comprises of TML (including Joint operation with Tata Cummins) and its subsidiaries TDM, TDMS, TMBSL, PTTMIL, TML CV Mobility Solutions, TML Smart City Mobility Solutions, Freight Tiger, TMF Holding group, TMIBASL, TML Holdings CV, associate companies viz ACGL, Nita Co, Tata Hitachi, and joint ventures TMGSL, and TMDALL. • Reported EBITDA is defined to include the product development expenses charged to P&L and realised FX and commodity hedges but excludes the gain/ loss on realised derivatives entered into for the purpose of hedging debt, revaluation of foreign currency debt, revaluation of foreign currency other assets and liabilities, MTM on FX and commodity hedges, MTM on unquoted investments, other income (except government grant) as well as exceptional items. This is divided by revenue from operations including grants to arrive at EBITDA margin. • Reported EBIT is defined as reported EBITDA plus profits from equity accounted investees less depreciation & amortisation. • Free cash flow is defined as net cash generated from operating activities less net cash used in automotive investing activities, including realised profit/ loss on sale of mutual funds and excluding investments in consolidated entities, M&A linked asset purchases and movements in financial investments, and after net finance expenses (including interest on leases) and fees paid. • Reported ROCE (Auto) is analytically derived by dividing the EBIT for the last 12 months by the average of the capital employed (YoY). Safe harbour statement Statements in this presentation describing the objectives, projections, estimates and expectations of Tata Motors Limited and its business segments may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Group’s operations include, amongst others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Group operates, changes in Government regulations, tax laws and other statutes and incidental factors. Certain analysis undertaken and represented in this document may constitute an estimate from the Group and may differ from the actual underlying results. Narrations - Q2FY26 represents the 3 months period from 1 July 2025 to 30 Sep 2025 - Q1FY27 represents the 3 months period from 1 Apr 2026 to 30 Jun 2026 - Q2FY27 represents the 3 months period from 1 July 2026 to 30 Sep 2026 - H1 FY26 represents the 6 months period from 1 Apr 2025 to 30 Sep 2025 - H1 FY27 represents the 6 months period from 1 Apr 2026 to 30 Sep 2026 Accounting Standards • Financials contained in the presentation are as per IndAS
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Copyright, Confidential, Tata Motors Limitedc 3 Q2 FY27 – Key highlights Crowned “Best Truck of the Year” at the Logistics & Transport Award 2026 in the UAE Partnered with Welspun Renewable Energy Private Limited to Develop 86 MW Wind-Solar Hybrid Project Collaborated with Petronas to pilot a scalable used-oil recycling model Showcased next-generation aggregates portfolio at Bauma CONEXPO India 2026 Showcased next-generation passenger mobility solutions at Prawaas 5.0, launches new Ultra Prime and Starbus Prime range Signed MoU with Drivn to offer innovative leasing and financing solutions for its electric commercial vehicles
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Copyright, Confidential, Tata Motors Limitedc 4 IVECO UPDATE ACCEPTANCE PERIOD 7 Sep – 26 Oct 2026 % SHARES TENDERED SO FAR 35% TIMELINE Regulatory clearances obtained All required regulatory clearances obtained, completing the conditions to launch the Offer Acceptance Period opens 7 September 2026 IVECO EGM on Offer-related resolutions 16 October 2026 All offer related resolutions approved at the EGM by the shareholders Corporate actions Acceptance Period closes / Offer expected to close Tata Motors to pay offer price for the shares tendered subject to Offer conditions being met 26 October 2026 Offer Settlement 30 October 2026 Offer price increased from €14.10 to €14.40 9 October 2026 In consideration of the slight delay in the completion of the Offer * *as of 22 October 2026
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Copyright, Confidential, Tata Motors Limitedc 5 Q2 Wholesales 135K (↑42% YoY) Double digit growth across segments, International business ~ 3x Q 2 F Y 2 7| 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 | U n i t s i n ‘ 0 0 0 ’ s Wholesales | Q2 FY27 135.1K ▲ 42% YoY Segment-wise wholesales | Q2 FY27 HCV 33.8K ▲ 41% YoY ILMCV 20.8K ▲ 24% YoY SCV PU 44.0K ▲ 27% YoY CV Passenger 15.4K ▲ 31% YoY International Business 21.1K ▲ 177% YoY 95.0 108.7 135.1 Q2 FY 26 Q1 FY 27 Q2 FY 27 16.8 17.1 20.8 Q2 FY 26 Q1 FY 27 Q2 FY 27 34.7 38.3 44.0 Q2 FY 26 Q1 FY 27 Q2 FY 27 11.8 18.7 15.4 Q2 FY 26 Q1 FY 27 Q2 FY 27 7.6 8.1 21.1 Q2 FY 26 Q1 FY 27 Q2 FY 27 24.0 26.4 33.8 Q2 FY 26 Q1 FY 27 Q2 FY 27 HCV: Heavy Commercial vehicles | ILMCV: Intermediate, Light and Medium Commercial vehicles | SCV PU: Small commercial vehicles & Pickups H1 FY26: 45.8K H1 FY27: 60.3K ▲ 32% YoY (H1) H1 FY26: 31.6K H1 FY27: 37.9K ▲ 20% YoY (H1) H1 FY26: 63.1K H1 FY27: 82.3K ▲ 30% YoY (H1) H1 FY26: 27.0K H1 FY27: 34.1K ▲ 26% YoY (H1) H1 FY26: 13.7K H1 FY27: 29.3K ▲ 114% YoY (H1) Wholesales | H1 FY27 243.8K ▲ 35% YoY 181.0 243.8 H1 FY26 H1 FY27
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Copyright, Confidential, Tata Motors Limitedc 6 Standalone Financials
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Copyright, Confidential, Tata Motors Limitedc 7 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 ₹23.9K Cr 42% YoY PBT (bei), ₹K Cr ₹2.7K Cr 51% YoY FCF, ₹K Cr ₹4.6K Cr ₹2.4K Cr YoY EBIT % 9.7% vs 10.2% Q2FY26 Net cash ₹11.3K Cr vs ₹7.5K Cr in March’26 Auto ROCE 65% vs 68% Q1FY27 Investment spend ₹0.6K Cr vs ₹0.7K Cr Q2FY26 16.9 19.3 23.9 Q2 FY26 Q1 FY27 Q2 FY27 2.2 1.1 4.6 Q2 FY26 Q1 FY27 Q2 FY27 50bps YoY EBIT ₹2.3K Cr 1.8 2.1 2.7 Q2 FY26 Q1 FY27 Q2 FY27 EBITDA % 11.7% 12.6% 11.7% 11.7% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% 14. 0% Q2 FY26 Q1 FY27 Q2 FY27 90bps YoY EBITDA ₹K Cr 2.1 2.3 2.8
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Copyright, Confidential, Tata Motors Limitedc 8 10.2% 2.3% (5.9)% 2.8% 0.3% 9.7% 1,757 1,159 1,017 (1,416) (214) 356 2,660 PBT (bei) Q2 FY26 Volume, Mix Realisation (net) Variable costs Other costs FX & Others PBT (bei) Q2 FY27 Q2 EBIT at 9.7%, PBT (bei) at ₹2.7K Cr Q2 FY27 | Standalone including Joint Operations Tata Cummins |IndAS |₹ Cr EBIT % Other Income ₹118 Cr Finance Cost ₹134 Cr Forex ₹24 Cr Others (incl. PLI) ₹80 Cr For analytical purposes only D&A and PDE ₹13 Cr Employee cost ₹(88) Cr Others : ₹(139) Cr Commodity impact largely offset by operating leverage, cost efficiencies and improved realizations
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Copyright, Confidential, Tata Motors Limitedc 9 Q2 FY27 2,660 389 (762) 2,287 (483) 2,679 123 4,606 Q2 FY26 1,757 396 (337) 1,816 (436) 905 (75) 2,210 H1 FY 27 636 (1,262) (1,036) 2,447 219 4,717 4,091 5,721 PBT (bei) Non-cash and Other Tax Cash Profit after Tax Capex Working capital changes Finance expense (net) and dividend Free Cash Flow Robust H1 FCF of ₹5.7K Cr Q2 FY27 FCF at ₹4.6K Cr Q 2 F Y 2 7 | 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 | I n d A S | ₹ C r Trade receivables ₹(622) Cr Payables, acceptances and others ₹4,786 Cr Inventories ₹(1,717) Cr
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Copyright, Confidential, Tata Motors Limitedc 10 Investment Spending in H1 FY27 ₹1.1K Cr Steady Investments in line with plan Q 2 F Y 2 7 | 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 | I n d A S| ₹ C r Q2 FY27 209 130 339 258 597 Q2 FY26 239 203 442 244 686 H1 FY27 358 258 496 616 1,112 Capitalized R&D Expensed R&D Total R&D Capital and other investments Total investment spending
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Copyright, Confidential, Tata Motors Limitedc 11 Consolidated Financials
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Copyright, Confidential, Tata Motors Limitedc 12 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 EBIT % 8.9% vs 8.7% Q2FY26 Net Cash ₹15.9K Cr vs ₹13.7K Cr in March’26 (Includes TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd) 20bps YoY EBIT ₹2.3K Cr Revenue, ₹K Cr ₹25.3K Cr 36% YoY EBITDA % 10.9% PBT (bei), ₹K Cr* ₹1.8K Cr 423% YoY Free Cash Flow ₹3.0K Cr vs ₹2.0K Cr in Q2 FY26 18.6 20.7 25.3 Q2 FY26 Q1 FY27 Q2 FY27 (0.6) 3.0 1.8 Q2 FY26 Q1 FY27 Q2 FY27 40bps YoY 11.3% 10.9% 10.9% Q2 FY26 Q1 FY27 Q2 FY27 EBITDA ₹K Cr 2.1 2.3 2.8 *Tata Capital MTM Gain/(Loss) ₹K Cr (2.0) 1.1 (0.7)
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Copyright, Confidential, Tata Motors Limitedc 13 BUSINESS UPDATES
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Copyright, Confidential, Tata Motors Limitedc 14 H1 VAHAN Market share at 36.2%; ↑110bps vs FY26 C o m m e r c i a l V e h i c l e s | D o m e s t i c m a r k e t s h a r e * Domestic market share Vs FY26 36.2% ▲ 110bps HCV: Heavy Commercial vehicles | ILMCV: Intermediate, Light and Medium Commercial vehicles | SCV PU: Small commercial vehicles & Pickups 35.1% 36.8% 35.7% 36.2% FY26 Q1 FY27 Q2 FY27 H1 FY27 HCV 55.7% ▲ 50bps *VAHAN registration market share basis Govt of India’s VAHAN portal, the data includes registration for states of MP, Andhra and excludes Telangana and are based on 7 categories of VAHAN portal. Accordingly, MP and Andhra related data are now included in market share calculations and prior period market share numbers have been re-stated. *The data is based on details updated as on July 6,2026. VAHAN portal data is subject to updates with retrospective effect, marginally impacting TML overall MS on an annualized basis. * The non-competing volumes, which is currently booked under the Passenger category is adjusted, thereby correcting Passenger Carriers and Overall CV market share figures. ILMCV 36.3% ▼ 170bps SCV PU 27.6% ▲ 130bps CV Passenger 41.1% ▲ 500bps 55.2% 56.3% 55.1% 55.7% FY26 Q1 FY27 Q2 FY27 H1 FY27 38.0% 36.9% 35.7% 36.3% FY26 Q1 FY27 Q2 FY27 H1 FY27 26.3% 27.7% 27.5% 27.6% FY26 Q1 FY27 Q2 FY27 H1 FY27 36.1% 41.3% 40.8% 41.1% FY26 Q1 FY27 Q2 FY27 H1 FY27
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Copyright, Confidential, Tata Motors Limitedc 15 Fleet Utilization stable; Freight rates increased in Q2, Transporter profitability on a recovery mode after dip at the start of Q2 HCV Cargo Fleet Utilization (active vehicle%) MCV Cargo ICV trucks LCV Buses 72.2% 76.4% 71.6% 62.1% 60.2% 67.2% 65.8% 66.6% 60.1% 62.9% 51.1% 69.3% HCV Tipper Source: Internal Study Source: Crisil Research Jan’23 Sep’26 Jan’23 Sep’26 Jan’23 Sep’26 Jan’23 Sep’26 Jan’23 Sep’26 Jan’23 Sep’26 Freight Rates Transporter Profitability 100 98.4 100 106.4 Indexed Indexed Jan’23 Sep’26 Jan’23 Sep26 Operating Economics 1 5
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Copyright, Confidential, Tata Motors Limitedc 16 Business Overview — Q2 FY27 TMSCML: Tata Motors Smart City Mobility Limited INDUSTRY BUSINESSES SUSTAINABILITY ➢ Q2 saw healthy momentum with offtake TIV growing 28% YoY, and TML volumes grew approx. 30% YoY. ➢ Q2 FY27 freight activity remained robust, recovering from monsoon-led slowdown in July, supported by stronger infrastructure execution, mining output, festive inventory stocking and robust automotive dispatches. ➢ E-way bill generation remained healthy in Q2 FY27, supported by stronger goods movement, consumption demand, festive-led stocking and improving industrial activity ➢ Fleet utilization : Utilizations (Kms run) have improved as we progressed in the quarter ➢ Trucks: TML volumes grew 34% YoY, supported by strong demand momentum and new product launches across HCV and ILMCV, offering enhanced payload, performance, fuel efficiency and application strength. ➢ CV Passenger : Passenger carrier volumes grew 31% YoY, supported by healthy demand across key applications. ➢ SCVPU: Offtake volumes grew by approx. 27% YoY, supported by an expanding portfolio and increasing customer adoption. ➢ Parts & Services: Maintained the growth rate in aftermarket business while strengthening the customer uptime proposition. ➢ IB: Delivered strong performance with 177% YoY volume growth, on the back of Indonesia order. ➢ TMLSCML: Sustained e-bus operations while maintaining 95%+ fleet uptime and safety record ➢ Digital: Continued to scale the digital business, with improved renewals ➢ EV volumes grew by 143% in Q2. ➢ 4.4K+ SCV EV retails in Q2 FY27, registering 2.9X YoY growth. ➢ EV Trucks: Continued improvement in customer traction and adoption. ➢ 64+ Cr green kms since inception across deployed e-buses.
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Copyright, Confidential, Tata Motors Limitedc 17 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 Vehicles & Pickups: Accelerate portfolio growth and EV adoption. • Parts & Services: Scale aftermarket through uptime and service reach. • International Business: Diversify and scale while managing geopolitical volatility. • Iveco: Consolidation to begin next quarter; focus on delivering a seamless transition. Looking Ahead
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Copyright, Confidential, Tata Motors Limitedc 18 Please submit your questions in the Q&A textbox. Please mention your name and name of the organization you represent along with the questions Q&A session Thank You
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Copyright, Confidential, Tata Motors Limitedc 19 Additional Details Results for the quarter ended September 30, 2026
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Copyright, Confidential, Tata Motors Limitedc 20 P&L Details Standalone including Joint operations Tata Cummins |INDAS | ₹ Cr ₹ Cr. IndAS Particulars Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 vs Q2 YoY Q2 vs Q1 QoQ H1 vs H1 YoY Revenue from operations 16,861 19,329 23,930 32,543 43,259 7,069 4,601 10,716 Grant income / incentives 56 77 121 121 198 65 44 77 Revenue from operations including grant income 16,917 19,406 24,051 32,664 43,457 7,134 4,645 10,793 Expenses : Cost of materials consumed (11,632) (13,728) (17,412) (22,153) (31,140) (5,780) (3,684) (8,987) Employee benefit expenses (1,160) (1,275) (1,248) (2,324) (2,523) (88) 27 (199) Other expenses (net) (1,790) (2,008) (2,442) (3,744) (4,450) (652) (434) (706) Product development and engineering expenses (203) (128) (130) (376) (258) 73 (2) 118 Exchange gain / (loss) (realized) 5 (3) (13) 3 (16) (18) (10) (19) EBITDA 2,137 2,264 2,806 4,070 5,070 669 542 1,000 Depreciation and amortization (412) (447) (472) (835) (919) (60) (25) (84) EBIT 1,725 1,817 2,334 3,235 4,151 609 517 916 Other income ( excl. grant income) 222 319 340 402 659 118 21 257 Finance cost (186) (68) (52) (360) (120) 134 16 240 Unrealized FX gain/(loss), Unrealized commodities (4) (11) 38 115 27 42 49 (88) PBT (bei) 1,757 2,057 2,660 3,392 4,717 903 603 1,325 Exceptional items (2,366) (100) 218 (2,376) 118 2,584 318 2,494 PAT (1,021) 1,528 2,138 390 3,666 3,159 610 3,276 FCF (K Cr) 2.2 1.1 4.6 0.4 5.7 2.4 3.5 5.3 EBITDA Margin 12.6% 11.7% 11.7% 12.5% 11.7% -90 bps 0 bps -80 bps EBIT Margin 10.2% 9.4% 9.7% 9.9% 9.6% -50 bps 30 bps -30 bps
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Copyright, Confidential, Tata Motors Limitedc 21 P&L Details Tata Motors Limited Consolidated|INDAS | ₹ Cr FVTPL: Fair value through profit and loss ₹ Cr. IndAS Particulars Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 vs Q2 YoY Q2 vs Q1 QoQ H1 vs H1 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 from operations including grant income 18,667 20,770 25,485 36,081 46,255 6,818 4,715 10,174 Expenses : Cost of materials consumed (12,506) (14,236) (17,716) (23,874) (31,952) (5,210) (3,480) (8,078) Employee benefit expenses (1,447) (1,590) (1,580) (2,897) (3,170) (133) 10 (273) Other expenses (net) (2,389) (2,560) (3,302) (4,757) (5,862) (913) (742) (1,105) Product development and engineering expenses (204) (129) (129) (380) (258) 75 0 122 Exchange gain / (loss) (realized) (8) 2 12 (6) 14 20 10 20 EBITDA 2,113 2,257 2,770 4,167 5,027 657 513 860 Depreciation and amortization (472) (508) (539) (952) (1,047) (67) (31) (95) Share of profit / loss of equity accounted investees (12) 24 43 28 67 55 19 39 EBIT 1,630 1,773 2,274 3,243 4,047 644 501 804 Other income ( excl. grant income) 91 293 289 303 582 198 (4) 279 Finance cost (256) (134) (107) (510) (241) 149 27 269 Net gain/(loss) on fair value change of investment at FVTPL (2,027) 1,135 (708) (2,027) 427 1,319 (1,843) 2,454 Fair Value gain on Compulsory Convertible Preference Share 0 (1) 7 0 6 7 8 6 Unrealized FX gain/(loss), Unrealized commodities 10 (17) 25 124 8 15 42 (116) PBT (bei) (551) 3,049 1,780 1,133 4,829 2,331 (1,269) 3,696 Exceptional items (10) (79) 218 (20) 139 228 297 159 PAT (867) 2,556 1,253 530 3,809 2,120 (1,303) 3,279 FCF (K Cr) 2.0 0.4 3.0 0.0 3.4 1.0 2.7 3.4 EBITDA Margin 11.3% 10.9% 10.9% 11.5% 10.9% -40 bps 0 bps -60 bps EBIT Margin 8.7% 8.5% 8.9% 9.0% 8.7% 20 bps 40 bps -30 bps