Interim report
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October 23, 2026 Sc no. - 135 Dear Sir/Madam, Re: Intimation of outcome of Board Meeting under Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI Listing Regulations’) Pursuant to Regulations 33 and 52 and other applicable Regulations of the SEBI Listing Regulations read with Schedule III thereof and furt her to our letter bearing sc no.124 dated September 21, 2026, we hereby inform you that the Board of Directors of Tata Motors Limited (formerly TML Commercial Vehicles Limited) (‘the Company’) at its Meeting held today, i.e., October 23, 2026 has, inter alia, approved the Audited Standalone Financial Results along with Auditor’s Report thereon and the Unaudited Consolidated Financial Results along with the Limited Review Report thereon, for the second quarter and half year ended September 30, 202 6 (‘Financial Results’). The aforesaid Financial Results and Reports, along with a copy of the Press Release pertaining thereto for the second quarter and half year ended September 30, 2026, are enclosed herewith. The above information is being made available on the Company’s website at https://cv.tatamotors.com/. The Board Meeting commenced at 11:30 a.m. (IST) and concluded at 3.40 p.m. (IST). Thanking you. Yours Faithfully, Tata Motors Limited (formerly TML Commercial Vehicles Limited) Ranjan Kumar General Counsel & Company Secretary Encl: as above BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400 001 National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051
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Tata Motors Limited Results Q2 FY26 November 13, 2025 Page 1 of 2 Tata Motors Limited (formerly TML Commercial Vehicles Ltd.) Q2 FY27 Results Strong revenue and earnings momentum; resilient margin delivery despite commodity pressures Standalone Revenue ₹23.9K Cr (+42%), EBITDA ₹2.8K Cr (+31%), PBT(bei) ₹2.7K Cr (+51%) FCF ₹4.6K Cr (up ₹2.4K Cr) Mumbai, Oct 23, 2026: Tata Motors Ltd . (TML) announced its results for quarter ending September 30, 2026. Particulars TML Standalone (Including JO Tata Cummins) TML Consolidated FY27 Vs PY FY27 Vs PY Q2 FY27 Revenue (₹ Cr.) 23,930 42% 25,338 36% EBITDA % 11.7% -90 bps 10.9% -40 bps EBIT % 9.7% -50 bps 8.9% 20 bps PBT (bei) (₹ Cr.) 2,660 ₹903 Cr 1,780 ₹2,331 Cr FCF (₹ Cr.) 4,606 ₹2,396 Cr 3,044 ₹1,007 Cr H1 FY27 Revenue (₹ Cr.) 43,259 33% 46,005 28% EBITDA % 11.7% -80 bps 10.9% -60 bps EBIT % 9.6% -30 bps 8.7% -30 bps PBT (bei) (₹ Cr.) 4,717 ₹1,325 Cr 4,829 ₹3,696 Cr FCF (₹ Cr.) 5,721 ₹5,299 Cr 3,404 ₹3,320 Cr Summary: Tata Motors (Standalone) delivered another quarter of robust performance, driven by strong revenue and profit growth. Quarterly revenue came in at ₹23.9K Cr (+42%), EBITDA at ₹2.8K Cr (+31%) and EBITDA margin at 11.7% (-90 bps). On a sequential basis, EBITDA margin was maintained, despite the significant impact from rising commodity costs. Strong operating leverage, disciplined pricing actions, and rigorous cost-efficiency measures helped partially mitigate the impact of commodity inflation. PBT (bei) for the quarter stood at ₹2.7K Cr (+51%) and Profit after tax was ₹2.1K Cr. Free Cash Flow for the quarter stood at ₹4.6K Cr (+₹2.4K Cr) leading to a net cash position of ₹11.3K Cr as of September 30, 2026. Auto ROCE stood at 65% (68% in Q1FY27). Consolidated financials: Consolidated revenues for Q2 FY27 stood at ₹25.3K Cr (+36%), EBITDA at ₹2.8K Cr (+31%) and EBITDA margin came in at 10.9% (-40 bps). PBT (bei) for the quarter was ₹ 1.8K Cr (+423%) and Profit after tax stood at ₹1.3K Cr (+244%), led by lower mark to market loss on investments in Tata Capital Ltd. As at September 30, 2026, the Company had a strong net cash position of ₹15.9K Cr. Corporate Action s: Iveco update: Following receipt of all regulatory approvals, the tender offer has commenced and will remain open for acceptance until 26 October 2026. At Iveco’s Extraordinary General Meeting held on 16 October 2026, shareholders approved all proposed resolutions. Subject to successful completion of the tender offer, the settlement is scheduled for 30 October 2026.
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Tata Motors Limited Results Q2 FY26 November 13, 2025 Page 2 of 2 Business Highlights for the quarter : • Total wholesales for Q2 FY27 stood at 135.1K units (+42%) • Domestic & Export volumes were up 30% and 177% YoY respectively • Overall domestic CV VAHAN market share for H1FY27 stood at 36.2%, up 110 bps from FY26 Category wise market shares - HCV 55.7%, ILMCV 36.3%, SCV PU 27.6%, CV Passenger 41.1% • Showcased next-generation passenger mobility solutions at Prawaas 5.0, launches new Ultra Prime and Starbus Prime range • Showcased next-generation aggregates portfolio at Bauma CONEXPO India 2026 • Crowned “Best Truck of the Year” at the Logistics & Transport Award 2026 in the UAE • Signed MoU with Drivn to offer innovative leasing and financing solutions for its electric commercial vehicles • Collaborated with Petronas to pilot a scalable used-oil recycling model • Partnered with Welspun Renewable Energy Private Limited to Develop 86 MW Wind-Solar Hybrid Project Girish Wagh, MD & CEO, Tata Motors Ltd. said: “Q2 FY27 marked another strong quarter in our journey of consistent, profitable growth. Wholesale volumes grew 42%, with broad-based growth across segments, reflecting healthy underlying demand and disciplined execution. With H1FY27 volumes up 35%, we remain well positioned for a robust FY27, even as growth rates are expected to moderate in the second half against a higher base. Core macroeconomic indicators, sustained infrastructure activity and stable fleet utilisation continue to support freight demand, while interest rates, diesel prices and the broader economic environment remain key monitorables. Commodity cost pressures persisted through the first half and remain a headwind. Against this backdrop, we will stay focused on operational excellence, rigorous cost management, enhancing our customer value proposition and advancing our future-ready portfolio. Our priority remains to deliver sustainable, profitable growth and create enduring value for all stakeholders” GV Ramanan, CFO, Tata Motors Ltd. said: “Q2 FY27 delivered strong financial performance, with revenues growing 42% and EBITDA increasing 31%, supported by robust operating performance and continued capital discipline. Strong free cash flow generation of ₹ 4.6K crore further strengthened our balance sheet, taking our net cash position to ₹11.3K crore. Despite significant commodity cost pressures, particularly in steel and rubber, we maintained margins sequentially through rigorous cost management, operating efficiencies and calibrated pricing actions. On the Iveco transaction, we are progressing steadily towards completion, within the indicated timeline of end October. As we prepare for consolidation from next quarter, our priorities are clear: seamless integration, unlocking strategic opportunities and creating sustained value for the long term” –ENDS–
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I BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 lndeoendent Auditors Reoort To the Board of Directors of Tata Motors Limited (formerly TML Commercial Vehicles Limited) Report on the audit of the Standalone Financial Results Opinion We have audited the accompanying standalone quarterly financial results ofTata Motors Limited (formerly TML Commercial Vehicles Limited) ("the Company") for the quarter ended 30 September 2026 and year to-date results for the period from 1 April 2026 to 30 September 2026 ("the Standalone Financial Results"), (in which are included consolidated interim financial statements / financial information of a joint operation (including its subsidiary company)) attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") . In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results : a. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations in this regard; and b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information for the quarter ended 30 September 2026 as well as for the year to date results for the period from 1 April 2026 to 30 September 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor 's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company , in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion. Management's and Board of Directors' Responsibilities for the Standalone Financial Results These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Management and the Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing ~ulations . The respective Management and Board of Directors of the Company and its joint operation ~ 11v1uding its subsidiary company) are responsible for maintenance of adequate accounting records in B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201 3 Registered Office: 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East}, Mumbai - 400063 Page 1 of 3
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BS R & Co. LLP Independent Auditor's Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone financial results, the respective Management and the Board of Directors of each company are responsible for assessing each company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors are also responsible for overseeing the financial reporting process of each company. Auditor's Responsibilities for the Audit of the Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations , or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors. Conclude on the appropriateness of the Management's and Board of Directors'. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance of the Company and such other entity included in the standalone financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 2
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BS R & Co. LLP Independent Auditor's Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other Matter Corresponding figures (which includes financial performance of commercial vehicles business transferred to the Company pursuant to the Scheme - refer note 5 to the Standalone Financial Results) for the six months ended 30 September 2025 included in these standalone financial results have not been audited since the requirement of submission of quarterly standalone financial results is applicable from the quarter ended 30 September 2025 upon listing of equity shares of the Company on 12 November 2025. Our opinion is not modified in respect of this matter. Mumbai 23 October 2026 For BS R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Vijay Mathur Partner Membership No.: 046476 UDIN:26046476AHDAHM6615 Page 3 of 3 I'-
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.. , .. TATA TATA MOTORS LIMITED (Formerly TML Commercial Vehicles Limited) Regd.Office : Bombay House, 24, Homi Mody Stre et, Mumbai 400 001 CIN L29102MH2024PLC427506 ("! In crores) STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Audited Audited Audited Audited Unaudited* Audited Revenue from operations (a) Revenue 23,842 19,249 16,804 43,091 32,349 76,946 (b) Other operating revenue 88 80 57 168 194 453 I. Total revenue from operations (a+b) 23,930 19,329 16,861 43,259 32,543 77,399 II. Other income 461 396 278 857 523 1,035 Ill. Total Income (1+11) 24,391 19,725 17,139 44,116 33,066 78,434 IV. Expenses (a) Cost of material s consumed 15,406 12,219 9,625 27,625 19,558 45,956 (b) Purchases of produ cts for sale 2,138 2,108 1,744 4,246 3,507 7,949 (c) Changes in inventorie s of finished goods, work-in -progre ss and products (132) (599) for sale 263 (731) (912) (432) (d) Employee benefit s expense 1,248 1,275 1,160 2,523 2,324 4,656 (e) Finance costs 52 68 186 120 360 629 (f) Foreign exchange loss/(gain) (net) 5 7 6 12 (91) (62) (g) Depreciation and amortisation expense 472 447 412 919 835 1,702 (h) Product developm ent/engineering expenses 130 128 203 258 376 782 (i) Other expenses 2,658 2,232 2,076 4,890 4,288 9,663 (j) Amount tran sferred to capital and other accounts (246) (217) (293) (463) (571) (1,091) Total expenses (IV) 21,731 17,668 15,382 39,399 29,674 69,752 V. Profit before exceptional Items and tax (Ill-IV) 2,660 2,057 1,757 4,717 3,392 8,682 VI . Exceptional ltem s-(gain)/los s (net) (refer note 4) (218) 100 2,366 (118) 2,376 3,700 VII. Proflt/(loss) before tax (V-VI) 2,878 1,957 (609) 4,835 1,016 4,982 VIII. Tax expense (net) (a) Current tax 670 391 278 1,061 299 1,005 (b) Deferred tax 70 38 134 108 327 615 Total tax expense (net) 740 429 412 1,169 626 1,620 IX. Proflt/(loss) for the period/year (VII-VIII) 2,138 1,528 (1,021) 3,666 390 3,362 X. Other comprehensive lnaome/(loss) (A)(i) Items that will not be reclassified to profit or loss - gain/(loss) (102) 25 (94) (77) (119) (119) (ii) Income tax (expense)/credit relating to item s that will not be 18 (3) 16 15 23 18 reclassified to profit or loss (B)(i) Item s that will be reclassified to profit or loss - gain/(loss) in cash 10 26 (11) 36 (21) (61) flow hedges (ii) Income tax (expense)/ credit relating to item s that will be (2) (7) 3 (9) 7 15 reclassified to profit or loss Total other comprehensive income/(loss) for the period/year (net of tax) (76) 41 (86) (35) (110) (147) XI. Total comprehensive lncome/(loss) for the period/year (IX+X) 2,062 1,569 (1,107) 3,631 280 3,215 XII. Equity share capital (face value of~ 2 each) 737 737 0 737 0 736 XIII. Reserves excluding revaluation reserve 12,663 XIV. Earnlngs/(loss) per share (EPS) Ordinary share s (face value of U each) (i) Basic EPS ~ 5.81 4.15 (2.77) 9.96 1.06 9.13 (ii) Diluted EPS ~ 5.80 4.15 (2.77) 9.95 1.06 9.13 Not annualised Annuali sed • Refer note 5
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Statement of Standalone Assets and Llabllltles ('l:lncrores) As at September 30, As at March 31, 2026 2026 Audited Audited I. ASSETS {1) Non-current assets (a) Property , plant and equipment 9,683 9,582 (b) Capital work-in -progress 593 673 (c) Right of use assets 482 444 (d) Other intangibl e assets 2,238 2,052 (e) Intangible assets under development 1,079 1,297 (f) Financial assets (i) Investments in subsidiaries, joint ventures and associates 10,269 9,768 (ii) Other investments 217 268 (iii) Loans 180 217 (iv) Other financial assets 1,122 1,129 (g) Non-current tax assets (net) 218 61 (h) Other non-current assets 353 368 26,434 25,859 {2) Current assets (a) Inventories 5,486 3,802 (b) Financial assets (i) Investment s 4,109 5,123 (ii) Trade receivables 2,425 1,845 (iii) Cash and cash equivalents 3,496 2,057 (iv) Bank balances other than (iii) above 2,087 872 (v) Loans 3,610 2,807 (vi) Other financial asset s 1,224 511 (c) Other current assets 1,200 820 23,637 17,837 TOTAL ASSETS 50,071 43,696 II. EQUITY AND LIABILITIES Equity (a) Equity share capita l 737 736 (b) Other equity 14,824 12,663 15,561 13,399 Llabllltles (1) Non-current liabilities (a) Financial liabiliti es (i) Borrowings 901 896 (ii) Lease liabiliti es 319 291 (iii) Other financial liabiliti es 166 153 (b) Provisions 3,156 2,975 (c) Deferred tax liabiliti es (net) 1,319 1,217 (d) Other non-current liabilitie s 851 1,035 6,712 6,567 (2) Current liabilities (a) Financial liabilities (i) Borrowings 1,192 2,033 (ii) Lease liabiliti es 163 155 (iii) Trade payables (a) Total outstanding dues of micro and small enterprises 318 307 (b) Total outstanding dues of creditor s other than micro and small enterp rises 16,049 12,134 (c) Acceptances 2,259 2,005 (iv) Other financial liabiliti es 1,306 1,242 (b) Other current liabilities 3,970 3,435 (c) Provisions 2,513 2,347 (d) Current tax liabilities (net) 28 72 27,798 23,730 TOTAL EQUITY AND LIABILITIES 50,071 43,696 2
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Statement of Standalone cash Flows (" in crores) Six months ended Six months ended September 30, 2026 September 30, 2025 Audited Unaudited• Cash flows from operating activities: Profit fo r the period 3,666 390 Adjustments for: Depreciation and amortisat ion expense 919 835 Allowance fo r trade receivables, loans and other receivables 54 43 Discountin g of warranty and other provisions 60 Inventory writ e down expenses/ (reversal) (net) 33 (21) Non cash except ional items- loss 34 2,372 Accrual for share-based payments 4 Lease charges (Amortisat ion considered as employee cost) 35 36 Profit on sale of asset s (net ) (including assets scrapped / written off ) (13) (19) Profit on sale of investme nts at FVTPL (net) (70) (67) Marked-to-m arket gain on investm ents measured at FVTPL (7) (3) Tax expense (net ) 1,169 626 Finance costs 120 360 Interest incom e (361) (163) Dividend income (221) (170) Unrealized fo reign exchange (gain) / loss (net) (9) 240 1,687 4,129 Cash flows from operating activities before changes In following assets and liabilities 5,353 4,519 Trade receivables (622) (552) Loans and other fi nancial assets 16 54 Othe r current and non-curr ent assets {359) (330) Inventories (1,717) (1,023) Trade payables 4,187 (8) Other current and non-curren t liabilities 336 (989) Other fi nancial liabili ties 304 156 Provisions 302 126 Cash generated from operations 7,800 1,953 Income t ax paid (net) (1,262) (357) Net cash generated from operating activities 6,538 1,596 Cash flows used In Investing activities: Payments for property, plant and equipments {638) (577) Payments fo r other intang ible assets (417) (525) Proceeds fro m sale of property, plant and equipments 19 28 Invest ments in Mutual Fund (purchase)/sold (net) {1,902) 1,751 Investments in Certificate of Deposits (1,406) Redemption of Certificate of Deposits 3,752 Investments in subsidiary companies {487) (4,319) Investments in joint venture (5) Investmen ts in an associate company (133) Redemption of investments in joint venture 20 Loan given to subsidiary companies (1) (3) Repayment of loan by subsidiary companies 43 18 Increase in sho rt term inter corporate deposit {807) (531) Deposits/rest ricted deposits with banks (1,215) (2,985) Realisation of deposits/ restricted deposits with banks 3,879 Interest received 283 150 Dividend received 222 170 Net cash used in investing activities (2,554) (3,062) Cash flows from financing activities: Repayment of long-term borrowings (639) (1,370) Net change in other short-ter m borrow ings (with matur ity up to t hree mont hs) {200) 1,523 Repayment of lease liabilities (including interest) (96) (85) Dividend paid (1,469) Int erest paid [includin g discountin g charges paid, ~60 crores (Septem ber 30, 2025 ~42 crores)] (114) (299) Net cash used In financing activities (2,518) (231) Net lncrease/(decrease) in cash and cash equivalents 1,466 (1,697) Cash and cash equivalents as at April 1, (opening balance) 2,057 386 Effect of demerger of CV undertaking 1,673 Effect of foreign exchange on cash and cash equivalents (27) (3) Cash and cash equivalents as at September 30, (closing balance) 3,496 359 Non-cash transactions: Liabili ty towards property, plant and equipm ent and other intangible assets purchased on credit/ deferred credit 144 236 • Refer note 5 3
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Notes: 1) The above results were reviewed and recommended by the Audit Committee on October 22, 2026 and approved by the Board of Directors at its meeting held on October 23, 2026. 2) The above result s include the Company's proportionate share of income and expenditure in its Joint Operation, namely Tata Cummins Private Limited and its subsidiary. Below are supplementary detail s of Tata Motors Limited on standalone basis excluding interest in the aforesaid Joint Operation: (" in crores Quarter ended Six months ended Year ended Sr No Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Audited Audited Audited Audited Unaudited Audited 1 Revenue from operation s 23,708 19,083 16,644 42,791 32,097 76,559 2 Profit/(lo ss) before tax 2,754 1,861 (672) 4,613 881 4,792 3 Profit/(loss) after ta x 2,071 1,487 (1,056) 3,556 317 3,299 3) Additional Information pursuant to requirement of Regulation 52(4) of the Securitie s and Exchange Board of India (Listing Obligations and Disclosure Requirement s) Regulation 2015 as amended for the quarter and six month s ended September 30, 2026: Quarter ended Six months ended Year ended Sr No Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Audited Audited Audited Audited Unaudited Audited a) Debt Equity Ratio (number of times) 0.13 0.16 0.54 0.13 0.54 0.22 [Total Debtlil/ Equity(ii)) b) Debt Service Coverage Ratio (number of time s) (not annu alised) 17.27 2.25 (4.75) 4.45 6.88 1.74 [(Profit/(lo ss) after tax+ Interest on borrowings and lease liabiliti es+ Depreciation and amortisati on expenses)/ (int erest on Borrowings and lease liabiliti es+ repaym ent of borrowing s(iiil+repayment of lease liabilitie s)] c) Inter est Service Coverage Ratio (number of time s) (not 49.43 45.07 13.40 47.28 13.62 20.14 annualised) [(Profit/(l oss) before exception al items and tax+lnterest on Borrowing s)/lnt erest on Borrowings) d) Net worth (Iv) (~ In crores) 15,561 13,498 10,444 15,561 10,444 13,399 e) Net profit/(loss) for the period (~ In crores) 2,138 1,528 (1,021) 3,666 390 3,362 f) Earning s/(loss) per share (EPS)(xil Ordinary shares (face value of~ 2 each) (i) Basic(~) 5.81 4.15 (2.77) 9.96 1.06 9.13 (ii) Diluted (~) 5.80 4.15 (2.77) 9.95 . 1.06 9.13 Not annualised Annuali sed g) Current rati o (number of times) 0.85 0.75 0.64 0.85 0.64 0.75 [Curr ent assets/ Curr ent liabiliti es] h) Long term debt to working capital (number of times) (0.62) (0.40) (0.40) (0.62) (0.40) (0.60) [Long Term BorrowingsM/working capita11•11J i) Bad debts to Account receivable ratio(%) [Bad Debtslvii) / Average of Trade and Other Receivables(viii)) j) Current liability ratio (number of times) 0.77 0.74 0.74 0.77 0.74 0.73 [Curr ent liabilities (excluding current maturities of long term debt, interest accrued on borrowings)/ (Total liabiliti es)] k) Total debts to total assets (number of times) 0.04 0.05 0.14 0.04 0.14 O.Q7 [(Non current borrowings+ Current borrowings)/ Tot al assets) I) Debtors turnover (number of times) (not annuali sed) 11.14 10.40 5.94 20.26 12.81 37.54 [Revenue from operatio ns/ AveraRe Trade receivables) m) Inventory turnover (number of times) (not annu alised) 3.38 3.18 2.66 6.71 6.03 15.37 [Raw material consumedlixl / Average lnventory(x)) n) Operating margin (%) 11.91% 11.69% 12.69% 11.81% 12.58% 13.22% [(Profit/(l oss) before tax+/ (-) Exceptional Items+ Net Finance Charges+ Depreciation and amortisation - Other Income (excluding incentives))/ Revenue from operations] O) Net profit margin( %) 8.93% 7.91% (6.06)% 8.47% 1.20% 4.34% [Net profit/(loss) afte r tax/ Revenue from operations] Notes: i Total debt s includ es non current and current borrowings ii Equity = Equity share capital + Equity share capital to be issued pursuant to the Scheme+ Other equity iii Repayment of borrowings includes repayment of long-t erm borrowin gs, proceeds from short-t erm borrowings, repayment of short -term borr owing s, net change in oth er short-term borrowing s (with maturity up to three month s) and repayment of lease liabilitie s. iv Net Worth has been comput ed on the basis as stated in Clause 2 of th e Securiti es and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation s, 2015 i.e. Net worth as defined in sub-section (57) of section 2 of the Companies Act, 2013. v Long term borr owings (includin g current portion of long term borrowings). vi Working capital = Current assets (excluding Assets classifi ed as held for sale) - Current liabiliti es (excluding current maturiti es of long term debt, intere st accrued on borrow ings). vii Bad debts is writ e off of trad e and other receivables. viii Trade and other receivables includes trade receivables, current and non -current financial assets, current and non-current loans and other current and non-current assets. Ix Raw material consumed includes cost of materials consumed, purchases of products for sale and changes in inventorie s of fini shed goods, work-in-progress and products for sale. x Inventory includ es raw material s and component s, work -in-progr ess, fini shed goods, stores and spare parts, consumable tools and goods-in-transit - raw materia ls and component s. 4
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4) Exceptional Items losses/(galns) (net) (" In crores) Quarter ended Six months ended Year ended Sr No Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 a) Statut ory impact of new Labour Codes (refer note below) (220) (220} 363 b) Provision for employee pension scheme 4 10 10 14 17 18 c) Employee separation cost (2) 90 1 88 4 2 d) Provision for impairment of investm ent in subsidiary and 2,355 2,355 2,355 associate companie s e) Stamp Duty charges 962 Total (218} 100 2,366 (118) 2,376 3,700 Note: In November 2025, the Governm ent of India notifi ed th e four Labour Codes. The Company had accordin gly recorded a charge in exception al items for gratuity and long-term compensated absences of ~363 cror es durin g th e year ended March 31, 2026, prim arily arising due to change in wage definiti on. Durin g th e six month s ended September 30, 2026, there were changes in th e salary for certain employee groups in the Company, resultin g in reversal of provisions record ed for gratuity and long-term compensated absences of" 220 crores, which is being disclosed in excepti onal item s. 5) The Board of Directors had, at its meeting held on August 1, 2024, approved a Composite Scheme of Arrangement amongst Tata Mot ors Passenger Vehicles Ltd (Formerly Tata Motors Ltd) (''TMPVL" ), Tata Motors Ltd (Form erly TML Commercial Vehicles Ltd) (th e "Company" ) and Tata Motors Passenger Vehicles Ltd and th eir respective shareholders under Section 230-232 of the Companies Act, 2013 whi ch inter alia pro vided for: demerger, transfer and vesting of th e comm ercial vehicles business of TMPVL (Formerly Tata Motors Ltd) along with related investm ents ("Demerged Undertaking") to th e Company on a going concern basis; and amalgamation of Tata Motors Passenger Vehicles Ltd with TMPVL (Formerly Tata Motors Ltd) with an objective of consolidatin g the passenger vehicles business. The Scheme has received appro val from NCLT and is effect ive from October 1, 2025, with an appointed date of July 1, 2025. The Company has given effect t o the Scheme in accordance wit h th e accounting treatm ent specified in th e Scheme and as per appli cable accounti ng standards (Ind AS) as und er: Recorded the assets, liabiliti es, general reserve, retained earnings and equity instrum ents through Other Comprehensive Income, Cost of Hedging Reserve and Hedging Reserve (formin g part of "Other components of Equity" in the Statement of Changes in Equity) at their respective carrying values of the demerged undertaking, as appearing in the books ofTMPVL , Assets and liabiliti es were determined using th e carryin g value of specifically identifiable items transferred and an asset ratio for non specifically identifi able items. The ratio equals identifi able assets transferr ed divided by identifi able assets retained, Authori sed Share Capital has been increased on October 1, 2025, 3,68,23,31,373 Equity shares of face value and paid up value of ~2/- each amountin g to "736 crores has been issued to t he shareholders ofT MPVL on October 15, 2025 and diff erence between the face value of the Equity shares issued and carryin g value of the assets and liabiliti es and other components of equity of th e Demerged Undertaking has been recognised in th e appropriate reserves in other equity. The Financial Results of the Company are restated from th e date of incorporation i.e. June 23, 2024 to give effect to the above-menti oned Composite Scheme of Arrangement. Hence, the amount s for the six month s ended September 30, 2025 have not been audit ed by Sta tutory Auditors. 6) On July 30, 2025, the Company and lveco Group N.V. ("lveco" ), announced reaching an agreement to create a commercial vehicles group through all-cash voluntary tenderoffer for lveco common shares. The offer represent s a total consideration of approximately -:41,363 crores (€3.8 billion} as at September 30, 2026, fo r lveco, excluding lveco's defence business and the net proceeds from the defence business separation . Subsequent to obtai ning the requisite regulatory approvals, the Company opened the tender offer on September 4, 2026, and it will end on October 26, 2026, in accordance with the applicable regulato ry requirements. On Octobe r 9, 2026, t he offer price was revised from €14.10 per share to €14.40 per share resulting in a revised maximum offer value of approximately "42,561 crores (€3.91 billion). 7) The Board of Directors has, at its meetin g held on January 29, 2026, approved (subject to oth er requisite approv als) a Composite Scheme of Amalgamation involving th e merger of t he wholly owned subsidiary TMF Holdings Limited and wholly owned step-down subsidiary TMF Business Services Limited with Tata M otors Limited. The Reserve Bank of India and th e Stock Exchanges (Nati onal Stock Exchange of India Limited and BSE Limited) have accorded their "No Objection" fo r the Scheme. The fir st motion petiti on und er the Scheme was heard by th e National Company Law Tribun al (NCLT) and order was passed on September 2, 2026. In compliance with the order, notices were duly served to shareholders, credit ors and th e st atut ory/ regulatory author iti es as directed, to seek th eir representati ons to th e Scheme, if any. The second moti on petition under the Scheme is admitt ed and fi xed for final hearing by National Company Law Tribun al (NCLT) on November 19, 2026. 8) On May 16, 2026, the Company entered into Share Purchase Agreements ("SPA" ) with existin g subscribers for th e pur chase of equity shares and compulsory convertibl e preference shares in Freight Commerce Solution s Private Limited ("Freight Tiger") , resultin g in th e acqui sition of approximately an 18% incremental stake on fully dilut ed basis. The total consideration was "96 crores. Accordingly, Freight tiger had ceased to be an associate and become a subsidiary of th e Company. The existin g investm ent in associate was re-measured as on acquisiti on date and th ere was no impact on Statement of Financial Results. During the quarter ended September 30, 2026, th e company acquir ed additi onal equity shares of-: 4 crores and" 23 crores Compul sorily Convertibl e Preference Shares (CCPS) in Freight Tiger. 9) Extended Producer Responsibility (" EPR" ) for End of Life of Vehicles for OEMs was notified in January 2025, w.e.f. April 1, 2025. EPR calls for OEMs t o buy certifi cates from Registered Vehicle Scrapping Facility ("RVSFs") equival ent to 8% for th e first 5 years and goes up to 18% by 2039 of steel used in its vehicles 15 years back in case of Commercial Vehicles. Central Polluti on Control Board ("CPCB") is in th e process of giving clarity of th e EPR policy includin g a) Cost of the certifi cate b) Clear method ology for calculatin g steel content/li ability targets for OEMs c) Process for transaction between OE Ms and RVSFs and thus the cost of meeting th e obligati ons under EPR cannot be reliably estimated as at Septemb er 30, 2026. Further, Extended Producer Responsibility ("EPR") for waste batt eries management was notifi ed in August 2022 as amended from tim e to tim e. Said rules call for Producers, as defined under the rules, for environm ental sound management of waste batteries. Company shall be able to meet the obligations under th e said rules eith er through its suppli ers or throu gh oth er faciliti es/ arrangements. 10) AIEQU Mobility Limited has been incorporated as wholly own ed subsidiary of Tata Motor s Limited (TML), t o develop and provid e advanced digital, telematics, Al/ML and mobility techn ology soluti ons for the automotiv e, tran sport and logisti cs sectors. As part of business tran sformati on to drive and enabling focused growth and greater synergies, the TML Board has approv ed in its meetin g on October 23, 2026, to transfer th e Company's Fleet Edge business and TM L's shareh olding in Freight Comm erce Solution s Private Limit ed (" Freight Tiger" ) to AIEQU Mobility Limited. The execution of thi s tran sfer will take place during H2-FY27. 11) During the six month s ended September 30, 2026, the Comp any has paid a final divid end of -:4.00 per fully paid up Ordinary share of ~2.00 each totaling to °'1,473 crores for the year ended March 31, 2026. 12) The Statutory Auditor s have carried an audit of the above result s for the quarter and six month s ended September 30, 2026 and have issued an unmodified opinion on the same. Mumbai , October 23, 2026 2~ GirishWagh Managing Director and CEO 5
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited consolidated financial results of Tata Motors Limited (formerly TML Commercial Vehicles Limited) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Tata Motors Limited (formerly TML Commercial Vehicles Limited) 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Tata Motors Limited (formerly TML Commercial Vehicles Limited) (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") , its joint operation (including its subsidiary company) and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement") being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. ~ BS R & Co. (a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Registered Office· 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 5
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BS R & Co. LLP Limited Review Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) 6. We did not review the interim financial information of 1 wholly owned subsidiary and 2 step-down subsidiaries included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 11,174 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,482 crores and Rs. 2,682 crores, total net (loss)/profit after tax (before consolidation adjustments) (net) of Rs. (776) crores and Rs. 242 crores and total comprehensive (loss)/income (before consolidation adjustments) (net) of Rs. (444) crores and Rs. 530 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and net cash outflows (before consolidation adjustments) of Rs. 185 crores for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Both the step-down subsidiaries are located outside India whose interim financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the interim financial information of such step-down subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of such step-down subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of 7 subsidiaries and 5 step-down subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 4,613 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,403 crores and Rs. 1,792 crores, total net (loss)/ profit after tax (before consolidation adjustments) (net) of Rs. (1) crore and Rs. 46 crores and total comprehensive (loss)/income (before consolidation adjustments) (net) of Rs. (9) crores and Rs. 47 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and net cash inflows (before consolidation adjustments) of Rs. 67 crores for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 31 crores and Rs. 48 crores and total comprehensive income of Rs. 31 crores and Rs. 48 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of 6 associates and 1 joint ventures, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. 8. Corresponding figures (which includes financial performance of commercial vehicles business transferred to the Parent pursuant to the Scheme - refer note 5 to the Statement) for the six months ended 30 September 2025, included in these unaudited consolidated financial results have not been reviewed since the requirement of submission of quarterly consolidated financial results was applicable from the quarter ended 30 September 2025 upon listing of equity shares of the Parent on 12 November 2025. Pag
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BS R & Co. LLP Limited Review Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) Our conclusion is not modified in respect of this matter. Mumbai 23 October 2026 For BS R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Vijay Mathur Partner Membership No.: 0464 76 UDIN:26046476IKPEHR8637 Page 3 of 5
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8 SR & Co. LLP Limited Review Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Tata Motors Limited Parent Company 2 Tata Motors Body Solutions Limited Subsidiary 3 TMF Holdings Limited Subsidiary 4 Tata Motors Insurance Broking and Advisory Services Limited Subsidiary 5 Tata Hispano Motors Carrocera S.A. Subsidiary 6 TML CV Holdings Pte. Ltd. (Incorporated on May 23, 2025) Subsidiary 7 Tata Hispano Motors Carrocerries Maghreb SA Subsidiary 8 TML CV Mobility Solutions Limited Subsidiary 9 TML Smart City Mobility Solutions Limited Subsidiary 10 AIEQU Mobility Limited (Incorporated on January 19, 2026) Subsidiary 11 Freight Commerce Solutions Private Limited (Subsidiary w.e.f Subsidiary May 16, 2026; Associate up to May 15, 2026) 12 Tata Daewoo Mobility Company Limited Step down subsidiary 13 Tata Daewoo Mobility Sales Company Limited Step down subsidiary 14 P.T. Tata Motors Indonesia Step down subsidiary 15 PT Tata Motors Distribusi Indonesia Step down subsidiary 16 TMF Business Services Limited Step down subsidiary 17 TML Smart City Mobility Solutions (J&K) Private Limited Step down subsidiary 18 TML CV holdings B.V. (Incorporated on September 29, 2025) Step down subsidiary 19 Tata Cummins Private Limited Joint Operation d ~ ~ ~ & Co. -~ f/ (Q 14th Floor. (;(:, Central B V11:1g and North C Wing. Pag~ 5 Nesco ITPar1<.4, * ) l Nesco Center. western Express Highway, (1 Goregaon (East), .1!J ~ Mumbai -400 063 ,f Q)""t, ~ ~red Acc0,s
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BS R & Co. LLP 20 21 22 23 24 25 26 27 28 Limited Review Report (Continued) Tata Motors Limited (formerly TML Commercial Vehicles Limited) TCPL Green Energy Solutions Private Limited Step down subsidiary of Joint Operation Tata Motors Global Services Limited (Formerly known as TML Joint Venture Business Services Limited) Tata Motors Digital.Al Labs Limited Joint Venture Nita Company Limited Associate Automobile Corporation of Goa Limited Associate Tata Hitachi Construction Machinery Company Private Limited Associate Tata Motors Foundation (Incorporated on July 17, 2025) Associate Traveltime E-Mobility Chennai Private Limited (Incorporated Associate on December 23, 2025) Mateshwari E-Smart Mobility (Hyderabad) Private limited Associate (Incorporated on September 02, 2026) Page 5 of 5
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•T• TATA TATA MOTORS LIMITED (Formerly TML Commercial Vehicles Limited) Regd.Office: Bombay House, 24, Homi Mody Street, Mumbai 400 001 CIN L29102MH2024PLC427506 (" incrores) STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Particulars 2025 2026 2026 2025 2026 (Refer note 5) 2026 Unaudited Audited Revenue from operations (a) Revenue 25,232 20,576 18,491 45,808 35,683 83,390 (b) Other operating revenues 106 91 94 197 226 465 I Total revenue from operations (a)+(b) 25,338 20,667 18,585 46,005 35,909 83,855 II Other income 436 396 172 832 474 1,124 Ill Total Income (I + II) 25,774 21,063 18,757 46,837 36,383 84,979 IV Expenses (a) Cost of materials consumed 14,826 12,771 10,416 27,597 21,224 48,840 (b) Purchase of products for sale 2,994 2,136 1,805 5,130 3,607 8,184 (c) Changes in inventories of finished goods, work-in-progress and products (104) (671) 285 (775) (957) (292) for sale (d) Employee benefits expense 1,580 1,590 1,447 3,170 2,897 5,804 (e) Finance costs 100 135 256 235 510 874 (f) Foreign exchange loss/(gain) (net) (7) 8 5 1 (90) (100) (g) Depreciation and amortisation expense 539 508 472 1,047 952 1,945 (h) Product development/engineering expenses 129 129 204 258 380 789 (i) Other expenses 3,524 2,788 2,682 6,312 5,313 11,689 (j) Fair value (gain)/loss on equity investments measured at FVTPL 708 (1,135) 2,027 (427) 2,027 2,418 (k) Amount transferred to capital and other account (252) (221) (303) {473) (585) (1,094) Total expenses {IV) 24,037 18,038 19,296 42,075 35,278 79,057 V Profit/ (Loss) before share of profit in equity accounted investees, 1,737 3,025 (539) 4,762 1,105 5,922 exceptional items and tax (Ill-IV) VI Share of profit/(loss) in equity accounted investees (net) 43 24 (12) 67 28 169 VII Profit/ (Loss) before exceptional items and tax {V+VI) 1,780 3,049 (551) 4,829 1,133 6,091 VIII Exceptional item s (gain)/loss (net) (Refer note 3) (218) 79 10 (139) 20 1,428 IX Profit/ (Loss) before tax {VII-VIII) 1,998 2,970 (561) 4,968 1,113 4,663 X Tax expense (Refer note 8) (a) Current tax 689 406 290 1,095 327 1,068 (b) Deferred tax 55 8 16 63 256 565 Total tax expense 744 414 306 1,158 583 1,633 XI Profit/(Loss) for the period/year (IX-X) 1,254 2,556 (867) 3,810 530 3,030 Attributable to : (a) Shareholders of the Company 1,257 2,560 (867) 3,817 530 3,030 (b) Non-controlling interests (3) (4) {7) XII Other comprehensive income/(loss) (A) (i) Items that will not be reclassified to profit or loss (net) (106) 24 {96) (82) (122) (89) (ii) Income tax credit/(charge) relating to items that will not be 18 (3) 16 15 23 12 reclassified to profit or loss (B) (i) Items that will be reclassified to profit or loss (net) 343 (26) (12) 317 164 83 (ii) Income tax (charge)/credit relating to items that will be reclassified {3) (6) 3 (9) 5 15 to profit or loss Total other comprehensive income/(loss) for the period/year (net of tax) 252 (11) (89) 241 70 21 XIII Total comprehensive income/(loss) for the period/year (net of tax) (Xl+XII) 1,506 2,545 (956) 4,051 600 3,051 Attributable to: (a) Shareholders of the Company 1,509 2,549 (956) 4,058 600 3,051 {b) Non-controlling intere sts (3) (4) (7) XIV Paid-up equity share capital (face value of U each)[Refer note 5) 737 737 0 737 0 736 xv Reserves excluding revaluation reserves 11,998 XVI Earnings per share (EPS) (Refer note 2 (xi)) (A) Ordinary shares (face value of "2 each) (i) Basic EPS ("!) 3.41 6.95 (2.35) 10.37 1.44 8.23 (ii) Diluted EPS ("!) 3.41 6.95 (2.35) 10.36 1.44 8.23 Not Annualised Annualised
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Statement of Consolidated Assets and Liabilities (II: In crores) As at September 30, As at March 31, 2026 2026 Unaudited Audited I. ASSETS (1) Non-current assets (a) Property, plant and equipment 11,272 11,036 (b) Capital work-in-progress 674 712 (c) Right of use assets 850 812 (d) Goodwill 360 (e) Other intangible assets 2,376 2,114 (f) Intangible assets under development 1,108 1,314 (g) Investment in equity accounted investees 1,206 1,462 (h) Financial assets: (i) Investments 6,924 6,547 (ii) Loans 26 28 (iii) Other financial assets 4,305 4,389 (i) Non-current tax assets (net) 423 235 (j) Other non-current assets 497 451 30,021 29,100 (2) Current assets (a) Inventorie s 8,217 5,448 (b) Financial assets: (i) Investments 4,337 5,274 (ii) Trade receivables 3,620 2,721 (iii) Cash and cash equivalents 5,828 6,899 (iv) Bank balances other than (iii) above 2,136 877 (v) Loans 16 32 (vi) Other financial assets 1,679 1,019 (c) Current tax assets (net) 64 14 (d) Other current assets 1,534 924 27,431 23,208 (3) Assets classified as held-for-sale 1 1 TOTAL ASSETS 57,453 52,309 II. EOUllY AND LIABILITIES Equity (a) Equity share capital 737 736 (b) Other equity 14,551 11,998 Equity attributable to owners ofTata Motors Limited 15,288 12,734 Non-controlling interests 75 15,363 12,734 Liabilities (1) Non-current liabilities (a) Financial liabilities: (i) Borrowings 915 1,344 (ii) Lease liabilities 646 603 (iii) Other financial liabilities 200 137 (b) Provisions 3,737 3,484 (c) Deferred tax liabilities (net) 1,467 1,414 (d) Other non-current liabilities 1,756 1,990 8,721 8,972 (2) Current liabilities (a) Financial liabilities: (i) Borrowings 2,027 3,473 (ii) Lease liabilities 192 195 (iii) Trade payables (a) Total outstanding dues of micro and small enterprises 320 371 (b) Total outstanding dues of creditors other than micro and small enterprises 17,224 13,113 Acceptances 2,721 2,220 (iv) Other financial liabilities 1,423 1,342 (b) Other current liabilities 6,808 7,414 (c) Provisions 2,618 2,416 (d) Current tax liabilities (net) 36 59 33,369 30,603 TOTAL EQUllY AND LIABILITIES 57,453 52,309 2
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Statement of Consolidated Unaudited Cash Flows (~ In crores) Six months ended September 30, September 30, Particulars 2026 2025 ~ (Refer note 5) Unaudited Cash flows from operating activities: Profit for the period 3,810 530 Adjustments for: Depreciation and amortisation expense 1,047 952 Allowances for trade and other receivables 56 41 Inventory write-down/(back) (net) 41 (27) Discounting of warranty and other provisions 60 Non cash exceptional items (gain)/lo ss (4) 17 Accrual for share-based payment s 6 Lease charges (amortisation considered as employee cost) 35 36 Marked-to -market gain on investment s measured at fair value through profit or loss (7) (1) (ln come)/lo ss on sale of assets (including assets scrapped/written off) (net) (13} (19) Profit on sale of investments (net) (79} (70) Fair value (gain)/ loss on equity inve stment s measured at FVTPL (427) 2,027 Share of profit in equity accounted investees (net) (67) (28) Tax expense (net) 1,158 583 Finance costs 235 510 Interest income {484) (223) Dividend income (11) (9) Unreal ised Foreign exchange loss (net) 1 257 cash flows from operating activities before changes In following assets and liabilities 5,297 4,636 Trade receivables (664) (412) Loans and other financial assets 181 (116) Other current and non-current assets (591) (354) Inventorie s (2,601) (1,161) Trade payables 4,231 139 Other current and non-current liabiliti es (735) (1,143) Other financial liabilitie s 340 148 Provisions 356 151 Cash generated from operations 5,814 1,888 Income tax paid (net) (1,350) (354) Net cash from operating activities 4,464 1,534 Cash flows (used in)/from Investing activities: Payments for property, plant and equipment s (737) (680) Payments for other intangible assets (488) (534) Proceeds from sale of property, plant and equipments 19 29 Proceeds from sale of intangible assets 1 Redemption of investments in joint venture 20 Investments in mutual fund sold/(purcha sed)(net) (1,983) 1,813 Investments in equity accounted investee (2) (138) Payment pursuant to acquisition of subsidiary (net of cash acquired) (Refer note 4) (94) Proceeds from sale of certificate of deposits 3,752 Investments in certificate of depo sits (1,406) Investment in other company (81) Intere st received 417 216 Dividend received 11 9 Dividend received from equ ity accounted investees 120 94 Realisation of inter corporate deposits 5 Deposits/re stricted deposits with banks (1,215} (2,986) Realisation of deposits/restricted deposits with bank s 32 3,879 Net cash (used ln)/from Investing activities (1,573} 1,646 Cash flows from financing activities: Proceeds from issue of shares and share application pending allotm ent (net of issue expenses) 0 Purchase of stake from minority shareholder s and compu lsory convertible preference shareholders (Refer note 4) (27) Repayment of long-term borrowing s (1,823} (2,411) Net change in other short-term borrowings (with maturity up to three months) (140) 1,461 Repayment of lease liabi lity (including interest) (133) (117) Dividend paid (including transferred to IEPF) (1,469) Interest paid (including discounting charges paid, ~60 crores (September 30, 2025 ~86 crores) ] {237) (449) Net cash used In financing activities (3,829) (1,516) Net {decrease)/increase In cash and cash equivalents {938) 1,664 Cash and cash equivalent s as at April 1 (opening balance) 6,899 1,033 Effect of foreign exchange on cash and cash equivalents (133) 27 Net Assets changes recognized pursuant to the Scheme (Refer note 5) (875) Cash and cash equivalents as at September 30, (closing balance) 5,828 1,849 Non-cash transactions: Liability towards property, plant and equipment and intangible assets purchased on credit/defer red credit 176 267 Increase In liabilities arising from financing activities on account of non-cash transactions: Exchange differences 44 27 Amortisation of prepaid discounting charges 36 4 3
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Segment wise Revenue, Results, Assets and Liabilities The Company primarily operates in the automotive business. The automotive business include s all activitie s relating to development, design, manufacture, assembly and sale of vehicles as well as sale of related parts , accessories and services. Operating segments consist of : a) Automotive: The Automotive segment consists of Tata Commercial Vehicles. b) Others: Others consist of IT services, insurance broking services and construction equipment manufacturing activities . This segment information is provided to and reviewed by Chief Operating Decision Maker (CODM). (" In crores) Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Refer note 5) Unaudited Audited A. Segment Revenue : Revenue from operations I. Automotive and related activity - Tata and other brands vehicles (a) Commercial Vehicle 25,004 20,384 18,370 45,388 35,378 82,6 11 (b) Corporate/Unallo cable 10 14 5 24 135 278 Less: Intra segment elimination s (O' (0) (OJ (0) -Total 25,014 20,398 18,375 45,412 35,513 82,889 II. Others 325 270 211 595 397 968 Total Segment Revenue 25,339 20,668 18,586 46,007 35,91 0 83,857 Less: Inter segment revenue (ll (1) (1) (2) (1) (2) Revenue from Operations 25,338 20,667 18,585 46,005 35,909 83,855 8. Segment results before other Income (excluding government Incentives), finance costs, foreign exchange galn/(loss) (net), exceptional Items and tax: I. Automotive and related activity - Tata and other brands vehicles (a) Commer cial Vehicle 2,323 1,735 1,764 4,058 3,433 8,727 (b) Corporate/Unal locable (82) (41) (193 ) (123) (315) (448 Less: Intra segment elimination s (121 6 (6] -Total 2,229 1,700 1,571 3,929 3,118 8,279 II. Others 21 40 86 61 131 135 Total Segment results 2,250 1,740 1,657 3,990 3,249 8,414 Less: Int er segment elim ination s Net Segment results 2,250 1,740 1,657 3,990 3,249 8,414 Add/(Less) : Other income (excluding Government Incentives) 288 293 92 581 303 700 Add/(Less) : Fina nee costs (100) (135) (256 ) (235) (510 ) (874 Add/(Less) : Fair value (loss)/gain on equity investments measured at FVTPL (708) 1,135 (2,027) 427 (2,027) (2,418) Add/( Less) : Foreign exchange gain/( loss) (net) 7 (8) (5) (1) 90 100 Add/(Less) : Share of profit in eq uity accounted investees Autom otive and related activity - Tata and other brand s vehicles (a) Comm ercial Vehicle (b) Corpor ate/Unallocable 16 7 (42) 23 (24) 8 Others 27 17 30 44 52 161 Add/(Less) : Exceptional items - gain/(l oss) Automotiv e and related activity - Tata and oth er brands vehicles (a) Commercial Vehicle 232 (90) (10) 142 (20) (1,345) (b) Corporat e/Un allocable (14) 11 (3) (76) (c) Others (7) Total Profit before tax 1,998 2,970 (561) 4,968 1,11 3 4,663 As at June 90, IAs at September Asat As at March 31, 30, September 30, 2026 2026 2025 2026 (Refer note 5) Unaudited Unaudited Audited C. Segment Assets (including assets classified as held-for-sale) I. Automotive and related activity - Tata and other brand s vehicle s (a) Commer cial Vehicle 37,340 40,477 34,537 36,634 (b) Corporate/Unal locable 799 798 163 895 -Total 38,139 41,275 34,700 37,529 II. (a) Others 268 242 162 228 (b) Assets classified as held-for- sale 1 1 1 Total Segment Assets 38,408 41,518 34,862 37,758 Less: Inter segment eliminations Net Segment Assets 38,408 41,518 34,862 37,758 Investment in equity accounted investees - Commercial Vehicle 2 - Corporate/Unallocable 377 386 559 589 - Others 891 818 764 873 Add : Unallocable assets 13,097 14,729 9,094 13,089 Total Assets 52,773 57,453 45,279 52,309 D. Segment Liabilities I. Automotive and related activity - Tata and other brand s vehicles (a) Commercial Vehicle 32,726 36,843 25,293 32,876 (b) Corporate/Unallocable 20 18 23 31 -Total 32,746 36,861 25,316 32,907 II. (a) Others 501 675 155 254 Total Segment Liabilities 33,247 37,536 25,471 33,161 Less: Inter segment eliminations Net Segment Liabilities 33,247 37,536 25,471 33,161 Add : Unallocable liabilitie s 5,670 4,554 9,539 6,414 Total Liabilities 38,917 42,090 35,010 39,575 Note- Pursuant to the acquisition of Freight Commerce Solutions Private Limited (FCSPL) during the quarter ended June 30, 2026, the Company has classified the acquired business under Others segment category. 4
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Notes: - 1) The above results were reviewed and recommended by the Audit Committee on October 22, 2026 and approved by the Board of Directors at its meeting held on October 23, 2026. 2) Additional Information pursuant to requirement of Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015 as amended and as at/ period ended September 30, 2026: Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Sr No Particulars 2025 2026 2026 2025 2026 (Refer note 5) 2026 Unaudited Audited a) Debt Equity Ratio (number of times) 0.19 0.29 0.80 0.19 0.80 0.38 [Total Debt(i)/Equity(ii)] b) Debt Service Coverage Ratio (number of times) (not annualised) 1.41 3.25 (0.14) 2.19 1.28 1.05 [(Profit/(loss) after tax+ Interest on borrowings and lease liablities + Depreciation and amortisation expenses)/(lnterest on borrowings and lease liablities + Repayment of borrowings(iii) + Repayment of lease liabilities) c) Interest Service Coverage Ratio (number of times) (not annualised) 20.56 30.32 (1.81) 26.28 3.92 10.65 [(Profit/(loss) from ordinary activities before tax+ Interest on borrowings)/lnterest on borrowings] d) Net worth(iv) (~ In crores) 15,288 13,774 10,269 15,288 10,269 12,734 [Equity share capital+ Other equity] e) Profit/(loss) for the period/year(~ In crores) 1,254 2,556 (867) 3,810 530 3,030 f) Earnings per share (EPS(xi)) A. Ordinary shares (face value of U each) (a) Basic (~) 3.41 6.95 (2.35) 10.37 1.44 8.23 (b) Diluted (~) 3.41 6.95 (2.35) 10.36 1.44 8.23 Not annualised Annualised g) Current ratio (number of times) 0.82 0.74 0.63 0.82 0.63 0.76 [Current assets/ Current liabilities] - h) Long term debt to working capital (number of time s) (0.53) (0.68) (0.71) (0.53) (0.71) (0.91) [Long Term Borrowings(v) / Working capital(vi)l i) Bad debts to Account receivable ratio( %) 0.01% 0.00% 0.02% 0.01% 0.02% 0.01% [Bad Debts(vii) / Average of trade and other receivab les(viii)l j) Current liability ratio (number of times) 0.76 0.71 0.66 0.76 0.66 0.70 [Current Liabilities (excluding current maturities of long term debt and interest accrued on borrowings)/ (Total liabilities)] k) Total debts to total assets (number of times) 0.05 0.08 0.18 0.05 0.18 0.09 [(Non current borrowings+ Current borrowings)/ Total assets] I) Debtors turnover (number of time s) (not annualised) 8.08 7.69 5.66 14.51 10.94 28.98 [Revenue from operations (excluding finance revenue)/ Average trade receivables] m) Inventory turnover (number of time s) (not annualised) 2.38 2.35 2.07 4.68 4.52 11.26 [Raw material consumed (ix); Average inventory( x)] n) Operating margin (%) 11.00% 10.88% 12.44% 10.95% 13.39% 12.35% [(Profit/(loss) before share of profit in equity accounted investees, exceptional items and tax+ Finance costs+ Foreign exchange (gain)/loss (net)+ Depreciation and amortisation expense-Other Income (excluding incentives-Fair value (gain)/ loss on equity investments measured at FVTPL))) / Revenue from operations] o) Net profit margin (%) 4.95% 12.37% (4.67%) 8.28% 1.48% 3.61% [Profit/(loss) for the period/ year / Revenue from operations] Notes: - (i) Total debt includes non-current and current borrowings. (ii) Equity= Equity attributable to owners ofTata Motors Limited . (iii) Repayment of borrowing includes repayment of long-term borrowings, proceeds from short-term borrowings, repayment of short-term borrowings and net change in other short-term borrowings (with maturity up to three months) and repayment of lease liability. (iv) Net worth has been computed on the basis as stated in Clause 2 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 i.e. Net worth as defined in sub-section (57) of section 2 of the Companies Act, 2013. (v) Long term borrowings (including current portion of long-term borrowings) (vi) Working capital= current assets-current liabilities (excluding current maturities of long term debt and interest accrued on borrowings) (vii) Bad debt is write off of trade and other receivables (viii) Trade and other receivables include trade receivables, non-current and current loans, non-current and current financial assets, non-current and current other assets. (ix) Raw material consumed includes cost of materials consumed, purchase of products for sale and changes in inventories of finished goods, work-in-progress and products for sale. (x) Inventory includes raw materials and components, work-in-progress, finished goods, stores and spare parts, consumable tools and goods-in-transit-raw materials and components. (xi) Earnings per share (Basic & Diluted) are calculated after considering the impact of issuance of equity shares pursuant to the scheme from the date of incorporation of the Company for the quarter and period ended September 30, 2025 (Refer note 5). s
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3) Exceptional Items (" in crores) Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 I (Refer note 5) Unaudited Audited (a)I Stamp duty charges recognised pursuant to the scheme I I I I 962 (b) I Employee separation cost I (2) 90 88 4 I 2 (c) I Statutory impact of new labour code (Refer note 7) I (235) I I I (235) I I 389 (d) I Profit on sale of lease portfolio of subsidiary I I I I I I (30) (e) I Provision for employee pension scheme I 4 I 10 I 10 I 14 I 17 I 18 (f) I Acquistion related cost (Refer note 6) I 15 I 17 I I 32 I I 87 (g) I Gain on remeasurement of Investment in equity accounted I I (38) I I (38) I I investee (Refer note 4) (h) I Others (1) I Total exceptional loss/ (gain) (218) 79 10 (139) 20 1,428 4) On May 16, 2026, the Company entered into Share Purchase Agreement s ("SPA") with existing subscribers for the purchase of equity shares and compu lsory convert ible preference shares in Freight Commerce Solutions Private Limited ("Freight tiger"), resulting in the acquisition of approximate ly an 18% incrementa l stake on fully diluted basis. The total consideration was "96crores . Accordingly , Freight tiger had ceased to be an associate and has become a subsidiary of the Company. The existing investment in associate was re-measured as on acquisition date and gain of" 38 crores was recognized as an exceptional item (Refer note 3). The Company has completed the process of Purchase Price Allocation (PPA) in accorda nce with Ind AS 103 Business Combinations. Accordingly , as on the acquisition date, the Company had recognized the fair value of identified assets and liabilities of Freight Tiger and the excess of purchase consideration and fair value of the existing inve stment s over the net assets acquired was recognized as goodwil l of" 360 crores. Further to above acquisition, the Company had provided the exit put option to eligible shareholde rs exercisab le upto March 31, 2027. During the quarter ended September 30, 2026, eligibl e shareholder s exercised the put optio ns, resulting in acquisition of the additional equity shares and Compu lsorily Convertib le Preference Shares (CCPS) in Freight tiger aggregating ii:4 crores and "23 crores, respectively . 5) The Board of Director s has, at its meeting held on August 1, 2024, approved a Composite Scheme of Arrangement amongst Tata Motor s Passenger Vehicles Ltd (Forme rly Tata Motor s Ltd) ("TMPVL") , Tata Motors Ltd (Formerly TML Commercia l Vehicle s Ltd) (the "Company " ) and Tata Motor s Passenger Vehicle s Ltd and their respective shareholder s under Section 230-232 of the Companies Act, 2013 which inter alia provides for : demerger, transfer and vesting of the commercial vehicle s business of TMPVL (Formerly Tata Motor s Ltd) along with related investment s ("Demerged Undertaking") to the Company on a going concern basis; and amalgamation of Tata Motor s Passenger Vehicle s Ltd with TMPVL (Formerly Tata Motor s Ltd) with an object ive of consolidat ing the passenger vehicles business. The Scheme has received approva l from NCLT and is effective from October 1, 2025, with an appointed date of July 1, 2025. The Company has given effect to the Scheme in accordance with the accounting treatment specified in the Scheme and as per applicab le accounting standard s (Ind AS) as under: Recorded the assets, liabilities, general reserve, retained earning s and eq uity instruments through Other Comprehens ive Income, Cost of Hedging Reserve and Hedging Reserve (forming part of "Oth er components of Equity" in the Statement of Changes in Equity at their respectiv e carrying values as appearing in the books of TMPVL), Assets and liabilitie s wer e determined using the carrying value of specifically identifiable items transferred and an asset ratio for non specifical ly identifiable item s. The ratio equals identifiable assets transf erred divided by identifiable assets retain ed. Author ised Share Capital has been increased on October 1, 2025, 3,68,23,31,373 Equity shares of face value and paid up value of "!f;.2/- each amount ing to ii:736 crores has been issued to the shareholders ofTMPVL on October 15, 2025 and difference between the face value of the Equity shares issued and carrying value of the assets and liabilities and other components of equity of the De merged Undertaking has been recognised in the appropriate reserves in other equ ity . The Company was incorporated on June 23, 2024 and the financial results of the Company are restated from the date of incorporation to give the effect to the above-mentioned Composite Scheme of Arrangement. Hence, the amounts for the six month ended September 30, 2025, have not been reviewed by Statutory Auditor s. 6) On July 30, 2025, the Company and lveco Group N.V. (" lveco"), anno unced reaching an agreement to create a commercia l vehicle s group through all-cash voluntary tend er offer for lveco common shares. The offer represents a total consideration of approximately ii:41,363 crores (€3.8 billion) as at September 30, 2026, for lveco, excluding lveco's defence business and the net proceeds from the defence business separation. Subsequent to obta ini ng the requisite regulatory approval s, the Company opened the tender offer on September 04, 2026, and it wi ll end on October 26, 2026, in accordan ce with the applicab le regulatory requirements . On October 9, 2026, the offer price was revised from €14.10 per share to €14.40 per share resulting in a revised maximum offer value of approximate ly "42,561 crores (€3.91 billion). 7) In November 2025, the Government of India notified the four Labour Codes. The Company had accord ingly recorded a charge in exceptional items for gratuity and long-term compensated absences of "389 crores in the year ended March 31, 2026, primarily arising due to change in wage definition . During the quarter and six months ended September 30, 2026, there were changes in salary for certain employee group s in the Company, resulting in reversa l of provisions recorded for gratuity and long-term compensated absences of ii:235 crores, which is being disclosed in except ional items . 8) The effect ive tax rate (ETR) for the quarter ended September 30, 2026, is higher than the applicable corporate income tax rate primarily due to fair value Joss of ii:708 crores on FVTPL equity investments whereas for the six month s ended September 30, 2026, ETR is lower due to fair value gain (net) of "427 crores on the similar instrument. 9) Exte nded Producer Responsibility ("EPR") for End of Life of Vehicles for OEMs was notified in January 2025, w.e.f. April 1, 2025. EPR calls for OEMs to buy certificates from Registered Vehicle Scrapping Facility ("RVSFs") equiva lent to 8% for the first 5 years and goes up to 18% by 2039 of steel used in its vehicles 15 years back in case of Commercial Vehicles. Centra l Pollution Control Board ("CPCB") is in the process of giving clarity of the EPR policy including a) Cost of the certificate b) Clear methodology for calculating steel content/liability targets for OEMs c) Process for transaction between OEMs and RVSFs and thus the cost of meeting the obligations under EPR cannot be reliably estimated as at September 30, 2026. Further, Extended Producer Responsibility ("EPR") for waste batteries management was notified in August 2022 as amended from time to time. Said rules call for Producers, as defined under the rules, for environmenta l sound management of waste batteries. Company shall be able to meet the obligations under the said rules either through its suppli ers or through other facilities/arrangements. 10) The Board of Directors has, at its meeting held on January 29, 2026, approved (subject to other requisite approvals) a Composite Scheme of Amalgamation involving the merger of the who lly owned subsidiary TMF Holdings Limited and wholly owned step-down subsidiary TMF Business Services Limited with Tata Motors Limited. The Reserve Bank of India and the Stock Exchanges (National Stock Exchange of India Limited and BSE Limited) have accorded their "No Objection" for the Scheme. The first motion petition under the Scheme was heard by the National Company Law Tribuna l (NCLT) and order was passed on September 2, 2026. In compliance with the order, notices were du ly served to shareholder s, creditors and the statu tory/regulatory authorities as directed to seek their representations to the scheme, if any. The second motion petition under the Scheme is admitted and fixed for final hearing by Nationa l Company Law Tribunal (NCLT) on November 19, 2026. 11) AIEQU Mobility Limited has been incorporated as wholly owned subsidiary of Tata Motors Limited (TML), to develop and provide advanced digital, te lematics, Al/ML and mobility technology solut ions for the automotive, tran sport and logistics sectors. As part of business transformation to drive and enabling focused growth and greater synergies , the TML Board has approved in its meeting on October 23, 2026, to transfer the Company's Fleet Edge business and TM L's shareholding in Freight Comme rce Solutions Private Limited (Freight Tiger) to AIEQU Mobility. The execution of this transfer w ill take place during H2'FY27. 12) During the six months ended September 30, 2026, the Company has paid a final dividend of ii:4.00 per fully paid up Ordinary share of "!2.00 each totaling to "1,473 crores for the year ended March 31, 2026. 13) The Statutory Auditors have carried out limited review of the consolidated financial results for the quarter and six months ended September 30, 2026 and have issued an unmodified conclusion on the same. 'F GirishWagh Mumbai, October 23, 2026 Managing Director and CEO 6