Tata Motors Passenger Vehicles Limited

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BSE Limited First Floor, New Trading Ring Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai 400 001 National Stock Exchange of India Ltd. Exchange Plaza, C-1, Blo

, MT

revaluation of foreign currency debt, revaluation of foreign currency other assets and liabilities, MTM on FX and commodity hedges, other income (except government grant) as well as exceptional items.

6 Lakh

t with Bold, Future-Ready Range of Passenger Vehicles Punch becomes India’s fastest SUV to cross 6 Lakh milestone in under 4 years Launched Adventure X Persona of Harrier & Safari; Nexon.ev with ADAS

₹72.3

d from 8 October Balance sheet supported with additional £3.5b liquidity backstop 5 Q2: Revenue ₹72.3K Cr, EBITDA (0.1)%, PBT(bei) ₹(5.5)K Cr Performance impacted by JLR cyber incident; Domestic perfor

1 %

6 FY26 W h o l e s a l e s ( K u n i t s ) E B I T D A % 2 1 7 . 8 2 1 2 . 0 2 1 0 . 7 1 1 . 1 % 8 . 7 % ( 0 . 1 ) % N e t a u t o d e b t ( ₹ K C r ) 1 1 . 4 ( 2 ) 2 0 . 1 ( 1 . 0 ) ( 2 ) F

7 %

W h o l e s a l e s ( K u n i t s ) E B I T D A % 2 1 7 . 8 2 1 2 . 0 2 1 0 . 7 1 1 . 1 % 8 . 7 % ( 0 . 1 ) % N e t a u t o d e b t ( ₹ K C r ) 1 1 . 4 ( 2 ) 2 0 . 1 ( 1 . 0 ) ( 2 ) F Y 2 5 (6

7.6 %

K C r ) 1 1 . 4 ( 2 ) 2 0 . 1 ( 1 . 0 ) ( 2 ) F Y 2 5 (6.8) (5.5) (2.9) (10.3) (8.3) YoY - 7.6 % YoY (760) bps YoY (13.8)K Cr 173.2 160.0 6.3 12.3 FY25 FY26 FY25 FY26 FY25 FY26 (1.

8 %

Y26 (1.3) (1.5) W h o l e s a l e s ( K u n i t s ) 4 5 4 . 4 4 2 2 . 7 E B I T D A % 1 2 . 8 % 4 . 7 % (1)FCF for Q2 FY25 and H1FY25 is as reported earlier. For Q1 FY26, FCF is analytically de

₹20.1

u t o d e b t ( ₹ K C r ) ( 1 . 0 ) ( 2 ) F Y 2 5 2 0 . 1 6 EBIT (6.8)%; Net Auto Debt at ₹20.1K Cr Cyber incident increases net debt, domestic PV+EV business in healthy net cash position Q 2 F

5.4%

6 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr (13.0) (3.2) 4.5 0.3 83.7 (15.5)% (3.9)% 5.4% 0.5% 72.3 Q2 FY25 Volume & Mix Price Translation Others Q2 FY26 13.5% decrease PBT (bei) ₹

0.5%

o n s o l i d a t e d | IndAS Revenue ₹K Cr (13.0) (3.2) 4.5 0.3 83.7 (15.5)% (3.9)% 5.4% 0.5% 72.3 Q2 FY25 Volume & Mix Price Translation Others Q2 FY26 13.5% decrease PBT (bei) ₹ C r

13.5%

83.7 (15.5)% (3.9)% 5.4% 0.5% 72.3 Q2 FY25 Volume & Mix Price Translation Others Q2 FY26 13.5% decrease PBT (bei) ₹ C r 4,777 (10,175) (76) 12 (5,462) Q2 FY25 4.6% EBIT% JLR (11.3)% P

“23 Q2: Revenue ₹13.5K Cr, EBITDA 5.8%, PBT(bei) positive Upswing in demand reflecting improvement in performance QoQ Q 2 F Y 2 6 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ K C r 2 Q 1 H Revenue ₹K Cr YoY + 15.6 % EBITDA % YoY (40) bps EBIT % YoY + 10 bps PBT (bei) ₹K Cr YoY -K Cr 11.7 10.9 13.5 6.2 5.8 4.0 0.1 0.2 0.2 0.2 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 (2.8) (0.1) W h o l e s a l e s ( K u n i t s ) 1 2 4 .”

“5 YoY 3.6 % YoY (100) bps YoY (130) bps YoY (0.4)K Cr 23.5 24.4 6.0 5.0 0.2 0.4 0.0 (1.1) FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 W h o l e s a l e s ( K u n i t s ) 2 6 9 .”

“• Anticipate resurgence in domestic demand due to greater affordability of PVs following rollout of GST 2.0 • H1 performance disappointing.”

“Anticipate a stronger H2 with JLR recovery actions and product actions on domestic PV business Key priorities JLR PV EV • Execute next phase of recovery by ramping up production, stepping up engineering intensity • • • hardening system landscape • Navigate demand environment by building the power of our brands.”

“• Execute enterprise missions plan to deliver savings and cash flows • Continue to leverage on growth momentum & strengthened demand pipeline following GST 2.0 • Continue to step-up the volumes with strong demand across product portfolio – esp.”

Expenses

4

Actions included

1

Actions included

Establishment of processes for retailers to continue delivering vehicles to clients Restart of the systems used to wholesale vehicles, supporting cash generation for JLR Restart of JLR’s Global Parts Logistics Centre, to help keep customers’ cars on the road Implementation of interim manual payments processes for suppliers Fast-track introduction of supplier financing scheme to provide qualifying JLR suppliers with cash upfront during the production restart phase Phased restart of global manufacturing from 8 October 2025, with production now returned to normal levels Production downtime used to accelerate testing work in both engineering and manufacturing 17 Update on Macroeconomic challenges GEOPOLITICAL TENSIONS GLOBAL DEMAND SUPPLY CHAIN RISKS 18 Enterprise mission delivering but headwinds also grow US TARIFFS Work with Government continues. Internally, now focused on optimising parts business where sectoral and metal tariffs overlap URGENT IMPACT CO2 Excess credits identified, and

Expenses

Cost of materials consumed Employee benefit expenses Other expenses (net) Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees & deferral income EBIT Other income (excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) PBT# EBITDA Margin EBIT Margin JLR 57,877 631 (36,737) (9,517) (10,204) (3,339) 311 (978) (4,083) 12 (5,049) 292 (513) (508) (5,778) (8,614) (1.7) % (8.7) % Tata Passenger Vehicles 13,529 207 (10,971) (637) (1,134) (208) 2 788 (760) - 28 137 (36) 26 155 155 5.8% 0.2% Others* Consolidated 943 - (238) (677) 85 8 (2) 119 (28) 33 124 186 (143) (6) 161 389 NA NA 72,349 838 (47,946) (10,831) (11,253) (3,539) 311 (71) (4,871) 45 (4,897) 615 (692) (488) (5,462) (8,070) (0.1) % (6.8) % * Others include segment and income / expenses not specifically allocable to any other segments # continuing operations 33 Tata Motors Passenger Vehicles Group Financ

Expenses

Cost of materials consumed Employee benefit expenses Other expenses (net) Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees & deferral income EBIT Other income (excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) PBT# EBITDA Margin EBIT Margin JLR 71,100 698 (41,192) (8,918) (10,228) (2,565) (560) 8,335 (4,733) 24 3,626 323 (849) 1,297 4,397 4,397 11.7% 5.1% Tata Passenger Vehicles 11,701 85 (9,337) (570) (928) (225) (4) 722 (705) - 17 165 22 27 231 231 6.2% 0.1% Others* Consolidated 857 - (231) (651) 213 24 (2) 210 (29) 37 218 93 (203) 41 149 180 NA NA 83,658 783 (50,760) (10,139) (10,944) (2,766) (565) 9,267 (5,467) 61 3,861 581 (1,030) 1,365 4,777 4,808 11.1% 4.6% * Others include segment and income / expenses not specifically allocable to any other segments # continuing operations 34 Tata Motors Passenger Vehicles Group Financials Consolidated H

Expenses

Cost of materials consumed Employee benefit expenses Other expenses (net) Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees & deferral income EBIT Other income (excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) PBT# EBITDA Margin EBIT Margin JLR 133,829 1,205 (83,571) (19,297) (20,158) (5,552) (320) 6,136 (8,169) 86 (1,947) 605 (978) 609 (1,711) (4,594) 4.6% (1.5)% Tata Passenger Vehicles 24,406 333 (19,653) (1,231) (2,174) (454) (0) 1,227 (1,498) - (271) 301 (63) 65 32 32 5.0% (1.1)% Others* Consolidated 1,790 - 160,025 1,538 (456) (1,343) 176 20 (4) 183 (55) 74 202 227 (343) 81 167 395 NA NA (103,680) (21,871) (22,156) (5,986) (324) 7,546 (9,722) 160 (2,017) 1,133 (1,384) 755 (1,512) (4,167) 4.7% (1.3)% * Others include segment and income / expenses not specifically allocable to any other segments # continuing operations 35 Tata Motors Passenger

Expenses

Cost of materials consumed Employee benefit expenses Other expenses (net) Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees & deferral income EBIT Other income (excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) PBT# EBITDA Margin EBIT Margin JLR 147,999 1,346 (85,684) (17,931) (20,658) (4,977) 406 20,501 (10,116) 92 10,477 788 (1,758) 2,229 11,736 11,819 13.9% 7.1% Tata Passenger Vehicles 23,548 130 (18,625) (1,131) (2,090) (445) 17 1,404 (1,356) - 48 328 (23) 49 402 402 6.0% 0.2% Others* Consolidated 1,698 - 173,245 1,476 (456) (1,296) 410 45 (3) 398 (51) 75 422 130 (386) 40 206 239 NA NA (104,765) (20,358) (22,337) (5,377) 419 22,303 (11,523) 167 10,947 1,246 (2,167) 2,318 12,344 12,460 12.8% 6.3% * Others include segment and income / expenses not specifically allocable to any other segments # continuing operations 36 Tata Motors Group Financial