TMCVNSE13 November 2025

Tata Motors Limited has informed the Exchange about Investor Presentation

Tata Motors Limited

BSE Limited First Floor, New Trading Ring Rotunda Building, P J Towers Dalal Street, Fort Mumbai 400 001

November 13, 2025 Sc no.- 7

Dear Sir/Madam,

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No.C/1, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400 051

Sub: Submission of Investor presentation to be made to the Analysts/Investors

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with further reference to our letter bearing sc no. 3 dated November 12, 2025, we are enclosing herewith the presentation to be made to the Analysts/Investors on the Financial Results of Tata Motors Limited (formerly TML Commercial Vehicles Limited) the second quarter and half year ended September 30, 2025.

(‘the Company’)

for

The same is also being made available on the Company’s website at www.cv.tatamotors.com.

This is for information of the Exchanges and the Members.

Thanking you.

Yours Faithfully,

Tata Motors Limited (formerly TML Commercial Vehicles Limited)

Sudipto Kumar Das Company Secretary

Encl: as above

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 Ve h i c l e s L t d . )

Results for the quarter ended September 30, 2025

Girish Wagh - MD & CEO GV Ramanan - Chief Financial Officer

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 Important factors that could make a difference to the Group’s implied. 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 Jul 2025 to 30 Sep 2025 - Q1FY26 represents the 3 months period from 1 Apr 2025 to 30 Jun 2025 - Q2FY25 represents the 3 months period from 1 Jul 2024 to 30 Sep 2024 - H1 FY25 represents the 6 months period from 1 Apr 2024 to 30 Sep 2024 - H1 FY26 represents the 6 months period from 1 Apr 2025 to 30 Sep 2025

Financials contained in the presentation are as per IndAS

Accounting Standards • • Prior period financials in this presentation reflect the impact of the demerger as if it had been in effect since the Company’s incorporation on June 23, 2024. Accordingly, Q1 FY25 numbers included within H1 FY25 numbers are derived numbers.

Other Details

•

Presentation format : The results provided represent the details on consolidated segment level. The operating segment comprises of Commercial Vehicles segment which includes TML and its subs TDM, TDMS, TMBSL, PTTMIL, TML CV Mobility Solutions, TML Smart City Mobility Solutions and Joint operation Tata Cummins Consolidated financial statements also include unallocable / other items that are not specific to the Commercial Vehicles segment. These comprise Corporate functions, TMF Holding group, TMIBASL, TML Holdings CV, and associate companies viz ACGL, Freight Tiger, Nita Co, Tata Hitachi, 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.

• 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 is analytically derived by dividing the reported EBIT for the last 12 months

by the average of the capital employed (YoY).

Q2FY26 – Tata Motors key highlights

Entire benefit of GST reduction extended to customers by way of reduction in prices across product range

Strengthened the portfolio with new offerings including Ace Gold+ Diesel, Winger Plus, LPT 812 and LPO 1822 to address diverse customer needs

Tata Motors and DIMO expanded mobility leadership in Sri Lanka, launched 10 new trucks & buses

Signed MoU with Green Energy Mobility Solutions to supply 100 Magna EV intercity coaches.

Began delivery of 148 advanced Starbus EVs to BMTC, boosting Bengaluru’s E-Mobility drive

Strengthened the EV ecosystem with over 25,000 public chargers now available for electric small commercial vehicles across 150+ cities.

Corporate actions

SUCCESFUL DEMERGER AND LISTING

IVECO ACQUISITION

FREIGHT TIGER – ADDITIONAL INVESTMENT

• Demerger scheme made effective on

01st October 2025.

• TML Commercial Vehicles renamed as

“Tata Motors Ltd”.

•

Regulatory approvals underway; on track for April ‘26 closure.

Bridge loan firmed up for IVECO acquisition

•

Significant step forward to driving AI led freight transformation in the logistics ecosystem

Invested additional ₹134 Cr in Freight Tiger; total investment now at ₹284 Cr.

• Company listed with BSE and NSE under

ticker ”TMCV”.

Q2 Wholesales of 97K, up 12% YoY Growth momentum across product lines led by exports and HCV

Q 2 F Y 2 6 | C o m m e r c i a l V e h i c l e s S e g m e n t | C a t e g o r y | U n i t s i n ‘ 0 0 0 ’ s

HCV

ILMCV

SCV Cargo & Pickup

Passenger Carriers

Exports

22.9

21.7

24.0

14.7

14.8

16.8

34.7

31.4

28.3

15.2

11.8

10.8

6.0

7.6

4.4

Total Wholesales

(1)

86.0

88.0

96.8

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

65.8

63.1

179.7

184.8

47.6

45.8

28.5

31.6

25.7

27.0

7.9

13.7

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY25

H1 FY26

1. Total wholesales include TDM numbers.

2 Q

1 H

Registration (Vahan) market share at 35.3% Steady market shares across product lines Co mm e rcial Ve h icle s Se gme nt | D o me st ic market sh are *

Domestic market share*

37.1%

36.1%

34.6%

35.3%

HGV+HMV

MGV

LGV

Passenger

FY25

Q1 FY26

Q2 FY26

H1 FY26

48.8%

47.7%

46.7%

47.2%

37.3%

35.9%

35.7%

35.8%

37.6%

36.9%

36.0%

36.5%

30.5%

28.9%

28.2%

28.6%

FY25

Q1 FY26

Q2 FY26

H1 FY26

FY25

Q1 FY26

Q2 FY26

H1 FY26

FY25

Q1 FY26

Q2 FY26

H1 FY26

FY25

Q1 FY26

Q2 FY26

H1 FY26

*VAHAN registration market share basis Govt of India’s VAHAN portal, the data excludes registration for states of MP, Andhra and Telangana and based on 7 categories of VAHAN portal. *The data is based on details updated as on Oct 22,2025. 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.

HGV: Heavy Goods Vehicles HMV: Heavy Motor Vehicles MGV: Medium Goods Vehicles LGV: Light Goods Vehicles

Q2: Revenue ₹18.4K Cr, EBITDA 12.2% (up 150 bps) With focus on profitable growth, margin expansion trajectory continues Q 2 F Y 2 6 | C o m m e r c i a l V e h i c l e s S e g m e n t | IndAS, ₹ K C r

Revenue ₹K Cr

YoY

6.6 %

EBITDA %

YoY

+150 bps

EBIT %

YoY

+200 bps

PBT (bei) ₹K Cr

17.2

17.0

18.4

2 Q

Q2 FY25

Q1 FY26

Q2 FY26

W h o l e s a l e s ( K u n i t s )

86.0

88.0

96.8

YoY

0.9 %

35.4

35.1

Revenue ₹K Cr

1 H

12.2

10.7

9.7

9.8

1.6

1.7

7.8

1.2

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

EBITDA %

YoY

+100 bps

EBIT %

YoY

+140 bps

PBT (bei) ₹K Cr

ROCE % *

11.2

12.2

8.4

9.8

FY26

3.3

2.7

FY25

FY26

FY25 W h o l e s a l e s ( K u n i t s )

FY26

179.7

184.8

FY25

FY26

FY25

ROCE % *

*Reported ROCE is analytically derived by dividing the reported EBIT for the last 12 months by the average of the capital employed (YoY).

EBIT at 9.8% (+200 bps); PBT (bei) ₹ 1.7K Cr Higher volumes and favourable realisation aid margin improvement Q 2 FY2 6 | Co mmer c i al Veh i c l es Segmen t | IndAS, ₹ Cr

D&A and PDC ₹140 Cr

Employee cost ₹ (24) Cr Others : ₹ (66) Cr

PLI & Incentives ₹41 Cr

Others ₹ (16) Cr

(17)

322

₹ Cr. IndAS

1,694

1,225

PBT (bei) Q2 FY25

Volume, Mix

Realisations (incl VME)

EBIT %

7.8%

1.6%

0.3%

Var Cost

(0.1)%

Fixed Cost

0.2%

FX & Others

PBT (bei) Q2 FY26

0.0%

9.8%

+190 bps

For analytical purposes only

Q2 FY26 Strong FCF of ₹2.2K Cr; highest ever H1 FCF of ₹417 Cr Robust cash flows are resultant of concerted actions over the years…

Q2 FY26 | Commercial Vehicles Segment| IndAS, ₹ Cr(1)

Payables, acceptances ₹ 658 Cr

Trade receivables ₹ 64 Cr

Inventories ₹ 385 Cr

Others ₹ 201 Cr

(75)

395

(337)

905

(436)

1,758

1,816

2,211

Q2 FY26

(2)

PBT (bei)

Q2 FY25

H1 FY26

1,122

3,393

Non-cash and Other

625

1,125

Tax

(22)

(357)

Cash Profit after Tax

1,725

4,162

Capex

(325)

(1,075)

Working capital changes

Finance expense (net) and dividend

Free Cash Flow

(1)

(255)

(2,568)

(161)

(102)

984

417

(1) CV segment does not include free cash flows of subsidiaries and represents cash flow of standalone TML and Joint operations Tata Cummins (2)PBT (bei) includes corporate and interest costs not allocated to Tata CV segment.

For analytical purposes only

Strong business fundamentals driving consistent cashflows

Revenues (Rs. K Cr.)

EBITDA K Cr and %

Non-Cyclical business

Capex spend* (% of Rev)

7.4

5.3

3.7

1.9

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

10.8

8.5

11.8

8.8

2X 1.8x

9% CAGR

2.0

1.7

2.3

2.4

FY21

FY25

FY21

FY25

Service

Spares

Exports

FY22

FY23

FY24

FY25

Significant increase in scale Revenue CAGR 13%

Strong operational execution resulting in lower breakeven Absolute EBITDA expansion ~5x since FY22, consistent double digit EBITDA margins

Impetus to Non-cyclical businesses like NVB, Digital, IB Spares penetration 1.8x growth, Service penetration 2x, growth, IB revenue CAGR 9%

Prudent Capital Allocation including spends on sustainability and circularity Within guided range of 2%-4% of revenue

* Excluding Product dev exp charged off to P&L

FCF K Cr

FCF %

3.0

1.4

FY22

FCF K Cr and as a % of revenue

8.0

6.0

10.0

7.4

FY24

FY25

4.0

3.1

FY23

Structural shifts to business have resulted in consistent cash flows FY25 cash flows up by Rs. 1.4K Cr despite 9% drop in HCV volumes

Note: FCF Represents data at standalone level (net of interest); Investment spend is at standalone level; for analytical purposes

Consolidated Financials

Alt 1

Q2: Revenue ₹18.6K Cr EBITDA 11.4%, underlying PBT(bei) ₹1.5K Cr Reported profit impacted by Mark-to- Market loss on investments in Tata Capital (~₹2k Crore) Q 2 F Y 2 6 | T a t a M o t o r s L i m i t e d ( C o n s o l ) | IndAS, ₹ K C r

Revenue ₹K Cr

YoY

6.0 %

EBITDA** %

YoY

+140 bps

EBIT %

YoY

+170 bps

PBT (bei) ₹K Cr

17.5

17.3

18.6

10.0

11.9

11.4

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q1 FY26

Q2 FY26

H1 FY25 35.7

H1 FY26 35.9

H1 FY25 10.6

H1 FY26 11.6

** includes acquisition related due diligence spends

9.3

8.8

7.1

MTM loss on investments in Tata Capital

1.5

1.7

1.0

Q2 FY25

H1FY25 7.7

Q1 FY26

H1FY26 9.1

Q2 FY26

Q2 FY25

H1FY25 2.3

Q1 FY26

H1FY26 1.1

-0.6 Q2 FY26

Investments Spends ₹ Cr

FCF ₹ Cr

Net (Debt) /Cash* ₹ Cr

881

2,036

4,000

682

684

(190)

1,165

Q2 FY25

Q1 FY26

Q2 FY26

Q2 FY25

H1 FY25 1,495

H1 FY26 1,565

*For analytical purpose only.

(1,955)

Q1 FY26

Q2 FY26

Mar'25

Sept'25

*Includes TMF Holdings gross debt less market value of TMF Holdings investments in Tata Capital Ltd.

BUSINESS UPDATES

Overall fleet indicators & transporter profitability healthy

Fleet Utilization (active vehicle%)

Transporter Business

HCV Cargo

HCV Tipper

76.3%

77%

75%

61.8%

Q4 FY23

Q2 FY26

Q4 FY23

Q2 FY26

MCV Cargo

ICV trucks

64.7%

67%

69.6%

69.7%

Q4 FY23

Q2 FY26

Q4 FY23

Q2 FY26

LCV

63.6%

67.3%

Buses

76.6%

55.4%

Q4 FY23

Q2 FY26

Q4 FY23

Q2 FY26

Source: Internal Study

Freight Rates

Transporter Profitability

104.4

Indexed

Q2 FY26

111.1

Indexed

Q2 FY26

100

Q4 FY23

100

Q4 FY23

Source: Crisil Research

Tata Commercial Vehicles – Highlights

Vehicle Business

• In Q2 FY26, industry volumes grew by 8% YoY. TIV

grew in all segments.

Non Cyclical business • Consistent yoy growth in Parts & Service spares penetration improving consistently

• Transitioned the entire portfolio to the GST regime

•

International Business, significant 75% yoy growth

shipments

saw

• TML HCV volumes grew in Q2 by 5% YOY while

industry volumes grew by 2%.

• ILMCV segment witnessed continued YOY growth

at 11% while TMCV volumes grew by ~15%

• SCVPU industry volumes grew by 11% in Q2 and TML volumes also grew in line with the industry

• TML CV Passenger volumes grew 9% during Q2, with performance influenced by segment salience shifts and tender-driven business dynamics.

• TML’s e-bus fleet has cumulatively crossed 420 million km, with uptime consistently maintained and exceeding contractual requirements.

above 95%, meeting

• Digital

•

Subscription plans “Lite” and “Prime” introduced in line with market pricing • Renewal rates increased from 26% to 37% between June ’25 and September ’25; supportive of improved customer retention.

Electric Mobility Solutions

• Electric Mobility • 81 EV buses registered

registrations ~3700

in Q2 FY26; total

• Evaluating participation

in the PM E-DRIVE tender through a consortium model to facilitate an asset-light structure for the group.

• AcePro EV • 1,300 AcePro EVs retailed in four months active across segments like waste management and FMCG

• Major financiers onboarded.

Progress in Sustainability journey “Alingana” • Advances made in Carbon, Circular Economy,

and Nature & Biodiversity -

✓ three plants certified water neutral ✓ three plants achieved zero waste to

landfill

✓ Conservation efforts with the Central Asian flyway and Maximus on track.

HCV: Heavy Commercial vehicles

ILMCV: Intermediate, Light and Medium Commercial vehicles

SCV: Small commercial vehicles

CVP: CV Passenger vehicles

Digital Business: Continuing to scale up

FLEET EDGE (CONNECTED VEHICLES)

• 885K+ active vehicles, 75% monthly

active users and 54% weekly active users on platform.

• Mileage Saarathi has led to a ~7%

improvement (median) in fuel efficiency

FLEETVERSE (ONLINE VEHICLE SALES)

E-DUKAAN (ONLINE SPARE PART SALES)

• 22K+ platform assisted

retails in Q2 FY26

• Digital Contribution to

Retail at ~27% in Q2 FY26

• ~10K Customers and 33K retailers onboarded on platform

FY26: Outlook and focus areas

• Q2 saw demand recovery driven by good monsoons and positive sentiment post-GST rate reduction.

• Growth momentum expected to continue through H2 across segments

• GST cut boosted consumption and utilization, supporting MHCV cargo volume growth.

• Mining, construction, and infrastructure restart to drive tipper demand.

• Focus areas:

• Sustain trucks growth trajectory

• Continue share gain in private MCV buses, and initiate delivery against tenders won in Q2

(Maharashtra, Gujarat and Telangana)

• Volume ramp up in Ace Pro, Ace and Intra

• Sustain robust financial performance by consistently delivering double-digit EBITDA margins,

healthy cash flows and strong ROCE

Alt 1

Q&A session

Thank You

Please submit your questions in the Q&A textbox. Please mention your name and name of the organization you represent along with the questions

Additional Details

Results for the quarter ended September 30, 2025

P&L Details

Commercial Vehicles Segment

Revenue from operations

Grant income / incentives

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)

FCF

EBITDA Margin

EBIT Margin

Q2 FY25

Q1 FY26

Q2 FY26

H1 FY25

H1 FY26

17,237

17,008

18,370

35,073

35,378

171

Q2 vs Q2 YoY

1,133

Q2 vs Q1 QoQ

1,362

(8)

(11,746)

(11,360)

(12,506)

(23,854)

(23,866)

(760)

(1,146)

(1,196)

(2,225)

(275)

1,840

(503)

1,337

120

(232)

1,225

(1,219)

(2,272)

(176)

2,075

(421)

1,654

(84)

(1,221)

(2,276)

(204)

(10)

2,235

(432)

1,803

(42)

(74)

1,632

1,694

(2,391)

(4,491)

(502)

3,927

(987)

2,939

201

(436)

2,728

(2,439)

(4,548)

(380)

(6)

4,311

(854)

3,457

(158)

3,326

984

(1,794)

2,211

176

417

10.7%

7.8%

12.2%

9.7%

12.2%

9.8%

11.2%

8.4%

12.2%

9.8%

(24)

(50)

(15)

395

466

(162)

159

469

(2)

(3)

(28)

(14)

160

(11)

149

(89)

(9)

Rs Cr. IndAS

H1 vs H1 YoY

306

(12)

(48)

(57)

123

(9)

384

134

518

(197)

278

(1)

598

Investment Spending in H1 FY26 ~₹1.5K Cr Steady investments as planned Q 2 F Y 2 6 | C o m m e r c i a l V e h i c l e s S e g m e n t | I n d A S , ₹ C r

203

Expensed R&D

273

376

439

Total R&D

479

901

236

Q2 FY26

Capitalised R&D

Q2 FY25

H1 FY26

206

525

200

638

Capital & Other Investment

Total Investment Spending

119

550

598

1451

For analytical purposes only

Debt Profile - Domestic Strong liquidity position, Domestic Credit Rating Agencies retain long term rating at AA+/ Stable

TML Domestic Business*

Gross and Net Debt

5,397

Liquidity

2,816

283 FY26

1,642

FY27

800

FY28

81 Thereafter

Total Debt 5,983 361

2,816

2,806

Particulars

Long Term Debt

Short Term Debt

Leases

Gross Debt

Cash

Total Borrowings

Net Debt / (Cash)

₹Cr

2,806

2,816

361

5,983

(5,397)

586

Long Term Debt

Short Term

Finance Lease

* TML Domestic Business includes CV + Joint operation Tata Cummins

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