Tata Motors Commercial Vehicles Q2 FY27 Earnings Presentation

Cover: Results for the quarter ended September 30, 2026

Content

Title slide for Tata Motors Limited (formerly known as TML Commercial Vehicles Ltd.) with results for the quarter ended September 30, 2026. Presenters named: Girish Wagh, MD & CEO, and GV Ramanan, Chief Financial Officer.

Layout Structure

White slide with logo top right; a full-width photo band across the lower half carries the title text at top-left and presenter names at bottom-left.

Key Visual Elements

• •Tata Motors Commercial Vehicles 'Better Always' logo
• •Panoramic line-up of Tata pickups, vans, buses and trucks on a road against mountains
• •Blue corner tab accent

Safe harbour statement and definitions

Content

Forward-looking statements disclaimer, period narrations (Q2FY27 = 1 Jul to 30 Sep 2026; H1 FY27 = 1 Apr to 30 Sep 2026), IndAS basis, presentation format (standalone including Tata Cummins joint operations), consolidation scope, and definitions of reported EBITDA, EBIT, free cash flow and Auto ROCE.

Layout Structure

Two text columns separated by a dashed vertical line: disclaimer, narrations and accounting standards on the left; 'Other Details' definitions on the right.

Key Visual Elements

• •Justified body text
• •Bold defined terms
• •Dashed column divider

Q2 FY27 key highlights

Content

Six milestones: next-generation passenger mobility solutions at Prawaas 5.0 with new Ultra Prime and Starbus Prime range; next-generation aggregates portfolio at Bauma CONEXPO India 2026; 'Best Truck of the Year' at the Logistics & Transport Award 2026 in the UAE; MoU with Drivn for leasing and financing of electric commercial vehicles; Petronas collaboration on a used-oil recycling pilot; partnership with Welspun Renewable Energy on an 86 MW wind-solar hybrid project.

Layout Structure

Two rows of three image cards, each with a short caption beneath. Top row uses event and award photos; bottom row uses partner logo pairs.

Key Visual Elements

• •Bus display photo from Prawaas 5.0
• •Aggregates exhibition stand photo
• •Truck with award trophy and laurel badge
• •Partner logo cards: Drivn, Petronas, Welspun New Energy

Corporate actions: IVECO update

Content

IVECO offer acceptance period 7 Sep to 26 Oct 2026, with 35% of shares tendered as of 22 October 2026. Timeline: regulatory clearances obtained; acceptance period opens 7 September; offer price raised from €14.10 to €14.40 on 9 October due to a slight delay; IVECO EGM approves all offer-related resolutions on 16 October; acceptance period closes 26 October; offer settlement 30 October 2026.

Layout Structure

Left panel with IVECO photo and two stat boxes; right panel with a vertical timeline, the last two milestones highlighted in light-blue bands.

Key Visual Elements

• •IVECO vehicle grille photo
• •Stat boxes: acceptance period and 35% tendered
• •Vertical timeline with filled and hollow markers

Q2 wholesales 135K (up 42% YoY)

Content

Q2 FY27 wholesales of 135.1K versus 95.0K in Q2 FY26 and 108.7K in Q1 FY27; H1 FY27 wholesales 243.8K versus 181.0K (up 35%). Segments in Q2: HCV 33.8K (+41%), ILMCV 20.8K (+24%), SCV PU 44.0K (+27%), CV Passenger 15.4K (+31%), International Business 21.1K (+177%). H1 YoY growth per segment: 32%, 20%, 30%, 26% and 114%.

Layout Structure

Top band with two large KPI blocks and bar charts (Q2 and H1, the latter in a dotted frame); bottom row of five segment panels each with a three-bar chart and an H1 summary strip.

Key Visual Elements

• •Large '135.1K' and '243.8K' figures
• •Green up-arrow YoY badges
• •Sage-grey and navy bar charts
• •Dotted H1 call-out boxes

Section divider: Standalone Financials

Content

Section title slide introducing the standalone financial results.

Layout Structure

Centered heading above a row of three equal photos.

Key Visual Elements

• •Ace EV small truck
• •Starbus EV electric bus
• •Ultra electric truck in city street

Standalone Q2: Revenue ₹23.9K Cr, EBITDA ₹2.8K Cr, PBT (bei) ₹2.7K Cr

Content

Revenue ₹23.9K Cr (up 42% YoY; 16.9, 19.3, 23.9 across Q2 FY26, Q1 FY27, Q2 FY27); EBITDA margin 11.7% (down 90bps YoY, flat QoQ; EBITDA 2.1, 2.3, 2.8); PBT (bei) ₹2.7K Cr (up 51%); FCF ₹4.6K Cr (up ₹2.4K Cr YoY). EBIT 9.7% (₹2.3K Cr) versus 10.2%; net cash ₹11.3K Cr versus ₹7.5K Cr in March 2026; Auto ROCE 65% versus 68% in Q1FY27; investment spend ₹0.6K Cr versus ₹0.7K Cr.

Layout Structure

Four chart cards in the top row and four KPI cards in the bottom row; headline and subtitle about operating leverage and commodity headwinds above.

Key Visual Elements

• •Four three-bar charts
• •Green and orange YoY arrows
• •Outlined KPI cards for EBIT, net cash, ROCE and investment

Q2 EBIT at 9.7%, PBT (bei) at ₹2.7K Cr

Content

PBT (bei) waterfall from ₹1,757 Cr (Q2 FY26) to ₹2,660 Cr (Q2 FY27): volume and mix +1,159, realisation (net) +1,017, variable costs (1,416), other costs (214), FX and others +356. EBIT margin bridge: 10.2% to 9.7% (2.3% from volume and realisation, (5.9)% variable costs, 2.8% other costs, 0.3% FX and others). Call-outs detail other costs and other income, finance cost, forex and PLI.

Layout Structure

Full-width waterfall chart with navy end bars and grey-green floating bars, two dashed call-out bubbles, and an EBIT % strip along the bottom.

Key Visual Elements

• •Waterfall bars
• •Dashed highlight box around volume, realisation and variable costs
• •Color-coded call-outs (green gains, red costs)

Robust H1 FCF of ₹5.7K Cr

Content

H1 FY27 free cash flow bridge: PBT (bei) 4,717, non-cash and other 636, tax (1,262), cash profit after tax 4,091, capex (1,036), working capital changes 2,447, finance expense (net) and dividend 219, FCF 5,721. Q2 FY27 FCF is 4,606 versus 2,210 in Q2 FY26. Working capital call-out: trade receivables (622), payables and others 4,786, inventories (1,717).

Layout Structure

Waterfall chart across the upper area with a call-out bubble, and a two-row comparison table (Q2 FY27 and Q2 FY26) aligned under the chart columns.

Key Visual Elements

• •Navy subtotal bars and grey-green movement bars
• •Working capital call-out bubble
• •Boxed data table

Investment spending in H1 FY27 ₹1.1K Cr

Content

H1 FY27 investment: capitalized R&D 358, expensed R&D 258, total R&D 616, capital and other investments 496, total spending 1,112 (₹ Cr). Q2 FY27 totals 597 versus 686 in Q2 FY26 (R&D 339 versus 442; capital and other 258 versus 244).

Layout Structure

Dotted-frame waterfall chart of five columns above a two-row comparison table.

Key Visual Elements

• •Stacked build-up bars to total spending
• •Q2 FY27 versus Q2 FY26 table

Section divider: Consolidated Financials

Content

Section title slide introducing the consolidated financial results.

Layout Structure

Centered heading above a row of three equal photos.

Key Visual Elements

• •Intra V70 Gold pickup loaded with sacks
• •Tata Ultra bus
• •Blue cargo truck at a market

Consolidated Q2: Revenue ₹25.3K Cr, EBITDA ₹2.8K Cr, PBT (bei) ₹1.8K Cr

Content

Consolidated revenue ₹25.3K Cr (up 36%; 18.6, 20.7, 25.3); EBITDA margin 10.9% (down 40bps YoY; EBITDA 2.1, 2.3, 2.8); PBT (bei) ₹1.8K Cr (up 423%; (0.6), 3.0, 1.8) with Tata Capital MTM gain/(loss) of (2.0), 1.1, (0.7). EBIT 8.9% (₹2.3K Cr) versus 8.7%; free cash flow ₹3.0K Cr versus ₹2.0K Cr; net cash ₹15.9K Cr versus ₹13.7K Cr in March 2026.

Layout Structure

Three chart cards on top and three KPI cards below, mirroring the standalone slide layout.

Key Visual Elements

• •Three-bar charts including a negative bar
• •KPI cards for EBIT, FCF and net cash
• •Italic note on TMF Holdings net cash

Section divider: Business Updates

Content

Section title slide for the business updates section.

Layout Structure

Left-aligned heading above a large full-width photo.

Key Visual Elements

• •Red Tata Signa heavy truck chassis in front of stacked shipping containers

H1 VAHAN market share at 36.2%, up 110bps vs FY26

Content

Domestic CV market share: FY26 35.1%, Q1 FY27 36.8%, Q2 FY27 35.7%, H1 FY27 36.2%. By segment (H1 FY27): HCV 55.7% (+50bps), ILMCV 36.3% (down 170bps), SCV PU 27.6% (+130bps), CV Passenger 41.1% (+500bps). Footnotes explain VAHAN data basis and restated prior periods.

Layout Structure

Top panel with the large 36.2% figure and four-bar chart; four segment panels below, each with a four-bar chart and a dashed separator before H1 FY27.

Key Visual Elements

• •Grey FY26, light-blue quarterly and dark-navy H1 bars
• •Green and orange change arrows
• •Detailed footnotes

Fleet utilization stable; freight rates up, transporter profitability recovering

Content

Fleet utilization (Jan'23 to Sep'26): HCV Cargo 72.2% to 76.4%, HCV Tipper 71.6% to 62.1%, MCV Cargo 60.2% to 67.2%, ICV trucks 65.8% to 66.6%, LCV 60.1% to 62.9%, Buses 51.1% to 69.3%. Operating economics (indexed to 100): freight rates 106.4, transporter profitability 98.4. Sources: internal study and Crisil Research.

Layout Structure

Two rounded panels: left with a 2x3 grid of line-chart tiles, right with two stacked index line-chart tiles.

Key Visual Elements

• •Grey shadowed sparkline tiles
• •Green arrow markers
• •Start and end value labels

Business overview, Q2 FY27

Content

Industry: offtake TIV up 28% YoY, TML volumes up about 30%, robust freight activity after July monsoon slowdown. Businesses: trucks +34%, passenger carriers +31%, SCVPU about +27%, parts and services steady, International Business +177% on an Indonesia order, e-bus uptime 95%+, digital renewals improved. Sustainability: EV volumes +143%, 4.4K+ SCV EV retails (2.9X YoY), 64+ Cr green kms by e-buses.

Layout Structure

Three columns (Industry, Businesses, Sustainability) with coloured underlined headings and arrow bullets; Ace EV photo at lower right.

Key Visual Elements

• •Coloured column headers
• •Arrow bullets with bold lead-ins
• •Ace EV 1000 pickup photo

Looking ahead: Q3 FY27 strategic priorities

Content

Priorities: overall disciplined pricing, costs and supply; trucks productivity, payload and TCO; CV passenger and electric buses; small commercial vehicles and pickups growth and EV adoption; parts and services uptime and reach; International Business diversification amid geopolitical volatility; Iveco consolidation to begin next quarter.

Layout Structure

Bulleted list on the left with bold category labels; large tipper truck image on the right.

Key Visual Elements

• •Seven bold-labelled bullets
• •Blue Prima tipper truck cut-out

Q&A session and Thank You

Content

Closing slide inviting questions through the Q&A textbox, asking participants to mention their name and organisation.

Layout Structure

Three equal photos across the middle with 'Q&A session' and 'Thank You' headings and instruction text below.

Key Visual Elements

• •Intra pickup, Ultra bus and blue cargo truck photos
• •Large bold headings

Section divider: Additional Details

Content

Appendix divider labelled 'Additional Details, Results for the quarter ended September 30, 2026'.

Layout Structure

White slide with a full-width dark navy band holding the white title and a light-blue subtitle.

Key Visual Elements

• •Dark navy band
• •Blue corner tab

P&L details: standalone including Tata Cummins joint operations

Content

Standalone P&L in ₹ Cr (Q2 FY26, Q1 FY27, Q2 FY27, H1 FY26, H1 FY27 and changes): revenue from operations 16,861 / 19,329 / 23,930; EBITDA 2,137 / 2,264 / 2,806; EBIT 1,725 / 1,817 / 2,334; PBT (bei) 1,757 / 2,057 / 2,660; PAT (1,021) / 1,528 / 2,138; H1 FY27 EBITDA 5,070 and PAT 3,666; FCF 2.2 / 1.1 / 4.6 K Cr; EBITDA margin 11.7% and EBIT margin 9.7% in Q2 FY27.

Layout Structure

Full-slide table with light-blue header, navy highlighted subtotal rows and variance columns (Q2 vs Q2, Q2 vs Q1, H1 vs H1) on the right.

Key Visual Elements

• •Navy and light-blue banded rows
• •Expense lines in parentheses
• •Margin rows in basis points

P&L details: Tata Motors Limited consolidated

Content

Consolidated P&L in ₹ Cr: revenue from operations 18,585 / 20,667 / 25,338 (Q2 FY26 / Q1 FY27 / Q2 FY27); EBITDA 2,113 / 2,257 / 2,770; EBIT 1,630 / 1,773 / 2,274; PBT (bei) (551) / 3,049 / 1,780; PAT (867) / 2,556 / 1,253; H1 FY27 PAT 3,809; fair value changes on investments at FVTPL (2,027) / 1,135 / (708); FCF 2.0 / 0.4 / 3.0 K Cr; EBITDA margin 10.9% and EBIT margin 8.9% in Q2 FY27.

Layout Structure

Same table format as the standalone P&L, with extra rows for equity-accounted investees and FVTPL gains, and an FVTPL footnote.

Key Visual Elements

• •Banded navy and light-blue table
• •Variance columns
• •FVTPL definition footnote