Tata Motors Limited — PPTs, 13-11-2025: Investor Presentation

Here's a summary for retail investors:

**Business Performance:** Tata Motors' Commercial Vehicles (CV) segment reported strong Q2 FY26 performance with wholesales up 12% YoY to 96,800 units, fueled by robust export growth (+75% YoY) and HCVs. CV revenue rose 6.6% YoY to ₹18,400 Cr. Consolidated revenue also grew 6.0% YoY to ₹18,600 Cr. Domestic market share held steady.

**Growth Drivers or Strategy:** The company is focusing on profitable growth, expanding digital initiatives like Fleet Edge (885K+ active vehicles) and E-Dukaan for spare parts. Electric mobility is a key thrust, with new EV bus deliveries and an expanded charging network. The IVECO acquisition is on track, and additional investment in Freight Tiger signals a push for AI-led logistics transformation.

**Recent Developments:** The successful demerger and listing of Tata Motors Ltd. (formerly TML CV) occurred on October 1, 2025. New products like Ace Gold+ Diesel and Winger Plus were launched, and benefits from GST reduction were passed to customers.

**Key Financial Metrics:** CV EBITDA margin expanded by 150 basis points YoY to 12.2%, with PBT (before exceptional items) at ₹1,700 Cr. Consolidated PBT stood at ₹1,500 Cr but was impacted by a ~₹2,000 Cr mark-to-market loss on investments. The CV segment delivered a strong Q2 Free Cash Flow (FCF) of ₹2,200 Cr, contributing to a reduction in consolidated net debt to ₹1,165 Cr from ₹4,000 Cr in March.

**Management Commentary / Outlook:** Management anticipates continued demand recovery and growth in H2, driven by monsoon effects, GST benefits, and infrastructure spending. Key focus areas include sustaining truck growth, expanding share in MCV buses, and increasing volumes for Ace Pro, Ace, and Intra, while maintaining double-digit EBITDA and healthy cash flows.