Tata Motors Ltd

Financial Performance

• Standalone revenue ₹19,300 crore, up 23% YoY.
• Standalone EBITDA ₹2,300 crore; margin 11.7%.
• Standalone EBIT margin 9.4%; down 20 bps.
• Standalone PBT before exceptional items ₹2,100 crore; up 26%.
• Standalone Free Cash Flow ₹1,100 crore; swing from -₹1,800.
• Standalone net cash ₹7,100 crore as of Jun 30; dividend ₹1,473 crore paid.
• Consolidated revenue ₹20,700 crore; up 19%.
• Consolidated EBITDA ₹2,300 crore; margin 10.9%.

Volumes & Mix

• Q1 standalone volumes 108,700 units; up 26% YoY.
• HCV 26.4K; ILMCV 17.1K; SCV pickup 38.3K; CV Passenger 18.7K; Exports 8.1K.
• VAHAN share up 100 bps sequential; heavy CV share 56.3%.

Cash Flow & Balance Sheet

• FleetEdge installed base >1 million; utilization improving MoM.
• Free cash flow (Q1) ₹1,114 crore; YoY swing from -₹1,796.
• Consolidated net cash ₹13,500 crore as of Jun 30; strong liquidity.
• Capex ₹554 crore in Q1; ~₹600 crore prior year; 2.7% of revenue in Q1.
• Working capital consumed ₹232 crore in Q1, vs ₹3,474 crore prior year.

EVs, Products & International

• EV volumes grew almost threefold YoY; Intra EV orders rising.
• SCV EV penetration double-digit in May–June; 3,200+ Intra EV retails in Q1.
• 850 electric bus orders; Smart City EV uptime >59 crore km.
• Intra EV capacity not a challenge; cell lead times bottleneck; debottlenecking planned.
• Indonesia deliveries ~2,000 in Q1; ramping up; 35% YoY growth despite limited Middle East shipments.

Outlook & Guidance

• Q2 expected to show healthy double-digit YoY growth.
• Indonesia 70,000 orders to be supplied over FY27 and FY28.
• July price hike of 2.5%; pass-through expected during the quarter.
• Total investment spending in Q1 ₹515 crore; ~2.7% of revenue; within 2–4% guided.

Q&A Highlights

• Q2 double-digit YoY growth; demand remains robust post-monsoon.
• Indonesia orders timeline clarified: 70k units over FY27–FY28.
• EV pricing strategy: 2.5% July hike; pass-through anticipated.
• EV financing improving; battery warranty offered; financiers confident.
• Tamil Nadu demand improving post-election slowdown.
• Market-share gains expected to continue.

Meeting Details

• Audio recording of Q1 FY27 earnings call released; quarter ended June 30, 2026.
• Organiser: Tata Motors Limited.
• Event: earnings conference call.
• Mode: audio recording.
• Date of recording release: August 12, 2026.

Participants

• Key participants from company not detailed in filing.

Purpose

• Purpose: discuss financial results and operations for Q1 FY27.

Additional Notes

• Availability: audio recording accessible on Tata Motors website; no URLs included.
• Filing date: August 12, 2026.

Business Overview

• Core business: commercial vehicles; standalone results include joint operations with Tata Cummins.
• Launched Ace Gold+ XL, Intra V40, Intra EV; expanding SCVPU across ICE, CNG, EV.
• Lucknow plant reached 10 Lakh CV production milestone.
• HPCL partnership to develop circular economy model for used automotive lubricants.
• Initiated deliveries against Indonesia order.
• EV volumes grew 277% YoY; EV penetration around 10% in SCVPU; Fleet Edge base at 1.1 million.

Operational Highlights

• Q1 FY27 standalone: over 3,400 eCV orders across segments.
• Indonesia deliveries initiated.
• Q1 wholesale volumes: 109k units; YoY growth 26%.
• 850+ EV buses orders in hand.
• Freight Tiger subsidiary stake up to ~63.6% via ₹95.66 Cr May 2026 acquisition.
• Intra EV and Bi-fuel variants launched.

Financial Performance

• Standalone revenue ₹19,329 Cr; EBITDA ₹2,263 Cr; PBT ₹2,057 Cr; PAT ₹1,528 Cr.
• Standalone EBITDA margin 11.7%; EBIT 9.4% in Q1 FY27.
• Consolidated revenue ₹20,667 Cr; EBITDA ₹2,257 Cr; PBT ₹3,049 Cr; PAT ₹2,556 Cr.
• Standalone FCF ₹1,114 Cr; consolidated net cash ₹13,500 Cr.
• Q1 FY27 capex ₹515 Cr.

Capital Structure & Liquidity

• IVECO tender: final approvals pending; clearance by end-August 2026; launch early Sep 2026; closure by early Nov 2026.
• Freight Tiger stake expanded to ~63.6% after May 2026 ₹95.66 Cr acquisition.
• Consolidated net cash position ₹13,500 Cr.

Strategic Priorities & Outlook

• Q2 focus: manage commodity inflation via price increases and cost management.
• Trucks: accelerate growth with MY26 portfolio, higher-payload trucks, BEV expansion.
• CV Passenger: target ~4.5k Government/Defence/STU orders; 850 e-buses.
• SCVPU: build Ace and Intra momentum; shift toward EVs to gain market share.
• Parts & Services: accelerate YoY growth via demand generation and resilient supply chain.
• International: ramp Indonesia deliveries; broaden demand generation due to Middle East crisis.

Risks & Mitigation

• Commodity inflation and supply chain challenges; Middle East crisis.
• Mitigations include price increases, cost management, and targeted debottlenecking.

Governance & Leadership

• No major board or leadership changes disclosed.
• Regulatory approvals ongoing for Iveco tender and related corporate actions.

Financial results approved

• Audited standalone Q1 FY27 results approved.
• Unaudited consolidated Q1 FY27 results approved.
• Standalone Q1 FY27 revenue ₹19,329 Cr; EBITDA ₹2,300 Cr; PBT ₹2,057 Cr; FCF ₹1,114 Cr.
• Consolidated Q1 FY27 revenue ₹20,667 Cr; PBT ₹2,970 Cr; PAT ₹2,556 Cr.
• Net cash position ₹13.5K Cr as of 30 Jun 2026.
• Final dividend ₹4 per share for FY26; payout ₹1,473 Cr.

Strategic actions and corporate moves

• Freight Tiger became a subsidiary; stake ~63.6% after ₹95.66 Cr purchase in May 2026.
• PPA completed for Freight Tiger; goodwill recognised ₹360 Cr.
• Iveco tender offer: final approvals pending; clearance expected by end-Aug 2026.
• Tender offer to launch early Sep 2026; closure expected early Nov 2026.
• Composite Scheme: demerger of TMPVL CV business to Tata Motors; amalgamation with TMPVL; effective Oct 1, 2025.
• TMF Holdings/Biz Services merger with Tata Motors approved; NCLT order awaited; hearing July 30, 2026.
• EPR for End-of-Life vehicles: policy clarity pending; costs not reliably estimated as of 30 Jun 2026.
• Tax rate for quarter lower due to ₹1,135 Cr fair value gains on FVTPL investments.

Dividends and capital actions

• Final dividend of ₹4 per share (face ₹2) for FY26; payout ₹1,473 Cr.

Auditor remarks and regulatory disclosures

• Independent Auditor: standalone results with unmodified opinion.
• Consolidated results subject to limited review; overseas subsidiaries reviewed by other auditors.
• March 31, 2026 figures presented as balancing figures; not audited.

Meeting Details

• Date and time: 12 August 2026, 6:30 PM IST
• Type and mode: Investor/analyst conference call, virtual
• Event: Conference Call – Q1FY27 financial results organized by Tata Motors

Participants

• Key participants: MD & CEO; CFO

Purpose

• Discuss Q1FY27 results and June 30, 2026 operations

Additional Notes

• Live webcast; presentation uploaded on Tata Motors site after dissemination to exchanges