Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we are enclosing herewith the transcript of the Earning Call on the Financial Results of the Company for the second quarter and half year ended September 30, 2026.

BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Fort Bandra Kurla Complex, Mumbai 400 001 Bandra(E), Mumbai 400 051 October 27, 2026 Sc no.- 148 Dear Sir/Madam, Sub: Transcript of the Earnings /Conference call Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the earnings/ conference call conducted after the Meeting of Board of Directors held on October 23, 2026, on the Financial Results of Tata Motors Limited (formerly TML Commercial Vehicles Limited) (‘the Company’) for the second quarter and half year ended September 30, 2026. The same is also available on the website of the Company at https://cv.tatamotors.com/. This is for information of the Exchanges and the Members. Yours Faithfully, Tata Motors Limited (formerly TML Commercial Vehicles Limited) Ranjan Kumar General Counsel & Company Secretary Encl: as above Tata Motors Limited October 23, 2026 Tata Motors Limited (Formerly known as TML Commercial Vehicles Ltd) Q2 FY27 Earnings Call transcript Management: • MR. GIRISH WAGH, MD & CEO, TATA MOTORS LIMITED • MR GV RAMANAN, CFO, TATA MOTORS LIMITED Presentation Sneha Gavankar Good day and welcome to Tata Motors Limited Q2 FY27 Earnings Call. I have with me today Mr. Girish Wagh, Managing Director and CEO; Mr. GV Ramanan, CFO and the Investor Relations team. Today we'll walk you through the results presentation followed by Q&A. As a reminder, all participants will be in listen- only mode and we will be taking questions by the Teams platform. The same is already open to you for submitting questions. You are requested to mention your name and the name of your organization while submitting the questions. With that, I now hand over to Mr. GV Ramanan. Over to you. GV Ramanan Thank you, Sneha. Good evening and welcome to Tata Motors Q2 FY27 Earnings Call. Thank you for joining us today. I'll be taking you through our financial performance for the quarter and the half-year ended September 30, 2026. Safe harbour statement. This is the regular statement that we have given, and like last quarter, our primary numbers represent the standalone financials, which include the joint operations with Tata Cummins. Consolidated results follow later in the deck. There is no change in the reporting parameters versus this quarter. Freight Tiger continues to be consolidated as a subsidiary, as it was in Q1. With that, let me take you through the highlights of the call. On products, at Prawaas 5.0 we unveiled our next-generation passenger mobility solution, including the launch of new Ultra Prime and Starbus Prime range. We also showcased our next-gen aggregates portfolio at Bauma CONEXPO India 2026. We were crowned the Best Truck of the Year at the Logistics and Transport Award 2026 in the UAE, a recognition that comes alongside a very strong quarter of export, which I will cover under the volume section. Signed MoU with Drivn to offer innovative leasing and financing solutions for our electric commercial vehicles, easing the total cost of ownership conversation for fleet customers. We collaborated with Petronas to pilot a scalable used-oil recycling model, extending the circular economy work we began with HPCL last quarter. During the quarter, we also partnered with Welspun Renewable Energy to develop a 86-megawatt wind-solar hybrid project. A quick update on IVECO transaction, which has progressed in line with the timeline we shared last quarter. We obtained all required regulatory clearances, completing the condition to launch the offer. Consequently, the acceptance period opened on 7 September 2026 and will close on 26 October 2026. On 9 October, we increased the offer price from EUR14.10 to EUR14.40 per share in consideration of the slight This transcript has been refined for readability; and does not purport to be a literal representation of the oral record. Page 1 Tata Motors Limited October 23, 2026 delay in completing the offer relative to the original timeline. This was a goodwill gesture from the company, and EUR14.40 has also been declared as a best and final offer. On 16 October, IVECO EGM approved all offer-related resolutions. As of 22 October, approximately 35% of shares have been tendered. As typically seen in the tender offer process, a significant portion of shares tend to be tendered towards the very end of the acceptance period, particularly in the final 24 to 48 hours. We therefore remain confident of a successful completion of the open offer. Subject to the offer conditions being met, settlement is expected on 30 October 2026, when Tata Motors will pay the offer price for the shares tendered. We will come back to you with an update on IVECO once the offer is settled. Q2 wholesales were at 1,35,100 units, up 42% year-on-year and up 24% sequentially. Growth was once again broad-based, with every segment in double digits. HCV was up 41%, ILMCV was up 24%, small commercial cargo and pickup was up 27%, CV passenger up 31%, and international business was up 177%, close to 2.6 times over last year. The step up in international business that you see is driven by the Indonesian order, where deliveries ramped up sharply during the quarter on top of the steady export trajectory we built through FY26. For the half year, wholesales were at 2,43,800 units, up 35%. HCV up 32%, ILMCV up 20%, small commercial pickup, again a double-digit growth of 30%, and CV passenger was up 26%, and the international business was up 114%. The next few slides cover the standalone business, including the joint operations with Tata Cummins. The Financial Highlight. This slide summarizes the standalone financials, including the joint operations with Cummins. Volume momentum translated into 42% revenue growth. Revenue for Q2 was ₹23,900 crores. EBITDA was about ₹2,800 crores, up 31% at a margin of 11.7%. While EBITDA margin was down 90 basis points YoY, it held flat sequentially despite a commodity headwind intensifying further during the quarter. I will take you through the margin walk later. EBIT margin was at 9.7%, down 50 basis points YoY. EBIT at ₹2,300 crores. The profit before tax, before exceptional items, was at ₹2,700 crores, up 51%. So, an absolute profit growth has again outpaced volume growth. Free cash flow was at ₹4,600 crores against ₹2,200 crores in Q2 last year, an improvement of ₹2,400 crore, which I'll walk you through shortly. With that, the net cash stood at ₹11,300 crores as at September 30 against ₹7,500 crores at March and ₹7,100 crores at June end, and this is after the dividend payout in Q1. The Auto ROCE was 65% on a trailing 12-month basis against 68% at the end of Q1, a moderation largely reflecting the lower margins over the last 12 months. Investment spends was ₹600 crore for the quarter against ₹700 crore in Q2 last year, and this is in line with the plan. Coming to the Q2 EBIT walk. This is the walk from PBT before exceptional items of ₹1,757 crores in Q2 FY26 to ₹2,660 crores in Q2 FY27, with the EBIT margins bridge shown underneath. Volume and mix contributed to around ₹1,159 crore, with an improved net realization of further ₹1,017 crores. Together, these added 230 basis points to EBIT margin. Variable cost, with the principal headwinds at ₹1,416 crore, 590 basis point impact. This is the commodity inflation which was flowing into the material cost. Other cost contributed positively at 280 bps. Even though they were higher in absolute terms by ₹214 crores, This transcript has been refined for readability; and does not purport to be a literal representation of the oral record. Page 2 Tata Motors Limited October 23, 2026 depreciation, product development were favourable by ₹13 crores, employee cost was higher by ₹88 crores, and other expenses by ₹139 crores. This is operating leverage on a 42% larger revenue base. FX and other items [Showing first 8,000 characters — download PDF for full document]