Pursuant to Regulation 30 of SEBI (LODR) Regulations 2015, we are enclosing herewith the transcript of the earning call on the financial result of the Company for the first quarter ended ....

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 August 18, 2026 Sc no.- 110 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 August 12, 2026 on the Financial Results of Tata Motors Limited (formerly TML Commercial Vehicles Limited) (‘the Company’) for the first quarter ended June 30, 2026. The same is also available on the website of the Company at www.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 August 12, 2026 Tata Motors Limited (Formerly known as TML Commercial Vehicles Ltd) Q1 FY27 Earnings Call transcript Management: • MR. GIRISH WAGH, MD & CEO, TATA MOTORS LIMITED Presentation Sneha Gavankar Good evening. Welcome to Tata Motors’ Q1 FY27 Results Call. My name is Sneha Gavankar. I head Investor Relations and Communications. Joining me are Mr. Girish Wagh, Managing Director and CEO, and the Investor Relations team. Before we begin, I would like to inform you that our CFO, Mr. G.V. Ramanan, is unable to join today's call due to a personal exigency in the family and he sends his regrets for being unable to attend. In his absence, I will be taking you through the financial highlights section of the presentation, following which Mr. Wagh will give the business and strategic overview. We will then move to Q&A. As a reminder, all participants will be in listen-only mode, and we'll be taking your questions via the Teams platform, which is already open to you for submitting questions. You may please mention your name and the name of your organization while submitting your questions. With that, let me begin with the financial highlights for the quarter. Before we go into the numbers, a quick word on safe harbour. Consistent with our last quarter presentation, our primary numbers represent the standalone financials which includes joint operations with Tata Cummins. Consolidated results follow later in the deck. One change to note this quarter; Freight Tiger is now included as a subsidiary, following the increase in our stake in May 2026. With that, let me take you through the highlights of the quarter. Q1 was a quarter of execution on the commitments we made at the start of the year. A few highlights that deserve a mention. On Electric vehicles, we strengthened our electric CV leadership with over 3,400 electric vehicle orders across segments, building on the momentum we saw in the second half of last year. On the SCV Pick up front, we launched the Ace Gold+ XL, Intra V40 and Intra EV, broadening the SCV PU portfolio across ICE, CNG and electric. For the Indonesia order of 70,000-units Yodha and Ultra T.7, we initiated deliveries during the quarter. We also crossed a major milestone, with our Lucknow plant crossing 10 lakh commercial vehicles in cumulative production. We also partnered with HPCL on a scalable circular economy model for used automotive lubricants; and the Tata Motors Foundation's Integrated Village Development Programme has now reached close to 200 villages nationwide. Next slide please. There were two significant corporate actions in the quarter. On the Iveco transaction - regulatory approvals are now in the final stage, with only one approval pending. All information requests have been addressed, and we expect final clearance by the end of August 2026. 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 August 12, 2026 On that basis, the Tender Offer is expected to be launched in early September 2026, with closure expected by early November 2026. On Freight Tiger - we acquired an additional 18.1% equity stake in May 2026 for around ₹96 crore, taking our total holding to approximately 63.6%. Freight Tiger is now a subsidiary. The intent here is straightforward, bringing FleetEdge and Freight Tiger together so that it gives us an end-to-end digital ecosystem across the logistics value chain, covering both the truck ecosystem and the trip ecosystem. The next few slides cover the standalone business which include JO with Tata Cummins. Let me start with volumes. Q1 wholesales were approximately 108,700 units, up 26% year-on-year; a robust quarter and one delivered through a period of heightened geopolitical tensions. It’s important to note that this growth was broad-based across every product line and each in double digits. HCV at 26.4K units, up 22%; ILMCV at 17.1K units, up 16%; SCV Pickup at 38.3K units, up 35%; CV Passenger at 18.7K units, up 23% and exports at 8.1K units, up 35% This slide summarizes the standalone financials. The volume momentum we saw in the last page translated into a 23% revenue growth for the quarter, which stood at ₹19,300 crore, EBITDA was ₹2,300 crore at a margin of 11.7%, down 60 basis points YoY. The moderation is commodity-led, and I will take you through the walk on the next slide. EBIT margin was 9.4%, down only 20 basis points and PBT before exceptional items was ₹2,100 crore, up 26% year-on-year. So, despite the margin moderation, absolute profit growth has kept pace with revenue. Free cash flow was ₹1,100 crore, against a negative ₹1,800 crore in Q1 last year. That’s a swing of almost ₹2,900 crore. I will also cover the drivers for that shortly. Net cash stood at ₹7,100 crore as of June 30th, against ₹7,500 crore at March-end and this is after the ₹1,473 crore dividend payout during the quarter. Auto ROCE continued to be strong at 68% on a trailing twelve-month basis, against 72% for FY26. Investment spending was ₹500 crore for the quarter, in line with plan. This is the walk from PBT before exceptional items of ₹1,635 crore in Q1 FY26 to ₹2,057 crore in Q1 FY27, and what you see below is the EBIT margin bridge. Volume and mix contributed to ₹686 crore, and realisation a further ₹402 crore. The price increases that we took during the quarter have largely been passed through and together these added 140 basis points to EBIT margin. Variable costs were the principal headwind at ₹649 crore, or 340 basis points. This is primarily commodity inflation. Steel, aluminium and copper flowing through into material cost, consistent with the headwinds that we flagged when we closed FY26. Other fixed costs contributed positively, at 180 basis points. This is operating leverage on a larger revenue base. FX and other items were neutral to margin. Net of all this, EBIT margin moved from 9.6% to 9.4%. and in summary, operating leverage and improved realisation have absorbed almost all of the significant commodity headwind. Coming to Free cash flow - for the quarter, FCF was ₹1,114 crore, against negative of ₹1,796 crore in Q1 FY26 - a swing of about ₹2,900 crore. Going through the walk, PBT before exceptional items of ₹2,057 crore, and non-cash items were ₹247 crore. On tax - the ₹500 crore outflow compares with just ₹20 crore in Q1 last year. As flagged during the full-year results, cash tax is now a recurring item for us. With that, we arrive at a cash profit after tax of around ₹1,800 cr. Capex was ₹554 crore, lower than the ₹639 crore 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 August 12, 2026 in Q1 last year and in line with our investment plan. But the decisive difference year-on-year is efficient working capital. This quarter consumed only ₹232 crore, against ₹3,474 crore in Q1 FY26. Next Sl [Showing first 8,000 characters — download PDF for full document]