Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we are enclosing herewith the transcript of the earning call conducted after the Board Meeting on August 13, 2026 on the ....

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 19, 2026 Sc no. - 18978 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 13, 2026 on the Audited Standalone Financial Results and Unaudited Consolidated Financial Results of Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) (‘the Company’) for the first quarter ended June 30, 2026. The same is also available on the website of the Company at https://cars.tatamotors.com/investors/financial-information/quarterly-results.html. This is for information of the Exchanges and the Members. Thanking you. Yours faithfully, Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited) Maloy Kumar Gupta Company Secretary & Chief Legal Officer Encl: as above Tata Motors Passenger Vehicles Limited August 13, 2026 Tata Motors Passenger Vehicles Group Q1 FY27 earnings call transcript MANAGEMENT: MR. SHAILESH CHANDRA – MD & CEO, TATA MOTORS PASSENGER VEHICLES LIMITED MR. PB BALAJI – CEO, JAGUAR LAND ROVER MR. DHIMAN GUPTA– CFO, TATA MOTORS PASSENGER VEHICLES LIMITED MR. RICHARD MOLYNEUX –CFO, JAGUAR LAND ROVER Presentation Anish Gurav Good day and welcome to Tata Motors Passenger Vehicles Limited Q1 FY27 Earnings Call. Today we have with us Mr. Shailesh Chandra, MD and CEO, Tata Motors Passenger Vehicles Limited; Mr. P.B. Balaji, CEO, Jaguar Land Rover; Mr. Dhiman Gupta, CFO, Tata Motors Passenger Vehicles Limited; and Mr. Richard Molyneux, CFO, Jaguar Land Rover and we also have our colleagues from the Investor Relations team. Today, we plan to 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 the questions via Teams platform. The same is already open to you to submit the questions. You are requested to mention your name and name of the organization while submitting the questions. I now hand over to Mr. Dhiman Gupta to take over. Over to you sir. Dhiman Gupta Thank you, Anish. Another quarter of strong brand and product-led actions across the group. We continue to strengthen and augment our EV portfolio in India with the launch of the refreshed Tiago and Sierra.ev, which has helped improve our EV market position over the last several quarters. At JLR, we will continue to see the step-up in launched activities towards the introduction of four BEVs over the coming quarters. Next slide, please. TMPV delivered revenues of Rs. 95,800 Cr for the quarter, EBIT margins at 2.4%, and PBT for the quarter stood at Rs. 1,600 Cr, down on a year-on-year basis. Richard and I will talk about it in greater detail in the subsequent sections. But in summary, JLR wholesales were down in part due to the temporary supply constraints and Middle East conflict. In addition, profitability was impacted as market conditions pushed VME up year-on-year, partially offset by favorable structural cost and other one-offs. The domestic business delivered strong revenue growth, however, elevated commodities moderated improvement in margins. Next slide, please. Consolidated net debt stood at Rs.42,000 Cr at the end of the quarter. India business continues to remain net cash positive, while net debt at JLR was GBP 3.6 billion. Richard, if you could take the next section, please. Tata Motors Passenger Vehicles Limited August 13, 2026 Richard Molyneux Yes, of course. So, if you could move to the next chart. Thank you. So, look, times at JLR are simultaneously both difficult and exciting. Exciting in terms of the many amazing cars we are about to launch. Difficult in that our financial results are not as good as the same period last year, and you can see this below. Wholesales were down about 10% year-over-year. This is partly caused by the run-out of legacy cars as we move to the launch of the new Jaguars, but also a fire at a supplier. I'll explain more later. This drove revenue to GBP 6 billion with EBIT of 2.8%, a positive PBT of GBP 109 million, but a significant cash outflow. It should be recognized our first quarter results are typically our weakest in cash, in particular suffers from a seasonal working capital swing. So, the results was weaker than we would have liked, are not inconsistent with our full year guidance. It will, however, require strong performance for the remainder of the year. Next chart. So I won't go through this in detail. As per usual, this is the headlines for your future reference. Next chart. So our wholesales as I've mentioned, were down about 8,000 and about 3,000 lower than we had internally planned as we run out old Jaguar models. Defender remains amazingly strong, up again in wholesales, whilst Range Rover and Range Rover Sport were the cars impacted by the fire at a chassis component supplier that happened early in the quarter and knocked several days of production that we were not able to recover. Discovery and Jaguar, as mentioned, are the two brands we are currently reimagining. On retails, you can see those below, we are down 14.5K year-over-year and over 5,000 of this is Jaguar run out or Middle East conflict driven. In addition, we did have some temporary quality holds right at the end of the quarter and we deliberately balanced out of lower margin products to improve mix. Next chart. So regionally, looking at wholesales, the U.S. and MENA are flat year-over-year. Not surprisingly, the market with the biggest correction is China, down 25% year-over-year. All the competitors are finding the China market extremely difficult, and we are also impacted. Our focus there is on keeping discipline on retailer stock days, driving demand generation innovatively, and running out the last legacy cars to free our retailers from the associated financial burden. We have to get them and us focusing on the big three that drive their returns and our returns. Next chart. So this walks our PBT from the GBP 351 million last year to the GBP 109 million this year. Volume and mix actually wasn't too bad given the wholesale drop, as we balanced more into Range Rover, Range Rover Sport and Defender, which are now 81% of our sales. Tariffs or U.S. duties actually show as favorable as the comparable quarter last year was the one where we paid tariffs at 27.5% before the trade deals came into force. Equally, emissions show as negative this quarter versus the big accrual release that we had in Q1 last year. VME in the second big column is significantly higher. It's now at 7.1%. China is the most difficult market year-over-year for us given economic and retailer stress and also the effect of the new luxury taxes that came into force after Q1 last year. The U.S. is also remaining high in terms of VME particularly versus a quarter one last year where we deliberately kept sales allowances low in response to the tariff implementation. In the next column, industrial operations were hit by higher commodity prices. And the only other significant item is FX or commodities, which is largely the non-repeat of an GBP 83 million favorable revaluation gain in Q1 last year, and also unrealized commodity hedge losses as aluminum and palladium reduced from peaks that they had right at the start of the quarter. So, next chart, please. Walking on to free cash f low, we generated over GBP 0.5 billion cash profit after tax. But as we near the peak of our investment cycle, it gives a free cash f low pre-working capital of negative GBP 352 million. Working Tata Motors Passenger Vehicles Limited August 13, 2026 capital reflecting a naturally high production and low sales quarter has built-up, though shoul [Showing first 8,000 characters — download PDF for full document]