TATA MOTORS Q2 CONCALL : Q3 CV INDUSTRY GROWTH EXPECTED AT HIGH SINGLE DIGITS TO LOW DOUBLE DIGITS, INDONESIA ORDER EXECUTION ACCELERATES & IVECO ACQUISITION NEARS COMPLETION

• MANAGEMENT EXPECTS Q3 CV INDUSTRY GROWTH IN HIGH SINGLE DIGITS TO LOW DOUBLE DIGITS • ILMCV & CV PASSENGER SEGMENTS EXPECTED TO GROW IN DOUBLE DIGITS, WHILE HCV & SMALL CV DEMAND MAY GROW AT HIGH SINGLE DIGITS • COMMODITY COSTS EXPECTED TO INCREASE ANOTHER 150–200 BPS IN Q3, DRIVEN BY STEEL & RUBBER INFLATION • COMPANY IMPLEMENTED 1–2% VEHICLE PRICE HIKE FROM 1 OCTOBER TO PARTIALLY OFFSET HIGHER INPUT COSTS • INDONESIA ORDER BOOK STANDS AT APPROXIMATELY 70,000 VEHICLES, WITH MONTHLY DELIVERIES OF 4,500–5,000 UNITS • MAJORITY OF INDONESIA ORDER EXECUTION EXPECTED DURING FY27 & FY28 • INTERNATIONAL BUSINESS VOLUMES UP 177% YOY, SUPPORTED BY INDONESIA EXPORTS • IVECO ACQUISITION OFFER SCHEDULED TO CLOSE ON 26 OCTOBER, WITH SETTLEMENT EXPECTED ON 30 OCTOBER SUBJECT TO CONDITIONS • IVECO FINANCIAL CONSOLIDATION EXPECTED TO BEGIN FROM NEXT QUARTER, SUBJECT TO TRANSACTION COMPLETION • CV WHOLESALE VOLUMES UP 42% YOY TO 1.35 LAKH UNITS, WITH H1 MARKET SHARE IMPROVING TO 36.2% • COMMERCIAL VEHICLE EV VOLUMES UP 143% YOY, SUPPORTED BY STRONG ELECTRIC SMALL CV DEMAND • ELECTRIC PICKUP PENETRATION COULD REACH APPROXIMATELY 20% BY Q4 VS 12% IN Q2 • MANAGEMENT EXPECTS POSITIVE FREE CASH FLOW IN BOTH Q3 & Q4 FY27 • FY27 INVESTMENT SPENDING EXPECTED AT 2–4% OF REVENUE, WITH NO SPECIFIC FY28 MARGIN TARGET PROVIDED • HIGHER COMMODITY COSTS, SUPPLY CHAIN BOTTLENECKS, MARGIN PRESSURE & IVECO INTEGRATION REMAIN KEY RISKS

TATA MOTORS LIMITED

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