Tata Motors Ltd

- Tata Motors plans to finance the Iveco acquisition initially through a bridge loan. - Subsequent refinancing options include both equity and debt, with the company still finalizing the exact equity-to-debt mix. - The final decision on the financing structure for Iveco is expected closer to the transaction closure, targeted in Q2 FY27. - No specific mention of other new fundraising through debt or equity apart from the Iveco financing. - CapEx guidance for FY27 remains consistent at 2% to 4% of revenue, with investments focused on priority areas and new technology, within planned internal cash flows.

- FY26 CapEx was approximately Rs. 3,000 crores, aligned with planned roadmap. - R&D expenditure in FY26 was around Rs. 1,700 crores; capital expenditure and other investments totaled Rs. 1,100 crores. - CapEx guidance for FY27 is expected to remain similar to FY26, around 2% to 4% of revenue. - Focus for FY27 investments will be on priority areas and new technology. - Strategic investments include ongoing investments in electric vehicle portfolio, higher payload variants, and new product launches such as Model Year '26 portfolio. - Continued investment to digitize demand and supply chain in Parts and Services. - CapEx and tech investments have consistently been prioritized despite cost pressures.

- FY26 saw 14% YoY volume growth with 4,28,000 units sold and 11% revenue growth to Rs. 77,000 crores. - Market share improved with highest HCV market share in a decade; international business grew 54% in FY26. - Q1 FY27 outlook expects single-digit volume growth, conditional on diesel prices and other external factors. - CapEx guidance remains stable at 2% to 4% of revenue, prioritizing new technology and growth areas. - Electric vehicle (EV) penetration, especially in LCVs and SCVs, is rising, with focus on products like Ace Pro and Intra EV. - Strong demand seen in MHCV driven by increased consumption and infrastructure activity; replacement demand steady among large fleet operators. - Near-term challenges include commodity cost inflation and geopolitical uncertainties affecting exports. - Freight availability remains robust, supporting sustained demand across segments.

- FY27 growth is expected to be single-digit at minimum in Q1, with momentum monitored quarter-by-quarter due to uncertainties like diesel prices and geopolitical factors. - MHCV demand growth driven by increased consumption, capacity additions, and replacement demand, indicating growth potential beyond pre-COVID volumes. - Continued improvement in operating profitability and margin expansion expected, with maintained guidance of 2%-4% of revenue CapEx focused on priority areas and technology. - EBITDA margin guidance remains around teens, with cost pressures and commodity inflation managed carefully on a quarterly basis. - Free cash flow generation is stable and improving due to disciplined working capital and controlled CapEx. - International growth faces short-term challenges but is supported by new orders (e.g., Indonesia). - Replacement cycles ongoing, especially among larger fleet owners, supporting demand sustainability in medium term.

- Tata Motors secured the largest-ever order of 70,000 units (Yodha & Ultra T.7 vehicles) for Indonesia, with first shipments already on sea and plans to ramp up deliveries rapidly within FY27. - Received orders for around 250 electric buses. - Secured orders for 5,000 buses from multiple State Transport Undertakings (STUs) in India. - The company is converting a government tender pipeline, especially for electric buses, into supplies, though cautious about entering the electric bus market aggressively due to current unsustainable pricing. - Overall, the company is focusing on executing these large orders efficiently while maintaining a strong priority on growth and investments in new technology.