Tata Motors Passenger Vehicles Ltd

- There is no explicit mention of any current or future fundraising through debt or equity in the provided pages. - The report discusses increased net auto debt at JLR (~Rs. 20,000 Cr) due to operational challenges, with the domestic India business remaining net cash positive. - Management highlights ongoing efforts to manage liquidity comfortably, especially at JLR, but does not specify plans for new fundraising. - Cost reduction initiatives, such as a voluntary redundancy program and focus on operational efficiencies, suggest an emphasis on internal cash flow management rather than imminent external fundraising. - Future financial performance updates, including possible capital strategies, are expected around the next earnings announcement (late January or early February 2026), but no concrete fundraising plans are indicated there.

- Investment spending remains strong and will continue as growth picks up (Page 7). - Significant step up in investment on the EV side observed (Page 7). - Capital expenditures were GBP 828 million in the recent quarter, slightly lower than usual due to the cyber incident delaying payments; these payments will shift to the next quarter (Page 5). - Engineering capitalization was lower due to system downtime, leading to increased expensed engineering costs, with a focus on incremental testing and validation (Page 5). - New product launches planned, including the new Sierra in November 2025, expected to drive volume and profitability improvements (Page 7). - Ongoing structural actions including cost reduction programs aiming for 1-2% year-on-year benefit (Page 15). - Aggressive focus on expanding EV portfolio, charging infrastructure (Tata.ev mega chargers), and rapid product interventions to sustain growth momentum (Page 7). - Exploration and setup of cell manufacturing plants in India and Europe expected by end of next year and soon thereafter respectively (Page 16).

- PV industry growth in FY 2026 expected around 5% full year, with second half in double-digit growth (Page 13). - Post-GST, compact SUV segment shows strong traction; overall industry growth supported by festive demand and pent-up demand (Pages 6, 13). - Tata Motors PV business reports 10% volume growth year-on-year in Q2 with strong recovery in market share (Page 7). - Strong pipeline for EVs like Harrier.ev with monthly run rate ~2,500 units and waiting period of 16-18 weeks (Page 12). - New product launches planned, e.g., Sierra in Nov 2025, aiming to boost volume and profitability (Page 7). - Price increases and cost reduction efforts targeted to improve margins in Q4 FY26 (Pages 9, 13). - After Q3 production ramp-up, Q4 expected to be a normal quarter with capacity utilization at near full levels (Page 12).

- Depreciation expected to remain steady until new product launches begin, notably the Range Rover BEV next year, then gradually increase with more launches. (Page 15) - Passenger Vehicles (PV) industry growth forecasted at ~5% for FY 2026, with double-digit growth expected in H2. (Page 13) - Tata Motors PV business aims for double-digit EBITDA margin on ICE portfolio through a combination of margin improvement on existing products and benefits from new launches. (Page 15) - Domestic PV business showed strong rebound in Q2 with 10% volume growth YoY; expects further volume growth driven by new product launches like Sierra and Harrier petrol variants expanding market potential. (Pages 6, 7) - Q4 fiscal expected to see profit improvement due to price increases and new product launches; EV profitability to improve with better operating leverage and PLI benefits. (Page 6) - Structural cost reduction programs targeting 1-2% YoY benefit; Sierra launch to positively affect profits starting Q4. (Page 15) - Full-year EBIT expected in 0% to 2% positive range despite recent challenges; free cash flow guidance updated reflecting investments and recovery. (Page 8)

- Tata Motors Passenger Vehicles Limited has stopped sharing the order book data. - The order book was critical when the company was supply constrained. - Currently, supply constraints are no longer an issue, so they do not report the order book every quarter. - No specific details or numbers are provided about the current or expected order book or pending orders.