Tata Motors Passenger Vehicles Ltd

- The transcript mentions that the company is assessing options in the bond market but has nothing specific to announce at this stage. - No definitive or immediate plans for new fundraising through debt or equity were disclosed. - Management indicated a focus on managing current challenges and will provide guidance on FY27 and beyond at the Investor Day in June 2026. - Discussions about revisiting capex guidance or financing strategies are likely to be communicated then. - Speculative media reports about negotiations involving JLR production capacity are not commented upon. In summary, while the company is evaluating bond market options, there are no concrete current or future fundraising announcements through debt or equity in the disclosed transcript.

- Capex guidance for the current period is approximately GBP 3.6 billion to GBP 3.7 billion (Page 9). - Total investment spending year-to-date is about Rs. 3,800 Cr, with total Capex investment about Rs. 3,100 Cr; expected full-year Capex is Rs. 4,200 Cr to Rs. 4,300 Cr (Page 7). - Investment spend is currently in a heavy period to support multiple product launches over the next 24 months (Page 4). - Engineering capitalization ratio was lower due to cyber incidents but expected to recover from Q4 (Page 4). - Future adjustments to the business model and investment strategy will be communicated during the Investor Day in June 2026 (Pages 4,7,14). - No immediate change to Capex guidance is planned despite current challenges (Page 14).

- Tata Motors Passenger Vehicles (PV) expects sustained growth momentum supported by a healthy order book and disciplined inventory management (Page 7). - EV growth is strong, with a 76% YoY increase in Q3 FY26 and Tata Motors increasing EV market share to about 46% by December (Pages 7-8). - Sierra launch and production ramp-up will be key growth drivers, with 70,000 bookings on the first day and strong ongoing demand (Page 7). - Industry is growing at a strong double-digit pace (~20% YoY in Q3), especially in compact and subcompact SUV segments, with EVs showing sharp growth (Page 7). - Tata Motors recorded best-ever quarterly performance with wholesale ~171,000 units and retails crossing 200,000 units in Q3 FY26, reflecting 22% YoY growth (Page 7). - Post GST 2.0, subcompact and compact SUV segments grew 25-30%, aiding first-time buyer growth (Page 15). - Positive demand recovery expected to continue, helping improve profitability and volumes through operating leverage and richer product mix (Page 7). - JLR production normalizing, supporting improved volumes and cash flow by Q4 FY26 (Pages 8, 14).

- Margins expected to improve from Q4 FY26, driven by Sierra launch and price hikes (Page 15). - Margin improvement supported by lower VME and structural cost optimizations (Pages 7, 15). - Volume growth in India with a record Q3 wholesale and continued strong demand into Jan-26 (Page 7). - EV segment growing sharply with 76% YoY growth and market share gains (Page 7). - Operating leverage from higher volumes and richer product mix expected to enhance profitability (Page 7). - JLR EBIT margin pre-cyber attack was near bottom of 5%-7% range; future guidance pending Investor Day (Pages 14-15). - Warranty expenses peaked but expected to stabilize and decline over next 6-12 months (Page 14). - Positive free cash flow expected for Q4 FY26 after recovery from prior quarters’ challenges (Page 14). - Overall guidance for FY27 and beyond to be detailed at June 2026 Investor Day (Pages 6, 15).

- Current outstanding booking for Sierra was about 70,000 units as of December 16, 2025. - Deliveries for Sierra started mid-January 2026 and ramp-up is ongoing; Jan 2026 supply was about 7,000 units. - Industry-wide supplier constraints are being addressed by increasing supplier and in-house capacities, aiming to reduce the current waiting period of 6-7 months. - As of Q3 FY26, JLR’s order book is in a decent place, higher than end of September 2025. - Defender's global order intake is around 10,000 units per month, boosted by brand enhancements like Dakar win. - The strong order book supports Tata Motors PV's growth momentum and production scaling plans.