Tata Motors Passenger Vehicles Limited 81st Annual General Meeting (FY25-26)

Sierra. It opened minds to the art of dreaming. It redefined what owning a car could mean. Bold, aspirational, unforgettable. Sierra was not just driven. It was admired, desired. It was extraordinary. Now the legend returns, reimagined for a new era. Sharper in design, richer in detail, more iconic than ever.

For those who've arrived and now seek to arrive differently. Yeah.

For those who refuse to blend in because they've earned the freedom not to. The legend returns.

We're getting late for the movie.

Canon screen, four cameras, voice command, and fast charge. Same same.

I'm in charge.

We're getting late for the movie.

In India, compact cars don't just commute, they carry families. That's why with Punch, we didn't upgrade safety, we democratized it. Five-star protection without asking you to buy bigger.

So we decided to put the Punch through one of the harshest realities of Indian roads. A test against something much much bigger than the Punch.

The structure remains intact. The passenger compartment stays stable. Critical safety systems perform exactly as designed. Impact forces are absorbed and distributed. Occupant protection is maintained. Every key parameter, structural integrity, passenger safety, and restraint performance meets and exceeds expectations. This test wasn't about proving a point. It was about owning a responsibility. Because when families put their trust in it, the Punch must be ready for real roads and real consequences.

Please open sand doors.

That's not a trail. That's a rule. Unforgiving rock face. One slip, you're rolling back to nothing. That's why no one has ever done this before and no car has ever dared to until now. It's impossible.

Safety precautions.

Delete the noise. Delete the gravity. Delete the path. This is Harrier. And we don't follow the road, we delete it. Carrier.ev. Delete impossible. 6 months ago, we didn't just test a car. We changed what a crash could mean. Today that legend returns hypercharged for a new era. Because at Tata Motors, safety isn't tested for controlled conditions. It's tested for the realities of the road, for the moments drivers face every day, and for the ones they never see coming. Because on the road, everything can change in an instant.

Ready to launch. 5 4 3 2 1. But sometimes the best crash is the one that never happens. But reality doesn't wait, because sometimes someone else's mistake becomes your reality.

The most dangerous crashes are the ones we expect. The ones no one prepares for are the ones that matter most. So we did. Not for the crash, but for what comes after it. At Tata Motors, safety begins before impact and endures long after it. Preventing what can be avoided. Protecting what matters when it can't. And preserving safety beyond the impact. Because safety isn't proven at impact, it's proven in everything that follows. Safety. That's proven. Legendary.

Welcome to the largest sand desert in the world, where wind is the sculptor and heat is the law. Far away in the city of gold, an unlikely challenger is heading towards the ultimate off-road challenge. This is it. The dune they call unforgiving for a reason. People spend weeks and months tuning and modifying engines, suspensions, gearboxes, lots of preparation for this moment. One mistake, one second of losing momentum and the dune will decide the rest. Out here, even modified V8s stop sounding invincible. At the end, only the strongest, the smartest, and the most capable will do it all the way to the top. 500 Nm, that's a lot of torque. But high torque numbers are not enough to worry. You need great power to weight ratio, an optimal wheel base, and a highly intelligent all-wheel drive system. All clear and good to go, Ben. Good luck and God speed. No stock production EV has ever done this before, but that's exactly why we're here. Then this is the trickiest stage. 50° incline. The sand can collapse any time. Don't stop. The Dune has chosen its legend. Sierra.ev. Legend hypercharged.

Good morning dear shareholders. I Maloy Kumar Gupta, company secretary and chief legal officer of Tata Motors Passenger Vehicles Limited warmly welcome you to the 81st annual general meeting of your company. Before we begin, I would like to briefly explain the participation and e-voting procedure. The facility of joining the AGM through video conference is made available to the shareholders and to smooth conduct of the insure AGM all shareholders are placed on mute mode by default. Registered speaker shareholders will be called by the chairman one by one during the Q&A session. Speaker shareholders are requested to unmute their microphone and switch on the camera when called on. We request speakers to limit their comments to 3 minutes to allow maximum participation. If you face any technical issues, please contact the helpline number mentioned in the notice convening this AGM or refer to the FAQs on the NSDL website. In accordance with the provisions of the company's act 2013 and se listing regulations, shareholders were provided the facility to cast their vote through remote e-voting administered by NSDL. Shareholders who have not yet voted may cast their votes on NSDL e-voting website during the AGM and within 15 minutes after its conclusion using the login methods as detailed in the notice. As the resolutions contained in the notice of the AGM have already been put to vote through remote e-voting, there will be no proposing or seconding of these resolutions. I now request the chairman to take over the proceedings of this meeting. Over to you.

Good morning. I'm Veda Bandarker, independent director and chairperson of the audit committee of Tata Motors Passenger Vehicles Limited. I'm joining this annual general meeting from Boston through video conference from Boston, US. Thank you.

Good morning. I'm Alo Ramji, independent director of Tata Motors Passenger Vehicles Limited. I'm chairman of the risk management committee and the technology committee and a member of the audit committee. I'm participating in the AGM through video conference in Mumbai. Thank you.

Good morning shareholders. I am Bharat Puri, independent director of Tata Motors passenger vehicles. I'm chairman of the nomination and remuneration committee. I'm also a member of the audit and risk management committees. I'm attending this annual general meeting through video conference from Pune.

Good morning. I am Sudha Krishnan, independent director of Tata Motors Passenger Vehicles Limited and chairperson of the corporate social responsibility and safety health and sustainability committee. I'm also a member of the audit committee, the stakeholders relationship committee and the risk management committee. I'm participating in the annual general meeting through video conference from Delhi. Thank you.

Good morning shareholders. I am PB Balaji, non-executive director of Tata Motors Passenger Vehicle Limited and a member of the technology committee. I'm participating in the annual general meeting through video conference from UK. Thank you.

Good morning shareholders. I would like to take you through the year gone by and the aspiration for us in the years ahead. Before I begin, please note the standard safe harbor statement on screen which applies to everything I will share with you today. Let me start with our consolidated financial results. FY26 was a challenging year for the business but we closed the year with real resilience. The India business was a story of two halves, a difficult first half and a strong comeback in H2 post GST 2.0 which your company fully leveraged with its broad-based and compelling product portfolio. JLR had to navigate multiple headwinds through much of the year and we shall talk about it subsequently in my presentation. Global wholesales remained broadly stable at 949,500 units. Revenue was 3,35,582 crores. EBITDA margin was 6.8%. And PBT before exceptional items was 2,500 crores. Details on financial numbers would be available in our annual report. I would like to draw your attention to the fact that despite the multiple challenges we had to navigate, we rebounded strongly in quarter 4. The board has recommended a dividend of rupees 3 per share 150% of face value for Tata Motors Passenger Vehicles Limited. The cash outflow for the dividends will be 1,15 crores subject to your approval at this AGM. FY26 was also a transformative year for Tata Motors marked by several key corporate actions. This year the commercial vehicle and passenger vehicle business were de-merged into separate listed entities. We thank our shareholders for approving the scheme with an overwhelming majority. During the year operations commenced at the new joint manufacturing facility at Panapakam Tamil Nadu which will produce both TMPV and JLR models. Additionally Tata Motors Foundation a not-for-profit section 8 company was incorporated to consolidate the growing CSR commitments of both TML and TMPV.

Let me now turn to the first of our two businesses Jaguar Land Rover. While responding to operational and geopolitical challenges, JLR demonstrated the continued resilience of its house of brands and delivered some standout moments as it prepares for adding new products over the next 12 to 18 months. There were exciting developments across all products. Range Rover was recognized among top 100 global brands, a real milestone for the marque. The Defender won its class the stock category at the Dakar rally on its very first outing. The new Jaguar drew a strongly positive response from the media and JLR revealed the Freelander design concept. Coming to the financials, while it was a difficult year with the company being affected due to geopolitical challenges and cyber incident, production returned to normal in quarter 4. As a result, JLR was able to significantly improve volumes, profitability, and cash flows. However, the key annual financial metrics were down year on year. Looking ahead, JLR has reimagined its FY27 growth strategy around six clear levers. At its core is the strength of its house of brands with Range Rover, Defender, Discovery, and Jaguar continuing to evolve through distinct brand propositions. Growth will be driven by expanding high value adjacencies such as accessories, service and parts while sharpening focus on North America supported by a strong luxury market and JLR's brand strength. Customer journeys will be elevated through an AI enabled omni-channel retail experience alongside greater ownership flexibility through optimized EV residual values. Underpinning it all is JLR's relentless focus on customer love, ensuring exceptional customer satisfaction, remaining at the heart of everything it does. These levers translate into a concrete FY27 outlook. Revenues are expected to grow from around 23 billion pounds to 26 billion. EBIT margin to move to 4% and free cash flow to reach break even as JLR continues to invest to drive growth. JLR's key priority will drive profitable growth through a lower break even, flawless product execution and the agility to navigate dynamic operating environment.

I'll now move to our Tata Motors passenger vehicles business. Overall, FY26 was a landmark year for the business. We recorded our highest ever annual volumes of over 6.4 lakh units and ranked number two in India. As far as H2 FY26 is concerned in EVs, we achieved a record 92,000 units while retaining the market leadership for the seventh consecutive year. The year was marked by intense product launch actions including the launch of the much awaited Sierra and the Harrier EV. Alongside this, we introduced refreshes for the Punch, Punch EV, Altroz and also the petrol version for Harrier and Safari. We also took a strategic call to re-enter the South African market with our bold portfolio which has resulted in our IB volumes growing four-fold. For TMPV, our volume growth in the past year translated into a strong financial performance. Revenues grew 21% year-on-year, driving a 50 bps improvement in EBIT margin and 33% increase in PBT despite significant commodity headwinds. As mentioned by the chairman, if you step back to look at the past 6 years, the transformation of this business has been remarkable. From FY20 to FY26, our volumes have grown 4.8x from 1.3 lakhs to 6.4 lakhs. As a result, our market share has improved from 4.8 to 14%. If we see the monthly rate now, as a result of this, our financial shape has also improved significantly with 5 1/2 times revenue growth to 58,000 crores and we have seen a 5,000 crore swing in EBITDA. Looking ahead, our aspiration for the next phase is equally strong. We are targeting 20% market share by FY31. This implies a volume of over 1.2 million units, which translates to a volume growth of 15% CAGR. In terms of products, we will expand our portfolio with six new nameplates and over 20 refreshes and facelifts. Our product strategy is designed to expand our addressable market to over 80% while targeting more than 25% market share in every segment that we participate in. We'll continue to strengthen the existing nameplates through timely refreshes and expanded multi-power train offerings while introducing three new nameplates in high growth segments and three products in white spaces that don't exist in the industry today. Overall, this represents a robust product strategy to drive future growth. Five key enablers will underpin the growth. Multi-fold expansion of sales and service network. Additional 4 lakh units of manufacturing capacity. Accelerated quality and after sales transformation and double-digit EBITDA margins driven by operating leverage and cost reduction initiatives. In the next 5 years, we remain confident in delivering growth with acceleration in profits. By FY31, TMPV aspires for 1,40,000 crores revenues, double-digit EBITDA margins, and over 5% EBIT margins, driving PBT to over five times the current levels. This will be supported by investments of nearly 40,000 crores in products and manufacturing capacity while generating cumulative free cash flow of 10,000 crores. Let me close with the consolidated financial outlook for the group as a whole. Our aspiration is to be a significant value creating growth business with strong modes building towards $60 billion in revenue, a 10% EBIT margin and $5 billion in profit before tax and generating significant free cash flows in the coming 5 years. On behalf of the company, thank you shareholders for your continued support and confidence in us. Over to you chairman.

Good morning to everybody. Thanks to Maloy and team for arranging the VC. So market accelerate toward EV at a rapid pace. Will Tata Motor shape and fill that great space? What new way technology will define tomorrow's drive to keep Tata Motors globally competitive and alive? What steps are being taken to improve after sales care and ensure service quality is constantly there? Because customers trust is valuable treasure to retain, more difficult to earn and regain. If EV adoption travels slower than expected today and customer transition takes a different way, what contingency plan are ready in sight to ensure growth and profitability remain bright? Sir, for me AGMs are annual festival. For me the religion has not changed, the rituals have changed. So factory visited more than seven or eight years we went to factory visit. So I requested Maloy, he said you talk to the chairman if he agrees I will organize and plus none of us have met the MD after he has taken over. Sir, two things: one is a factory visit and then some tea with MD and the CFO. I hope for my short speeches I hope you'll consider for this. And lastly I would like to thank my friend Balaji in UK Narakan United Kingdom his presentations were too good to know he cleared the debt for Tata Motors to grow. He moved to London on a new way to reconnect with him. Today is a good day. He is not by my side. But I remember I wish him with pride. I wish all the best. So two of my requests you have to agree, sir, visit and team with the MD and CFO. Thank you Maloy. I hope you have noted it with the MD. He has to decide.

Good morning, sir. Respected chairman, board of directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from Delhi. I feel proud to be a shareholder of Tata Group under your able and dynamic leadership and we always want to see your smiling face because your smiling face will send a right signal to the investors, employees and the stock market. So we always want to see your smiling face and sir thanks to our beloved director Balaji he has proved his name Balaji to turn down the Tata Motors which he has assured during the epidemic covid 2020 that company will turn around definitely and keep passion so we respect him and thanks to the company secretary and this team for excellent services to the shareholders. Sir, what's your future plan for the next two to three year with capex? And sir I have one suggestion. Tata Safari earlier Tata Safari was used by our armed forces and paramilitary forces now they are avoiding to buy the Tata Safari they are going to buy the Mahindra and Mahindra Scorpio and others. In that regard I have met one officer of military in Kolkata during the IPL match and I had asked came. They say Safari quality is poor and not maintaining the safety and charging point. What's your plan for the charging point for the EV and dealer entire three four cities kindly spread the wings of dealers entire three or four cities. And sir I salute your patience gesture effort to keep patience to listen the large number of speakers by following the corporate governance team. So I will ask the government to honor you because to keep patience and to follow the good corporate governance by you and your entire team of management and all your group company secretaries they believe in the corporate governorship to allow the speakers those have registered them. Otherwise we find that only promoters or chairman face only six or seven selected speakers but you face always 50 58 speakers. And sir export sir what's your plan for seven-seater vehicle like as a part of Maruti Ertiga type launch seven launch but how you will competition by Kia, JSW and Hyundai. In December, JSW is going to launch their new car in electric mode and IPL is big platform keep continue to sponsor and use of AI to avoid any cyber attack. How you will use the AI to avoid any cyber attack in future? And sir, what's your plan for Bengal? Once again I request you to come to Bengal and invest some money to grow the GDP revenue and employment in Bengal and CSR in Kolkata think about. And I totally agree with Dr. Bopana and kindly arrange a factory visit and ask Mr. Maloy Gupta to arrange a factory visit to the shareholders. Thank you sir.

Thank you for having me and thank you for giving me this opportunity. It's a real pleasure to be here and please do continue this format of having a virtual meeting. It's very helpful for researchers like us joining from overseas. I just had a couple of things to ask. Given that we had a recent cyber security breach and given that we are also heavily investing in EVs which are basically run by software, are we at a risk of having a breach on a very retail level and if so how are we planning to enforce ourselves against such an event? And what are the greatest risks the company sees over the next 3 to 5 years that will hinder us from achieving the targets the company has set for themselves? If you could elaborate on that it would be very nice for us and investors. Thank you. That will be all from my end.

Good morning sir. Respected chairman, directors and fellow shareholders. Good morning to all. Sir today I again love to Mr. Bana. He again came first. So I do not know what is the secret is he always beats me in Tatas only I don't know what secret is. Anyway it gives me pleasure to interact with you once again this year. I am deeply grateful to our CS Mr. Maloy for granting me the opportunity. I sincerely wish everyone very good health. One query, could the management please share the current market share of Tata Motors in the passenger electric vehicle segment and its target market share over next three to five years along with planned investments in new EV models and charging ecosystem development. One suggestion as a humble suggestion, the company may consider expanding its subscription based mobility offerings including flexible vehicle leasing, battery subscription plan and collected car premium services. This could create recurring revenue streams while attracting younger customers who prefer access or ownership. On a lighter note, Tata Motors have given India cars for every road condition. After seeing today's performance, I feel the management has also mastered navigating the safest road of all: shareholders question at the AGM. Before I conclude, I once again humbly request you to kindly consider my credentials that I have shared or going to share with the company through journal email ID of Mr. Maloy. I remain hopeful that they will reach you. However, I would have felt more assured if I had opportunity to directly email my query. Sir, I also like to thank Mrs. Anindita Goswami for being so kind in introducing me to Mr. Maloy who is other kind gentleman and taking a step forward. Sir I request you to kindly evaluate my credential and consider associating with me for certification audit assignment across the entire Tata Group and provide me opportunity to remain self-reliant. Your kind consideration would help me continue profession with self-reliance and dignity and I shall always be grateful for your support. It will also be humanitarian work and CS activity for company which our Tata group is known for. Sir at end I support Mr. Arun Bopa's recommendation for factory visit and team with Mr. MD. Thank you so much and I look forward to meeting you again next year. Thank you sir.

Good morning sir. Good mornings. Balaji sir, Mr. Puri and other directors of the company. Myself an equity shareholder. My special thanks to Mr. Maloy Gupta and his team consists of Sudha Das, Anindita Goswami and others by maintaining cordial relationship with all shareholders. He is always available over phone or mail and he sent me the hard copy of the annual report well in time so that I may do my homework and attend the meeting. And thank you Chand as and Shiv for sharing thoughts with us. I've gone through the annual report. Some queries. We'll ask some at the meeting and we'll send remaining to the company secretary for reply. So during the year overall the company sold 9,49,501 units of which JLR contributed 32.4% or 3,07,915 units and Tata and other brand vehicles commands remaining 67.6% or 6,41,586. What are the key drivers in the passenger vehicle sales in India? Whether the management believes that this growth will be sustainable in the coming years? And out of total standalone turnover and profit how much of it contributed by commercial vehicle business up to 30th June because it was up to 30th June with us? Sir, when you may expect a launch of JLR volume bounce back in Q4 of financial 36? How they are doing now and when we may expect launch of EV vehicles from JLR? As it appears that the booking for EV vehicles exceeded 60,000 units, it is in page 151. And whether Agratas Limited is ready to supply batteries for JLR EV vehicles? Sales in China also affected due to introduction of China luxury tax how the unit is doing during the current year? And during the year Tata Motor sold 89,393 units of EVs with a market share of 40.2%. What is the company's strategy to defend its market share with better pricing as global and domestic competitors will launch new vehicles in the Indian market? And it is noted from page 13 that 18 patents granted to Tata Motor passenger vehicles and 479 patents granted to JLR as on 30th March 2026. How the management monetizing the company's patents? Could you provide the details of the revenue generated from patent licensing, commercialization and applying of strategy for maximizing return from company's patent portfolio? Next last two questions. The company has successful brands like Sierra, EV Punch, Nexon, Harrier and Safari due to increasing competition from SUV segment. How does the company plan to keep success of these brands intact? And lastly sir, it is noted that the consolidated EBITDA margin was 6.8% during financial year 26. What is the management's medium target for EBITDA and ROC? And lastly sir, our heartfelt gratitude to you for patiently hearing all of us for the last one month. Thank you all for patient hearing. Thank you.

Namaste to all shareholders. Congratulations to the company for becoming the second largest passenger vehicle company in the country overtaking quite a few others. I request you to please listen to what I have to say very carefully and take cognizance of it for the long-term good of the company. I am sharing my views as a shareholder, as a consultant, business consultant including customer delight and customer relationship management and also as a customer himself. Tata brand name needs to be revamped in customer service experience across all.

the companies, all the products and all the services. As the leading recognized brand which is more than a century old in our country, we owe it to ourselves to ensure that along with the growth comes along with the bottom line and the top line comes the middle line what I call it as the customers and you can we cannot afford to neglect that especially if you have to move make our businesses more prominent and grow abroad. I bought a Tata Punch vehicle two months back instead of Nexon because Nexon of late has been coming with dark seas dark gray which is equivalent to black. Black dark gray is all nearly the same and unfortunately I've not been able to use the car because of a seat belt problem in the front seats which I had written to Shles G three four times. he has forwarded it to other people and the buck has been passing among six people and I'm moving like a musical chair in the problem. It's a mundane design and manufacturing problem which could be fixed by increasing the receptor of the seat belt because you can't keep looking at the seat belt while getting into the car and outside every time which is what we have to do because there is a center console and there's no free hand we can put it inside and this is not a small issue it's a major problem abroad many companies call recall all the vehicles whichever has such manufacturing flaws and defects And here especially for somebody who has been proactively asking the company to do something for last 2 3 months it has not been done. As a result I have not even driven more than 100 kilometers in the last 2 months. So I request you to please attend to this very urgently because I'm also getting calls to service the vehicle when it has not run. What service can anybody do? Now the second thing is the car I wanted a white car. I bought a top end punch vehicle but instead of white I'm getting 50% of it is all black. The top is black. The side door claddings are black. The wheels are black and the interior is all almost black. The dashboard, the door pads, the console, everything is black. And as a company which is nationally responsible, I have a few things to propose now to the company not only to Tata Motors but to all the car manufacturers in the country. Recently we have gone through a very serious fuel crisis due to the Iran war and that has repercussions directly and indirectly on the country and the globe itself due to black interiors and black tops of all vehicles which has become the trend now. I don't know why but it's very unfortunate and bad which is increasing the fuel consumption by at least 10 to 20%. There are only a handful of customers who want everything black. So let them pay 10 to 20% more in terms of price but all other customers should not be dumped with everything black and dark. There is a Tata Motors had beautiful top white combination of colors in the last previous manufacturing. Now everything is turning black which is again not good and the interior is also getting black. So please avoid this because it is increasing the national fuel consumption and also global and national global warming is also happening and national warming is also happening. This is a very serious matter. In fact, the government should intervene and do something about it. Now, the third thing is Stephanie, why is the steppney of another brand of tire? The four wheels are goodier and Stephanie is a polo tires. Can we wear one shoe of Ba and another shoe even if it's the same size of another company? I don't know what kind of saving is there. Is it a deliberate thing or is it something goofed up? These are all small matters make a big difference in terms of customer experience because I'm a consultant in customer service and delight. So I know all these things matter and the steppney size itself has been reduced. We are imitating and this kind of copying other foreign brands does not help in Indian roads and Indian conditions and Indian driving. We need all five wheels to be of the same size. Because if you are traveling long distance, you cannot change the steppney tire in some other city when you are in a hurry to reach somewhere. All these small things have been adding up to the grievances of the consumers. Unfortunately, we are a country of 1.5 billion people. So everything sells the customer service experience that I had. Somebody called me from the company. What was my experience? That turned out to be a sham. whatever what I wanted to say there's no written customer service review which I was sent some lady called me and she was asking me about my experience how does that translate into transforming the customer experience this which is equally important now one of the things I would urge the company is to look at the service policy see I have not even driven 100 kilometers and let's say most of the people nowadays have second car third car and if they have a new car they try to drive it less. So if you are driving the car less and many of us travel abroad, travel to other places, we live with other children in the country and at that time the driving is not as much. So please extend this service business to up to 2 to 3 years whichever comes first whichever comes later rather that is the kilometer should matter and not the time. It is not a perishable item or commodity. it is going to be service even after one year or two years is going to be the same. So please look into this very seriously and all the car manufacturers need to do this as well. And I would like to conclude with a couple of things that customer service in India unfortunately has been neglected across all products and services because we are a country of numbers taming millions. Everything sells for everybody at every level whether the premium product is there or even the in mediocre products and as a good brand that Tatas are we should make it our self-responsibility to ensure that we become the Mercedes of Indian car manufacturers and not just copy some of the things that benefit us. I don't know by reducing the size of the stepney knee what is the benefit going to be

The point you have made, your inputs are very valuable. You made the point and we have noted all those points. But if you have something else, you can

Yes, I'm concluding.

So let us try to. I think you made the point. You made the point. Don't have to repeat the points. We take note of all these points.

Yeah, please fix the problem that I'm going through with my seat belt.

Thank you, Mr. Ashra.

Hope I am audible and visible, sir.

You are very audible and visible.

Namaskar and chantra sir. So I'm speaking from Patur. So the first for it is a very pleasant thing to say that there is no harm nil fatality in TMPD and this is a very great thing I noticed in this annual report. So my kudos to the entire team for that and best wishes to sustain that in the long run and I find that the all the speaker shareholders should be honored because why I say that reading annual report of 578 pages and it 3 hours it takes okay to be a sincere reading so and unless nobody reads it there's no sense in making the annual report it is just like Adi Shankara has written Bhashya for all the Upanishads and nobody reads what is the fun. So that is the way it is. I will say that there should be some way we should honor them so that there is more enthusiasm to read and find out and all those and I especially thank Anindida for giving me an opportunity to speak and also I went through with that and happy to see that there I was going through the figures from 6.4 four lakhs to the target is around 12 lakhs over the five years. So I was just working out that translate into a volume of around 47 lakhs of vehicles will be on the road in the next 5 years and considering an average parking area of 140 square ft for an average vehicle of say taken an Nexon size where do the country have this parking space and my next concern is whether with the 1200 retail 1200 dealerships I mean service outlets will he be able to cater to this demand this projections And where where does this and where whether this service outlets has space to park this much vehicle the vehicle sizes are going big and big. So I have a experience when you go to a service outlet the way they manual the vehicle you beat your heart beats much higher. Okay this is what it is that they have herculean task. So that is how we do that. We need to look into that. Maybe we move out we should move out to some other out exterior of the country I mean each district and then look at for the good parking space and for these dealerships. Now when I look at into the circular economy as written in page 6076 of annual reports shows the end of life car collection dismantling with the projected volume how much this will be applicable how much will be practicable and with fresh buys and also with these things and with five years is not a time in which people will change the car. So my humble submission is that everybody would like to get upgraded in a vehicle as far as the basic heart of the vehicle doesn't go for a change in 5 years be it the engine or be it the interior or anything but the only upgradation people urge is the infotainment. So when we can make a standard infotainment for all the cars even at a cost the earlier whoever has bought the vehicle earlier they want a conversion it is easy for them. So that can be thought process so that it be a good value addition for the existing customers and also I look at the as per the I enjoyed reading the annual report specifically the page number 80 as per the life cycle environmental impact there's a comparison for Nexon so it gives higher manufacturing carbon penalty is re is recovered through zero emissions here I would have two points I would like to know what is the standard life cycle which is considered in terms of years and the kilometers run that is considered in this comparison because that matters input and what is the benefit in terms of this in terms of service and maintenance specifically for Nexon ICE and EV to the end user and I happened to listen to Shailesh Chandra's presentation so he was using the word in ice eyes ice and all so it's a new abbreviation I'm hearing. So we we always call as engineers we call as IC engines. So suddenly an ice has come. I was wondering where from ice is coming here in a vehicle. So anyhow this lighter moment. So thanks for giving me an opportunity and I once again request you kindly request for a factory visit because my visit to the factory will be more beneficial to you and also please consider my urge as I said in other AGM. Thank you sir. Once again a good day to everybody. Thank you. Thank you sir.

Mr. Bishwendra Kundu,

Can you hear me, sir?

Yeah.

Hello.

Yes. Just a minute. Just a minute.

Respected chairman, Mr. Chandrasekaran, members of the board, fellow shareholders and friend, I am BN Kundu. As for the report and account, the company has shown better performance and result during the year under review with increase in revenue and profit after de-merger. The company has also maintained the dividend to the shareholder by paying rupees three per share of rupees 2 is fully paid up. According to balance sheet, the report presented to us has been very nicely prepared with exhaustive details and I have nothing further to say on it. I congratulate the management and sincerely hope that the growth and prosperity of the company will be maintained. Mr. Chairman, the year 2026 marked one of the best result after de merger of the company. You are achieving a robust year on year growth of 15.3% nearly twice the industry's average. The company total revenue rupees 57,859 crores on standalone basis which was 17.2% higher than the revenue of rupees 49,358 crores in FY2025 your net profit rupees 3,839 after tax from continuing operation. Congratulation entire management team sir what is your future plan next five years whether your company is using AI technology and let me know the benefit that the company will get using this technology before I close I also express my sincere thanks to our beloved company secretary Mr. Maloy Kumar Gupta and his entire secretarial team for taking care of this minority shareholder and provide all the information. I pray almighty for his good health and prosperity. With this observation I'm closing here with thanks to all. Thank you very much Mr. Chairman

Ben.

Hello. Are you able to hear me?

Yeah, able to hear you.

Yeah, thank you. Chairman, Mr. Shailesh Chandra, directors, non-executive directors and independent directors present at today's meeting, company executives, fellow shareholders. My name is Vin Vid I shareholders speaking from Mumbai. Well at the outset let me congratulate the entire team of the company for having turned out result in a very difficult times. I have been a shareholder of this company for well over 25 years and when I joined this company this company was a pure commercial vehicle company. Now it has graduated to passenger vehicles. We are no more just a local commercial or local passenger vehicle company. we have gone international and I also glad that I have been with this company not only to the twists and turn but also with the top secretary situations that we have had over these years. I have gone through the annual reports and I have a few I picked up one page of the annual report for questions and I have noted at the start of the meeting that there is a long list of shareholders wanting to speak. So I will be short and crisp. So I picked up one page of the annual report which says consolidated key performance highlights and from that I think most of you know the problems of the company has faced in the past financial year are there. So let me ask questions from that particular page. The first question is that how do we address the ups and downs in commodity prices both our local as well as our international operations. Secondly, what is the position regarding current positions regarding the China luxury tax? What is the position regarding the BME pressures which we have mentioned here and you mentioned regarding the cyber security incident that we have faced at JLR. So has the problem be resolved and what measures we are taking to ensure that these incidents do not recur in the future otherwise I think we've made a very nice annual report it's very presentable I join other shareholders in the request for a plant visit and I leave it to the company's management to decide as to when that factory visit should take place and well I support all the resolutions and I thank you for giving me opportunity to speak

And Pur

Hello sir, can you hear me?

I can hear you.

Yeah good morning sir first of all I'm very happy with the way our company is performing I still remember years ago we were not having dividend we were continuously in loss and even our products had technical defects so they were not popular and so on and on. Yes, you have made a complete turn around along with your management and I'm very happy I'm safe. My market price also is very good and so on. So many question the speaker but I'll just tell you regarding cyber regarding that cyber threat cyber attack so I wanted to ask you what steps you have taken for cyber security but sir you know many companies are offering these services are you taking are you availing of the services like for example tech Mahindra is offering cyber security services so and how to resolve issue by taking help from other IT companies like Tech Mahindra and others. I just want to know that another thing. So yes another speaker I said the same which I wanted to ask about are we able to cope with the service service providing service now with respect to that sir see our quality is much much better has improved we have introduced many vehicles different vehicles so thanks to our research department is it true thanks to our research department. So sir have you registered patents for that also whatever you have to register whatever I have to do sir I really want to know I'm a lay person but I'm curious to know all that because of our research department we have been able to introduce different types of vehicles and so do you have a separate service department in the research department who caters to all these some defects which occur and they don't touch it right so once I think they were taken also to the service research department. Sir and another thing again I'm a lay person so excuse me you your EV is very good your EV department is very good you have mentioned that so then do you sell these EV switches and you know all that to other companies also are they available for sale to other companies also I just want to know that I'm sure eBay department also is doing research and is producing a massive scale I'm talking about the switches and all interesting. So if you understand what I'm saying so now I want to close here and I wish your company all the very best sir I don't think there is anything more to ask compared to what the previous speakers have also said and we know sir you are taking the best steps we have already benefited and we are very happy the way things are moving thanks to the housing director entire management thanks to you when you have come everything you have made it turn around thank you sir

Jade Bakshi.

Yes, very good morning chairman, MD, CFO and key managed Bakshi connecting from the city of Kolkata. First of all, I convey my thanks to our company secretary Maloy Kumar Gupta for giving me an opportunity to express my view and also to the secretarial team including Anindita madam for followup calls also over there. Sir the annual report present is very much informative and also the initial speech was very much informative and congrats once again goes for the performance and thanks once again for the dividend passed on and proud to be part of this first stage for post de merger and you also shared in your speech the new products helped our company to increase our market share and kindly share some thoughts regarding Tata Motor stepping up its EV push to accommodate 30% of its private passenger vehicle sales by FY31 and expand its electric electric portfolio. Kindly share that and growth strategy expanding our PV vehicles from nine models to 15 models and implementation of the latest technology for better efficiency and skilled development of our workers for better output and upgradation of after sales service. That's all for my side and I would love to see our working progress in our planned visit if it is at all arranged and continue with the VC so that we can get in touch in future. Thank you sir for the opportunity.

Lily Pradhan,

Am I audible? Yes, you're audible. Very good morning respected chairman, board members and fellow shareholder. Myself, Lily Pradhan, a long-standing shareholder from Kolkata. All I sincerely thanks the board of directors, respected chairman, respected MD, respected CFO, respected secretary with secretarial team and respected moderator also. Please continue VC mode in future for worldwide participation. I admire secretary's coordination very good appreciative personalized human beings. I admire his coordination. Goshi Madam overall very good investor services for shareholder communication chairman sir I am genuinely proud of your polite decent hardworking patienceful nature and humble leadership which inspire great confidence among shareholder. I am hopeful that under your able guidance our company will continue to achieve greater and greater success in coming future. I received email of notice well in advance and also hard copy of annual report which cover page theme is both meaningful and knowledgeable and also balance sheet transparent artist congratulation on my comp company strong and sustainability grouping of the company is very good now I have put some specific question and request in present situation What are the immediate operational and financial scenarios we expect to unlock through this demerger for the passenger vehicles entity? Next, how will this pure play PV entity help in attracting specific global investors who were previously hesitant due to commercial vehicle safety? Next, can the management throw some highlights on the road map for the localization of battery cell and advanced software integration for our upcoming EV models? Next, how will be the standalone Indian PV business collaborate with the Jaguar Land Rover moving forward specially regarding technology sharing and global supply chain management? Nothing more. Dear sir, please consider the factory visit as a woman speaker request always support women empowerment which is most important and must be obeying by trusting for dignity and respect. Thank you. Thank you so much with warm regards and best wishes. All the best.

Mr. Yes, Miss

One minute.

Hello. Hello, sir. Can I speak?

Yes.

Yeah. Respected chair, very distinguished members of the board and my fellow shareholders. Good morning to you all. My name is Aloishas Mascarenus. I'm a proud shareholder of this prestigious company which is near and dear to me. I am a holder of all Tata companies because it is under a good management like Mr. Chandrasekaran heading it. So you can expect best results from him. Sir, our balance sheet is full of information, facts and figures in place and a good profit and a good dividend of rupees three per share. Keep it up sir. Now we are demerged into passenger and commercial vehicle. So my question is how which is better and more favorite to the company and to the investor passenger vehicle or commercial vehicle. I'm very happy to note that 2.5 lakh EV cars are being sold and with green fuel and the two main cars Tata Nexon and Punch have ranked one and three and valuation 1.26 crores. Now I would like to know who are our other peers and competitors and market share in India and abroad and if abroad we are having sales in which countries of the world and whether we are getting revenue by dollar's terms because dollar is rising every day against the falling rupee and the Trump effect I would like to know other things I don't want to ask but you have mentioned are the this thing that we have a state-of-the-art plant in Pune. I would also like to visit this plant and see for myself which is economic value. Seeing is believing and it increases the economic value of the company. With this I end my speech wishing you personally all the board members and more importantly all the employees all the very best in the days and years to come. With this sir, thank you very much. Good health, good luck and goodbye. Now I give the mobile to my wife.

Hello sir, can I speak?

Yes ma'am.

Yeah, thank you very much respected chairman Mr. Natarajan Chandrasekaran MD and CEO Shailesh Chandra other honorable directors on the board my dear fellow shareholders and Mrs. C Mascarina speaking from Mumbai. First of all I thank the company secretary Mr. Maloy Kumar Gupta and his team especially Anindita Goswami for giving excellent secretarial work reminding me of the meeting even registering me as a speaker at my instance. Thank you so much. Thanks to the whole team. Our annual report is full of information, facts, figures, self-explanatory, adhering to all the norms of corporate governance. Our working is a good dividend of rupees three per share. good market capitalization, good growth and sustainability. I remember the days when we used to not get dividend and so much shareholders were unhappy. Now with the restructuring we are really good in all way and sustainability is becoming. Congratulations for all awards received during the year good CSR work and also very good ESG and climate changes documented. Now my queries we have 13 manufacturing sites all over the world. What is the average capacity utilization? We have total six R&D centers. How many total staff there male female ratio average age and the attrition level of these people? We have joint manufacturing site in China. Are there cars made in China and sold in China and how much margin we enjoy if it is sold in China also in JLR and Jaguar? How much margins we get? Do we get good margins in the EV vehicles? What is being done? How much is spent on cyber security after that issue JLRs? Now next one is capex requirement for the next three years. What work have we done for battery for EVs or best? Lastly but not the least future road map for the next 5 years. Which vertical will be the growth engine taking in consideration the Middle East war, geopolitical disturbances and currency depreciation. I thank you very much for giving me this patient hearing and also I wish you and the entire team very good health as health is well. Thank you once again. God bless us and our company. Thank you very much. Namastar.

Hello. Can you hear me? This is speaking from Mumbai and respective chairman Mr. MD and CEO Shailesh Chandra to also Mr. PB Balaji CFO Dhiman Gupta and Mr. Maloy Kumar Gupta CS sir good morning and greetings to everyone sir I've gone through the annual report sir I don't want to go into the figures sir I'll just go to the queries I want to I can say you sold so many vehicles six lakh vehicles in India 9 lakh vehicles overall 10,000 vehicles you sold in South Africa that I can go through but I want to go to the query sir what is the range of an EV that we sell kilometer wise 500 km 600 km or what is it and how long does it take for a full charge 15 minutes 20 minutes half an hour for a vehicle to get fully charged this is my one query and secondly the question are our vehicles compliant for E20 fuel that the companies we've been the oil marketing companies are selling or are the vehicles sold by our company facing issues of the parts that were there in the engine and low efficiency of the fuel per liter of the mileage in a few of that fuel s I wish the company all the best current I'd also like to know our current work in cap work in progress is 26,500 K now what will be the total capital expenditure till 2030 that is what I'd like to know sir I wish the company all the best signing off you know legal I could have taken a lot more time sir I can go through each and every page I can pick up a point from each and every page I don't want to do all that sir thank you. Thank you.