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Investor-style presentation on Tata Motors Commercial Vehicles (TMCV), December 2025 — English only. Slide 1: Company Overview - Tata Motors Ltd (formerly TML Commercial Vehicles) - Market cap ₹1.32 lakh crore as of 12 Dec 2025 - Listed ticker: TMCV (post demerger, Oct 2025) Slide 2: Portfolio & Segmental Mix FY25 - Segments: HCV, ILCV, SCV & Pickups, Passenger Carriers, Exports - FY25 Revenue ₹35.1K Cr; EBITDA margin 11.2% - Segmental revenue mix chart Slide 3: Q1 & Q2FY26 Performance - Q2FY26 Revenue ₹18.4K Cr (↑6.6% YoY), EBITDA 12.2% - Total wholesales: 96.8K units (↑12% YoY) - FY25 vs FY26 comparison chart Slide 4: Monthly Sales Trends - October & November 2025 sales vs previous year - Growth drivers by category (HCV, LCV, Buses, Exports) Slide 5: Industry Drivers - Fleet replacement age >9 years - Freight rates, diesel price, and fleet utilization trends - Data-driven charts on each Slide 6: Scrappage Policy & Market Share - Impact on demand growth (~10% CAGR potential) - Tata Motors’ market share: 47% MHCV, 35% overall CV - How Tata can capture incremental opportunity Slide 7: IVECO Acquisition - Value: €2.9B (~₹26K Cr) - Funded via bridge loan + internal accruals - Tech & geographic expansion benefits - P&L snapshot of IVECO (Revenue, EBITDA, PBT) Slide 8: Valuation Summary - SoTP valuation: India CV @13.5x EV/EBITDA, IVECO @2.5x, Tata Capital @1x P/B - Target Price ₹430 (20% upside) Slide 9: Shareholding Pattern (Sep 2025) - Promoter 46.4%, FII 18%, DII 25%, Retail 10.6% - Visual pie chart Slide 10: Management Commentary - Shriram Finance & Chola Finance views on CV cycle - Positive tone: improving freight, asset utilization, replacement-led upcycle Slide 11: Investment Thesis - CV-cycle recovery, profitability expansion, tech upgrade via IVECO - Strong FCF & RoCE >25% - Summary: “Why Invest in Tata Motors CV Now”
Investor update on post-demerger TMCV (₹1.32L Cr mcap): FY25 rev ₹35K Cr, Q2FY26 +7% YoY, 47% MHCV share, scrappage boost, €2.9B IVECO buy, ₹430 TP (20% upside), strong cycle recovery thesis. (187 cha
This is the title slide for the "Investor Presentation: Tata Motors Commercial Vehicles (TMCV)". It features the subtitle "December 2025 Edition".
December 2025 Edition
Tata Motors Ltd, formerly TML Commercial Vehicles, is featured in this company overview slide. It reports a market cap of ₹1.32 lakh crore as of 12 Dec 2025 and trades under ticker TMCV post its October 2025 demerger.
The FY25 Portfolio & Segmental Mix slide reports total revenue of ₹35.1K Cr with a healthy 11.2% EBITDA margin. HCV drives the largest share at 42%, while exports contribute 10% amid growing international presence.
Total from all segments
Healthy profitability level
Largest revenue contributor
Growing international presence Source: TMCV FY25 Financials
In Q2 FY26, revenue hit ₹18.4K Cr with 6.6% YoY growth, and EBITDA margin expanded to 12.2%. Wholesales reached 96.8K units, up 12% YoY.
+6.6% YoY Growth
Margin Expansion
+12% YoY Growth
Monthly sales trends begin with a baseline of 30,200 units in Oct 2024 (HCV at 38% mix), rising modestly to 31,100 units in Nov 2024 driven by LCV. By 2025, volumes surge 20% YoY to 36,200 units in Oct (HCV up 28%) and 26% to 39,000 units in Nov (boosted by exports and buses).
Oct 2024: Baseline Wholesales 30,200 units total. HCV at 38% segment mix. Nov 2024: Modest Monthly Rise 31,100 units. LCV adds 25% to volumes. Oct 2025: HCV Fuels 20% YoY Growth 36,200 units (+20% YoY). HCV surges 28%. Nov 2025: Exports & Buses Drive 26% 39,000 units (+26% YoY). Exports and buses boost.
Source: Tata Motors Data
The "Industry Drivers" slide showcases key stats: 62% of fleets over 9 years old signaling strong replacement demand, and fleet utilization at 74% (up 6 points YoY). Freight rates rose 15% YoY due to demand, with stable diesel prices at ₹89/L supporting margins.
Signals strong replacement demand
Rising due to demand
Stable supporting margins
Up 6 pts YoY Source: SIAM & CRISIL Reports, Dec 2025
The scrappage policy drives ~10% CAGR demand growth, with Tata holding 47% MHCV market share and 35% overall CV share. The slide outlines strategies to capture incremental opportunities.
The IVECO acquisition values the enterprise at €2.9B (~₹26K Cr), funded by bridge loan and internal accruals as a strategic bolt-on for TMCV's global commercial vehicle ambitions. It provides tech upgrades in advanced trucks, expansion into Europe and LatAm, with IVECO's FY24 showing €10.2B revenue, €1.1B EBITDA (10.8% margin), and €0.6B PBT.
| Transaction Details | Strategic Benefits & P&L Snapshot |
|---|---|
| Enterprise value: €2.9B (~₹26K Cr). Funded via bridge loan and internal accruals. Strategic bolt-on to accelerate TMCV's global ambitions in commercial vehicles. | Tech upgrade in advanced trucks; geographic expansion into Europe & LatAm. IVECO FY24: Revenue €10.2B, EBITDA €1.1B (10.8% margin), PBT €0.6B. |
The Valuation Summary slide highlights key multiples: 13.5x EV/EBITDA for India CV, 2.5x valuation for IVECO, and 1x P/B for Tata Capital. It also shows a target price of ₹430, representing 20% upside.
EV/EBITDA Multiple
Valuation Multiple
P/B Multiple
20% Upside Source: SoTP Valuation
The Shareholding Pattern as of Sep 2025 shows promoters holding 46.4%, FIIs at 18%, DIIs at 25%, and retail investors at 10.6%. This breakdown totals 100% ownership across these key categories.
The slide, titled "Management Commentary," presents a quote from senior executives at Shriram Finance and Cholamandalam Finance. They express bullishness on the commercial vehicle upcycle, fueled by rising freight rates, improved asset utilization, and strong replacement demand.
> We remain bullish on the CV upcycle, driven by improving freight rates, enhanced asset utilization, and strong replacement demand.
— Senior Executives, Shriram Finance & Cholamandalam Finance
Source: Tata Motors Commercial Vehicles Investor Presentation, December 2025
The Investment Thesis slide highlights Tata Motors CV's CV-cycle recovery, profitability expansion, IVECO tech upgrade, and strong FCF with RoCE over 25%. It urges investors with the subtitle "Invest Now – Capture the Upcycle" and the question "Why invest in Tata Motors CV now?"
CV-cycle recovery Profitability expansion IVECO tech upgrade Strong FCF & RoCE >25%
Why invest in Tata Motors CV now?
Invest Now – Capture the Upcycle
Source: Tata Motors CV Investor Presentation - Dec 2025
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