Tata Motors has announced a major business achievement with the successful acquisition of orders for over 5,000 buses from nine state transport undertakings across India. The orders were secured through competitive e-bidding processes under the Government's procurement system, highlighting the company's competitive positioning in the public transportation sector.

Customer Portfolio and Order Details

The substantial order book encompasses buses for multiple state transport agencies, representing a significant addition to Tata Motors' commercial vehicle business. The company secured orders from MSRTC (Maharashtra State Road Transport Corporation), GSRTC (Gujarat State Road Transport Corporation), NWKRTC (North Western Karnataka Road Transport Corporation), TGSRTC (Telangana State Road Transport Corporation), BSRTC (Bihar State Road Transport Corporation), RSRTC (Rajasthan State Road Transport Corporation), KSRTC (Kerala State Road Transport Corporation), Department of Road Transport (Haryana Roadways) and CTU (Chandigarh Transport Undertaking).

Product Range and Applications

The cumulative orders span a wide range of Tata Motors' passenger mobility solutions including Tata Magna, Tata Cityride, Tata Starbus, Tata Starbus Prime, Tata LPO 1618, LPO 1622 and LPO 1822 variants. These buses and bus chassis are configured for intercity, long-haul and intracity operations, designed to deliver reliable performance, passenger comfort and efficient operating economics across varied duty cycles.

Management Commentary and Strategic Significance

Mr. Anand S, Vice President and Head, Commercial Passenger Vehicle Business, Tata Motors Ltd., commented on the achievement: "This recognition by multiple State Transport Undertakings reflects the deep trust placed in Tata Motors' mobility solutions. Our buses are designed to deliver comfort, safety and long-term reliability across varied terrains and duty cycles." The orders demonstrate Tata Motors' strong market position as India's most preferred partner in mass-mobility solutions, with each tender awarded through competitive processes that validated the company's technical and commercial capabilities.

Tata Motors Limited has announced the Board approval of a comprehensive Share-based Long Term Incentive Scheme following the completion of its major corporate restructuring. The Board meeting, held on March 11, 2026, addressed the need for new employee incentive arrangements arising from the recent demerger of passenger and commercial vehicle operations.

Scheme Overview and Structure

The Board of Directors, based on recommendations from the Nomination and Remuneration Committee, approved the Tata Motors Limited Share-based Long Term Incentive Scheme (TML SLTI Scheme). This scheme complies with SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021, and addresses the transition of existing performance share units from the previous corporate structure.

Corporate Restructuring Context

The scheme implementation follows the Composite Scheme of Arrangement involving multiple Tata Motors entities. Under this arrangement, unexercised performance share units from the demerged company's incentive schemes are being transferred to participants through equivalent PSUs under the new TML SLTI Scheme. The restructuring involved:

• Tata Motors Limited (now Tata Motors Passenger Vehicles Limited) as the Demerged Company
• TML Commercial Vehicles Limited (now Tata Motors Limited) as the Resulting Company
• Tata Motors Passenger Vehicles Limited (amalgamated effective October 1, 2025)

Performance Share Unit Details

The scheme encompasses comprehensive terms for PSU management and exercise. Each PSU carries the right to apply for equivalent equity shares of ₹2 face value, subject to vesting conditions outlined in the TML SLTI Scheme.

Board Meeting and Regulatory Compliance

The Board meeting commenced at 2:00 p.m. (IST) and concluded at 5:00 p.m. (IST) on March 11, 2026. The company has filed the required disclosures under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with compliance to SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The scheme represents a structured approach to maintaining employee incentive continuity during the corporate transformation, ensuring that existing PSU holders retain their benefits under the new organizational structure while adhering to current regulatory frameworks.