Tata Motors Limited has submitted its quarterly compliance certificate to the National Securities Depository Limited and Central Depository Services (India) Limited for the quarter ended March 31, 2026. The filing, dated April 8, 2026, fulfills the company's regulatory obligations under SEBI Regulation 74(5) of the Depositories and Participants Regulations, 2018.

Compliance Certificate Details

The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), which serves as Tata Motors' Registrar and Share Transfer Agent. The document confirms a key operational status regarding the company's share structure.

Share Dematerialization Status

According to the certificate issued by MUFG Intime India Private Limited, no requests for dematerialization, mutilation, or cancellation of securities were received from Depository Participants during the quarter. This status reflects the fact that all of Tata Motors' shares are already maintained in dematerialized mode, indicating complete digitization of the company's share certificates.

The certificate was signed by Deepak Tambe, Assistant Vice President at MUFG Intime India Private Limited, and submitted by Sudipto Kumar Das, Company Secretary of Tata Motors Limited.

Regulatory Framework

The SEBI Regulation 74(5) requires companies to obtain and file quarterly certificates from their registrars confirming compliance with depository regulations. This mandatory filing ensures transparency in share transfer processes and maintains regulatory oversight of dematerialization activities.

Corporate Information

The filing identifies Tata Motors Limited as formerly TML Commercial Vehicles Limited, with its registered office at Bombay House, 24 Homi Mody Street, Mumbai. The company's shares are listed on both BSE Limited and National Stock Exchange of India Limited, both of which were copied on this compliance submission.

Morgan Stanley has maintained its Equal-weight rating on Tata Motors' passenger vehicle business, setting a target price of ₹340 amid mixed performance indicators for the automotive manufacturer. The brokerage's assessment reflects ongoing challenges in key segments, particularly within the premium Jaguar-Land Rover portfolio.

Land Rover Sales Performance

The luxury vehicle segment faced significant headwinds during the recent reporting period, with latest data showing continued weakness. March UK Land Rover sales totaled 13,753 units compared to 14,178 units in the previous year, representing a decline that aligns with broader performance trends.

These figures highlight the sustained pressure on the premium vehicle segment, with quarterly performance showing more pronounced weakness compared to monthly data across different markets.

Regional Market Challenges

The United States market, a crucial region for luxury vehicle sales, presented additional concerns for the Jaguar-Land Rover business. US retail sales for the combined Jaguar-Land Rover segment declined 22% year-on-year, indicating broader market challenges beyond individual brand performance. The UK market data further reinforces the global nature of the luxury vehicle segment's current difficulties.

Market Dynamics and Incentive Structure

Despite strong wholesale performance, retail trends continue to show weakness across multiple markets, prompting strategic responses from the company. The elevated incentive levels of 26-27% reflect the company's efforts to stimulate demand in a challenging market environment. This significant increase in incentives suggests underlying demand pressures that require promotional support to maintain sales momentum.

Analyst Outlook

Morgan Stanley's decision to maintain the Equal-weight rating suggests a balanced view of Tata Motors' prospects, acknowledging both the current challenges and the company's strategic positioning. The ₹340 target price reflects the brokerage's assessment of the company's valuation amid the mixed operational performance across different segments and markets, with recent UK sales data supporting the cautious outlook on the Land Rover brand.