Tata Motors Passenger Vehicles Limited (TMPVL) has successfully concluded its postal ballot process on December 29, 2025, with shareholders demonstrating overwhelming support for all proposed board appointments. The remote e-voting process, which concluded on December 28, 2025, at 5:00 p.m. (IST), witnessed strong participation across all shareholder categories with 73.36% of total shares participating in the voting process.

Postal Ballot Results Overview

All four resolutions were passed with requisite majority through remote e-voting, marking a significant milestone in TMPVL's post-demerger governance structure. The voting results demonstrate exceptional shareholder confidence in the company's leadership appointments.

Shareholder Participation Analysis

The postal ballot witnessed significant participation from institutional and retail investors, with promoter groups showing near-complete participation at 99.99%.

Key Appointments Confirmed

With shareholder approval secured, TMPVL's leadership structure is now formalized under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shailesh Chandra has been appointed as Managing Director & CEO with remuneration approval, securing 99.29% shareholder support for both his directorship and compensation package.

Mrs. Sudha Krishnan joins as Non-Executive Independent Director with the highest approval rate of 99.91%, bringing enhanced board diversity and governance expertise.

Mr. Pathamadai Balachandran Balaji has been appointed as Non-Executive Director with 99.49% approval, adding valuable financial and strategic expertise to the board.

Regulatory Compliance and Transparency

The postal ballot was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and Administration) Rules, 2014. The scrutinizer's report dated December 29, 2025, confirms the validity of all voting results.

The voting results and scrutinizer's report are now available on the company's website ( www.cars.tatamotors.com ) and NSDL's e-voting portal, ensuring complete transparency in the governance process. This comprehensive approval paves the way for TMPVL to execute its passenger vehicle strategy under new leadership while maintaining strong corporate governance standards.

Tata Motors Passenger Vehicles Limited (TMPV) faced a challenging second quarter, reporting a consolidated profit before tax (PBT) loss of Rs 5,500 crore. The significant loss was primarily attributed to a cyber incident at Jaguar Land Rover (JLR) that halted production for the entire month of September, resulting in a 24% revenue drop for the luxury car maker.

JLR Cyber Incident Impact

The cyber attack on JLR had far-reaching consequences:

• Production shutdown for the entire month of September
• 24% revenue decline for JLR
• Loss of approximately 50,000 units in production
• Negative EBIT margin of 8.6% for JLR
• Negative free cash flow of £791 million for JLR

JLR CEO Adrian Mardell stated that the company expects an EBIT margin of 0-2% for the full year, with free cash flow projected between negative £2.2-2.5 billion.

India Passenger Vehicle Business Shows Resilience

Despite the challenges faced by JLR, the India passenger vehicle business demonstrated recovery:

• 15% year-on-year revenue growth
• 10% volume increase
• Record-breaking sales in September and October, with over 60,000 units sold in each month
• Market share improvement to 12.8% for the quarter, with post-GST festive months reaching 13.7% to 14%

Electric Vehicle Segment Gains Momentum

TMPV's electric vehicle (EV) segment showed significant progress:

• EV penetration increased from 12% to 17%
• Record EV retails of 9,000 units during the festive season
• Harrier.ev launch contributing to increased EV sales, with a run rate of about 2,500 units per month
• EV market share consistently at 42%

Financial Highlights

Future Outlook

TMPV management outlined several strategies to improve performance:

1. Ramping up JLR production to full capacity for the remainder of the fiscal year
2. Launching new products, including the Sierra
3. Expanding the EV portfolio and improving profitability through PLI accruals
4. Implementing cost reduction measures and potential price increases in Q4

Shailesh Chandra, MD & CEO of TMPV, expressed optimism about the domestic market, projecting double-digit growth for the industry in the second half of the fiscal year.

The company faces challenges in global markets, particularly in China, where luxury vehicle demand remains weak. However, TMPV aims to leverage its strong brand recall, especially for the Range Rover, and focus on expanding its presence in international markets, including a recent entry into South Africa.

As TMPV navigates through the aftermath of the cyber incident and global market challenges, the company's resilience in the domestic market and growing EV segment provide a silver lining for its future performance.