Thank you, Anish. Safe Harbor statement, nothing material to report here as our reporting segments remain the same.

Commercial vehicle listing is out since the last quarter post the demerger. Everything else is the same.

Next slide, please. In terms of key business highlights for the quarter, the domestic business has had a pretty busy launch calendar over the last couple of months.

Started with the launch of the Sierra, which got a phenomenal response. Punch, which is the leader in the sub-compact SUV segment, received a phenomenal response in January.

In between, we also had the launch of the 1.5-liter petrol engine for Harrier and Safari, in addition to the diesel and EV versions we already have. We also crossed 1.5 lakh EVs on road, that's another milestone.

A lot more exciting stuff that Shailesh is going to touch upon in the later half of the presentation. For Jaguar Land Rover, the topmost agenda for the quarter was to normalize the production post the cyber incident, but in between, a couple of exciting events which show the resilience and strength of its brand.

The Defender won the Dakar Rally in its debut in its class. We also had very positive reviews for the prototype drive of the new Jaguar on the JEA platform.

Next slide, please. Now in terms of consolidated financial performance, obviously tempered by the continued impact of the cyber incident at JLR, where we lost almost a month of production.

Consolidated revenue came in at ₹70,000 crore, 26% down year-on-year and slightly declined quarter-on-quarter, the JLR incident offsetting some of the strong, robust top-line growth that we saw in India post the GST rate cuts. The EBIT margin still in the red.

It was 4.7% -4.7% for the quarter, slight improvement quarter-on-quarter, both at JLR and for the domestic business. Loss before tax for the quarter before exceptional items came in at ₹3,100 crore.

Would like to call out that this excludes exceptional provision for almost ₹1,600 crore. ₹800 crore at JLR, additional impact because of the cyber incident, ₹400 crore one-time wage bill impact for the India business, and another ₹400 crore provisions we've taken for the stamp duty impact as a result of the demerger.

FCF for the quarter was at negative ₹18,000 crore, largely because of adverse working capital movement and operating profits at JLR. The cumulative cash outflow for the quarter took about ₹37,000 crore, and that reflects in the consolidated net debt as well.

Next slide, please. Already spoke about the loss before tax for the quarter at 3,000 crore, negative ₹3,000 crore.

The cumulative decline being ₹9,000 crore, almost all of it at JLR. The profit before tax for the India business flat on a year-on-year basis.

Consolidated net debt for the group stands at ₹39,000 crore. The India business is cash positive at ₹5,000 crore, while JLR is at 30- ₹39,000 crore.

Next slide, please. Richard, over to you to take through the JLR business.

We'll

pause on this picture for a second, because although it wasn't a quarter full of highlights, this was definitely one. As Dhiman said, Defender won the Dakar Rally.

It's the world's most grueling off-road endurance race. To win it at our first attempt shows the true class of the Defender vehicle, we're proud of that.

We move on to the next page. The financial summary is shown here.

The cyber event cost us around 50,000 units of production, and that led to a wholesale result of 59.1k in the quarter, though retails were almost 80,000. This drove revenue to £4.5 billion, with average revenue per car, however, still rising.

Average revenue was £76,000 per car despite a weaker dollar environment. EBIT was -6.8%, better than Q2, though this is largely the effect of inventory build-down in Q2 relieving the balance sheet of some manufacturing costs and that effect reversing in Q3.

I've already seen a couple of questions on this, I'll explain a little bit more later on. I mentioned at the end of Q2 that the main cyber-related cash burn would be in Q3, and it was.

Lower sales combined with recovering systems that allowed us to pay overdue invoices from the cyber stoppage, and we also settled and paid most supplier claims before their December year-ends, which amplified our cash burn in December. On a year-to-date basis, below, including the effects of US tariffs and cyber, we were -2.9% EBIT and negative just over £3 billion operating cash.

As our plants are now back to operating at full pace, we'll look to build this position back in Q4 to end the year within our guidance levels. Next chart.

As per usual, I won't cover this. I'll cover all the points in it during my comments, and this is for your reference.

Next chart. Wholesales by brand is shown here, all impacted by cyber, but the relative performance is largely driven by the ramp-up sequence of our plants, with Nitra, the home of the Defender, being the first that ramped up, and Halewood and the Velar lines starting last.

Hence, Defender wholesales were actually up on Q2, whereas Range Rover was down. On a full-year basis, Range Rover as a brand was down 25%, although that's led by the Evoque, which was down 41%.

Defender is down less, and you can see the effect of our run-out of legacy Jaguar production as we turn full attention to pre-production testing of the upcoming amazing cars. Next chart.

From a regional perspective, I referenced in Q2 that the long-lead markets, especially Overseas and China, had been protected from the immediate effect of cyber as they already had cars on the water. It was the UK and Europe that took the brunt of the hit in Q2, and therefore, in Q3, this naturally normalized, with Europe and the UK both rising quarter-on-quarter, whilst China and Overseas suffered from the hole in their inbound shipments.

It's best to look at the year-to-date numbers where the UK and Overseas have outperformed the US and China on a relative basis. This reflects the pressures of tariffs in the US and industry overcapacity, retailer margins, and luxury pushback in China.

These are the two biggest car markets in the world, when they both suffer simultaneously, the OEM's world gets very difficult. Next chart.

Walking from the same quarter last year when we made a profit before tax of £523 million: so, volume's the biggest element, 45,000 fewer units sold at 59,000 versus 104,000 last year. Duties continue to be year-over-year negative, cumulatively now with £410 million adverse in the first 9 months of the year, though this is only partially offset year-to-date by emissions.

In the third bar, VME continues to grow as we try and secure order intake and retails in a very competitive environment. Retail incurred rates were 7.7% in Q3 versus 4.2% last year, with the biggest deterioration being in China.

Whilst we continue to make some progress on material costs, we had two significant warranty bookings for campaigns and buybacks that drove warranty higher, as you can see here. In structural costs, I mentioned the P&L effect of restocking, and finally, dollar weakness continued in the quarter and it combined with an upward rerating of key raw materials.

Though hedges offer short-term protection to these trends, if they turn structural, then that's another challenge for us to face. Next chart.

Walking from EBIT through to cash, we delivered £166 million cash profit after tax. Investment spending rose versus an artificially low Q2 number as we paid invoices that were stuck through the cyber incident and made accelerated capital payments to a series of suppliers ahead of their financial year-ends.

Working capital was significantly negative from the inventory build-up and lower-volume quarter. Cumulative year-to-date working capital is circa £1.25 billion negative, although a proportion of that will reverse in Q4.

Next chart. I mentioned investment earlier, and we're still in a heavy investment spend period as we build up to multiple product launches over the next 24 months.

Engineering capitalization ratio at 60% is lower than recent quarters, and that's due to the effect of cyber meaning engineers were not able to progress work on vehicle programs that have passed their capitalization hurdles. This will grow back from Q4.

Capital, I've already referenced, was above trend levels in the quarter, but will also revert back to normal in Q4. Next chart.

To the business update. Again, next chart.

Looking forward, we have to face reality: the environment in which we are operating has changed rapidly and almost universally in an adverse direction. We recognize this will require us to adjust our business model, and we'll share much more on this in our Investor Day in June.

In terms of the main issues: the first 9 months of our financial year saw us pay an additional £410 million in tariffs, and a bout of dollar weakness reduced the sterling value of the main remaining dollar revenues. In the same months, we paid £375 million more on sales allowances to drive order intake and retails.

Emissions regulations outside the US keep biting harder and harder year after year, and the UK government, restricted on the spend side, are significantly increasing the tax burden. Finally, in China, we've seen a 26% reduction in volume year-over-year, more of which on the next chart.

Combined, this picture is not a very constructive business environment for JLR to operate in. Next page.

For China specifically, here's a little bit more background on a market which is highly dynamic and has spillover effects on almost all global markets other than the US. It's the biggest car market in the world, and at the premium end is shrinking, as you can see, down 21% year-over-year, with luxury taxes hitting the very top end and domestic new energy vehicles attacking the bottom.

A slowing market and rapid capacity build-out has also led to a supply-demand imbalance in the market that is driving thousands of retailers into insolvency. You can see 5,000 there last year alone.

This is not a short-term boom-bust cycle. This is structural and permanent in China, and JLR has, until very recently, weathered the storm well, with volume reductions lower than the market.

In recent months, we've suffered more severely. Our plan is simple: manage retailer inventory to protect sales quality, drive demand through brand development, and leverage the run-out of our locally produced cars to focus purely on profitable imported models, with our JV leveraging Freelander in the more mainstream market segments.

To the final chart. Next chart, thank you.

For the balance of the year, we've got 53 days to go. Whilst it's true that I can see more risks than opportunity as of today, we are reconfirming our guidance of greater than 0% EBIT and free cash flow in the range of -£2.2 to -£2.5 billion.

We'll give you an update on FY '27 and beyond at a later date, and that's another really good reason to attend our Investor Day that's going to be held in mid-June. For now, that's all from me.

I'll hand you back to Dhiman and Balaji. Thank you very much for your time.

Anish, next slide, please. Moving on to the domestic business, I think the first half of the year was a challenging time when we had seen a demand slowdown, especially in the less than 4-meter segment.

Our market share had reflected that pressure, showing a drop over FY '25. As that's the segment where we had the maximum exposure to.

Post the GST cuts, we've seen a continued strong rebound in our market share, which has improved about 1.5% from Q1 FY '25. We are mostly the best positioned from a powertrain perspective with a very balanced exposure towards petrol, diesel, EV, and CNG.

Penetration in EV and CNG continues to improve, and in year-to-date FY '26, the penetration of EV and CNG stood at 42%. Next slide, please.

In terms of the electric vehicle business, very strong growth year-on-year, about 50%, with volumes moving on from 16,000 a quarter to 24,000. There was slight concern on the sustainability of EV demand, because the GST rate cuts made the TCOs adverse, but the early signs are that our demand still remains stable.

Our strategy of having EVs at previous price points plus all the value enhancements we are doing, as well as a lifetime warranty, has played out very well in the last couple of months, and we've seen almost a 10% market share gain since Q1 FY '26. Next slide, please.

In terms of financial performance, 24% top-line growth. This is on the back of the record offtake volumes of 170,000 that we had in Q3 FY '26.

Demand continues to be very strong, and we are looking for an even more positive end to the year. I think Shailesh is going to kind of cover it.

EBITDA margin and EBIT margin for the quarter stood at 7% and 1.2%, respectively, about a 1% gain on a quarter-on-quarter basis. Profit before tax stood at ₹300 crore, flat on a year-on-year basis.

Next slide, please. As I mentioned, our PBT year-on-year was flat at about ₹300 crore.

We saw significant gains coming through from volume and mix on back of rising demand. We also had about ₹170-odd crore of increase coming in from incentives.

Our incentives for the quarter stood at ₹361 crore, and accruals for the year stood at ₹573 crores. The accruals for PLI, I guess the obvious question is, what would be the steady-state quarterly state of PLI, but that's difficult to comment because the accruals end up being a little volatile depending on when we receive the incentives and the certifications for our products.

The gains that we had on PLI and volumes were partially offset by adverse realizations year-on-year, the high fixed marketing expenses that we had to sustain for a very busy launch calendar. The D&A year-on-year was also about ₹120 crores higher, largely because we hit the SOPs of Sierra, Punch MC, and Harrier-Safari petrol engine in November-December itself so that we are ready for supplies in January, but the quarter-on-quarter impact next quarter will be much lower.

Moving on to the next slide.

Shailesh, over to you. Thank you, Dhiman.

Starting with the industry, in quarter 3, the PV industry saw the highest-ever offtake of nearly 13 lakh. This was on the back of festive period and GST tailwinds.

The industry has been growing at a strong double-digit pace post the GST 2.0. That has been around 20% growth year-on-year in quarter 3.

Also, because retails were significantly higher than offtakes in quarter 3, channel inventory reduction has also been significant across OEMs and roughly 10% to 15% days of reduction one would have seen in quarter 3. Also post-GST 2.0, there has been a secular growth across segments.

Almost all vehicle segment and sub-segments have grown double-digit. In particular, few segments have grown sharply, which include the compact SUV, sub-compact SUV, mid SUV, and a few more.

Coming to EVs, the EV industry has been growing sharply in FY '26, and the growth was sustained in quarter 3 with 76% growth year-on-year. This growth has been a result of new launches and general positivity on EVs.

Talking about Tata Motors' performance, we recorded our best-ever quarterly performance with wholesale of 171,000 and retails crossing for the first time 2 lakh mark, a growth of over 22% compared to quarter 3 of the previous year. The momentum sustained in Jan '26, where we achieved all-time high monthly sales of 71,000 units, reflecting a 47% year-on-year increase.

As per Vahan data, we rose to the number two position in the Indian market with a 13.8% market share, which was an improvement of 100 bps versus quarter 2 of this financial year. In EVs also, we achieved our highest-ever retails in quarter 3, driven by over 10,000 retails in the month of December.

We also saw an improvement in our market shares in EVs, with an exit market share of about 46% in December. Among our products, Nexon saw very strong demand of over 63,000 in Q3, emerging as the highest-selling model in India.

Punch also featured among the top three SUVs with strong demand momentum post-GST. Next slide.

Over the past few months, we have had several critical launches that will be key growth drivers for the business in quarter 4 and beyond. The highly anticipated Sierra launched to a very positive response.

It secured 70,000 bookings on the first day and continues to see strong booking momentum. As we ramp up production for Sierra over the coming months, we will be able to serve this demand pipeline, and this will be a key growth driver for us.

The launch of Punch facelift will strengthen traction for what has already been a very popular product. With fresher aesthetics and enhanced competitiveness, Punch already recorded its highest-ever volumes in Jan '26, backed by robust customer demand.

Introduction of petrol variants for Harrier and Safari has widened our reach in the segment, enabling us to cater to a broader set of customers. We are seeing strong initial response for the petrol variants in the key markets.

We also re-entered the fleet segment with petrol and CNG versions of Xpres-T, which will help us tap into the growing fleet segment. The key focus areas going forward: we are optimistic that industry will continue to witness sustained positive demand trends, and Tata Motors PV is well positioned to maintain its growth momentum, supported by a healthy order book for current models, disciplined inventory levels, and incremental volume from recent introductions.

In terms of EVs, growth will be sustained on the back of a reinforced portfolio and focused efforts on mainstreaming, including the charging infra. We will scale up production for Sierra to meet the strong customer demand, and from a profitability perspective, we will improve profitability through operating leverage from higher volumes, a richer product mix on the back of Sierra, Harrier, Safari interventions, and sustained structural cost optimization to offset commodity headwinds and enhance contribution.

Back to you, Dhiman.

Moving on to the free cash flows for the domestic business, FCF came in at about ₹300 crore. The cash profit after tax less investment spend was adverse by about ₹200 crore, but there was positive working capital changes in the quarter on the back of high demand, leading to FCF of ₹300 crore.

Next slide, please. Our total investment spending year-to-date is about ₹3,800 crore, running at about a steady space, and total capex investments year-to-date has been about ₹3,100 crore.

We expect to end the year somewhere around ₹4,200 to ₹4,300 crore for the full year. Next slide, please.

Moving on to the outlook for the business for the group, obviously it's been a very challenging last couple of quarters for the group on the back of the US tariff in Q1, followed by the cyber incident. H1 was also pretty weak for the domestic business when there was a demand slowdown.

However, we plan to end the year on a strong footing with the JLR production normalizing, very strong demand recovery in India, and JLR brand remains strong and resilient, which is very critical as it navigates all the geopolitical uncertainties as well as executes its enterprise missions. In India, the refreshed portfolio and the new nameplates that we've introduced on the back of a very strong current demand recovery places us very well to leverage the demand fully, as well as we are going to accelerate our structural cost reduction programs that Shailesh mentioned to improve on our profitability.

Thank you. Also like to mention that we'll have our annual state Investor Day meet sometime in June 2026, and just wanted to give that heads-up so that you keep a lookout for the dates that we will separately intimate to you.

Moving on to the Q&A section, couple of questions already lined up. Richard, the first set of questions coming your way.

First one is, where is the breakeven FCF for JLR in terms of wholesales per year? I believe it used to be around 325,000 units per year.

Is that the case? How is your order book at the end of Q3?

VMEs have significantly increased year-to-date, reaching 7.7%. Where and when do you see them reaching peak levels?

Let me go through that set of questions. It's fair to say that this year our cash breakeven is significantly above 325,000 units, but that's a metric that's best used prospectively to judge how well the business is performing rather than retrospectively.

Prospectively, we'll give you a proper update on FY '27 and the years beyond in our Investor Day in June, probably defer further conversation of that until then. Our order bank is in a decent place at the end of Q3 and is higher than it was at the end of September, we are building order intake relatively strongly.

I think the power of our brands is our biggest advantage, and I did mention the Dakar win earlier on, and we're already seeing a direct influence of that on the order intake on Defender. Defender order intake is now around 10,000 units a month from the global press coverage and brand enhancement that things like Dakar have.

We will focus on continuing to grow our brand and use that to pull through some of the problems that we face. We will keep needing to spend money on VME, that's the third part of this question here.

It did reach 7.7% in Q3. I expect it may go up marginally in the next 6 months, but after that point in time, when we've run through the Jaguars and we're starting to think through launching new vehicles, I would expect that to cap and start to come down.

The peak level relatively close to that 7.7. In terms of your fourth part of your question, in the bond market, look, we're assessing it.

I don't have anything to announce at this stage, but we're definitely looking at it.

Okay. Richard, can we take up the second question also from Kapil?

JLR gross margins, can you please explain the sharp improvement quarter-on-quarter even higher VME? What is the outlook on account of commodities and SAP semiconductor prices?

Look, gross margins, the explanation is simple and complex at the same time. Whenever you build down inventory, you take manufacturing cost out of your balance sheet and charge it through the P&L.

Whenever you build up inventory, the reverse happens. In Q2, we destocked massively because we weren't producing any cars, so that meant that the P&L took a charge from the balance sheet for fixed manufacturing and other overheads.

In Q3, that reversed. That's the main cause of the difference in gross margin.

It's simply a timing effect and the stocking cycle. You can see the flip side of that in our working capital numbers, because our working capital grew rapidly in Q3.

This is Balaji. Just to hold that, a couple of steps ahead, take a look at the EBIT bridge that Richard has called out.

It actually pieces out the various line items in greater detail. What's it on mix, what's it on emissions, what's it on warranty, what's it on the labor and all that Richard just referred to.

I think that will give you a good color on how the flow is happening. Beyond EBIT, you also have the impact of the currency as well.

I think as you understand that sheet better, I think it will give you all the answers that you're looking for. Next set of questions from Jinesh.

Richard, sending it your way: how do you see increasing competition from local brands in the luxury car segment? JLR debt has increased substantially due to operational disruptions.

Do you expect to go back to net cash position in the next 2-3 quarters? How has tariff transmission strategy involved considering demand environment and production disruptions?

I think VME you've kind of already explained, you can skip that. Given the transitory and structural challenges, is there a case to revisit your capex guidance?

FCF guidance implies 4Q FCF of 0.5 to 0.8 billion. Does it imply that 4Q production wouldn't have fully normalized?

Right, we get at subsection F, okay? I'll start at the top.

Look, in China, there is definitely a squeeze on the luxury segment, and that is a squeeze from below in terms of the local new energy vehicles, but also a squeeze from above in terms of a general move away from luxury by the Chinese authorities, which is evidenced partly by their increase in luxury car tax thresholds in July where they basically levied an extra 10% duty on all cars with a transaction price between 900,000 RMB and 1.3 million. There is a bit of a squeeze going on, and you can see that in all OEMs' data in relation to China.

We are going to make sure, as I referenced earlier, that we do not overstock that market and that we rely on the power of our brands to pull through sales, accepting that in the short term, that is going to mean that we hurt a bit in China, but we will protect that market for its long-term ability to grow. Our debt has increased.

It will certainly not get back to net cash over the next 2 or 3 quarters. That is going to be something that takes a little bit more time.

You can see from the fact that we started the year with £250 million roughly of net cash, we will lose in our guidance between 2.2 and 2.5, and additionally paid a dividend of circa 450 million million pounds during the year, you can work from that where we will end up this year. Then, as I said beforehand, we'll give you guidance on '27 and beyond in our Investor Day, but it is not something that is going to disappear over the next 2 to 3 quarters.

It is more embedded than that. Tariff transmission strategy: it's a good question, but one that's really difficult to answer.

We did increase our prices in the US, and we increased things like delivery charges and various other mechanisms to try and recover some of the duties. Market forces then overtake, and what you find is we are probably compensating a fair amount of that now in terms of increased VME, as all manufacturers globally suffering in China and some other markets look at those markets which are still robust and try and push sales.

It's a really good question. It's not quite so easy to answer in terms of how much of our price increases and the tariff changes have actually stuck and how much have been compensated by other market forces.

Next one, D: yes, it was partly due to the Jaguar phase-out, the only vehicles in Jaguar that we're currently producing, and that's only for another few weeks, is the F-PACE, where we are building some stock for the US market. Other than that, we are literally in the run-out of all old Jaguars.

I've mentioned VME before. Capex guidance, I think, will be 3.6, 3.7 from what I can see today.

Your point around F is correct, that 0.5 to 0.8 billion positive is where we are heading and what we need in order to meet the numbers that we have committed to. Q4 production, it has normalized.

The majority of our business is focused on Range Rover, Range Rover Sport, and Defender. Those vehicles, the first two are produced in Solihull, the last one is produced in Nitra.

All of those plants are now back fully running at capacity, and there are no residual cyber issues in those two plants. Yes, Q4 will return to normal.

I mentioned beforehand that we took exceptional charges related to cyber in Q2 and Q3. We will not do so in Q4.

Q4 will be normal.

Thanks, Richard. Moving on to the next set of questions on JLR: how do you see CY '26 outlook for North America, Europe, UK, and China?

Can you indicate launch timelines for RR EV? Can you indicate Q3 production of Acton 93?

Is the production going to be around 110,000? I think some commentary around incentives in US.

I've tried to cover demand generally. China is definitely the most challenging market at the moment.

The rest of them are okay, but not a lot better than okay, I think I would say. Where's that question disappeared to?

Sorry, if you can keep it up on screen, that would really help me.

Just hold on, Richard. Hold on.

Next. Next slide.

Okay. Tell you what, then we'll go onto product launches.

Oh, no. Here we go.

I'll wait.

Some technical glitch here. Just hold on...

That's all right. No problem.

I'm trying to see if I can find any questions for Shailesh and Dhiman. [laughs] There's one there,

okay. Maybe I'll take that instead.

Go for it, Tata Motors.

Take it Shailesh, the next question coming your way: for India, how much was the commodity impact expectation for Q4? What was the blended price hike taken in January?

Can you indicate the blended discounts for vehicle in Q3? What is the current outstanding bookings for Sierra, and what would be the current capacity?

Will March capacity be at 15,000 units?

There are multiple questions. Can you just...

Take it one by one.

Just go one by one, please.

First question, how much was the commodity impact expectation for Q4?

We can't give guidance of what the commodity expectation was for Q4, but generally we have been seeing even in the last few quarters, it has been about 1.7% to 2% of our revenue. We are still assessing what is going to be the final impact in Q4.

What was the next question?

What was the blended price hike taken in January?

We haven't taken any price hike in January. We are yet to take, but in February, we are going to take.

The exact percentage increase we are going to announce whenever we take it.

Can you indicate blended discounts for vehicle in Q3?

Blended discounts would be somewhere around 3.5% to 4% of our revenue.

That's not all consumer discount, it also includes...

The incentives to the dealers, yes,

yeah. What is the current outstanding booking for Sierra, what would be the current capacity, and will we be increasing the capacity to 15,000 units a month by March?

Yes, we can't share with you the current status of the bookings, but I can clearly tell you that 70,000 is what we had announced on 16th December. It's, of course, in six digits.

As far as the capacity is concerned and ramp-up, I think in Jan, we were able to supply about 7,000 units, and the deliveries started only from 16th Jan. We are clearly in a ramp-up phase.

The first, even before I talk about in-house ramp-up, the first level problem is on the supply ramp-up from the suppliers itself. Also, there's a clear signal that one is seeing that industry volumes have also increased from 350,000 to nearly 420, 420,000 a month in the last 3-4 months we have been seeing, and therefore, at tier 1 to tier 3 supplier level, especially at let's say, for example, castings and all, we are seeing that there is general capacity constraint that is coming.

We are working on enhancing the capacities and ramping up the supplies from the suppliers. In-house capacity ramp-up is happening to the extent of capacity which has been dedicated to Sierra in our Sanand 2 factory, but we are also increasing the capacity further in two phases in the next 5 to 6 months.

Therefore, the waiting period, which today would be, say, around 6 to 7 months, should progressively come down as we ramp up and further ramp up with the enhanced capacity in the next 5 to 6 months. That's broadly the commentary on the status of Sierra bookings and capacity ramp-up.

We'll move on to the next question. That's from Kapil: how much PLI was accounted in the quarter, and what is the percentage of the portfolio getting PLI current thing?

Kapil, I think we put that in the IR deck. The total PLI for the quarter stood was about ₹361 crore, and ₹573 crore for year-to-date in the first 9 months.

About 40 45% of our revenues in EVs are eligible for PLI incentives, and that's what we are accruing, and that should go up even more when we move to Harrier EV. Shailesh, I'll direct the next question to you as well.

Shailesh already answered the question on bookings and capacity for Sierra. The next question is on how to look at guidance for demand on Harrier and Safari volumes post the 1.5-liter petrol launch, how are we thinking on Curvv volumes post the Sierra launch, and how do you see growth outlook for domestic PV industry and Tata Motors for next quarter and FY '27?

How does the product pipeline post-Sierra look like?

Okay. The first question was on...

First question was on how do you think of the demand on... Harrier,

yeah, Harrier, sorry, sorry. Yes, Harrier, I think indications basis the bookings that we have which has been flowing is about 30% to 35% of our volume should come from petrol.

Right now, we are again on the ramp-up phase, because as I said that there is common engine sharing between Sierra and Safari, we are distributing in a balanced way the engine supply. Again, it's more of capacity-side issue, which I think we'll be able to overcome in the coming months.

Strong bookings, extremely strong bookings we are getting for Harrier. What we are realizing that these customers were only looking for petrol.

There is no overlap with diesel or electric is what we see. As far as Curvv is concerned, there are certain interventions that we are taking on the product.

We are particularly seeing in December onwards, we saw that there has been uptick in the demand for this 15 to 20 lakh segment of EVs in which Curvv EV falls, and we have seen a significant spurt of demand there. I would say that Curvv is a car where it's a unique design, first time being seen in India, and therefore, it's going to take time, just like we had seen for Nexon, when you bring a new design, it takes time to design to be assimilated and accepted in the market.

We are quite optimistic about Curvv going forward progressively increasing in volumes. What was next question, Dhiman?

The next question was how are we looking at demand...

Industry

Q4 and FY '26 and quarter 4. Yeah.

The first month of quarter 4 was about 14% growth for the industry. We were at about 46%.

We clearly see that the growth of the industry in quarter 4 will be around 13% to 14% kind of a zone. We should be 40% roughly that kind of a growth rate, we expect that for FY '26, therefore, the industry would grow by about 8% to 9% rough guestimate, I would say, whereas for us, we should be somewhere in mid-teens.

It would be a double-digit industry-beating growth for us.

Okay. If you could take the last question, Shailesh: how does the product pipeline look post-Sierra?

I think this is something which you'll have to wait for. There are three nameplates that we have talked about in the next 4 to 5 years, but beyond Sierra, we are also going to get a lot of refreshes, model-year interventions, and also the mid-cycle enhancements for the current portfolio also.

Of course, there are EVs which are going to come. This Punch EV which is going to come very soon.

You'll have Sierra EV which is going to get launched. As I said, mid-cycle enhancements and new launches, which we'll talk about later on.

Okay. Shailesh, one last question before I move back to Richard: how do we assess EU trade deals implication for the India auto sector?

That is, does it potentially cap Tata Motors' premiumization trajectory in the UV segment, and conversely, are we revisiting localization strategies for the JLR portfolio?

First part I will answer. We have very less details about the European trade deal, but basis whatever we are reading and whatever information we have, we clearly see that it's not going to impact in any big way as far as our strategy and journey of premiumization is concerned.

Any player who has to compete effectively in India will have to localize with whatever we are reading in terms of the duty rates which will still remain. There's no impact immediately for sure, but over a period of time also, not localizing in India will have a difficult strategy from a strategy perspective for any player.

By just exporting, it'll be very difficult, but yes, it does give some flexibility for big players from Europe to experiment with few models in India before they commit to investments here is what we would say.

Just building on Shailesh's point, as far as JLR localization strategy is concerned, if you'll recollect, we already have localized Range Rover and Range Rover Sport here in India in terms of CKD manufacturing. That strategy obviously, from a commercial perspective, whatever makes sense is what we will do.

We'll continue to see how the thing evolves. Before the EU deal, there's already the UK deal the first one that's going to happen for us, which we need to see how best we can leverage it to the best of our ability.

Very much work-in-progress on that front, and we'll talk more about it in the Investor Day. Dhiman?

Yeah. I think moving on to the next question, I'll go back to Richard.

Richard, any insight on product launches along with rough timelines in FY '27 for JLR, especially Range Rover EV and Jaguar revamp?

Of course. Look, plans are always adjusting, but as of now, we're going to launch the Range Rover Electric this year and start delivering to customers.

We'll also unveil the new production Jaguar car this year. Finally, also unveil the first car off our EMA platform.

That's a unique new model from the Range Rover family that's going to get built at Halewood. We are approaching a really, really busy launch period for JLR in the next couple of years.

Again, we'll give you more details on timings, etc., at the Investor Day.

Yeah. Moving on to the next question from Binay, I think some of these questions have already been taken up by Richard.

Next quarter is going to be a normal quarter for JLR. I think on PLI incentives accrued for the quarter and year-to-date have also been answered.

I think with a few questions from Binay and I think Gunjan on EV margins, I think the EV margins move up and down depending on the rate at which PLI is being accrued and it's not a normal rate, I'll kind of request you to reach out to the IR team and we can take you through the details. Yeah.

Richard, next question, I think you've partly answered, but if you could take this up on: can you cover how we should think about VME and warranty costs, which have continued to go up?

Yes. VME I think is an industry trend at the moment, as I've mentioned.

The China market is shrinking for many OEMs, and that is increasing pressure in other markets for all OEMs to try and access the sales. I mentioned beforehand, I do think it is near peaking, but it may have a little bit further to go over the next 6 months or so.

Nothing more to say other than that at this point.

Okay. Next question from Nishit: how are the dealer inventory levels across markets?

Are they much below normal given that we've not been able to supply? Next question, I think VME questions you've already answered a couple of times.

Warranty expenses remained high at 7.7% of sales. Any quarterly-related one-offs there?

How could you sustain it in the next 1 or 2 years? The last question: how should one look at sustainable EBIT margin levels between FY '27 and '28?

I'll try and cover those dealer inventory levels. Certainly, in some markets such as the US, are fairly low at the moment.

I was in the US earlier this year and there are a large numbers of dealers who normally would have vehicles all over their front lots where it was fairly empty. Dealer inventory in the US is tight.

We are filling it now, but it has been fairly tight as we work to basically refill our supply chain following cyber. That is temporary, and it will relieve itself during Q4.

There was a question I can remember on warranty, and yes, there were one-offs in this quarter to the tune of circa £100 million related to one-offs in campaigns and buyback provisions in the USA. We are not running at a normalized rate of 7.7%.

It is a lot lower than that, and we intend these one-offs to stop as quickly as we can.

Okay. Moving on to the next question, I think from Rakesh, I think first half of the question you've kind of already taken.

Moving on to the next part: can you please update on Freelander roll-out plan? It appears it is going to be sold outside China as well, and which all markets under royalty income agreement?

Freelander is also going to start production, I think, this year. It will be initially for China only, but when we announced Freelander, we did say it would be available for global roll-out over time, and that, I think, is still the case.

It will be managed by our joint venture in China between ourselves and Chery. Look, obviously, there is a royalty arrangement within that.

I am absolutely not going to comment on what that is. However, we are very much expecting that vehicle and vehicles, because it won't end up as being just one, to be a big success.

Thanks, Richard. The next question also your way: EBIT margin guidance was 5% to 7% before the cyberattack.

What would the range be possible ahead? Are key models Range Rover, Range Rover Sport, and Defender are in niche premium categories?

Is competitive intensity from Chinese OEMs high in these categories in North America, Europe, and China? Media reports indicate Chery Automobile is in early-stage negotiations to use JLR production capacities in UK.

Any comment on that?

The second I'll take. We don't comment on speculative reports, wouldn't want to comment on that.

Richard, the first one, I'll hand it back to you.

Yeah. Absolutely right on that.

EBIT margin 5.5% to 7% before the cyberattack, always difficult to say. I would suspect we would have been close to the bottom end of that range before cyber.

The fact that foreign exchange, a little bit of VME, etc., have moved adverse to us quite significantly over that period means I think we would have been around the bottom end of that. In relation to Range Rover, Range Rover Sport, and Defender, look, Chinese OEMs are coming and they're coming globally.

Far, outside of China, there hasn't been that much of an impact in terms of the segments of the markets in which we operate, because the one thing that Chinese OEMs do not have is brands. Brands is where we are focusing our unique selling point along with the capabilities of the vehicles, which sort of emphasize those brands.

There's two choices: either the world goes completely protectionist, in which case they're protected from Chinese cars, but with considerable disadvantages, or it goes free trade. JLR prefers a free trade model.

It is a better model for JLR, and we welcome competition. It will force us to be better.

Are we concerned? Yes.

Are we paying close attention? Yes.

Are we frightened? No.

Okay. Shailesh, next question from Kapil your way: we mentioned that margins will improve from Q4 FY '26 led by Sierra launch and price hike in Jan '26.

How much price hike have we taken? Can you please give an update if we are on track to improve margins in light of commodity pressures?

As I said in one of the earlier replies, that we are going to take price increase this month, and we will be able to tell you the extent of price increase whenever we take it. Sierra, of course, has enhanced our margin.

Also the VME, which was very high in earlier quarters, has come down. While the commodity price pressure remains, but as a result of all these actions and the tailwinds that we have in quarter 4 with very low inventories and all at the start of quarter 4, you can definitely expect a much better margin as compared to what you had seen in quarter 3 and in quarter 4.

Thank you. Shailesh, I'll hand it back over to you to take the last question for the day from Kapil: is there a big change in first-time buyers for Tata Motors, for the industry after GST cut?

Which segment of cars are first-time buyers going for more?

I cannot give you off-hand what has been the increase in first-time buyers, but yes, there is a definite increase that we have seen in first-time buyers. Maybe separately we can ask the Investor Relations team to give that information to you.

The segments which have really responded well post-GST 2.0, I also mentioned, it seems, is the sub-compact SUV and the compact SUV segment, which has seen growth much higher than the average growth that we have seen of 20% in this segment. Maybe these two segments would be more upwards of 30% or maybe 25%, 26% or so.

These are the two segments which I'll say in the less than 4-meter category which has seen significant traction. Post-GST 2.0, I think mid-size SUV segment also has seen a growth better than the average growth of the industry, but that is also to do with the new launches.

It's a combined effect of new launches as well as general reduction in GST rate.

Thank you, Shailesh, and that brings us to the end of the Q3 FY '26 call. See you on the call next quarter, and in between, you should hear from us informing you about the results of the Investor Day in June.

Thank you and have a good evening.