Subject: Investor Update | India Auto Sector Monthly Performance Report – January 2026

Executive Summary India’s automotive sector opened CY2026 with robust momentum, delivering double-digit growth across key segments. Company Performance Overview 1. Tata Motors Ltd. (Ticker: TATAMOTORS) Passenger Vehicles (PV): Total sales surged 47.1% YoY to 71,066 units. EV Segment: Continued dominance with 9,052 units (+72.7%), outpacing the broader market. Domestic PV: Dispatches rose 46.1% to 70,222 units. Commercial Vehicles (CV): Total sales grew 29.9% YoY to 41,549 units, signaling a strong recovery in industrial logistics. HCV Trucks: +41% (12,691 units). SCV & Pickups: +29.5% (14,520 units). 2. Mahindra & Mahindra Ltd. (Ticker: M&M) Total Auto Sales: Rose 24% YoY to 104,309 units. Key Segments: SUVs: Domestic sales reached 63,510 units (+25%), validating the "SUV-led" strategy. LCV < 3.5T: Sales stood at 27,656 units (+22%). Strategic Milestone: New launches (XUV 7XO & XEV 9S) secured 93,689 bookings (Value: ₹20,500 Cr) in just 4 hours, indicating immense pent-up demand. 3. Hyundai Motor India Total Sales: Achieved an all-time high of 73,137 units (+11.5% YoY). Domestic Market: Highest-ever monthly dispatches of 59,107 units (+9%). Exports: Significant expansion to 14,030 units (+20.9% YoY). 4. Escorts Kubota Ltd. Agri-Machinery: Total tractor sales jumped 46.9% YoY to 9,799 units. Domestic: Sales grew 50.8% to 9,137 units, signaling a robust turnaround in the rural economy and farm sentiment. 5. SML Mahindra Ltd. Total Sales: Up 30% YoY to 1,337 units. Growth Drivers: Cargo vehicles (+31%) and Passenger vehicles (+30%) showed balanced traction. Sector Outlook & Key Takeaways Rural Recovery: Escorts' 50% tractor growth suggests improving rural cash flows and sentiment. Premiumization Trend: Record booking values for M&M and Hyundai's peak volumes confirm strong demand for premium SUVs. EV Acceleration: Tata’s 73% EV growth reaffirms the rapid consumer shift toward electric mobility.