Tata Capital Ltd
Tata Capital Ltd
Financial ServicesKey Fundamentals
LargecapFinanceFinancial ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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23 extracted metrics + investor summaries across FY18–FY27.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
4- Stock is trading at 3.38 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 13.2% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoTata Capital Ltd is a Tata Sons subsidiary NBFC with a market cap of ~Rs 1.56 lakh crore, trading at a P/E of 28.3x and P/B of 3.47x. The company has delivered strong 32% compounded sales growth over 3 years and 34% compounded profit growth over 5 years, with consolidated AUM reaching Rs 2.77 lakh crore in FY26, though its 3-year ROE of ~13% remains modest for its valuation.
- Consolidated AUM grew 20% YoY to Rs 2.77 lakh crore in FY26 and 22% YoY to Rs 2.91 lakh crore in Q1 FY27, indicating sustained lending momentum
- Compounded sales growth of 32% over 3 years and 26% over 5 years reflects a strong top-line expansion trajectory
- Q4 FY26 net profit surged 43% YoY and Q1 FY27 net profit jumped 56% YoY to Rs 1,547 crore, showing accelerating earnings growth
- FY26 consolidated PAT reached Rs 4,891 crore, up 34% YoY, with total income of Rs 31,583 crore vs Rs 28,370 crore in FY25
- Net NPA improved to 0.5% in FY26 and collection efficiency exceeded 99% across segments, signaling improving asset quality
- Compounded profit growth of 34% over 5 years and 30% TTM demonstrates consistent earnings compounding
- NII grew 28% YoY to Rs 3,127 crore in Q4 FY26, reflecting improving spreads and balance sheet productivity
- Tata Group parentage provides strong brand trust, access to diversified customer base, and potential synergies across group entities
- Stock trades at 3.47x book value despite a modest 3-year ROE of only 13%, suggesting premium valuation relative to return generation
- Low interest coverage ratio as flagged in company filings raises concern about earnings buffer to service debt obligations
- Possible capitalization of interest costs could overstate reported profitability and asset values
- 3-year ROE of 13% and last year ROE of 12% trail many NBFC peers that deliver 15-20%+ returns on equity
- Gross Stage 3 assets (GNPA) at 1.9% and standalone GNPA at 2.45% are not negligible for a large diversified NBFC
- P/E of 28.3x is at the higher end for NBFCs, leaving limited margin of safety if growth slows
- Credit costs of 1.2% in FY26 and tightened underwriting in CV, commercial equipment and SME segments suggest emerging stress in select portfolios
- Dividend yield of only 0.16% (Rs 0.57 per share declared) offers minimal income return to shareholders at current price
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- Q1 PAT surges 56-76% YoY Jul 28
Consolidated PAT jumped 56% YoY to ₹1,547 cr in Q1FY27; standalone net profit rose 76% YoY to ₹999.44 cr. Revenue grew to ₹7,941 cr from ₹6,930 cr YoY.
- AUM expands 22% YoY Jul 29
Assets under management grew 22% to ₹2,90,502 crore. Asset quality improved with GNPA at 2.45% vs 2.61% QoQ and NNPA at 1.07% vs 1.15% QoQ.
- NCD issuance approved 99.99% Jul 31
Shareholders approved NCD issuance via private placement with 99.99% support, enabling debt capital raising. All 10 AGM resolutions passed including ESOPs.
- Gold loan segment entry Jul 29
Tata Capital announced entry into the gold loan segment via acquisition of Yogakshemam Loans Limited, tapping into India's ₹5.14 trillion gold-backed loan market.
- Analyst meet in Singapore Aug 12
Tata Capital scheduled an analyst and institutional investor meeting in Singapore on Aug 17-18, 2026. No unpublished price-sensitive information to be shared.
- Gold loan industry boom Jul 30
Outstanding gold-backed loans in India more than doubled to ₹5.14 trillion by May-end. Tata Capital is among key NBFCs capitalising on this growth.
TL;DR: Tata Capital delivered a strong Q1FY27 with 56-76% profit growth, improving asset quality, and 22% AUM expansion. The company is diversifying into gold loans via acquisition and has strong shareholder backing for capital raising. No visible headwinds in recent news flow. The trend is firmly positive with growth momentum and strategic expansion intact.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,185 | 7,104 | 7,478 | 7,665 | 7,737 | 7,976 | 8,160 | 8,822 |
| Expenses | 1,915 | 1,762 | 2,072 | 2,126 | 2,135 | 2,172 | 2,026 | 2,143 |
| Financing Profit | 1,576 | 1,506 | 1,447 | 1,473 | 1,626 | 1,876 | 2,118 | 2,309 |
| Fin. Margin % | 22% | 21% | 19% | 19% | 21% | 24% | 26% | 26% |
| Other Income | 9 | 8 | 31 | 27 | 16 | -40 | 3 | 4 |
| Interest | 3,693 | 3,836 | 3,960 | 4,066 | 3,976 | 3,928 | 4,017 | 4,370 |
| Depreciation | 92 | 99 | 109 | 118 | 135 | 142 | 143 | 154 |
| PBT | 1,494 | 1,415 | 1,368 | 1,382 | 1,507 | 1,695 | 1,978 | 2,159 |
| Tax % | 24% | 26% | 27% | 25% | 26% | 25% | 26% | 25% |
| Net Profit | 1,133 | 1,050 | 1,000 | 1,041 | 1,119 | 1,265 | 1,466 | 1,628 |
| EPS in Rs | 2.87 | 2.87 | 2.77 | 2.48 | 2.72 | 2.96 | 3.54 | 3.65 |
| Gross NPA % | 0.8% | — | — | — | — | — | — | — |
| Net NPA % | 0.4% | — | — | — | — | — | — | — |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Revenue | 9,835 | 10,162 | 13,631 | 18,178 | 28,322 | 31,566 | 32,695 |
| Expenses | 2,826 | 2,908 | 3,018 | 3,951 | 8,032 | 8,458 | 8,476 |
| Financing Profit | 1,797 | 2,364 | 4,013 | 4,659 | 5,261 | 7,123 | 7,930 |
| Fin. Margin % | 18% | 23% | 29% | 26% | 19% | 23% | 24% |
| Other Income | 152 | 260 | 150 | 21 | 47 | -23 | -17 |
| Interest | 5,213 | 4,889 | 6,601 | 9,568 | 15,030 | 15,985 | 16,290 |
| Depreciation | 334 | 276 | 226 | 288 | 390 | 538 | 574 |
| PBT | 1,615 | 2,348 | 3,937 | 4,392 | 4,919 | 6,562 | 7,339 |
| Tax % | 23% | 23% | 25% | 24% | 26% | 25% | — |
| Net Profit | 1,245 | 1,801 | 2,946 | 3,327 | 3,655 | 4,891 | 5,478 |
| EPS in Rs | 3.2 | 4.69 | 8.51 | 8.41 | 9.64 | 11.42 | 12.87 |
| Div. Payout % | 0% | 3% | 2% | 2% | 4% | 5% | — |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 3,464 | 3,463 | 3,507 | 3,703 | 3,762 | 4,217 |
| Reserves | 6,509 | 8,250 | 13,833 | 19,714 | 29,284 | 41,645 |
| Borrowing | 69,166 | 86,343 | 1,13,541 | 1,48,512 | 2,08,851 | 2,36,376 |
| Other Liabilities | 3,792 | 4,319 | 4,745 | 4,765 | 6,422 | 8,266 |
| Total Liabilities | 82,930 | 1,02,376 | 1,35,626 | 1,76,694 | 2,48,320 | 2,90,504 |
| Fixed Assets | 901 | 719 | 733 | 1,190 | 2,003 | 2,604 |
| CWIP | 8 | 11 | 20 | 8 | 16 | 33 |
| Investments | 4,653 | 7,846 | 13,254 | 8,733 | 9,866 | 9,508 |
| Other Assets | 77,368 | 93,798 | 1,21,619 | 1,66,763 | 2,36,434 | 2,78,358 |
| Total Assets | 82,930 | 1,02,376 | 1,35,626 | 1,76,694 | 2,48,320 | 2,90,504 |
Cash Flow
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Operating | 3,137 | -14,387 | -23,190 | -37,999 | -30,088 | -37,965 |
| Investing | -2,626 | -2,614 | -2,263 | 5,758 | 3,382 | 282 |
| Financing | -2,787 | 17,056 | 26,430 | 35,952 | 29,412 | 31,848 |
| Net Cash Flow | -2,275 | 55 | 977 | 3,712 | 2,706 | -5,834 |
| Free Cash Flow | 3,131 | -14,363 | -23,337 | -38,632 | -31,109 | -38,929 |
| CFO/OP | 48 | -190 | -208 | -258 | -141 | -158 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| ROE % | 11% | 15% | 21% | 15% | 13% | 12% |
Documents
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Company Information
Tata Capital Limited ("TCL"), the flagship financial services company of the Tata Group, is a subsidiary of Tata Sons Private Limited and is carrying on business as a NBFC. It is engaged in providing/supplying a wide array of services/products in the financial services sector and operates across various areas of business: Commercial Finance, Consumer Loans, Wealth Services and distribution and marketing of Tata Cards.[1]