Tata Capital
Tata Capital
Financial ServicesKey Fundamentals
LargecapFinanceFinancial ServicesPrice-based figures as of 8 Oct 2026, 9:35 am IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Weaknesses
4- Stock is trading at 2.94 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
As of the 2026-10-01 close, Tata Capital Ltd traded at ₹319.3, giving a market capitalisation of ₹135,538.67 crore, a trailing P/E of 24.81 and a price-to-book of 3.03. Profit grew 30% over the trailing twelve months and revenue compounded at 32% over three years. ROE was 10.38%, below its 3-year average of 13% and 5-year average of 14%. The stock sat 18.2% below its 52-week high of ₹390.2 and 7.9% above its 52-week low of ₹296.
- Revenue has compounded at 32% over 3 years and 26% over 5 years, which shows sustained growth in the loan book and balance sheet at scale.
- Profit grew 30% over the trailing twelve months, well ahead of TTM sales growth of 11%. This suggests better operating leverage, lower credit costs or better margins in the latest period.
- Profit has compounded at 34% over 5 years, a multi-year record of earnings expansion that goes beyond the recent cycle.
- At ₹319.3, the stock is 18.2% below its 52-week high of ₹390.2. That leaves the price closer to the low end of its 1-year range (low of ₹296) than to its peak.
- Trailing EPS of ₹12.87 on 30% TTM profit growth puts the P/E of 24.81 below the recent earnings growth rate, a P/E-to-growth ratio of roughly 0.8x on TTM numbers.
- A market cap of ₹135,538.67 crore makes it one of the larger listed NBFCs. Being part of the Tata Group typically gives such NBFCs access to cheaper, more diversified funding than smaller peers.
- ROE was 12% last year and averaged 14% over 5 years, so the current 10.38% could partly reflect a temporary dip, possibly from integrating the merged business or holding extra capital, rather than a permanently lower return level.
- The stock trades at 3.03x book value, implying book value of about ₹105 per share. That premium is high for a lender whose current ROE is only 10.38%.
- ROE has fallen steadily, from a 5-year average of 14% to a 3-year average of 13%, then 12% last year and 10.38% now.
- ROCE of 8.56% points to thin returns on total capital employed, typical of a leveraged lending model with limited spread headroom.
- TTM revenue growth has slowed to 11%, against a 3-year CAGR of 32% and a 5-year CAGR of 26%. Top-line growth looks to be slowing sharply.
- A P/E of 24.81 is an earnings yield of about 4.0%. Profit growth has to stay high to support that, and 3-year profit CAGR is only 17%, well below the 30% TTM figure.
- The dividend yield is just 0.17%, so returns depend almost entirely on price appreciation rather than income.
- Screening flags a low interest coverage ratio. That is structural for NBFCs, but it means earnings are very sensitive to rising borrowing costs or a spike in credit losses.
- Debt-to-equity isn't available in the data (null), so balance-sheet leverage can't be checked here. Screens also flag possible capitalisation of interest cost, which is worth checking in the filings.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock stuck near IPO price Sep 21
Even after a 56% YoY profit jump, shares trade around ₹344, close to the ₹326 IPO price. They slipped back from opening highs despite 12 of 14 analysts rating the stock 'buy'.
- Motor Finance drags reported returns Sep 21
AUM grew 22% YoY overall but 28% excluding Motor Finance. Ex-Motor Finance RoA is 2.5% versus 2.3% reported, so the turnaround of this segment remains a pending execution risk.
- Margin gains pushed to 2H FY27 Sep 21
Management targets NIM expansion only in the second half of FY27, and JPMorgan says a re-rating needs a visible NIM inflection and credit costs below 1%. About 66% of assets are floating-rate, and management assumes the economy can absorb 50-75 bps of rate hikes.
- Citi, JPMorgan see upside Sep 21
Citi initiated coverage with a 'buy' and a ₹450 target (about 32% upside, 3.4x FY28E P/BV). JPMorgan holds 'overweight' with a ₹395 target (12.54% upside), and Citi names Tata Capital a top NBFC pick alongside Bajaj Finance.
- Q1 FY27 profit jumps 56% Sep 21
Net profit rose 56% YoY to ₹1,547 crore from ₹990 crore, and total income grew 23% to ₹4,455 crore. AUM reached ₹2.9 lakh crore as of June 30, 2026, up 22% YoY.
- Strong growth and RoE outlook Sep 21
Citi expects a 24% AUM CAGR through FY29E, with RoA/RoE rising to 2.5%+/17-18%, and its PAT estimates sit 5-9% above consensus. Management guides 23-25% growth with credit costs below 1%.
- Retail-SME mix and gold loans Sep 21
Retail and SME loans make up 85.4% of net AUM (target 85-87%), and unsecured retail is 10.3%. Further catalysts include the Yogloans gold-loan acquisition, faster growth in high-yield products from 2H FY27 and a network of 1,491 branches across 27 states/UTs.
- Insider Mandar Joshi named Treasury Head Sep 9
The board approved Mandar Joshi as Head - Treasury effective October 1, 2026, succeeding Kiran Joshi, who retires on September 30, 2026. Mandar Joshi has been with Tata Capital since 2007 and has over 20 years of experience, so the handover should keep funding strategy steady.
- Healthcare fund pivots to IPO exits Sep 7
Tata Capital Healthcare Fund, which Tata Capital sponsors and anchors, aims to exit over 50% of holdings in its ₹2,500 crore third fund through IPOs. It has raised over $400 million across two funds, with 20 investments and 8 exits so far, but this is a small, non-core business for the NBFC.
TL;DR: Tata Capital's core business is strong: Q1 FY27 profit rose 56% to ₹1,547 crore, AUM grew 22% to ₹2.9 lakh crore, and both Citi (₹450) and JPMorgan (₹395) see upside. The main risks are a stock still near its ₹326 IPO price, a Motor Finance unit that drags on returns, and margin gains that depend on a 2H FY27 NIM inflection plus rate sensitivity. The fundamental trend is improving, and the key re-rating triggers to watch are visible margin expansion and credit costs held below 1% in the coming quarters.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| ROE % | 11% | 15% | 21% | 15% | 13% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about Tata Capital
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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]
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