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 3.37 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 2d agoTata Capital Ltd is a Tata Sons-backed NBFC with a market cap of approximately ₹1,54,641 crore, trading at a P/E of 28.4x and P/B of 3.48x. The company reported consolidated AUM of ₹2.77 lakh crore in FY26 (up 20% YoY) and PAT of ₹4,891 crore (up 34% YoY), while its 3-year average ROE stands at around 13%.
- Strong AUM growth of 20% YoY to ₹2.77 lakh crore in FY26, with management guiding for 23-25% CAGR over FY26-28
- FY26 consolidated PAT grew 34% YoY to ₹4,891 crore, demonstrating improving profitability at scale
- Q1 FY27 net profit surged 56% YoY to ₹1,547 crore with revenue growing 15% YoY to ₹8,822 crore
- 3-year compounded sales growth of 32% and 5-year compounded profit growth of 34% indicate sustained business momentum
- Asset quality improving with Gross Stage 3 at 2% in Q4 FY26 (down ~20 bps QoQ) and credit costs declining from 1.3% in FY25 to 1.2% in FY26
- NII grew 28% YoY to ₹3,127 crore in Q4 FY26 with management targeting NIM expansion in FY27
- Backed by Tata Sons parentage, providing strong brand trust, access to diversified customer segments, and a robust liability franchise
- Diversified loan book across retail, housing, SME, commercial and cleantech segments reduces concentration risk
- Stock trades at 3.48x book value, expensive for an NBFC with ROE of only 12-13%, leaving limited margin of safety
- 3-year average ROE of 13% is below the 15%+ threshold typically expected to justify premium NBFC valuations
- Low interest coverage ratio flagged as a concern, suggesting earnings may not comfortably service debt obligations
- Potential capitalisation of interest costs raises questions about the true profitability of the lending book
- TTM sales growth has decelerated to 11% from the 3-year CAGR of 32%, indicating a slowdown in topline momentum
- Standalone Gross NPA at 2.45% (Q1 FY27) and stress in unsecured lending and motor finance portfolios remain headwinds
- P/E of 28.4x is at a premium to many large NBFCs and banks, pricing in significant future growth with limited room for disappointment
- Dividend yield of just 0.16% offers negligible income return to shareholders at current valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 PAT surges 56-76% YoY Jul 29
Consolidated PAT jumped 56% YoY to ₹1,547 crore while standalone net profit surged 76% YoY to ₹999.44 crore in Q1FY27. AUM expanded 22% YoY to ₹2,90,502 crore.
- Asset quality improves sequentially Jul 29
GNPA improved to 2.45% from 2.61% QoQ and NNPA to 1.07% from 1.15% QoQ, signaling better credit discipline.
- NCD issuance approved 99.99% Jul 31
Shareholders overwhelmingly approved NCD issuance via private placement with 99.99% support, enabling the NBFC to raise fresh debt capital.
- Gold loan segment entry Jul 29
Tata Capital announced entry into the gold loan segment via acquisition of Yogakshemam Loans Limited, capitalising on India's gold loan boom where outstanding loans doubled to ₹5.14 trillion by May-end.
- Strong FY26 full-year performance Jul 23
FY26 Annual Report shows consolidated AUM of ₹2,77,275 crore and full-year PAT of ₹4,846.10 crore. 35th AGM scheduled for August 19, 2026.
- Analyst meet in Singapore Aug 12
Tata Capital will host an analyst and institutional investor meeting in Singapore on August 17-18, 2026, with no unpublished price-sensitive information to be shared.
- Q1FY27 earnings call held Jul 22
Media briefing and earnings call for Q1FY27 held on July 28, 2026, led by MD & CEO Rajiv Sabharwal and CFO Rakesh Bhatia.
- BRSR filed for FY26 Jul 23
Tata Capital filed its Business Responsibility and Sustainability Report for FY 2025-26, disclosing ESG metrics with assurance from SGS India.
TL;DR: Tata Capital delivered an exceptionally strong Q1FY27 with 56-76% profit growth, 22% AUM expansion, and improving asset quality. The gold loan segment entry and NCD approval provide fresh growth and funding avenues. No material headwinds are visible in recent news flow. The trend is clearly improving with momentum in earnings, asset quality, and strategic diversification heading into H2FY27.
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% |
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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]