Tata Capital Limited has informed the Exchange about Transcript of Earnings Conference call for the quarter and half year ended September 30, 2025.
TATACAP · price
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Tata Capital shared its first earnings call transcript post-IPO, reporting a strong Q2 FY26 performance. AUM stood at INR 2.16 lakh crores (ex-Motor Finance), up 22% YoY and 4.1% sequentially, while including Motor Finance, AUM was INR 2.44 lakh crores. Q2 PAT came in at INR 1,128 crores (ex-Motor Finance), growing 33% YoY. Credit costs improved 30 bps QoQ to 1.1% (ex-Motor Finance), net NPA remained stable at 0.6%, and RoA stood at 2.2%. Cost of funds dropped 47 bps to 7.4%, and S&P upgraded the company's rating to BBB stable. Management guided FY26 AUM growth of 22-25% (ex-Motor Finance), credit costs of 1-1.1%, consolidated PAT growth of ~35%, exit RoA of 2.3-2.4%, and laid out 3-year targets of 23-25% AUM CAGR, RoA of 2.5-2.7%, credit costs below 1%, and cost-to-income of 33-34%. The Motor Finance business is expected to break even in Q4 FY26 and reach 2% RoA by FY28.
The call signals strong execution post-listing with improving asset quality, falling funding costs, and a clear profitability roadmap. The 3-year guidance and margin expansion outlook should support positive sentiment, though Motor Finance integration remains a near-term overhang that the company is actively addressing.