NSE: TATACAP · BSE: 544574
TATA CAPITAL LIMITED
Lends to retail, SME and corporate customers as a non-banking financial company (NBFC), with the Financing Activity segment making up 96.2% of FY26 segment revenue at ₹22,210.37 crore. Consolidated Assets Under Management (AUM) reached ₹2.91 lakh crore in Q1 FY27, up 22% year-on-year, including a Housing Finance subsidiary with ₹89,416 crore of AUM (24% YoY growth). Retail plus SME lending accounts for 86% of AUM, with unsecured retail at 10.3% (scaling toward 15%) and motor finance in run-off mode. Entered the gold-loan segment by acquiring ~88.6% of Yogakshemam Loans (Yogloans) at a pre-money valuation not exceeding ₹318 crore, bringing in 162 branches, 32,000 customers and ₹708 crore of AUM across four southern states. Raised USD 400 million of senior unsecured Reg S notes at a 5.332% coupon — 4x oversubscribed — following an S&P BBB+ rating upgrade and equity listing in October 2025. Serves 8.4 million customers through 1,477 offices across 27 states with ~30,170 employees. Funding is the central cost item, with cost of funds at 7.28% on total borrowings of ₹2.45 lakh crore; employees account for 9.0% of revenue and other operating costs 8.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing Activity (96%), Investment Activity (1%), Others (3%), Unallocated (0%). Diversified, retail-and-SME-tilted NBFC with housing, CV, unsecured and now gold-loan lending.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 31,540 |
| EBITDA (ex other income) | 23,038 |
| margin % | 73.0 |
| Owners' profit | 4,846 |
| EPS, as reported (₹) | 11.76 |
| ROE % · ROCE % | 10.4 · — |
| Debt / equity (x) | — |
| Cash from operations | (37,965) |
| Capex | (995) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 7,737 | 7,975 | 8,160 | 8,822 |
| Profit before tax | 1,504 | 1,694 | 1,978 | 2,159 |
| Net profit | 1,119 | 1,265 | 1,466 | 1,628 |
| EPS (₹) | 2.73 | 2.97 | 3.54 | 3.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing Activity | 23,378 | 96.7 |
| Investment Activity | 304 | 1.3 |
| Others | 495 | 2.0 |
| Unallocated | 3 | 0.0 |
| Total, before eliminations | 24,180 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED ◆ | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 18.5 | 116 of 200 | 42% |
| P/B | 2.7 | 1.1 | 202 of 253 | 20% |
| ROE | 10.4 | 3.1 | 52 of 257 | 80% |
| EBITDA margin | 75.8 | 48.6 | 63 of 249 | 75% |
| Market cap | 128620 | 33 | 3 of 268 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tata Capital shares earnings call audio recording | investor communications | low | — | — |
| 27 Oct 2026 · IPO proceeds used as planned; ₹29 crore remains unutilized | compliance | minimal | — | — |
| 27 Oct 2026 · No deviation in IPO proceeds; Q2 profit after tax rises 73 percent | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 profit rises 51% as loan assets cross Rs 3 lakh crore | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 profit rises 51% as gross loan book crosses Rs 3 trillion | compliance | low | — | — |
| 27 Oct 2026 · Tata Capital expands MTN programme to USD 3 billion | fund raising | medium | — | — |
| 27 Oct 2026 · Standalone Q2 PAT up 73 percent; MTN programme expanded to USD 3 billion | results | high | — | — |
| 27 Oct 2026 · Q2 standalone profit rises 73% as operating revenue grows 20% | results | high | — | — |
| 24 Oct 2026 · Tata Capital revises pre-registration link for Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Tata Capital Q2 FY27 earnings call scheduled for October 27, 2026 | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.