Tata Capital
Tata Capital
Financial ServicesKey Fundamentals
LargecapFinanceFinancial ServicesTapetide Score
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Key Insights
Weaknesses
4- Stock is trading at 3.36 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 trades at a market cap of ₹1,53,049 Cr with a P/E of 28.1x and P/B of 3.45x. The company has delivered strong 3-year compounded sales growth of 32% and profit growth of 17%, though its 3-year average ROE of 13% remains modest for a financial services company within the Tata Group umbrella.
- Strong revenue momentum with TTM sales growth of 11% and a robust 3-year compounded sales CAGR of 32%, indicating rapid AUM expansion
- Compounded profit growth of 34% over 5 years demonstrates sustained earnings scalability over a longer horizon
- TTM profit growth of 30% significantly outpaces TTM sales growth of 11%, suggesting improving operating leverage and cost efficiency
- Backed by the Tata Group brand, which provides access to lower-cost funding, strong governance reputation, and cross-selling opportunities across the group ecosystem
- 5-year compounded sales CAGR of 26% reflects a durable growth trajectory rather than a one-off spike
- P/E of 28.1x, while not cheap, is not extreme for an NBFC delivering 30% TTM profit growth, implying a PEG ratio below 1.0 on trailing earnings growth
- Market cap of ₹1,53,049 Cr positions it as a large-cap NBFC, offering institutional-grade liquidity and scale advantages in fundraising
- Stock trades at 3.45x book value, which is elevated for an NBFC generating only 12-13% ROE — peers with similar valuations typically deliver 18%+ ROE
- 3-year average ROE of just 13% and last year ROE declining to 12% suggest returns are not improving despite rapid growth
- Low interest coverage ratio flagged as a known concern, which is a material risk for a leveraged financial services business
- Potential capitalisation of interest costs raises questions about reported profitability and the true cost structure of the lending book
- 3-year compounded profit CAGR of 17% trails the 3-year sales CAGR of 32%, indicating margin compression or rising credit costs during the growth phase
- Dividend yield of just 0.16% offers negligible income return, meaning investor returns depend almost entirely on capital appreciation
- ROE has deteriorated from a 5-year average of 14% to 12% in the last year, a downward trend despite scale benefits that should theoretically improve returns
- Absence of reported 52-week high/low and stock CAGR data limits visibility into recent price performance and volatility characteristics
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- IPO-heavy exit strategy risk Sep 7
Tata Capital Healthcare Fund is pivoting to IPO exits for 50%+ of its ₹2,500 crore Fund III portfolio companies, exposing returns to public market volatility over a 5-6 year horizon.
- Gold loan market entry Aug 26
Tata Capital entered the gold loan business by acquiring Yogakshemam Loans (₹708 crore AUM, ~32,000 customers) at a pre-money valuation not exceeding ₹318 crore, tapping into the ₹3.3 lakh crore gold loan market.
- Resona Bank Japan partnership Aug 24
Resona Bank deepened its collaboration with Tata Capital via an MOU and a $20 million LP commitment in Tata Capital Growth Fund III LP, targeting Japanese businesses expanding into India.
- $30M Tenet Diagnostics investment Aug 17
Tata Capital Healthcare Fund III co-led a $30 million investment in Tenet Diagnostics (35+ centres across 14 states), marking one of the first deployments from Fund III after its Feb 20, 2026 first close.
- New Treasury Head appointed Sep 9
Board approved Mandar Joshi as Head-Treasury effective Oct 1, 2026, succeeding the superannuating Kiran Joshi. Mandar brings 20+ years of experience and has been with Tata Capital since 2007.
- AGM clears all 10 resolutions Aug 19
Shareholders approved all 10 resolutions at the 35th AGM including NCD issuance and ESOP plans, with promoter group voting in favor of all items.
- Healthcare fund portfolio update Aug 17
TCHF has raised over $400 million across two funds with 20 investments and 8 exits to date, and is now deploying Fund III with a ₹2,500 crore target corpus including green-shoe option.
TL;DR: Tata Capital is executing a clear diversification strategy, entering the high-growth gold loan market through acquisition and deepening cross-border partnerships with Japan's Resona Bank. Its healthcare PE arm is actively deploying Fund III capital while pivoting toward IPO-based exits. The main risk is concentration of exit strategy on public markets amid potential volatility. Overall momentum is positive with secured lending expansion and international capital inflows signaling an improving growth trajectory.
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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35 extracted metrics + investor summaries across FY18–FY27.
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]
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