Tata Capital Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Financing Activity: 96.6% • Others: 2.0% • Investment Activity: 1.4%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 31.4% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 19.0%
- Solid return on assets for a lender - ROA of 1.7%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 56.4% YoY, showing strong momentum
- Company has delivered good sales growth of 26.2% CAGR over last 5 years
CONS
- Promoter holding has decreased over last 2 years: -9.1pp
- Company has a low return on capital employed of 9.2%
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 20.2%
- Operating margins have contracted to 73.4% from 78.3%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SUNDARMFIN | 4714.65 | 23.60 | 52381.58 | 0.85 | 636.19 | 33.88 | 2644.13 | 23.37 | 9.35 | 80.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 7,119 | 7,030 | 7,408 | 7,665 | 7,622 | 7,855 | 8,037 | 8,822 | |
| 1,915 | 1,762 | 2,070 | 6,309 | 2,135 | 2,172 | 2,026 | 6,667 | |
| Operating Profit | 5,270 | 5,342 | 5,408 | 5,539 | 5,602 | 5,716 | 6,134 | 6,680 |
| OPM % | 74.02% | 75.99% | 73.00% | 72.26% | 73.49% | 72.76% | 76.32% | 75.72% |
| Other Income | 8 | 8 | 31 | 27 | 12 | 3 | 2 | 3 |
| 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 |
| 1,492 | 1,414 | 1,370 | 1,382 | 1,504 | 1,694 | 1,978 | 2,159 | |
| Tax % | 24.20% | 25.76% | 26.91% | 24.69% | 25.81% | 25.38% | 25.90% | 24.59% |
| Net Profit | 0 | 0 | 0 | 1,041 | 1,119 | 1,265 | 1,466 | 1,628 |
| 3 | 3 | 3 | 0 | 3 | 3 | 4 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,883 | 6,585 | 8,935 | 9,589 | 9,835 | 10,109 | 13,629 | 18,175 | 28,311 | 31,540 | 32,336 | |
| 2,855 | 2,308 | 3,069 | 2,984 | 2,806 | 2,869 | 2,972 | 3,986 | 8,009 | 8,376 | 13,000 | |
| Operating Profit | 3,028 | 4,277 | 5,866 | 6,605 | 7,030 | 7,241 | 10,657 | 14,189 | 20,302 | 23,164 | 19,337 |
| OPM % | 51.47% | 64.95% | 65.65% | 68.88% | 71.47% | 71.62% | 78.19% | 78.07% | 71.71% | 73.44% | 59.80% |
| 1,345 | 939 | 1,010 | 224 | 157 | 202 | 9 | 144 | 145 | 23 | -22 | |
| Interest | 3,509 | 3,923 | 5,230 | 5,807 | 5,235 | 4,929 | 6,649 | 9,642 | 15,136 | 16,091 | 16,290 |
| Depreciation | 154 | 248 | 288 | 386 | 334 | 276 | 226 | 288 | 390 | 538 | 574 |
| Profit before Tax | 710 | 1,045 | 1,358 | 636 | 1,618 | 2,348 | 3,937 | 4,392 | 4,919 | 6,562 | 7,334 |
| Tax % | 33.83% | 40.12% | 28.45% | 80.47% | 22.89% | 23.30% | 25.17% | 24.25% | 25.69% | 25.47% | 25.38% |
| Net Profit | 470 | 626 | 972 | 124 | 1,247 | 1,801 | 2,946 | 3,327 | 3,655 | 4,891 | 5,473 |
| EPS | 1.02 | 2.14 | 2.57 | 0.88 | 3.20 | 4.69 | 8.44 | 8.51 | 9.74 | 11.49 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.36% | 1.83% | 2.47% | 4.31% | 4.96% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 21%
- 5 Years:
- 26%
- 3 Years:
- 32%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 28%
- 5 Years:
- 34%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 15%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,769 | 2,770 | 3,268 | 3,464 | 3,464 | 3,463 | 3,507 | 3,703 | 3,762 | 4,217 | |
| Minority Interest | 162 | 550 | 551 | 495 | 834 | 1,123 | 809 | 1,165 | 1,179 | 1,246 |
| 1,443 | 1,470 | 4,289 | 5,342 | 6,488 | 8,217 | 13,713 | 19,658 | 25,045 | 41,551 | |
| 33,885 | 55,307 | 70,094 | 72,647 | 69,929 | 86,931 | 1,14,099 | 1,49,100 | 2,09,456 | 2,36,437 | |
| Trade Payables | 542 | 600 | 747 | 627 | 810 | 1,024 | 1,094 | 1,218 | 1,645 | 1,785 |
| 16,404 | 3,731 | 2,894 | 55 | 666 | 776 | 2,023 | 1,384 | 5,796 | 3,921 | |
| Total Liabilities | 55,205 | 64,427 | 81,842 | 82,630 | 82,191 | 1,01,534 | 1,35,245 | 1,76,227 | 2,46,883 | 2,89,157 |
| 915 | 819 | 1,049 | 1,076 | 880 | 699 | 713 | 1,187 | 2,000 | 2,601 | |
| Capital Work in Progress | 7 | 3 | 1 | 1 | 0 | 4 | 11 | 4 | 2 | 1 |
| 1,161 | 1,695 | 1,786 | 1,500 | 4,653 | 7,846 | 13,254 | 8,733 | 9,866 | 9,508 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141 | 129 | 206 | |
| Cash & Bank | 358 | 264 | 1,882 | 4,318 | 2,050 | 2,128 | 3,317 | 6,969 | 10,152 | 3,730 |
| 52,765 | 61,646 | 77,124 | 75,735 | 74,608 | 90,857 | 1,17,950 | 1,59,193 | 2,24,732 | 2,73,110 | |
| Total Assets | 55,205 | 64,427 | 81,842 | 82,630 | 82,191 | 1,01,534 | 1,35,245 | 1,76,227 | 2,46,883 | 2,89,157 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -8,798 | -10,179 | -16,648 | -2,458 | -515 | -17,909 | -27,646 | -44,822 | -40,324 | -50,789 | |
| Cash from Investing | 707 | -304 | -136 | 381 | -2,626 | -2,617 | -2,270 | 5,757 | 175 | 267 |
| Cash from Financing | 6,540 | 8,550 | 15,965 | 1,757 | -2,787 | 17,056 | 26,430 | 35,952 | 29,412 | 31,848 |
| 218 | -172 | 1,172 | 2,424 | -2,276 | 52 | 970 | 3,711 | -500 | -5,849 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Tata Capital Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI LODR Regulations - Change in Senior Management Personnel of the Company
2026-09-08 - Tata Capital Limited has informed the Exchange regarding allotment of 300000 securities pursuant to Non Convertible Securities
2026-08-20 - Tata Capital Limited has informed the Exchange regarding grant of stock options under the ESOP Scheme of the Company.
2026-08-19 - Tata Capital Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-19 - Tata Capital Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026. Further, the Company has submitted the Exchange a copy of Scrutinizers report along with voting results.
2026-08-12 - Tata Capital Limited has informed the Exchange regarding Schedule of Analyst / Institutional Investor Meeting.
2026-08-03 - Tata Capital Limited has informed the Exchange about Transcript
2026-07-31 - Tata Capital Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-07-28 - Tata Capital Limited has informed the Exchange about Audio Recording of Media call and Earnings Conference Call held on July 28, 2026.
News
Recent coverage and analyst commentary for TATACAP
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