AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 9 Sep - Kiran Joshi retires Sept. 30, 2026; Mandar Joshi appointed Head-Treasury effective Oct. 1, 2026.
Source: Bse
Tata Capital Limited (TATACAP)
Large CapFinancial Services stocks · Large cap · NSE
Tata Capital Limited (TCL) is an upper layer NBFC with a 100% owned housing finance subsidiary. It completed a merger with Tata Motors Finance Limited (TMFL) in May-25. Net AUM was ~$29.3bn as of Mar 31, 2026, with Retail & SME forming ~86% of Net AUM. The company was successfully listed on NSE and BSE in Oct-25.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 09:14 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -10.2% / mo · MACD +
Stock trend: 35
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TATACAPD candles · FIT view-6.8%Latest close ₹314.25 on 2026-10-19
Bar
-1.8%
RSI
36
MACD hist
0.45
52W pos
19%
2026-10-19O ₹320.05H ₹321.20L ₹313.65C ₹314.25Vol 17.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TATACAPNifty Financial ServicesNifty 500
- TATACAP
- -11.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -5.4 pp
Chart stats
19 Oct 2026- From 52W high
- -19.5%
- 52W range position
- 19%
- ATR (14)
- 2.8%
- Volume vs 20D
- 1.02x
- Avg traded value
- ₹55 Cr
- 20D price channel
- ₹311.5 - ₹352
₹390.2
₹296 - ₹390.2
₹8.9
Latest completed session
20-session average
32.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED22
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +15.1% · PAT +56.4% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+4.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +15% YoY · PAT +56% YoY · +8% QoQ · operating leverage
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,822 Cr | +15.1% | +8.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,628 Cr | +56.4% | +11.1% |
| PAT margin | 18.4% | +487 bps | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.10
- P/B
- 2.97
- EV/EBITDA
- 649.45
- Market Cap
- 136409.00Cr
Profitability
- ROE
- 12.40%
- ROCE
- 8.58%
- ROA
- 1.89%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 5.15
- Interest Coverage
- —
- Altman Z
- 0.59
- Book Value
- 108.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -37965.00 Cr
- EPS TTM
- 12.87
Shareholding
- Promoter Hold
- 85.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.0-65.6% vs prev
Net Profit
₹ CrLatest: 4,891+33.8% vs prev
Return on Equity
%Latest: 10.7-3.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~11.3% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 19% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-10.6%
3M return
-11.0%
6M return
-6.8%
1Y return
-5.1%
RS 1D
-3
RS 20D
-2
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is within 7.1% of the 30-week proxy.
- The 30-week proxy changed +0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
252 observations
19 Oct 2026Value 100.49-1.63%
RS vs Nifty 500100
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth17/25
Quality2/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
22
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
22/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 17/25 to the score.
- Quality contributes 2/20 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 0.6, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
25.1
PB
3.0
EV/EBITDA
649.5
ROE
12.4%
ROCE
8.6%
FCF Yield
—
Debt/Equity
5.2
MoS
+4.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
22
Previous: 22
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+4.2%
Previous: +4.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
22
22
22
22
22
22
22
22
22
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹176.84
-77.7% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹328.19
+4.2% MoS
PEG
0.92
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 158
39
69.8
1.2%
-162%
WATCHLIST
MOTILALOFS
Mid
Motilal Oswal Financial Services Limited
NBFC / Capital Markets / Insurance
match 148
26
32.4
15.5%
-89%
OVERVALUED
LTF
Mid
L&T Finance Limited
NBFC / Capital Markets / Insurance
match 148
35
18.4
11.2%
+28%
WATCHLIST
PIRAMALFIN
Small
Piramal Finance Limited
NBFC / Capital Markets / Insurance
match 147
19
24.3
0.9%
+5%
OVERVALUED
NORTHARC
Small
Northern Arc Capital Limited
NBFC / Capital Markets / Insurance
match 143
44
10.7
11.1%
+60%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-09T02:11:11.772Z
Management commentary snapshot
TATACAP reported robust FY26 consolidated performance with Net AUM up 20% YoY to $29.3bn and PAT up 32% YoY to $512mn. Q4FY26 saw strong sequential growth in AUM (+6%) and PAT (+19%), driven by expanding net interest income and improving asset quality with declining credit costs.
The company demonstrates strong AUM growth, healthy profitability, and improving asset quality across segments. Strategic focus on retail/SME, digital transformation, and cleantech financing positions it well. The integration of the TMFL merger appears to be contributing to scale and diversified growth.
Current business mix
Net AUM by Product (Mar 31, 2026)
Latest issuer-disclosed distribution across 8 reported categories.
Home loans15.9%
Loan against property14.0%
Personal / Business loans9.0%
Motor Finance9.2%
CEQ/Two-Wheeler5.1%
Other Retail loans5.1%
SME27.4%
Corporate14.3%
Growth engines
Retail and SME Focus
Retail & SME segments constitute ~86% of Net AUM, providing a diversified and granular loan book with ~99% organic and ~99% granular loans.
Digital-First Approach
97% of customers onboarded via digital platforms and 98% of disbursements via scorecards/BRE, driving efficiency and customer experience.
AI Capabilities
Leveraging AI in underwriting (FinSight, document intelligence), operations (80+ bots), marketing (AI-generated creatives), collections (80+ predictive models), and service.
Cleantech Financing
Pioneer in Cleantech financing, having financed 600+ projects, 30GW+ renewable capacity, and $4,750 Mn+ disbursals to date.
Capacity and execution
Branch Network Expansion
The branch network significantly expanded from 539 branches in Mar-23 to 1,477 branches in Mar-26, a 2.7x increase.
Tailwinds
Strong Brand and Credit Rating
Leverages the 'Tata' brand name and holds the highest possible domestic credit rating (AAA with stable outlook) and an International BBB credit rating by S&P, Fitch.
Diversified Funding Sources
Access to a diverse pool of domestic and international lenders at competitive rates, including a 1st USD bond issue in Jan’25.
Global Climate Investor Partnerships
Deep partnerships with global climate investors enable access to long-tenure, low-cost capital for green projects.
Risk radar
Asset Quality Monitoring
While GNPA/NNPA improved QoQ, the overall PCR of 56.2% (Mar-26) suggests a need for continued vigilance, especially with ongoing growth and merger integration.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual figures (FY26 vs FY25) provide the overall growth trajectory and full-year performance post-merger. Quarterly figures (Q4FY26 vs Q3FY26) are crucial for assessing sequential momentum, asset quality trends, and the immediate impact of operational strategies in the NBFC sector.
Sector KPIs management disclosed
Net AUM
Net AUM reached $29,293mn as of Mar 31, 2026, representing a 20% YoY growth and 6% QoQ growth.
Net Interest Income (NII)
NII for FY26 was $1,338mn, up 18% YoY. Q4FY26 NII was $367mn, showing a 5% QoQ increase.
Average Cost of Borrowings
Average cost of borrowings was 7.1% in Q4FY26, down from 7.4% in Q3FY26.
Gross Stage 3 (GNPA)
Gross Stage 3 loans were 2.0% as of Mar 31, 2026, improving from 2.2% as of Dec 31, 2025.
Management forward view
Futuready Strategy
Management aims to innovate and leverage technology to anticipate, serve, and shape future needs, setting the path for others to follow.
AI-First NBFC Vision
Committed to building an AI-First NBFC, harnessing AI for conversation, technology, people capability, document intelligence, and advanced analytics to drive impact.
Responsible Financial Partner
Purpose is to be a responsible financial partner fulfilling India’s aspirations, emphasizing trust, collaboration, and customer delight.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net AUM Growth | 20% YoY, 6% QoQ (Mar-26) | Sustained double-digit growth in AUM, particularly in the Retail and SME segments. |
| Asset Quality (GNPA/NNPA) | GNPA 2.0%, NNPA 0.9% (Mar-26) | Continued improvement or stability in asset quality metrics, especially post-merger integration. |
| Credit Cost | 0.9% (Q4FY26 annualized) | Maintenance of declining credit costs, indicating effective risk management and collection strategies. |
| Cost of Borrowings | 7.1% (Q4FY26) | Further reduction or stability in borrowing costs, leveraging strong credit ratings and diversified funding. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlooknot yet verifiablequantified
Full year credit costs are expected to be in the range of 1% to 1.1% excluding Motor Finance, and close to 1.2% on a merged basis.
Timeframe: FY26Direction: downwardConfidence: medium
margin outlooknot yet verifiablequantified
Over the next 3 years, Tata Capital expects consolidated RoAs to be in the range of 2.5% to 2.7%.
Timeframe: Next 3 yearsDirection: upwardConfidence: high
margin outlooknot yet verifiablequantified
The company is confident of transforming the Motor Finance business into a 2% plus RoA business by FY28.
Timeframe: FY28Direction: upwardConfidence: confident
operational efficiencynot yet verifiablequantified
Cost to income ratio is expected to reduce from 42% last year to 39% in the current year, representing a reduction of over 300 basis points.
Timeframe: FY26Direction: downwardConfidence: high
revenue outlookdeliveredquantified
Tata Capital targets full-year AUM growth of 22% to 25% excluding Motor Finance, and 18% to 20% on a merged basis for FY26.
Timeframe: FY26Direction: upwardConfidence: high
Outcome check: Revenue YoY averaged 10.7% across 2 later quarter(s).
revenue outlookdeliveredquantified
Tata Capital Housing Finance aims to reach an AUM of approximately INR 1 lakh crores by the middle of the next financial year.
Timeframe: Middle of FY27Direction: upwardConfidence: optimistic
Outcome check: Revenue YoY averaged 10.7% across 2 later quarter(s).
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
32 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Large: 9th pctile, median 73
Evidence depth
Financial-only
32 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 85.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-37965 Cr.
- ▸Debt/equity is 5.15.
- ▸Altman Z is 0.59.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tata Capital Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment 8 Sep - Tata Capital allotted secured NCDs worth Rs.3,000 crore on private placement at 8.05%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Tata Capital schedules analyst and institutional investor meetings on August 17-18, 2026 in Singapore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Jul - Tata Capital approved and priced USD 400 million senior unsecured notes at 5.332% for 3.5 years.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 15 Jul - S&P assigned BBB rating to Tata Capital’s proposed USD senior unsecured notes under its US$2 billion MTN programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - Tata Capital Limited has informed about Copy of Newspaper Publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jul - Tata Capital Limited has informed about schedule of the Institutional Investor / Analyst Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Jun - Tata Capital Limited has informed regarding Schedule of Analyst / Institutional Investor Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May - Tata Capital Limited has informed regarding Schedule of Analyst / Institutional Investor Meeting.
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.