Tata Capital Ltd. · NSE:TATACAP
Tata Capital — Q3 FY2026 Earnings Presentation
59 slides from Tata Capital's earnings presentation, Jan 19, 2026
Slide 1: Q3FY26 Investor Presentation
Q3FY26 Investor Presentation 19 Jan 2026
Slide 2: Disclaimer
Disclaimer This presentation is being furnished solely for your information and may not be reproduced or redistributed to any other person or used without the express consent of Tata Capital Ltd. (“Company”). The term “Company” shall include its subsidiaries unless repugnant to the context. This pre
Slide 3: Executive Summary – Q3FY26 Performance Update (1/3)
Executive Summary – Q3FY26 Performance Update (1/3) Excluding Motor Finance Including Motor Finance Q3FY26 Performance (Excluding Motor Finance) ₹ 2,34,114 Cr ₹ 2,60,698 Cr • 26% YoY growth in Net AUM (₹ 2,34,114 Cr). AUM AUM • 39% YoY growth in PAT(1) (₹ 1,285 Cr). 25.6% YoY | 8.6% QoQ 6.9% QoQ • A
Slide 4: Executive Summary – Q3FY26 Performance Update (2/3)
Executive Summary – Q3FY26 Performance Update (2/3) Scale ⚫ Excluding Motor Finance, AUM at ₹ 2,34,114cr (up 26% YoY | up 9% QoQ). Including Motor finance, AUM at ₹ 2,60,698cr (up 7% QoQ). ⚫ Net AUM addition in Q3FY26 – ₹ 18,540cr (excluding Motor Finance), and ₹ 16,802cr (including Motor Finance).
Slide 5: Executive Summary – Q3FY26 Performance Update (3/3)
Executive Summary – Q3FY26 Performance Update (3/3) Operating efficiency ⚫ Excluding Motor Finance, Net interest income: ₹ 2,936cr (up 26% YoY). Including Motor Finance, Net interest income at ₹ 3,315cr (up 10% QoQ). ⚫ Excluding Motor Finance, Cost to income ratio: 35.7% (vs. 40.1% in Q3FY25). Inclu
Slide 6: Company Overview
TATA CAPITAL Company Overview
Slide 7: About Tata Capital
About Tata Capital Group Tata Capital is an upper layer NBFC with a 100% owned housing finance subsidiary 85.4% Tata Sons: 78.8% ~₹ 2.6tn Net AUM as of Dec 31, 2025 Retail & SME form ~87% of Net AUM Non-lending businesses 100% 100% 100% Distribution of Private Wealth Tata Capital Housing Tata Capita
Slide 8: Our Purpose – Responsible Financial Partner Fulfilling India’s Aspirations
Our Purpose – Responsible Financial Partner Fulfilling India’s Aspirations Delivering Delight Lead with Trust We go above and beyond to care and make people We respect and reinforce the trust that is placed in happy; We deliver delight to all stakeholders. us. We are the partner the country can rely
Slide 9: Our Journey – Building a Diversified Retail and SME Focused Book
Our Journey – Building a Diversified Retail and SME Focused Book Net AUM (₹ bn) Successfully listed on NSE and BSE in Oct-25 Crossed ₹ 2tn mark in terms of loan book Mr. Rajiv TMFL merged into TCL Crossed ₹ 1tn Sabharwal took mark in terms of over as MD & TCFSL and TCCL loan book CEO merged into TCL
Slide 10: Our Key Strengths
Our Key Strengths 3rd largest diversified Prudent risk culture and NBFC in India with a strong underwriting comprehensive product driving stable asset suite quality Omni-channel Digital, GenAI, and “Phygital” model analytics at the core, powered by nationwide driving superior experiences network, pa
Slide 11: Tata Capital Limited – Financial Performance Summary
Tata Capital Limited – Financial Performance Summary Particulars (₹ crores) FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (ex-TMFL) FY25 Assets under management (net) 59,480 74,710 75,096 73,935 90,337 1,16,944 1,57,875 1,96,942 2,30,455 Gross loan book 60,442 75,964 77,070 76,380 93,315 1,20,197 1,61,231
Slide 12: Business Overview
Business Overview
Slide 13: Pan-India “Phygital” Distribution Model
Pan-India “Phygital” Distribution Model Jammu & Kashmir Branch network Chandigarh 1,505 Branches Himachal Pradesh # of branches Punjab 27 States and UTs Uttarakhand 4 1,099 Locations 2.8x Haryana Uttar Pradesh 1,505 Significant addition 2 5 20 Delhi 10 Bihar Leveraging geo-analytics to 37 17 539 ide
Slide 14: Product Offerings – Retail and SME Driven Growth
Product Offerings – Retail and SME Driven Growth Comprehensive product suite which helps manage risk across economic cycles Net AUM: ₹ 2,60,698cr TCHFL - one of the Retail : SME : Corporate Corporate largest HFCs with best- Home loans 60% : 27% : 13% 13.1% in-class return profile 16.3% Loan against
Slide 15: Business Segment Wise Net AUM
Business Segment Wise Net AUM Amount (₹ cr) % Mix Particulars Mar-25 Jun-25 Sep-25 Dec-25 Mar-25 Jun-25 Sep-25 Dec-25 Home loans 38,230 39,989 41,096 42,606 16.6% 16.8% 16.8% 16.3% Loan against property 28,519 30,964 33,578 36,193 12.4% 13.0% 13.8% 13.9% Personal / Business loans 23,334 23,132 23,37
Slide 16: Unsecured Retail Disbursement Trend
Unsecured Retail Disbursement Trend (Indexed At 100 in Q1FY24) Personal Loan (PL) Disbursement Trend Business Loan (BL) Disbursement Trend Microfinance Loan (MFI) Disbursement Trend 136 154 430 130 336 137 128 132 100 118 204 100 100 91 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
Slide 17: Product Offerings – Retail
Product Offerings – Retail Net AUM Average ticket size Products Description % share in Net AUM YoY growth (%) (₹ cr) (₹ lakh) Loans to salaried and self-employed individuals through TCHFL (51% of Net Home loans AUM to salaried individuals) 42,606 16.3% 16.5% 32.4 Loan against Secured loans largely t
Slide 18: Product Offerings – SME & Corporate
Product Offerings – SME & Corporate(1) Supply chain finance Equipment finance Leasing solutions(2) • Working capital solutions to distributors • Financing of equipment ranging from heavy • Solutions tailored to SMEs & corporates for and dealers in the form of channel finance machinery to office equi
Slide 19: Non-Lending Businesses
Non-Lending Businesses Private Equity Wealth Management Distribution of Insurance ⚫ Currently focused on two themes: ⚫ Offers wealth management ⚫ Holds corporate agent (composite) services for high-net-worth license from IRDAI for the Growth Healthcare individuals and retail clients distribution of
Slide 20: Consolidated Financial Performance (Excluding Motor Finance)
Consolidated Financial Performance (Excluding Motor Finance) Particulars (₹ crores) Q3FY25 Q2FY26 Q3FY26 YoY growth 9MFY25 9MFY26 YoY growth FY25 Assets under management (net) 1,86,404 2,15,574 2,34,114 26% 1,86,404 2,34,114 26% 1,96,942 Gross loan book 1,89,892 2,15,286 2,33,319 23% 1,89,892 2,33,3
Slide 21: Consolidated Financial Performance (Including Motor Finance)
Consolidated Financial Performance (Including Motor Finance) Particulars (₹ crores) Q1FY26 Q2FY26 Q3FY26 QoQ growth 9MFY26 FY25 Assets under management (net) 2,37,508 2,43,896 2,60,698 7% 2,60,698 2,30,455 Gross loan book 2,33,399 2,39,960 2,57,140 7% 2,57,140 2,26,553 Net loan book 2,28,579 2,34,99
Slide 22: Asset Quality Update (1/3)
Asset Quality Update (1/3) Excluding Motor Finance Consolidated Particulars 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 30-Jun-25 30-Sep-25 31-Dec-25 Gross loans 1,98,164 2,07,609 2,15,286 2,33,319 2,33,399 2,39,960 2,57,140 Gross loan mix Gross Stage 1 97.4% 97.3% 97.4% 97.5% 95.9% 95.9% 96.2% Gross St
Slide 23: Asset Quality Update (2/3)
Asset Quality Update (2/3) Gross Stage 3 Net Stage 3 Provision Coverage Particulars Mar-25 Jun-25 Sep-25 Dec-25 Mar-25 Jun-25 Sep-25 Dec-25 Mar-25 Jun-25 Sep-25 Dec-25 Home loans 0.6% 0.7% 0.7% 0.8% 0.3% 0.3% 0.4% 0.4% 51.2% 50.7% 50.0% 48.0% Loan against property 1.5% 1.4% 1.4% 1.3% 0.6% 0.6% 0.6%
Slide 24: Asset Quality Update – Collection Efficiency (3/3)
Asset Quality Update – Collection Efficiency (3/3) Particulars Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Home Loan 99.8% 99.8% 99.8% 99.8% 99.9% 99.8% 99.9% 99.9% 99.8% 99.8% 99.8% 99.9% Loan Against 99.6% 99.6% 99.7% 99.6% 99.7% 99.7% 99.6% 99.7% 99.7% 99.7
Slide 25: Material Subsidiary TCHFL
TATA CAPITAL Material Subsidiary TCHFL
Slide 26: Tata Capital Housing Finance Limited (TCHFL) Overview
Tata Capital Housing Finance Limited (TCHFL) Overview FY 22 - 9M FY 26 : CAGR 32% AUM 26,384 Cr 27,074 Cr 24,855 Cr 28,604 Cr 36,995 Cr 51,455 Cr 67,252 Cr 81,585 Cr FY19 FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 PBT 127 Cr 255 Cr 478 Cr 760 Cr 1,101 Cr 1,539 Cr 2,013 Cr 1,764 Cr FY 22 - FY 25 : CAGR 38
Slide 27: TCHFL Portfolio Overview
TCHFL Portfolio Overview Prime and Near Prime Home Loans Loan Against Property Prime & Near • Catering to Metro, Tier 1 & 2 cities • Catering to Salaried & SENP customers Prime HL • Granular Book with ATS of ₹ 29lakhs Prime LAP • Presence in Metro, Tier 1 & 2 cities 41% 20% • Overall LAP ₹ 22,737cr:
Slide 28: TCHFL – Financial Performance Summary
TCHFL – Financial Performance Summary Particulars (₹ crores) Q3FY25 Q2FY26 Q3FY26 YoY growth 9MFY25 9MFY26 YoY growth FY25 Assets under management (net) 62,876 75,636 81,585 30% 62,876 81,585 30% 67,252 Gross loan book 63,361 74,350 79,883 26% 63,361 79,883 26% 66,955 Net loan book 62,834 73,774 79,
Slide 29: Motor Finance Update
TATA CAPITAL Motor Finance Update
Slide 30: Motor Finance Business Overview
Motor Finance Business Overview One of India’s leading vehicle financiers Net AUM movement Net AUM mix (Dec-25) Consolidating loan book in line with Realigning portfolio mix to improve strategy to improve business metrics granularity, book yield, and asset quality Net AUM ₹ 26,584 Cr Between Mar-25
Slide 31: Turnaround Strategy for Motor Finance Business (1/2)
Turnaround Strategy for Motor Finance Business (1/2) • Tata Motors Finance acquisition completed on May 8, 2025. • Current focus is on transforming and integrating the business. Progress in line with our plans. • CV cycle remains key monitorable. Key Drivers Updates • Tied up with multiple OEMs. Con
Slide 32: Turnaround Strategy for Motor Finance Business (2/2) – Key Changes Made
Turnaround Strategy for Motor Finance Business (2/2) – Key Changes Made Heads Changes • Change from horizontal structure under erstwhile Tata Motors Finance to vertical reporting under Tata Capital. • Reporting Structure • Under vertical reporting structure, sales, credit, collections are separate v
Slide 33: Liability & Asset Profile
Liability & Asset Profile
Slide 34: Diversified & Stable Liability Profile
Diversified & Stable Liability Profile Highest possible domestic credit rating Int’l credit rating of BBB Access to diverse pool of domestic and AAA with stable outlook 1st USD bond issue in Jan’25 international lenders at competitive rates Diversified Funding Sources ₹ Cr 55,241 69,801 72,030 69,52
Slide 35: Key Ratios
Key Ratios 6.8x 6.8x 6.8x 6.6x 6.3x 6.5x 6.1x 5.1x 20.3% .0% 17.3% 16.7% 16.9% 16.6% 16.4% 16.6% 16.3% 16.9% 15% 13.8% 12.8% 12.8% 11.9% 12.1% 12.2% 11.7% .0% FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3FY26 Total CRAR Tier-I Regulatory CRAR D/E 35
Slide 36: ALM Bucketing (Standalone)
ALM Bucketing (Standalone) Cumulative Inflows & Outflows 11% 12% 12% 13% 11% Chart Title 10% 14% 2% 8% 0% 120% 100% 90% 100% 100% 100% 80% 84% 70% 80% 75% 72% 70% 60% 60% 50% 50% 40% 40% 35% 36% 30% 28% 25% 22% 17% 16% 20% 20% 13% 14% 10% 6% 10% 2% 3% 0% 0% 1 to 7 Days 8 to 14 Days 15 days to 1M 1 t
Slide 37: Guidance
Guidance
Slide 38: Performance vs. Guidance (Excluding Motor Finance)
Performance vs. Guidance (Excluding Motor Finance) Guidance Particulars(1) Q1FY26 Q2FY26 Q3FY26 H1FY26 9mFY26 Q4FY26 FY26 AUM growth (YoY) 25% 22% 26% 22% 26% 22 – 25% 22 – 25% Credit cost 1.4% 1.1% 1.0% 1.2% 1.2% 0.8 – 0.9% 1.0 – 1.1% Cost to income 33.7% 36.6% 35.7% 35.2% 35.4% ~ 35 – 36% ROA 2.1%
Slide 39: Performance vs. Guidance (Including Motor Finance)
Performance vs. Guidance (Including Motor Finance) Guidance Particulars(1) Q1FY26 Q2FY26 Q3FY26 H1FY26 9mFY26 Q4FY26 FY26 AUM growth (YoY) 18% 15% 18% 15% 18% 18 – 20% 18 – 20% Credit cost 1.6% 1.3% 1.2% 1.5% 1.4% < 1% ~1.2% Cost to income 36.8% 39.7% 38.4% 38.3% 38.3% ~ 38 – 39% ROA 1.8% 1.9% 2.1%
Slide 40: FY28 Guidance (including Motor Finance)
FY28 Guidance (including Motor Finance) 23% – 25% 33% – 34% < 1.0% < 1.0% AUM CAGR Cost to income Credit cost Net NPA (FY25-28E) > 30% 2.5% – 2.7% 17% – 18% PAT CAGR ROA Return on Equity (FY25-28E) Note: Same as indicated in Q2FY26 investor presentation. 40
Slide 41: Technological Capabilities
Technological Capabilities
Slide 42: Digital First – Essence of Our Organization
Digital First – Essence of Our Organization 1 2 3 Digital DNA AI > Next Customer at the Core • Digital-first NBFC • Harnessing AI to reimagine finance • Every product design, experience, and • Technology at the core of how we and deliver superior customer promise is shaped around customers’ think, w
Slide 43: Digital DNA Driving Impact
Digital DNA Driving Impact Digitizing entire loan lifecycle to improve customer experience and create a seamless & efficient process Onboarding & Underwriting Collections Customer service cross-sales Statistical models for early API-enabled process flows Data integration Omnichannel customer service
Slide 44: AI > Next – Harnessing the Power of AI
AI > Next – Harnessing the Power of AI 6 Areas identified for AI/GenAI transformation Customer Multilingual virtual Automated response E-mail co-pilot Engagement assistant management Credit Data extraction & AI powered credit Contextualization underwriting summarization memo Account Operational Visi
Slide 45: Fueling Business with Analytics
Fueling Business with Analytics Acquisition Portfolio & Risk Collections Foundational Scorecard driven credit Micro segment level Pre-delinquency & analytics decisioning monitoring post-delinquency models Smart-lanes for Leverage Build up Strengthen collections using differentiated credit strategy A
Slide 46: Digital First Approach – Customer-Centric and Experience-Driven
Digital First Approach – Customer-Centric and Experience-Driven 167+ Services Retail for Customer Portal Loan and Services for Wealth App 115+ Corporate Customer 25+ Journeys Product 25+ Suite Digital Customer friendly Personalized Digital onboarding journeys offerings self-servicing 46
Slide 47: ESG Overview
TATA CAPITAL ESG Overview
Slide 48: Tata Capital ESG Initiatives – Commitments (1/3)
Tata Capital ESG Initiatives – Commitments (1/3) Key Pillars of Sustainability Commitments Board Independence Leadership Commitments Ethical and Diversity toward Sustainability Framework Diverse Board, with five out of eight Strong leadership accountability through 100% of Employees trained in Tata
Slide 49: Tata Capital ESG Initiatives – CSR Flagship Programmes (2/3)
Tata Capital ESG Initiatives – CSR Flagship Programmes (2/3) Key CSR programmes dedicated to environmental impact aligned with United Nations Sustainable Development Goals Vanaropan for JalAadhar The Green Switch Neutrality (VN) Providing Water Security to water- Providing Energy Security to Unelect
Slide 50: Tata Capital ESG Initiatives – CSR Flagship Programmes (3/3)
Tata Capital ESG Initiatives – CSR Flagship Programmes (3/3) Health “Pankh Scholarship”| Education | “Aarogyatara” Financial literacy Eradication of curable blindness Scholarships | Quality Primary Education | Financial Literacy • The company is deeply committed to restoring sight and • Mentor and f
Slide 51: Catalyzing Green Projects Through Cleantech Finance
Catalyzing Green Projects Through Cleantech Finance Financing green projects through Cleantech Finance In 2011, our erstwhile subsidiary TCCL(1) was set up by our Company and International Finance Corporation, with a primary focus on green and sustainable financing Cleantech Financing 500+ 21GW+ 35,
Slide 52: Awards and Recognition
Awards and Recognition Global Environment Organisation of the Year Best BFSI Brand 2025 by FICCI CSR Award in the ET Martech Awards 2025 Tata Innovista Award for Best Data Quality Award Award 2025 for the in Clean Energy ET Edge Aspirational District for Innovative AI & our Gen AI-powered in the NBF
Slide 53: Thank You
| Ss a <x rw) D FE Thank You
Slide 54: Annexures
Annexures
Slide 55: Distinguished Board
Distinguished Board Strong governance practices aimed at ensuring resilience Saurabh Agrawal Rajiv Sabharwal Sujit Kumar Varma Ramanathan Viswanathan Chairman & Non-Executive Director Managing Director & CEO Independent Director Independent Director Executive Director, Group CFO – Tata Sons Select p
Slide 56: Experienced Management Team
Experienced Management Team Dedicated management team instrumental in driving sustainable growth Rajiv Sabharwal Sarosh Amaria Manish Chourasia Neeraj Dhawan Narendra Kamath Vivek Chopra Abonty Banerjee Rakesh Bhatia Managing Director Managing Director - Chief Operating Officer - Chief Operating Off
Slide 57: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ crores) Mar-25 Dec-25 Loans 2,21,950 2,51,890 Investments 9,866 9,285 Other financials assets 16,648 10,760 Total Assets 2,48,465 2,71,936 Borrowing and debt securities 2,08,415 2,19,870 Other financials liabilities 5,679 6,441 Networth 33,192 44,356 Equity
Slide 58: Glossary and definitions
Glossary and definitions
Slide 59: Definition of Key Terms
Definition of Key Terms Term Definition Average cost of borrowings ratio Finance cost as a percentage of average total borrowings for the relevant fiscal / period. Computed from the standalone financial statements of the company, as tier I capital divided by total risk weighted assets, in accordance