Tata Capital Ltd. · NSE:TATACAP
Tata Capital — Investor Presentation (December 2025)
45 slides from Tata Capital's investor presentation, Dec 4, 2025
Slide 1: Regulation 30 intimation to stock exchanges
December 4, 2025 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip Code: 544574 Symbol: TATACAP Dear Sir/Madam,
Slide 2: Tata Capital Limited Business Overview December 2025
Tata Capital Limited (“TCL”) Business Overview December 2025 1
Slide 3: Today's speakers
Today’s speakers Rajiv Sabharwal Rakesh Bhatia Kiran Joshi Rajesh Bhakade MD & CEO, TCL CFO, TCL Head – Treasury, TCL Sr. VP – Treasury, TCL 2
Slide 4: Disclaimer
Disclaimer NOT FOR ACCESS IN OR BY, OR DISTRIBUTION, RELEASE, PUBLICATION OR TRANSMISSION IN, INTO OR TO, DIRECTLY OR INDIRECTLY, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA (THE “UNITED STATES”) OR TO U.S. PER
Slide 5: Agenda
Agenda 1 About Tata Group 2 Sector Outlook 3 Company Overview 4 Business Overview 5 Liability & Asset Profile 6 Technological Capabilities 7 Risk and Governance 8 Performance Update 9 Summary 4
Slide 6: About Tata Group
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Slide 7: At Home Around The World
At Home Around The World Tata Communications Tata Motors TOP International wholesale #1 Commercial vehicle 10 voice provider manufacturer Group revenue India’s most Tata Consultancy Global 180 USD Bn+ Valuable brand Ranking Services 2nd most valuable IT #2 Tata Steel Largest steelmaker TOP 15 servic
Slide 8: Tata Group: Key companies in finance cluster
Tata Group: Key companies in finance cluster Key Companies Leadership Position Size Amongst the largest Tata Capital Net AUM: USD 27.7 Bn(1) diversified NBFC 3rd largest life insurer (private sector) Net premium: Tata AIA Life Insurance Company(2) ~10% market share (IWNBP basis) USD 3.5 Bn Gross wri
Slide 9: Tata Capital: Strategic Focus for Tata Group
Tata Capital: Strategic Focus for Tata Group Shareholding Pattern Strategic Linkage Synergies from diversified Tata Ecosystem(3) Pre IPO(1) Post IPO(2) Strategic linkage • 88.6%: Tata Sons Private • 78.8%: Tata Sons Private • Tata Group CFO is the Limited Limited Chairman of BoD at Tata • 7.0%: Tata
Slide 10: Sector Outlook
TATA CAPITAL Sector Outlook
Slide 11: India remains a bright spot, domestic growth holding up
India remains a bright spot, domestic growth holding up India is currently the fourth largest economy in the world System liquidity remains broadly stable GDP Growth Rate (%) 10,00,000 6.50% 7.00% 9.2% 6.25% 5.90% 6.25% 6.00% 8.2% 8,00,000 6.00% 7.6% 7.8% 5.15% 5.40% 6.5% 6.8% 6,00,000 4.90% 5.00% 5
Slide 12: NBFCs poised to deliver continued credit growth at 15-17% CAGR
NBFCs poised to deliver continued credit growth at 15-17% CAGR Significant credit gap exists in India NBFCs growing faster than Banks 138% 143% 198% 139% 93% 94% 67% 19% 21% 16% 18% 17-18% 76% 69% 60% 10% 16% 11% 12-13% 50% 7% 10% 42% 36% 15% 34% 6% 12% 10% 11% 9% 14% 6% 5% -1% FY20 FY21 FY22 FY23 F
Slide 13: Company Overview
TATA CAPITAL Company Overview
Slide 14: About Tata Capital
About Tata Capital Group Tata Capital is an upper layer NBFC with a 100% owned housing finance subsidiary 85.4%(1) Tata Sons: 78.8% USD 28bn AUM as of Sep 30, 2025 Retail & SME form ~88% of book Non-lending businesses 100% 100% 100% Private equity Wealth management Distribution of insurance and cred
Slide 15: Our Journey – Building a Diversified Retail and SME Focused Book
Our Journey – Building a Diversified Retail and SME Focused Book Successfully listed on NSE and BSE in Oct-25 Gross loans (USD bn) S&P Global Ratings upgraded to BBB from BBB- Crossed USD 225mn mark in terms of loan book Crossed USD TMFL merged into TCL Mr. Rajiv 114mn mark in Sabharwal took terms o
Slide 16: 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 17: Tata Capital: Flagship Financial Services Company of the Tata Group
Tata Capital: Flagship Financial Services Company of the Tata Group USD 28bn 88%+ 1,479 7.7mn+ AUM Retail+SME Branches Customers USD 237mn 81% 25+ 1.1% NNPA; among Profits after Tax (H1 FY26) Secured book lending products best-in-class asset quality Rating upgraded from BBB- to BBB by S&P Rated AAA
Slide 18: Tata Capital Limited – Financial Performance Summary
Tata Capital Limited – Financial Performance Summary Particulars (USD mn) FY21 FY22 FY23 FY24 FY25 (ex-TMFL) FY25 Assets under management (net) 8,402 10,266 13,289 17,940 22,380 26,188 Net loan book 8,367 10,241 13,271 17,927 22,104 25,222 Total Income 1,135 1,171 1,468 2,068 2,637 3,183 Finance Cos
Slide 19: 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 20: Experienced Management Team
Experienced Management Team Dedicated management team instrumental in driving sustainable growth Sarosh Amaria Manish Chourasia Neeraj Dhawan Narendra Kamath Vivek Chopra Abonty Banerjee Rakesh Bhatia Managing Director - Chief Operating Officer - Chief Operating Officer - Chief Operating Officer - C
Slide 21: Business Overview
Business Overview
Slide 22: Pan-India Distribution Model
Pan-India Distribution Model Chandigarh Jammu & Kashmir Himachal Pradesh Punjab Uttarakhand 3 Haryana Uttar Pradesh 2 5 Branch network 20 Delhi Bihar 10 37 # of branches 94 17 1,479 Branches (1) 2.7x (1) Rajasthan 155 21 1,479 123 1 Assam 27 States and UTs Meghalaya Gujarat 1,087 Locations 64 37 36
Slide 23: Product Offerings – Retail and SME Driven Growth
Product Offerings – Retail and SME Driven Growth Comprehensive product suite which helps manage risk across economic cycles Gross loans: USD 27bn TCHFL one of the largest Retail : SME : Corporate HFCs with best-in-class 61% : 27% : 12% Developer finance return profile 5.7% Supply chain finance Home
Slide 24: Business Segment Wise Gross Loans
Business Segment Wise Gross Loans Amount (USD bn) % Mix Particulars Mar-24 Mar-25 Sep-25 Mar-24 Mar-25 Sep-25 Home loans 3.51 4.36 4.69 19.1% 17.0% 17.2% Loan against property 2.29 3.00 3.37 12.5% 11.7% 12.3% Personal / Business loans 2.57 2.83 2.83 14.0% 11.0% 10.4% CEQ / Two-Wheeler 1.46 1.68 1.51
Slide 25: Liability & Asset Profile
Liability & Asset Profile
Slide 26: 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 USD 7,900 9,798 12,879 16,839 2
Slide 27: ALM Bucketing (TCL NBFC - Standalone)
ALM Bucketing (TCL NBFC - Standalone) Cumulative Inflows & Outflows 12% 12% 12% 15% Chart Title 15% 13% 16% 2% 7% 0% 120% 100% 100% 100% 90% 100% 80% 84% 73% 71% 77% 70% 80% 60% 60% 51% 50% 36% 35% 40% 40% 28% 30% 24% 23% 14% 15% 18% 20% 20% 9% 13% 2% 3% 6% 10% 0% 0% 1 to 7 Days 8 to 14 Days 15 days
Slide 28: Technological Capabilities
Technological Capabilities
Slide 29: 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 30: 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 31: Risk and Governance
TATA CAPITAL Risk and Governance
Slide 32: Strong Risk Culture embedded across organization
Strong Risk Culture embedded across organization Strong risk management framework, with rigorous oversight, multiple layers of defense, robust through-the-cycle risk framework Concentration Prudential Portfolio Analytics & supplemented by data analytics capabilities Risk Limits Agile Policy Monitori
Slide 33: … with a robust Risk Governance Structure
… with a robust Risk Governance Structure Board Board Committees RMC, ITSC & ICC Senior Management Committees ALCO, ISSC, ORMC and FRMC Business Unit Committees MCC, CC, CMC, Risk reviews Business and Functional Unit Risk & Compliance Functions Internal Audit 1st Line of defence 2nd Line of defence
Slide 34: ... and deep focus on Collections
... and deep focus on Collections Use of Data & Analytics Pro-active monitoring to contain stress Omni-channel payments infrastructure across Collections lifecycle Pre-Delinquency Initial - Mid Buckets X-Bucket Collection NPAs Write-Off Recoveries Management (1-3) • Predicting bounce likelihood • Im
Slide 35: Performance Update
TATA CAPITAL Performance Update
Slide 36: Executive Summary – Q2FY26 Performance Update
Executive Summary – Q2FY26 Performance Update Excluding Motor Finance Including Motor Finance • Tata Motors Finance acquisition completed on May 8, 2025. Integration USD 24bn USD 28bn AUM AUM progressing well - in line with our plans. 22.0% YoY | 4.1% QoQ 2.7% QoQ • For better understanding, we have
Slide 37: Consolidated Financial Performance (Including Motor Finance)
Consolidated Financial Performance (Including Motor Finance) Particulars (USD million) Q1FY26 Q2FY26 QoQ growth H1FY26 FY25 Assets under management (net) 26,990 27,715 3% 27,715 26,188 Net loan book 25,975 26,704 3% 26,704 25,222 Net interest income 326 341 5% 667 1,215 Fee income 65 76 16% 141 225
Slide 38: Consolidated Financial Performance (Excluding Motor Finance)
Consolidated Financial Performance (Excluding Motor Finance) Particulars (USD million) Q2FY25 Q1FY26 Q2FY26 YoY growth H1FY25 H1FY26 YoY growth FY25 Assets under management (net) 20,072 23,538 24,497 22% 20,072 24,497 22% 22,380 Net loan book 20,061 23,148 24,011 20% 20,061 24,011 20% 22,104 Net int
Slide 39: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (USD mn) Mar-25 Sep-25 Particulars (USD mn) Mar-25 Sep-25 I. ASSETS I. LIABILITIES AND EQUITY 1. Financial assets 1. Financial liabilities (a) Cash and cash equivalents 1,077 379 (a) Derivative financial instruments 27 12 (b) Bank balance other than (a) above 1
Slide 40: Consolidated Asset Quality Update
Consolidated Asset Quality Update Gross Stage III (%) Net Stage III (%) PCR (%) Credit Cost (%) Ex. 1.5% 1.5% 1.6% 0.5% 0.5% 0.6% 69.9% 65.8% 64.0% 0.9% 1.2% TMFL 1.1% 2.2% 1.8% 1.9% 0.8% 60.5% 58.5% 0.7% 52.8% 1.4% 1.5% Sep'24 Mar'25 Sep'25 Sep'24 Mar'25 Sep'25 Sep'24 Mar'25 Sep'25 FY25 H1 FY26 Not
Slide 41: Key Ratios – TCL Standalone
Key Ratios – TCL Standalone Post IPO 8.0x 6.8x 6.8x 6.8x 6.6x 6.3x 6.5x 6.1x 4.9x 6.0x 20.0% 4.0x 2.0x 17.3% 21.5% 16.7% 16.9% 16.6% 16.6% 16.4% 16.3% 0.0x 15% -2.0x 17.9% 13.8% -4.0x 12.8% 12.8% 12.1% 12.2% -6.0x 11.9% 11.7% 10.0% -8.0x FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Total CRA
Slide 42: Summary
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Slide 43: Tata Capital is well positioned to capture the India opportunity
Tata Capital is well positioned to capture the India opportunity 1 De-risked portfolio: Balanced, diversified and secured 2 Strong multi-year operating & financial performance 3 Future-ready through Digitalization combined with physical expansion 4 Flagship NBFC from Tata Group with significant syne
Slide 44: Q&A
Q&A TATA CAPITAL
Slide 45: Thank You
™~ — Thank You TATA CAPITAL