Tata Capital Ltd. · NSE:TATACAP
Tata Capital — Q4 FY26 Earnings Presentation
62 slides from Tata Capital's earnings presentation, Apr 23, 2026
Slide 1: Q4FY26 Investor Presentation
Q4FY26 Investor Presentation 23 Apr 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 – Q4FY26 Performance Update (1/3)
Executive Summary – Q4FY26 Performance Update (1/3) Excluding Motor Finance Including Motor Finance Q4FY26 Performance (Excluding Motor Finance) ₹ 2,51,885 Cr ₹ 2,77,275 Cr • 28% YoY growth in Net AUM (₹ 2,51,885 Cr). AUM AUM • 51% YoY growth in PAT (₹ 1,459 Cr). 27.9% YoY | 7.6% QoQ 6.4% QoQ • Annu
Slide 4: Executive Summary – Q4FY26 Performance Update (2/3)
Executive Summary – Q4FY26 Performance Update (2/3) Scale ⚫ Excluding Motor Finance, AUM at ₹ 2,51,885cr (up 28% YoY | up 8% QoQ). Including Motor finance, AUM at ₹ 2,77,275cr (up 6% QoQ). ⚫ Net AUM addition in Q4FY26 – ₹ 17,771cr (excluding Motor Finance), and ₹ 16,577cr (including Motor Finance).
Slide 5: Executive Summary – Q4FY26 Performance Update (3/3)
Executive Summary – Q4FY26 Performance Update (3/3) Operating efficiency ⚫ Excluding Motor Finance, Net interest income: ₹ 3,127cr (up 28% YoY). Including Motor Finance, Net interest income at ₹ 3,477cr (up 5% QoQ). ⚫ Excluding Motor Finance, Cost to income ratio: 36.1% (vs. 37.8% in Q4FY25). Includ
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% ~₹ 2.8tn Net AUM as of Mar 31, 2026 Retail & SME form ~86% 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 Crossed ₹ 1tn mark in terms TMFL merged into TCL Sabharwal took over as MD & of loan book CEO TCFSL and TCCL 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 FY25 FY26 Particulars (₹ crores) FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 (ex-TMFL) (ex-TMFL) 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 2,51,885 2,77,275 Total Gross loans 60,442 75,96
Slide 12: Business Overview
Business Overview
Slide 13: Pan-India “Phygital” Distribution Model
Pan-India “Phygital” Distribution Model Jammu & Kashmir Branch network Chandigarh 1,477 Branches Himachal Pradesh # of branches Punjab 27 States and UTs Uttarakhand 4 1,074 Locations 2.7x Haryana Uttar Pradesh 1,477 Significant addition 2 5 19 Delhi 10 Bihar Leveraging geo-analytics to 34 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: ₹ 2,77,275 cr TCHFL - one of the Retail : SME : Corporate Corporate largest HFCs with best- Home loans 58.3% : 27.4% : 14.3% 14.3% 15.9% in-class return profile Loan a
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-26 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Home loans 38,230 39,989 41,096 42,606 44,203 16.6% 16.8% 16.8% 16.3% 15.9% Loan against property 28,519 30,964 33,578 36,193 38,812 12.4% 13.0% 13.8% 13.9% 14.0% Perso
Slide 16: Unsecured Retail Disbursement Trend (Indexed at 100 in Q1FY24)
Unsecured Retail Disbursement Trend (Indexed At 100 in Q1FY24) Personal Loan (PL) Disbursement Trend Business Loan (BL) Disbursement Trend Microfinance Loan (MFI) Disbursement Trend 173 430 420 145 136 137 128 132 100 204 118 100 100 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) 44,203 15.9% 15.6% 32.7 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) Q4FY25 Q3FY26 Q4FY26 YoY growth FY25 FY26 YoY growth Assets under management (net) 1,96,942 2,34,114 2,51,885 28% 1,96,942 2,51,885 28% Total Gross loans 1,98,164 2,33,319 2,50,066 26% 1,98,164 2,50,066 26% Total Net
Slide 21: Consolidated Financial Performance (Including Motor Finance)
Consolidated Financial Performance (Including Motor Finance) Particulars (₹ crores) Q1FY26 Q2FY26 Q3FY26 Q4FY26 QoQ growth FY25 FY26 YoY growth Assets under management (net) 2,37,508 2,43,896 2,60,698 2,77,275 6% 2,30,455 2,77,275 20% Total Gross loans 2,33,399 2,39,960 2,57,140 2,73,392 6% 2,26,553
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 31-Mar-26 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 Total Gross loans 1,98,164 2,07,609 2,15,286 2,33,319 2,50,066 2,33,399 2,39,960 2,57,140 2,73,392 Gross loan mix Gross Stage 1 97.4%
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-26 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Home loans 0.6% 0.7% 0.7% 0.8% 0.7% 0.3% 0.3% 0.4% 0.4% 0.4% 51.2% 50.7% 50.0% 48.0% 49.1% Loan against propert
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 Jan-26 Feb-26 Mar-26 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% 99.9% 99.9% 99.9% Loan Against 99.6% 99.6% 99.7% 9
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 - 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 86,653 Cr FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 PBT 127 Cr 255 Cr 478 Cr 760 Cr 1,101 Cr 1,539 Cr 2,013 Cr 2,457 Cr(1) FY 22 - FY 26 : CAGR 34% T
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 Prime LAP • Granular Book with ATS of ₹ 30lakhs • Presence in Metro, Tier 1 & 2 cities 40% 20% • Overall LAP ₹ 24,218cr:
Slide 28: TCHFL – Financial Performance Summary
TCHFL – Financial Performance Summary Particulars (₹ crores) Q4FY25 Q3FY26 Q4FY26 YoY growth FY25 FY26 YoY growth Assets under management (net) 67,252 81,585 86,653 29% 67,252 86,653 29% Total Gross loans 66,955 79,883 84,439 26% 66,955 84,439 26% Total Net loans 66,405 79,279 83,808 26% 66,405 83,8
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 (Mar-26) Consolidating loan book in line with Realigning portfolio mix to improve strategy to improve business metrics granularity, book yield, and asset quality Net AUM ₹ 25,390 Cr Between Mar-25
Slide 31: Turnaround Strategy for Motor Finance Business
Turnaround Strategy for Motor Finance Business • Tata Motors Finance acquisition completed on May 8, 2025. Transformation progressing as planned amid a closely monitored CV cycle. Key Drivers Updates • Tied up with multiple OEMs. Contribution of other OEMs in disbursement of new vehicle loans increa
Slide 32: Liability & Asset Profile
Liability & Asset Profile
Slide 33: 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 (Total Borrowings) ₹ Cr 69,801
Slide 34: Key Ratios
Key Ratios 6.8x 6.9x 6.8x 6.7x 6.6x 6.3x 6.1x 5.1x 5.3x 20.2% 19.0% 17.2% 16.7% 16.5% 16.8% 16.5% 16.4% 16.2% 16.8% 15.9% 15% 13.7% 12.7% 12.7% 11.9% 12.0% 12.0% 11.6% 4.9% 4.9% 4.3% 4.1% 4.1% 3.8% 3.6% 3.4% 3.1% Q4FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3FY26 Q4FY26 Total CRAR Tier-I
Slide 35: ALM Bucketing (Standalone)
ALM Bucketing (Standalone) Cumulative Inflows & Outflows 9% 9% 9% 10% 9% Chart Title 9% 9% (3)% 3% 0% 120% 100% 90% 100% 100% 100% 80% 81% 70% 77% 80% 72% 68% 60% 60% 50% 47% 40% 39% 40% 33% 30% 25% 24% 21% 20% 20% 15% 16% 11% 12% 10% 6% 10% 2% 3% 0% 0% 1 to 7 Days 8 to 14 Days 15 days to 1M 1 to 2M
Slide 36: Guidance
Guidance
Slide 37: Performance vs. Guidance (Excluding Motor Finance)
Performance vs. Guidance (Excluding Motor Finance) Guidance Guidance Particulars(1) Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY26 FY26 FY26 AUM growth (YoY) 25% 22% 26% 28% 22 – 25% 28% 22 – 25% Credit cost 1.4% 1.1% 1.0% 0.8% 0.8 – 0.9% 1.0% 1.0 – 1.1% Cost to income 33.7% 36.6% 35.7% 36.1% ~ 35.6% 35 – 36% R
Slide 38: Performance vs. Guidance (Including Motor Finance)
Performance vs. Guidance (Including Motor Finance) Guidance Guidance Particulars(1) Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY26 FY26 FY26 AUM growth (YoY) 18% 15% 18% 20% 18 – 20% 20% 18 – 20% Credit cost 1.6% 1.3% 1.2% 0.9% < 1% 1.2% ~1.2% Cost to income 36.8% 39.7% 38.4% 38.3% ~ 38.3% 38 – 39% ROA 1.8% 1.9
Slide 39: 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. 39
Slide 40: Technological Capabilities
Technological Capabilities
Slide 41: 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 42: 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 43: An AI-First NBFC – Harnessing AI capability
An AI-First NBFC – Harnessing AI capability AI for Conversation AI for Document Intelligence AI for People Capability Unified voice hub powers sales, service & Vision AI – extract, process & refine data for AI ready culture - training the workforce collection conversations consistent decision-making
Slide 44: AI > Next – Building an AI-First NBFC (1/2)
AI > Next – Building an AI-First NBFC (1/2) AI in Marketing AI in Underwriting AI in Operations & Onboarding ➢ AI-generated creatives ➢ Smarter & faster underwriting assistance ➢ Document intelligence ➢ Multilingual AI interactions ➢ Insights to support credit decisions ➢ Automated AI workflows ➢ Im
Slide 45: AI > Next – Building an AI-First NBFC (2/2)
AI > Next – Building an AI-First NBFC (2/2) AI in Service AI in Collections ➢ AI agents managing outreach ➢ Scalable & intelligent customer service ➢ Streamlining recovery workflows & strengthening ➢ Agentic AI workflows for voice and email communication collection efficiency AI powered customer int
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 120+ 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 – Sustainability Indicators (2/3)
Tata Capital ESG Initiatives – Sustainability Indicators (2/3) A pioneer in Cleantech financing in the country, TCL has built a robust foundation to push the ESG agenda. Guided by our long term vision and unwavering commitment, we are embedding ESG considerations across our portfolio to power India’
Slide 50: Catalyzing Green Projects Through Cleantech Finance (3/3)
Catalyzing Green Projects Through Cleantech Finance (3/3) 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 600+ 30G
Slide 51: Tata Capital ESG Initiatives – CSR Flagship Programmes (1/2)
Tata Capital ESG Initiatives – CSR Flagship Programmes (1/2) Key CSR programmes dedicated to environmental impact Vanaropan for JalAadhar The Green Switch Neutrality (VN) Providing Water Security to water- Providing Energy Security to Unelectrified Creating Additional Carbon Sink stressed areas comm
Slide 52: Tata Capital ESG Initiatives – CSR Flagship Programmes (2/2)
Tata Capital ESG Initiatives – CSR Flagship Programmes (2/2) Key CSR programmes dedicated to healthcare and education Aarogyatara Education Eradication of curable blindness Pankh Scholarship | Upskilling Initiatives | Financial Literacy • The company is deeply committed to restoring sight and • Ment
Slide 53: Awards and Recognition
Awards and Recognition Global Environment NBFC and Fintech Best BFSI Brand 2025 by Awarded ‘Customer ET Martech Awards 2025 Tata Innovista Award for Best Data Quality Award Award 2025 for the Excellence Awards 2026 ET Edge Centric Company of the for Innovative AI & our Gen AI-powered in the NBFC Con
Slide 54: Thank You
| Ss a <x rw) D FE Thank You
Slide 55: Annexures
Annexures
Slide 56: 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 57: 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 58: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ crores) Mar-25 Mar-26 Total Net Loans 2,21,950 2,68,203 Investments 9,866 9,508 Other financials assets 16,503 12,792 Total Assets 2,48,320 2,90,504 Total Borrowings 2,08,415 2,35,977 Other financials liabilities 5,679 7,419 Networth 33,046 45,861 Total Equi
Slide 59: Total Gross Loans
Total Gross Loans Particulars (₹ crores) Mar-25 Mar-26 Retail Gross Loan 1,41,114 1,56,532 SME Gross Loan 59,463 76,490 Corporate Finance Gross Loans 25,976 40,370 Total Gross Loans 2,26,553 2,73,392 Total Gross Loans YoY Growth % 40.5% 20.7% Secured Gross Loans as % of Total Gross Loans 79.0% 79.2%
Slide 60: Additional Metrics (Based on Reported Financials)
Additional Metrics (Based on Reported Financials) Particulars (₹ crores) FY25 FY26 YoY growth Disbursement 1,42,302 1,69,660 19% Interest Income 25,724 28,652 11% Fee income 2,342 2,608 11% Investment income 305 323 6% Total Income 28,370 31,583 11% Finance Cost 15,030 15,985 6% Net Total Income 13,
Slide 61: Glossary and definitions
Glossary and definitions
Slide 62: 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