Tata Capital Ltd. · NSE:TATACAP
Tata Capital — Q2 FY2026 Earnings Presentation
57 slides from Tata Capital's earnings presentation, Oct 28, 2025
Slide 1: Q2FY26 Investor Presentation
Q2FY26 Investor Presentation 28 Oct 2025
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 – Q2FY26 Performance Update (1/3)
Executive Summary – Q2FY26 Performance Update (1/3) Excluding Motor Finance Including Motor Finance • Tata Motors Finance acquisition completed on May 8, 2025. Integration progressing well - in line with our plans. ₹ 2,15,574 Cr ₹ 2,43,896 Cr AUM AUM • For better understanding, we have presented fig
Slide 4: Executive Summary – Q2FY26 Performance Update (2/3)
Executive Summary – Q2FY26 Performance Update (2/3) Scale ⚫ Excluding Motor Finance, AUM at ₹ 2,15,574cr (up 22% YoY). Including Motor finance, AUM at ₹ 2,43,896cr (up 2.7% QoQ). ⚫ AUM addition in Q2FY26 – ₹ 8,440cr (excluding Motor Finance), and ₹ 6,388cr (including Motor Finance). ⚫ Focused on imp
Slide 5: Executive Summary – Q2FY26 Performance Update (3/3)
Executive Summary – Q2FY26 Performance Update (3/3) Operating efficiency ⚫ Net interest income: ₹ 2,637cr (23% YoY growth). Including Motor Finance, net interest income at ₹ 3,003cr (5% QoQ growth). ⚫ Cost to income ratio: 36.6% (vs. 40.1% in Q2FY25(1)). Including Motor Finance, cost to income ratio
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%(1) Tata Sons: 78.8% ~₹ 2.44tn AUM as of Sep 30, 2025 Retail & SME form ~88% of book Non-lending businesses 100% 100% 100% Distribution of Private Wealth Tata Capital Housing Tata Capital P
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 Successfully listed on NSE and BSE in Oct-25 Gross loans (₹ bn) Crossed ₹ 2tn mark in terms of loan book TMFL merged into TCL Mr. Rajiv Crossed ₹ 1tn Sabharwal took mark in terms of TCFSL and TCCL over as MD & loan book 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) 61,400 76,343 75,095 73,935 90,337 1,16,944 1,57,875 1,96,942 2,30,455 Net loan book 60,442 75,737 74,681 73,626 90,120 1,16,789 1,57,761 1
Slide 12: Business Overview
Business Overview
Slide 13: Pan-India “Phygital” Distribution Model
Pan-India “Phygital” Distribution Model Jammu & Kashmir Branch network Chandigarh 1,479 Branches Himachal Pradesh # of branches Punjab 27 States and UTs Uttarakhand 3 1,087 Locations 2.7x Haryana Uttar Pradesh 1,479 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 Gross loans: ₹ 2,39,960cr TCHFL one of the largest Retail : SME : Corporate HFCs with best-in-class Developer finance 61% : 27% : 12% 5.7% return profile Supply chain finance H
Slide 15: Business Segment Wise Gross Loans
Business Segment Wise Gross Loans Amount (₹ cr) % Mix Particulars Mar-25 Jun-25 Sep-25 Mar-25 Jun-25 Sep-25 Home loans 38,403 40,159 41,267 17.0% 17.2% 17.2% Loan against property 26,438 27,865 29,620 11.7% 11.9% 12.3% Personal / Business loans 24,866 24,641 24,884 11.0% 10.6% 10.4% CEQ / Two-Wheele
Slide 16: Product Offerings – Retail
Product Offerings – Retail Gross loans % share in total gross Average ticket size Products Description YoY growth (%) Gross loans CAGR (2) (₹ cr) loans (₹ lakh)(1) Loans to salaried and self-employed individuals through TCHFL (50% of Home loans 41,267 17.2% 32.0 18.3% 28.4% gross loans were to salar
Slide 17: Product Offerings – SME & Corporate
Product Offerings – SME & Corporate Gross loans % share in total Average ticket size Products Description YoY growth (%) Gross loans CAGR(4) (₹ cr) gross loans (₹ lakh)(3) Loans typically to fund brownfield and greenfield projects, capital Term loans investments such as machinery, working capital re
Slide 18: 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 19: Consolidated Financial Performance (Excluding Motor Finance)
Consolidated Financial Performance (Excluding Motor Finance) Particulars (₹ crores) Q2FY25 Q1FY26 Q2FY26 YoY growth H1FY25 H1FY26 YoY growth FY25 Assets under management (net) 1,76,637 2,07,134 2,15,574 22% 1,76,637 2,15,574 22% 1,96,897 Net loan book 1,76,536 2,03,705 2,11,293 20% 1,76,536 2,11,293
Slide 20: Consolidated Financial Performance (Including Motor Finance)
Consolidated Financial Performance (Including Motor Finance) Particulars (₹ crores) Q1FY26 Q2FY26 QoQ growth H1FY26 FY25 Assets under management (net) 2,37,508 2,43,896 3% 2,43,896 2,30,455 Net loan book 2,28,579 2,34,991 3% 2,34,991 2,21,950 Net interest income 2,867 3,004 5% 5,870 10,690 Fee incom
Slide 21: Asset Quality Update (1/3)
Asset Quality Update (1/3) Excluding Motor Finance Consolidated Particulars 31-Mar-25 30-Jun-25 30-Sep-25 30-Jun-25 30-Sep-25 Gross loans 1,98,164 2,07,609 2,15,286 2,33,399 2,39,960 Gross loan mix Gross Stage 1 97.4% 97.3% 97.4% 95.9% 95.9% Gross Stage 2 1.1% 1.1% 1.0% 2.0% 1.9% Gross Stage 3 1.5%
Slide 22: 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 Mar-25 Jun-25 Sep-25 Mar-25 Jun-25 Sep-25 Home loans 0.6% 0.7% 0.7% 0.3% 0.3% 0.4% 51.2% 50.7% 50.0% Loan against property 1.5% 1.4% 1.4% 0.6% 0.6% 0.6% 57.7% 56.4% 54.7% Personal / Business loan
Slide 23: 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 Home Loan 99.8% 99.8% 99.8% 99.8% 99.9% 99.8% 99.9% 99.9% 99.8% Loan Against Property 99.6% 99.6% 99.7% 99.6% 99.7% 99.7% 99.6% 99.7% 99.7% Personal Loan 99.0% 98.9% 99.2% 98
Slide 24: Material Subsidiary TCHFL
TATA CAPITAL Material Subsidiary TCHFL
Slide 25: Tata Capital Housing Finance Limited (TCHFL) Overview
Tata Capital Housing Finance Limited (TCHFL) Overview FY 22-H1 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 75,636 Cr FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 FY26 PBT 127 Cr 255 Cr 478 Cr 760 Cr 1,101 Cr 1,539 Cr 2,013 Cr 1,142 Cr FY 22-FY 25: CAGR 38% TCH
Slide 26: 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 ₹ 12lakhs Prime LAP • Presence in Metro, Tier 1 & 2 cities 43% 20% • Overall LAP ₹ 21,181cr:
Slide 27: TCHFL – Financial Performance Summary
TCHFL – Financial Performance Summary Particulars (₹ crores) Q2FY25 Q1FY26 Q2FY26 YoY growth H1FY25 H1FY26 YoY growth FY25 Assets under management (net) 58,257 71,913 75,636 30% 58,257 75,636 30% 67,252 Net loan book 58,211 70,572 73,774 27% 58,211 73,774 27% 66,405 Net interest income 544 674 694 2
Slide 28: Motor Finance Update
TATA CAPITAL Motor Finance Update
Slide 29: Motor Finance Business Overview
Motor Finance Business Overview One of India’s leading vehicle financiers Net loan book movement Net loan book mix (Sep-25) Consolidating loan book in line with Realigning portfolio mix to improve book strategy to improve business metrics yield and asset quality Net loan book ₹ 23,698 Cr Between Mar
Slide 30: 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 31: Turnaround Strategy for Motor Finance Business (2/2)
Turnaround Strategy for Motor Finance Business (2/2) Key Drivers Updates • Credit underwriting policies revised and strengthened. • Vehicle valuation process has been restrengthened by putting centralized monitoring. • Risk management practices • Focus on de risking the portfolio by funding consumpt
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 ₹ Cr 55,241 69,801 72,030 69,52
Slide 34: Key Ratios
Key Ratios 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 CRAR Tier-I Regulato
Slide 35: ALM Bucketing (Standalone)
ALM Bucketing (Standalone) Cumulative Inflows & Outflows 12% 12% 12% 15% 15% Chart Title 13% 16% 2% 7% 0% 120% 100% 90% 100% 100% 100% 80% 84% 77% 70% 80% 73% 71% 60% 60% 50% 51% 40% 40% 36% 35% 30% 28% 24% 23% 18% 20% 20% 14% 15% 13% 9% 10% 6% 2% 3% 0% 0% 1 to 7 Days 8 to 14 Days 15 days to 1M 1 to
Slide 36: Guidance
Guidance
Slide 37: FY26 Guidance
FY26 Guidance Particulars TCL (excl. Motor Finance) TCL (incl. Motor Finance) AUM growth 22 - 25% 18 - 20% FY26: 1.0 - 1.1% FY26: ~1.2% Credit cost Q4FY26: 0.8 - 0.9% Q4FY26: < 1% Cost to income 35 - 36% 38 - 39% FY26: 2.2 - 2.3% FY26: 2.0 - 2.1% ROA Q4FY26: 2.4% - 2.5% Q4FY26: 2.3 - 2.4% ROE 14 - 1
Slide 38: 3-Year Guidance including Motor Finance
3-Year Guidance including Motor Finance 23% – 25% 33% – 34% < 1.0% < 1.0% AUM CAGR Cost to income Credit cost Net NPA > 30% 2.5% - 2.7% 17% - 18% PAT CAGR ROA Return on Equity 38
Slide 39: Historical Performance vs. Guidance
Historical Performance vs. Guidance Historical Performance 3-Year Guidance Particulars (excl. Motor Finance) (incl. Motor Finance) AUM (net) CAGR 30%(1) 23% - 25% CAGR PAT CAGR 29%(1) > 30% CAGR Credit cost 0.6%(2) < 1.0% Cost to income 41.4%(2) 33% - 34% ROA Daily average 2.3%(2) 2.5% - 2.7% 2-poin
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: 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 44: 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 45: 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 100+ Corporate Customer 25+ Journeys Product 25+ Suite Digital Customer friendly Personalized Digital onboarding journeys offerings self-servicing 45
Slide 46: ESG Overview
TATA CAPITAL ESG Overview
Slide 47: Tata Capital ESG Initiatives (1/3)
Tata Capital ESG Initiatives (1/3) Key CSR programmes dedicated to environmental impact aligned with United Nations Sustainable Development Goals JalAadhar(1) The Green Switch(1) Vanaropan(2) Integrated watershed management Providing energy security to unelectrified Creating additional carbon sink p
Slide 48: Tata Capital ESG Initiatives (2/3)
Tata Capital ESG Initiatives (2/3) 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 fund the education of young
Slide 49: Tata Capital ESG Initiatives (3/3)
Tata Capital ESG Initiatives (3/3) Key Pillars of Governance Excellence Board Independence Ethical Transparent Reporting and Expertise Framework and Disclosure Diverse Board, with five out of eight Tata Code of Conduct articulating values, Independent assurance and public members serving as independ
Slide 50: 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 51: Awards and Recognition
Awards and Recognition Global Environment Organisation of the Year Best BFSI Brand 2025 by FICCI CSR Award for the ET Martech Awards 2025 Tata Innovista Award for Best Data Quality Award Award 2025 for the in Clean Energy ET Edge Green Switch Project for Innovative AI & our Gen AI-powered in the NBF
Slide 52: Thank You
| Ss a <x rw) D FE Thank You
Slide 53: Annexures
Annexures
Slide 54: 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 55: 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 56: Glossary and definitions
Glossary and definitions
Slide 57: 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