NBFCs have shown remarkable resilience and gained importance in the financial sector ecosystem, growing from less than ₹2 trillion AUM at the turn of the century to ₹48 trillion at the end of Fiscal 2025. NBFC credit growth has historically trended above India’s GDP growth and is expected to continue rising at a faster pace. Going forward, NBFC credit is expected to grow at 15-17% between Fiscal 2025 and Fiscal 2028, driven by growth across retail, MSME and corporate segments.
Detail | Information |
---|---|
IPO Open Date | Sep 06, 2025 |
IPO Close Date | Oct 08, 2025 |
Price Band | ₹310– ₹326 per share |
Lot Size | 46 shares |
Issue Size | ₹1,55,118 million |
Listing At | BSE, NSE |
Tentative Listing Date | To be announced |
Tata Capital Ltd. is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited. Since the commencement of its lending operations in 2007, Tata Capital has served 7.3 million customers up to June 30, 2025. Tata Capital is categorized as an Upper Layer NBFC by RBI. Through its comprehensive suite of 25+ lending products, Tata Capital caters to a diverse customer base comprising salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates. Additionally, Tata Capital distributes third-party products viz. insurance and credit cards, offers wealth management, and acts as sponsor and investment manager to PE funds.
Tata Capital has delivered strong growth over the past three years driven by an aggressive loan book expansion, with Gross Loans rising from ₹12.02 trillion in FY23 to ₹22.65 trillion in FY25 at a ~40% CAGR, led by retail, SME, and corporate finance. This loan growth translated into higher disbursements and robust interest income, which doubled from ₹1.19 trillion to ₹2.57 trillion, supported by yield stability at ~12%, while fee and investment income further diversified revenues. Operationally, the company maintained strong efficiency, with operating expenses at 2.4–3% of assets and cost-to-income improving back to 36.8% in 1QFY26 after peaking in FY24, reflecting better cost control. Asset quality has been consistently prudent, with Stage 3 loans at just 1.5–1.9% and high coverage ratios of 58–77%, keeping credit costs contained at 1.4–1.6%. Strong capitalization, with CRAR above 16% and leverage contained at ~6.5–6.8x, enabled balance sheet expansion without stress. These factors drove profitability, with PAT rising from ₹30.3 billion in FY23 to ₹36.6 billion in FY25, supported by stable NIMs of ~5.1–5.2%, healthy ROE of 12–13% and ROA of ~1.8%. The company significantly expanded its reach, growing its branch network from 539 to 1,496, employee base from 14,490 to 29,379, and customer franchise from 3.2 million to 7.7 million, enhancing market penetration.
Objects of the offer:
- Augmenting company’s Tier 1 capital base- ₹68,460 million
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