Tata Capital Ltd

₹755 - ₹830

Platform	Last Traded Price	Min Quantity
★★★★★	₹755	25
★★★★☆	₹755	25
★★★★☆	₹770	25
★★★★☆☆	₹793	25
★★★★★☆	₹795	25

★★★★★

LTP:₹755

Min Qty:25

★★★★☆

LTP:₹755

Min Qty:25

★★★★☆

LTP:₹770

Min Qty:25

★★★★☆☆

LTP:₹793

Min Qty:25

★★★★★☆

LTP:₹795

Min Qty:25

Strengths & Weaknesses

Strengths

Strong Support from Tata Sons: Tata Sons, owning 92.83% of Tata Capital Limited (TCL), provides robust support to the group. TCL is vital to the Tata Group as its primary financial services arm, catering to the funding needs of group entities. With a Rs 6,097 crore capital infusion over five years, Tata Sons demonstrates its focus on TCL's growth.

Improving Asset Quality:TCL’s Gross Stage III (GSIII) ratio improved to 1.5% as of March 2024, with a 74% provision coverage ratio. TCHFL also saw an improvement, with GSIII at 0.8% by June 2024.

Diversified resource profile:As of September 30, 2023, TCL's borrowing mix included 41% non-convertible debentures, 39% term loans, 6% working capital loans, 8% commercial papers, and 6% external commercial borrowings. The group's diverse funding sources, including bank borrowings and short-term debt, allow them to secure competitive financing, supported by their association with the Tata group

Weaknesses

Moderate Capitalization Level: Net Worth: Tata Capital’s net worth increased to ₹20,965 crore as of September 30, 2023, from ₹18,149 crore in March 2023. Despite this growth, the company continues to need external capital to sustain high growth. ₹594 crore was infused by Tata Sons in FY2023, followed by another ₹896 crore in FY2024. These infusions highlight the company's reliance on external funding to maintain its capital adequacy

Gearing Ratio: Tata Capital’s gearing (debt-to-equity ratio) stood at 6.2x as of March 31, 2023. Although this reduced to 5.8x by September 30, 2023, it is still relatively high for an NBFC and shows a continued reliance on debt to finance its growth

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Trade Receivables	89.38	74.91	32.33	1674.15
Cash & Cash Equivalents	6,995.58	3,316.70	2,135.82	2,050.63
Other Financial Assets	166478.22	130041.76	97187.46	76388.42
Total Financial Assets	173563.18	133433.37	99355.61	80113.20
Fixed Assets (incl. WIP)	879.87	530.12	592	800
Other Non Financial Assets	2250.93	1662.61	2438.96	2016.66
Title 7Total Non Financial Assets	3130.80	2192.73	3030.67	2817.06
Total Assets	176693.98	135626.10	102386.28	82930.26
Borrowings	79142.88	54934.13	38639.92	31224.51
Other Financial Liabilities	72200.50	61895.44	50349.82	40416.01
Total Financial Liabilities	151343.38	116829.57	88989.74	71640.52
Tax Liabilities (Deferred and Current)	396.73	337.98	349.59	286.95
Provisions	106.83	99.46	73.02	58.49
Other Non-Financial Liabilities	50.83	33.92	137.94	137.51
Total Non-Financial Liabilities	768.49	647.86	560.55	482.95
Equity Capital	3703.05	3507.07	3463.35	3463.60
Reserves	19714.08	13832.79	8249.71	6509.40
Total Equity	23417.13	17339.86	11713.06	9973.00
Non-controlling interest	1164.98	808.81	1122.93	833.79
Equity + Liabilities	176693.98	135626.10	102386.28	82930.26

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	18174.8	13628.8	10050.5	9835.4
Growth %	33%	36%	2%	0
Operating Expenses	3939.0	3020.9	2,849.6	2823.1
Growth %	30%	6%	1%	0
Operating Profit	14235.8	10607.9	7200.9	7012.3
Op. Profit Margin %	78.3%	77.8%	71.6%	71.3%
Other Income	23.5	8.6	202	152.3
Finance Costs	9568.2	6600.6	4889.0	5212.6
Depreciation	287.5	226.02	275.88	334.4
Share in profit of associates	11.6	-146.7	-109.6	2.72
Profit Before Tax	4392.0	3936.6	2347.7	1615.0
Tax	1065.07	990.79	546.91	370.3
Tax %	24.3%	25%	23%	23%
Profit After Tax	3326.96	2945.8	1800.8	1244.6
Growth %	12.9%	63.6%	44.7%	0
PAT %	18.3%	22%	18%	13%
Diluted EPS	8.5	8.4	4.6	3.2

Shareholding Pattern

Color	Shareholder	Holding
	Tata Sons Private Limited	92.83%
	others	7.17%

Fundamentals

Quick Insights

Strong Support from Tata Sons: Tata Sons, owning 92.83% of Tata Capital Limited (TCL), provides robust support to the group. TCL is vital to the Tata Group as its primary financial services arm, catering to the funding needs of group entities. With a Rs 6,097 crore capital infusion over five years, Tata Sons demonstrates its focus on TCL's growth. Improving Asset Quality:TCL’s Gross Stage III (GSIII) ratio improved to 1.5% as of March 2024, with a 74% provision coverage ratio. TCHFL also saw an improvement, with GSIII at 0.8% by June 2024. Diversified resource profile:As of September 30, 2023, TCL's borrowing mix included 41% non-convertible debentures, 39% term loans, 6% working capital loans, 8% commercial papers, and 6% external commercial borrowings. The group's diverse funding sources, including bank borrowings and short-term debt, allow them to secure competitive financing, supported by their association with the Tata group

Market Cap₹382,353.15 Cr

PE Ratio122.35

EPS₹8.5

Dividend Yield-

Book Value₹62.5 Cr

Debt/Equity3.38

Price/Book16.64

Price/Sales-

Industry PE-

Sales₹18,174.8 Cr

Profit After Tax₹3,326.9 Cr

Share Capital₹3,703.05 Cr

Shares Outstanding-

ISININE976I01016

Sectorfinance

Symbol-

About Company

Tata Capital Limited is a leading financial services company in India, operating as a subsidiary of Tata Sons Private Limited. Established in 2007, Tata Capital is the financial services arm of the Tata Group, one of India's largest and most diversified conglomerates.

Quick Insights

Strong Support from Tata Sons: Tata Sons, owning 92.83% of Tata Capital Limited (TCL), provides robust support to the group. TCL is vital to the Tata Group as its primary financial services arm, catering to the funding needs of group entities. With a Rs 6,097 crore capital infusion over five years, Tata Sons demonstrates its focus on TCL's growth. Improving Asset Quality:TCL’s Gross Stage III (GSIII) ratio improved to 1.5% as of March 2024, with a 74% provision coverage ratio. TCHFL also saw an improvement, with GSIII at 0.8% by June 2024. Diversified resource profile:As of September 30, 2023, TCL's borrowing mix included 41% non-convertible debentures, 39% term loans, 6% working capital loans, 8% commercial papers, and 6% external commercial borrowings. The group's diverse funding sources, including bank borrowings and short-term debt, allow them to secure competitive financing, supported by their association with the Tata group

Market Cap₹382,353.15 Cr

PE Ratio122.35

EPS₹8.5

Dividend Yield-

Book Value₹62.5 Cr

Debt/Equity3.38

Price/Book16.64

Price/Sales-

Industry PE-

Sales₹18,174.8 Cr

Profit After Tax₹3,326.9 Cr

Share Capital₹3,703.05 Cr

Shares Outstanding-

ISININE976I01016

Sectorfinance

Symbol-

About Company

Strengths

Improving Asset Quality:TCL’s Gross Stage III (GSIII) ratio improved to 1.5% as of March 2024, with a 74% provision coverage ratio. TCHFL also saw an improvement, with GSIII at 0.8% by June 2024.

Weaknesses

Annual Reports

FY FY FY

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Trade Receivables	89.38	74.91	32.33	1674.15
Cash & Cash Equivalents	6,995.58	3,316.70	2,135.82	2,050.63
Other Financial Assets	166478.22	130041.76	97187.46	76388.42
Total Financial Assets	173563.18	133433.37	99355.61	80113.20
Fixed Assets (incl. WIP)	879.87	530.12	592	800
Other Non Financial Assets	2250.93	1662.61	2438.96	2016.66
Title 7Total Non Financial Assets	3130.80	2192.73	3030.67	2817.06
Total Assets	176693.98	135626.10	102386.28	82930.26
Borrowings	79142.88	54934.13	38639.92	31224.51
Other Financial Liabilities	72200.50	61895.44	50349.82	40416.01
Total Financial Liabilities	151343.38	116829.57	88989.74	71640.52
Tax Liabilities (Deferred and Current)	396.73	337.98	349.59	286.95
Provisions	106.83	99.46	73.02	58.49
Other Non-Financial Liabilities	50.83	33.92	137.94	137.51
Total Non-Financial Liabilities	768.49	647.86	560.55	482.95
Equity Capital	3703.05	3507.07	3463.35	3463.60
Reserves	19714.08	13832.79	8249.71	6509.40
Total Equity	23417.13	17339.86	11713.06	9973.00
Non-controlling interest	1164.98	808.81	1122.93	833.79
Equity + Liabilities	176693.98	135626.10	102386.28	82930.26

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	18174.8	13628.8	10050.5	9835.4
Growth %	33%	36%	2%	0
Operating Expenses	3939.0	3020.9	2,849.6	2823.1
Growth %	30%	6%	1%	0
Operating Profit	14235.8	10607.9	7200.9	7012.3
Op. Profit Margin %	78.3%	77.8%	71.6%	71.3%
Other Income	23.5	8.6	202	152.3
Finance Costs	9568.2	6600.6	4889.0	5212.6
Depreciation	287.5	226.02	275.88	334.4
Share in profit of associates	11.6	-146.7	-109.6	2.72
Profit Before Tax	4392.0	3936.6	2347.7	1615.0
Tax	1065.07	990.79	546.91	370.3
Tax %	24.3%	25%	23%	23%
Profit After Tax	3326.96	2945.8	1800.8	1244.6
Growth %	12.9%	63.6%	44.7%	0
PAT %	18.3%	22%	18%	13%
Diluted EPS	8.5	8.4	4.6	3.2

Shareholding Pattern

Color	Shareholder	Holding
	Tata Sons Private Limited	92.83%
	others	7.17%

Board of Directors

Mr. Saurabh Agrawal Chairman

Mr. F N SubedarChairman

Ms. Varsha PurandareChairman

Mr. V S RadhakrishnanChairman

Mr. Sujit VarmaChairman

Mr. Nagaraj IjariChairman

Ms. Aarthi SubramanianChairman

Senior Management

Mr. Rakesh BhatiaChief Financial Officer

Ms. Sarita KamathHead - Legal and Compliance & Company Secretary

Mr. Rajiv Sabharwal Managing Director & CEO