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Tata Capital Results: Latest Quarterly Results & Analysis

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Tata Capital Ltd. 23 Apr 2026 17:13 PM
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Q4FY26 Quarterly Result Announced for Tata Capital Ltd.

Finance company Tata Capital announced Q4FY26 results

  • Retail SME constitutes ~86% of Net AUM.
  • Unsecured retail forms 10.3% of Net AUM. Unsecured retail disbursements continue to show uptick.
  • Pan India network of 1,477 branches across 27 states and union territories.
  • Focused on improving business metrices in Motor Finance (~9% of Net AUM) before accelerating growth.
  • AUM grew by 6% QoQ to Rs 2,77,275 crore as on March 31, 2026, from Rs 2,60,698 crore as on December 31, 2025.
  • Net total income grew by 2% QoQ to Rs 4,146 crore in Q4FY26 from Rs 4,052 crore in Q3FY26.
  • Annualized operating expense on average net loan book of 2.5% in Q4FY26 vs. 2.5% in Q3FY26.
  • Cost to income ratio stood at 38.3% in Q4FY26 vs. 38.4% in Q3FY26.
  • Annualized credit cost of 0.9% in Q4FY26 vs. 1.2% in Q3FY26.
  • PAT (excluding non-recurring items) grew by 16% QoQ to Rs 1,502 crore in Q4FY26 from Rs 1,290 crore in Q3FY26. Including such items, PAT grew by 19% QoQ.
  • Annualized ROA at 2.3% in Q4FY26 vs. 2.1% in Q3FY26.
  • Annualized ROE at 13.9% in Q4FY26 vs. 13.1% in Q3FY26.
  • Gross stage 3 stood at 2.0% | Net stage 3 stood at 0.9% | Provision coverage ratio stood at 56.2% as of March 31, 2026.
  • Total equity as of Mar-26 at Rs 44,658 crore.
  • Capital risk adequacy ratio stood at 19.0% as of March 31, 2026.

Rajiv Sabharwal, Managing Director & CEO, Tata Capital, said: “We delivered a strong close to FY26, with sustained momentum and healthy growth across our businesses. Excluding Motor Finance, AUM grew 28% year on year to Rs 2,51,885 crore, while PAT increased 51% YoY to Rs 1,459 crore in Q4FY26, reflecting the strength of our underlying franchises. Including Motor Finance, our performance was in line with stated guidance, with AUM growth of 20% YoY and PAT growth of 43% to Rs 1,502 crore. Asset quality continued to improve across segments, with both slippages and credit costs trending lower.”

“The use of artificial intelligence remains a core strategic priority for the organization. This year, our AI-first approach across the lending value chain delivered tangible results: Our portfolio monitoring platform has helped strengthen risk management and reduce our credit cost by ~14bps YoY in FY26; Our Voice Hub is being used across sales, service and retention, with voice AI agents now originating 15% of Direct Personal Loan business and carrying out 90% of welcome calls. AI-driven credit assessments now assist underwriting for 80% of our SME portfolio - compressing decision cycles and lifting credit manager productivity by 30%. Our Intelligent Document Processing engine has ingested and processed over 2 crore documents, fundamentally transforming how we originate, verify and quality-control at scale, across our credit and operations functions. These developments have helped reduce our cost income ratio by ~335bps YoY in FY26.”

“From a macro standpoint, while we remain vigilant amid evolving geopolitical developments, we are confident in the resilience of India’s economic fundamentals. A steady policy stance and comfortable systemic liquidity continue to provide a supportive environment for credit growth, positioning us well to execute our strategy with discipline and focus.”

Result PDF

Result PDF

Finance company Tata Capital announced Q3FY26 results

  • Assets under management grew by 26% YoY to Rs 2,34,114 crore as on December 31, 2025, from Rs 1,86,404 crore as on December 31, 2024.
  • Net total income grew by 33% YoY to Rs 3,594 crore in Q3FY26 from Rs 2,711 crore in Q3FY25.
  • Annualized operating expense on average net loan book improved to 2.3% in Q3FY26 from 2.4% in Q3FY25.
  • Cost to income ratio stood at 35.7% in Q3FY26 vs 40.1% in Q3FY25.
  • Annualized credit cost was 1.0% in Q3FY26 vs 1.1% in Q2FY26.
  • PAT (excluding non-recurring items) grew by 39% YoY to Rs 1,285 crore in Q3FY26 from Rs 922 crore in Q3FY25. Including such items, PAT grew by 36% YoY.
  • Annualized ROA at 2.3% in Q3FY26 vs 2.0% in Q3FY25.
  • Annualized ROE at 14.3% in Q3FY26 vs 14.1% in Q3FY25.
  • Gross stage 3 stood at 1.6% as of December 31, 2025.
  • Net stage 3 stood at 0.6% as of December 31, 2025.
  • Provision coverage ratio stood at 64.5% as of December 31, 2025.

Rajiv Sabharwal, Managing Director & CEO, Tata Capital, said, “We witnessed sustained business momentum in Q3FY26, with broad-based growth across products. Excluding Motor Finance, AUM grew 26% YoY to Rs 2,34,114 crore, and comparable  PAT increased by 39% year-on-year to Rs 1,285 crore for Q3FY26. Credit quality continued to remain robust, with early leading indicators reflecting stable portfolio performance across segments. Unsecured retail disbursements, which were moderated earlier as a prudent risk measure, have seen a gradual uptick, with slippages coming down. Our distribution network and strategic focus on digital and GenAI capabilities, continue to drive operating efficiencies."

“In Q3FY26, our AUM grew 7% QoQ and PAT rose 18% to Rs 1,290 crore. Our Motor Finance segment achieved PAT breakeven this quarter, and we remain focused on executing our strategic priorities."

"India’s growth outlook remains robust, underpinned by resilient domestic demand, favorable demographics, and strong macroeconomic fundamentals. Recent policy initiatives - such as GST rationalization, tax relief measures, repo rate cuts, and accommodative liquidity policies - are expected to further stimulate consumption and economic activity. We are well-positioned to leverage these tailwinds, contribute to India’s long-term growth, and deliver sustainable value for all stakeholders."

Result PDF

Finance company Tata Capital announced Q2FY26 results

  • Retail SME constitutes ~88% of gross loan book.
  • Retail unsecured forms 11.6% of gross loan book.
  • Pan India network of 1,479 branches across 27 states and union territories.
  • Focused on improving business metrices in Motor Finance (~10% of gross loans) before accelerating growth.
  • AUM grew by 3% QoQ to Rs 2,43,896 crore as on September 30, 2025 from Rs 2,37,508 crore as on June 30, 2025.
  • Net total income grew by 4% QoQ to Rs 3,774 crore in Q2FY26 from Rs 3,626 crore in Q1FY26.
  • Annualized operating expense on average net loan book of 2.6% in Q2FY26 vs. 2.4% in Q1FY26.
  • Cost to income ratio stood at 39.7% in Q2FY26 vs. 36.8% in Q1FY26.
  • Annualized credit cost of 1.3% in Q2FY26 vs. 1.6% in Q1FY26.
  • Profit after tax grew by 11% QoQ to Rs 1,097 crore in Q2FY26 from Rs 990 crore in Q1FY26.
  • Annualized ROA at 1.9% in Q2FY26 vs. 1.8% in Q1FY26.
  • Annualized ROE at 12.9% in Q2FY26 vs. 12.5% in Q1FY26.
  • Gross stage 3 stood at 2.2% | Net stage 3 stood at 1.1% | Provision coverage ratio stood at 52.8% as of September 30, 2025.
  • Total equity as of Sep-25 at Rs 35,081 crore and including primary portion of IPO at Rs 41,777 crore.
  • Capital risk adequacy ratio stood at 17.3% as of September 30, 2025 and 21.5% including the IPO proceeds.
  • Credit rating of “AAA with stable outlook” from each of CRISIL, ICRA, CARE and India Ratings. S&P Global Ratings upgraded the long-term rating from ‘BBB-/Positive’ to ‘BBB/Stable’ and the shortterm rating from ‘A-3’ to ‘A-2.

Rajiv Sabharwal, Managing Director & CEO, Tata Capital, said: “Q2FY26 was a strong quarter marked by broad-based momentum. Excluding Motor Finance, AUM grew 22% YoY, driven by sustained growth across all segments and PAT rose 33% to Rs 1,128 crore, reflecting the strength of our diversified and well-managed portfolio. Credit quality remains robust across categories, resulting in 30bps drop in annualized credit cost in Q2FY26 over Q1FY26. Further, we continue to leverage our digital and GenAI capabilities for improving customer experience and operating efficiency. On the macro front, the recent GST reduction is expected to provide a fillip to consumption, creating a supportive environment for higher growth in second half of FY26. We remain fully committed to build on this momentum and deliver consistently for all stakeholders”.

Result PDF

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