Tata Capital Limited is the financial services company of the Tata Group, it is a subsidiary of Tata Sons Private Limited. Tata Capital limited along with its subsidiaries became a formidable force in financial market is actively involved in lending, advisory, investing, private equity business. Tata Capital has worked on enhancing synergy with the Tata group ecosystem as part of the One Tata Capital strategy. Alliances with other entities within Tata group for instance Tata AMC, Tata AIA, Tata Motors and Croma have made substantial progress.

Tata Capital also partnered with the Fintech ecosystem to enhance processes and co-create products. Furthermore, Data and Analytics continue to play a pivotal role at Tata Capital and are used across the lending process including for creation of pre-approved offers and propensity models, marketing decisions, underwriting decisions and to enhance collection efficiencies. Tata Capital continues to enhance its capabilities and processes in keeping with market and regulatory changes, using the framework of the Tata Business Excellence Model.

Product Portfolio

TCL acts as a hub of financial service provider and caters to the wide range financial requirement of its customers - retail, corporate and institution with a comprehensive portfolio of products and service offerings:

Personal Loans Home Loans Business Loans
Private Equity Loan Against Property Leasing Solutions
Other Consumer Loans Commercial and SME Finance Wealth Products Distribution
Tata Cards Cleantech Finance Institutional Distribution

Financial Highlights

Tata Capital recorded an astonishing financial year on the back of several strategic move by expanding net interest margins, efficient liability management, focused management of operating costs and tightening credit policies/underwriting norms for containing credit costs.

  • Highest ever disbursals of INR 75,099 crore in FY23, up by 42% YoY.
  • Total loan book stood at INR 1,20,940 crore (FY23), up by 28% YoY.
  • Retail plus SME constitutes 80% of the total loan book.
  • In FY23, GNPA & NNPA went down by 20 bps each to 1.7% and 0.4% respectively.
  • Profit after tax increased by 80% to INR 2,975 crore on a consolidation basis (FY22 - INR1,648 crore)
  • On a standalone basis during FY23, TCL registered Gross Income of INR 1,353.14 crore (FY22: INR 511.89 crore) & Profit after tax was INR 720.50 crore (FY22: INR 83.10 crore).

Financial Figures (INR Crores)

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Total Income 13,637 10,311.41 9,984.81 9,790.58 9,205.92
PBT 3,936.56 2,347.72 1,614.97 667.75 1,415.32
PAT 2,945.77 1,800.81 1,244.64 155.72 1,028.87
Cash Flow from Operations -23,189 -14,386.84 2,797.18 286.16 -14,715.16
Cash Flow from Investing -2,269 -2,617.10 -2,632.23 381.04 -79.61
Cash Flow from Finance 26,429 17,055.58 -2,447.10 1,756.83 16,501.55
Debt to Equity 6.45 6.88 6.70 7.60 9.39
Current Ratio 0.92 0.33 0.34 0.62 0.11
Net Profit Margin 22.27 16.30 14.68 4.53 12.18
EPS 8.46 4.69 3.20 0.88 2.57
ROE 7.1 1.20 12.20 3.40 12.67
ROA 5.6 0.80 12.46 1.59 11.17

Major sources of revenue come from their lending activities in the from interest & rental income, apart from that an advisory income & dividend which comes out from their investment activity. Furthermore, Tata Capital will also be focusing on increasing cross-sell and wallet share by offering customized solutions to their existing and new customers.

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By every stretch of the imagination India is growing at a rapid pace and taking pragmatic steps to continue the upward growth cycle but it is still facing certain obstacles in the form regulatory & credit facility. However, with FDI inflows and non-banking firms capturing the market on a gradual basis only whereas India is still unpenetrated market in terms of credit. With close to 80 million SMSE’s functioning in India that has been contributing immensely in terms of growth and momentum of industry like manufacturing and supply chain. The future road to becoming an ambitious $5 trillion economy with 7% growth rate in FY23 will prima facie create more demand and require capital infusion. Also, with major turnaround and geopolitical situation, firms are shifting their base from China. This will be a blessing for financial institutions and especially NBFCs which will benefit from resurgent domestic demand leading to a strong momentum and bolstering higher business growth. It is also monitoring asset quality that have been improving steadily for NBFCs on the back of higher collections.


Tata Capital Financial Services Limited (TCFSL)- TCFSL is a subsidiary of TCL & is registered as non-deposit accepting non-banking financial company. TCFSL’s main areas of business include retail finance, SME, auto loan, micro finance & commercial finance segment.

TCFSL’s portfolio increased by INR 15,690 crore from INR 56,169 crore in FY22 to INR 71,859 crore in FY 23 & Profit Before Tax was INR 1,853 crore and the Profit After Tax accounted for INR 1,383 crore. In FY 23, the Gross and Net Non-Performing Assets stood at 2.0% and 0.3% as compared to 2.2% and 0.5% in FY22, respectively.

Tata Capital Housing Finance Limited (TCHFL) – is another subsidiary which is registered as a Housing Finance Company with the National Housing Bank offering home loans, loan against property and builder loans.

TCHFL’s loan portfolio stood at INR 38,617 crore in FY23 & Profit Before Tax was accounted for INR 1,101 crore at the same time Profit After Tax for the year increased by 44% to INR 821 crore. In FY23, the Gross and Net NPA stood at 1.55% and 0.6% as compared to 1.60% and 0.7%, in FY22, respectively.

Tata Cleantech Capital Limited (TCCL) - TCCL is a joint venture between TCL and International Finance Corporation. It is registered with the RBI as an Infrastructure Finance Company. It offers finance and advisory services to entities in the clean technology and infrastructure space.

TCCL’s portfolio accounted for INR 10,464 crore in FY23 & during the same time Profit Before Tax was INR 371 crore and Profit After Tax was around INR 279 crore. In FY23, the Gross and Net NPAs stood at 0.5% and 0.2% as compared to 0.8% and 0.5%, in FY 22, respectively.

Tata Securities Limited (Tata Securities) - It is engaged in the business of distribution of Mutual Fund units in the capacity of an AMFI registered distributor.

Tata Securities accumulated a Gross Income worth of INR 4.69 crore (FY22: INR 5.78 crore) and Loss of INR 15.21 crore (Loss in FY22: INR 11.72 crore).

Tata Capital Pte. Limited (TCPL)- TCPL is a wholly owned subsidiary of TCL, carries out the business of proprietary investments and fund management, either on its own or through its subsidiaries: Tata Capital Advisors Pte Limited (TCAPL) & Tata Capital Plc (TCPLC).

TCPL recorded a consolidated Gross Income of US$ 11 million ~ INR 85 crore (FY22: US$ 16 million ~ INR 117 crore). During same time Profit Before Tax was at US$ 3 million ~ INR 21 crore (FY 22: US$ 11 million ~ INR 82 crore) and Profit After Tax was at US$ 3 million ~ INR 21 crore (FY-22: US$ 9 million ~ INR 70 crore) (annual average exchange rate was considered as USD 1 ~ INR 80.2213)

Other Subsidiaries

Following entities are also treated as subsidiaries of Tata Capital Limited.

Tata Capital General Partners Limited Liability Partnership, Tata Capital Healthcare General Partners Limited Liability Partnership, Tata Opportunities General Partners Limited Liability Partnership, Tata Capital Growth II General Partners Limited Liability Partnership, Tata Capital Healthcare II General Partners Limited Liability Partnership.

Credit Rating

Tata Capital has been assigned the highest-grade credit rating for the commercial paper [ICRA] A1+ by ICRA & A1+ by Crisil. Also, given AAA (Stable) rating by the rating agencies for NCDs & Bank facilities i.e., ICRA and Crisil Ratings.


Impact of rising interest rates could escalate the market risk and lead to slowdown. Intense rivalry amongst traditional banks & growth of other NBFCs to cater the market can disrupt the TCL positioning. Apart from that liquidity, compliance & operational risk is something firm needs to cautious about considering its cross-border operation & transactions.

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Key People

Saurabh Agrawal – Chairman (Non-Executive Director)

Rajiv Sabharwal – Managing Director & CEO

Rakesh Bhatia – Chief Financial Officer

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