Tata Capital Limited

Financial Services · Non-Banking Financial Company (Diversified Lending)

Now listedListedDeep Research

No indicative price — now listed

This company has since listed on the exchange. It is no longer an unlisted instrument, so Prospera does not quote a private-market indicative price for it. Its pre-listing quotes below are history, not a current level.

Last private-market quote before listing₹37627 Aug 2026 · Screener.in (exchange closing price)

Indicative private-market reference — not an exchange quote. Not investment advice.

Implied valuation: ₹15,980 Cr
Revenue growth: 55.8%; FY2025
EBITDA margin: 18.6%; FY2025
Prospera Score: 6.6/10

Orientation

What the market says, and what we know.

Two separate things, deliberately shown side by side: a sourced private-market price reference, and the depth of research that actually stands behind this company today.

Market reference

Historical private-market information. This company now trades on the exchange — the figures below are pre-listing observations, not a current unlisted quote.

Source price: ₹376
Prospera Indicative Price: Not quoted — company has listed
As of: 27 Aug 2026
Source: Screener.in (exchange closing price)
Source confidence: High
Observations on record: 5 sourced quotes

Prospera Indicative Price = latest sourced quote x 0.99. The underlying source quote is preserved unchanged and shown alongside.

Prospera researchDeep Research

Research Universe — availableCatalogued as a strategically relevant private-market company.
Basic Research — availableBusiness and ownership facts verified against primary sources — 3 sourced records on file.
Deep Research — availableFinancials, implied valuation, peer comparison and the full Prospera Private Market Score are complete.
Prospera Recommendation — availableAn analyst-authored view exists: Interesting, but valuation needs discipline.

Price history

Indicative Private-Market Price History

Real, dated third-party observations only — plotted where they exist, never interpolated, extended or carried forward. This is a record of private-market sightings, not a live exchange chart.

Historical record. This company has since listed — these are pre-listing private-market quotes and not a current unlisted price.

Pre-listing private-market price quotes on record
Date	Source price	Source	Confidence
27 Aug 2026	₹376	Screener.in (exchange closing price)	HIGH
13 Oct 2025	₹330	BSE/NSE listing-day opening price	HIGH
8 Oct 2025	₹326	Official IPO issue price (upper band)	HIGH
31 Mar 2024	₹900–₹985	Precize (unlisted-share platform)	MEDIUM
1 Aug 2023	₹400–₹500	Chittorgarh (grey-market dealer quotes)	LIMITED

What the company does

The business, in plain English.

Assembled only from records that exist for this company. Anything not disclosed says so.

Founded: 2007
Headquarters: Mumbai, Maharashtra, India
Sector: Financial Services · Non-Banking Financial Company (Diversified Lending)
Promoters: Tata Sons Private Limited

What it does

Tata Capital is a diversified NBFC offering consumer loans (personal, auto, home, education, consumer-durable), SME/commercial finance, wealth distribution, housing finance and clean-energy lending. It earns revenue primarily as net interest income on its loan book plus fee income.

Source: Tata Capital corporate site / Angel One IPO explainer

Why it matters

Tata Capital calls itself the 3rd-largest diversified NBFC in India by AUM (~Rs. 2.2 lakh crore, March 2025), competing with Bajaj Finance, Cholamandalam Investment & Finance, Shriram Finance and HDB Financial Services. It trades at a P/B (~4.1x) second only to Bajaj Finance among listed NBFC peers, despite a lower RoA (~1.9%) than the peer average (~3.0%).

Source: Tata Capital corporate site / Angel One IPO explainer

Ownership structure

Tata Sons held ~88.6% pre-IPO; Tata Sons and IFC sold down via OFS in the IPO. Tata Motors Finance merged into Tata Capital in May 2025, leaving Tata Motors with ~4.7% of the combined entity.

Promoters & principal holders: Tata Sons Private Limited

Private-market context

Post-IPO, listed on BSE/NSE on 13 October 2025

UnlistedPre-IPODRHP FiledPublic

What to understand before investing

Unlisted shares can be difficult to sell. There may be no continuous market and no guaranteed buyer at the price you see.
Any price shown here is an indicative private-market reference, not an exchange quote and not an executable price.
An expected IPO may be delayed, repriced or never happen at all.
A good company can still be a poor investment at the wrong valuation.

These are standing characteristics of the asset class, not findings about this company. Company-specific risks appear below only where they have been researched.

Deep Research

The full Prospera report.

Financials, implied valuation, peer comparison, the full Private Market Score and an analyst-authored view — every figure below is researched and sourced, none of it generated to fill the page.

6.6/10High research confidence

Revenue, EBITDA and profit over time.

Source: Screener.in.

Valuation

What this price implies.

P/E4.4xPeer median: 30.2x

EV/EBITDA3.0xPeer median: Not available

Price/Sales0.6xPeer median: Not available

Price/BookNot availablePeer median: 6.4x

What this means

There isn't enough peer or earnings data yet to compare this company's valuation to similar businesses.

Peer	Type	P/E	EV/EBITDA	P/S
Bajaj Finance Ltd (BAJFINANCE)	Listed	37.3x	Not available	Not available
Cholamandalam Investment and Finance Company (CHOLAFIN)	Listed	30.2x	Not available	Not available
Shriram Finance Ltd (SHRIRAMFIN)	Listed	13.6x	Not available	Not available

Prospera Private Market Score

The full research matrix.

Dimension	Weight	Score	Confidence	What we found
Business Quality	15%	7.5	High	Diversified NBFC under the Tata brand with consumer, SME and commercial lending plus wealth and housing finance subsidiaries — a broad, well-diversified lending franchise.
Revenue Growth	10%	7.0	High	Revenue and PAT both roughly doubled from FY23 to FY25, though most of the jump reflects the Tata Motors Finance merger rather than organic growth alone.
Earnings Quality	10%	5.0	High	PAT margin nearly halved from 21.6% to 12.9% over three years, and ROE fell from 21% to 13% even as the balance sheet scaled sharply.
Cash Flow Quality	10%	5.5	Medium	As a lending business, cash flow is inherently tied to loan book growth; no independent free cash flow figure was available to assess quality beyond the reported P&L.
Balance Sheet	10%	6.0	High	Gross NPAs rose to 1.9% in FY25 from 1.5% in FY24, while provision coverage fell to 58.5% from 77.1% — a real erosion of asset-quality buffers during a period of rapid loan growth.
Competitive Position	10%	6.5	High	Third-largest diversified NBFC in India by AUM behind Bajaj Finance and Cholamandalam, competing across a crowded consumer/SME lending market.
Management & Governance	10%	6.0	Medium	Tata Sons retains overwhelming ownership (~74%+ post-IPO) with deep group intertwining (e.g. the Tata Motors Finance merger), which brings brand strength but concentrated control.
Market Opportunity	8%	7.0	High	Operates across large, growing Indian retail and SME credit markets, though competition from both larger diversified NBFCs and banks is intense.
Valuation	10%	6.5	Medium	IPO priced well below prevailing unlisted-market quotes (Rs. 326 vs ~Rs. 1,000+ reported earlier), and the stock has traded roughly flat since a muted listing.
Liquidity / Exit Risk	5%	9.0	High	Fully listed and liquid on NSE/BSE since October 2025.
IPO / Public-Market Readiness	2%	10.0	High	Already listed — IPO readiness is fully resolved.

6.6/ 10 overall

Prospera Research View

Interesting, but valuation needs discipline

What works

Backed by the Tata Group brand with a broad diversified lending franchise
Revenue and profit both scaled significantly following the Tata Motors Finance merger
IPO priced well below prior unlisted-market quotes, offering better entry economics than platform prices suggested

What concerns us

ROE nearly halved from 21% to 13% between FY23 and FY25
Provision coverage ratio fell from 77% to 58.5% as gross NPAs rose
IPO debut was muted (barely above issue price), suggesting limited market enthusiasm

What could change our view

A recovery in ROE and provision coverage back toward FY23 levels
Clear evidence the Tata Motors Finance merger is improving rather than diluting returns
Sustained NPA improvement post-merger integration

Risk

What could go wrong.

Documented, per-company risks — grouped by the categories the research itself recorded. There is no risk score here, because we do not compute one.

Valuation

1 recorded risk

Tata Capital's P/B multiple (~4.1x) is the second-richest among listed diversified NBFC peers after Bajaj Finance, despite a lower RoA (~1.9%) than the peer average.

Source: Moneycontrol/TradingView

Business

1 recorded risk

Roughly 21-24% of gross loans were unsecured across FY23-FY25, exposing the company to higher loss-given-default in a downturn.

Source: Business Standard DRHP risk-factor summary

Financial

2 recorded risks

Gross Stage 3 (NPA) loans rose to 1.9% of total gross loans in FY25 from 1.5% in FY24, while provision coverage ratio declined to 58.5% in FY25 from 77.1% in FY23.

Source: Business Standard DRHP risk-factor summary

RoE declined from 21% (FY23) to 13% (FY25) even as the loan book and revenue scaled sharply following the Tata Motors Finance merger.

Source: Screener.in

Governance

1 recorded risk

Tata Sons remains an overwhelmingly dominant shareholder both before and after the IPO, and the company is closely intertwined with the wider Tata Group.

Source: Upstox

IPO

1 recorded risk

The IPO was subscribed only ~1.95x overall and shares traded roughly flat — a markedly more muted debut than other 2025 financial-infrastructure IPOs like NSDL or HDB Financial.

Source: Business Standard

Corporate events

What's happened, and why it matters.

Dated, sourced events only — recorded as they were reported, in reverse order of significance to a private-market holder.

IPO Development13 Oct 2025
Tata Capital lists on BSE/NSE
Completed Tata Capital's transition to a public company after being an unlisted Tata Group NBFC for 18 years.
Source: CNBC
IPO Development6 Oct 2025
Tata Capital IPO opens (Rs. 15,511 crore issue, largest 2025 Indian IPO)
Raised the largest amount of any Indian IPO in 2025, testing investor appetite for the newly-merged, larger NBFC.
Source: Yahoo Finance
DRHP Filed4 Aug 2025
Tata Capital files updated DRHP with SEBI
Formalised the IPO structure (fresh issue + OFS) ahead of listing.
Source: Business Standard
Acquisition6 May 2025
NCLT sanctions merger of Tata Motors Finance into Tata Capital
Substantially scaled up Tata Capital's vehicle-financing book just before its IPO, roughly doubling reported consolidated revenue.
Source: India Infoline
Other1 Sept 2022
Tata Capital classified as RBI 'Upper Layer' NBFC
Triggered a mandatory listing requirement under RBI's Scale-Based Regulation framework.
Source: Upstox

Sources & evidence

Everything traceable.

Every figure on this page comes from one of the records below. Where a source published a link, it is here.

Field	Source	As of
Financials (FY2025)	Screener.in	27 Aug 2026
Financials (FY2024)	Screener.in (Tata Sons' own FY24 annual report separately cites a different standalone-parent basis)	27 Aug 2026
Financials (FY2023)	Screener.in	27 Aug 2026
Price (27 Aug 2026)	Screener.in (exchange closing price)	27 Aug 2026
Price (13 Oct 2025)	BSE/NSE listing-day opening price	13 Oct 2025
Price (8 Oct 2025)	Official IPO issue price (upper band)	8 Oct 2025
Price (31 Mar 2024)	Precize (unlisted-share platform)	31 Mar 2024
Price (1 Aug 2023)	Chittorgarh (grey-market dealer quotes)	1 Aug 2023
Business Description	Tata Capital corporate site / Angel One IPO explainer	Not disclosed
Competitive Position	Tata Capital corporate site / Angel One IPO explainer	Not disclosed
Total Shares Outstanding (Cr)	Screener.in, derived from market capitalisation / share price	27 Aug 2026

Next step

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We will come back with the current dealable level, the available lot size and what the process actually involves. Indicative prices shown on this page are private-market references, not executable quotes.