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Tata Capital IPO
Tata Capital Ltd
₹14,260 /46 sharesMinimum Investment
Tata Capital IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 6 Oct ‘25 - 8 Oct ‘25 | ₹14,260 | 46 | ₹310 - ₹326 |
| Issue Size | IPO Doc |
|---|---|
| 15511.87Cr | RHP PDF |
Subscription rate
As of 08 Oct'25, 04:01 PM
| Qualified Institutional Buyers | 3.06x |
| Non-Institutional Investor | 1.87x |
| Retail Individual Investor | 1.04x |
| Employees | 2.78x |
| Total | 1.80x |
About Tata Capital
Founded in
1991
Managing director
Mr. Rajiv Sabharwal
Parent organisation
Tata Capital Ltd
Tata Capital Ltd IPO
https://www.youtube.com/watch?v=HhEET6bEQ0k
Strengths & Financials of Tata Capital
Strengths
Risks
As the flagship financial services company of the Tata group, it benefits from strong brand recognition and synergistic opportunities with over 70 Group companies. The "Tata" brand, recognized as the most valuable in India by Brand Finance in 2023, provides a significant competitive advantage in customer acquisition and fundraising.
The company is the third largest diversified NBFC in India by total gross loans, which grew at a CAGR of 37.3% from ₹1,20,198.6 Crores in FY23 to ₹2,26,529.6 Crores in FY25, showcasing rapid expansion and market share capture.
The company maintains superior asset quality compared to peers, with one of the lowest Gross Stage 3 and Net Stage 3 Loans Ratios. As of March 31, 2025, its Gross Stage 3 loans were 1.9% and Net Stage 3 loans were 0.9%, supported by a robust Provision Coverage Ratio of 58.5%.
It possesses the highest credit ratings from domestic agencies (AAA/Stable) and strong international ratings (S&P: BBB-/Stable), which enables it to raise funds at competitive costs. This financial strength is reflected in its average cost of borrowing ratio, which was 7.8% for FY25.
The company has demonstrated a consistent track record of profitability, with Profit After Tax growing from ₹3,029.2 Crores in FY23 to ₹3,664.66 Crores in FY25. This financial performance is complemented by a healthy Return on Equity, which was 12.6% in FY25.
Tata Capital operates a rapidly expanding omni-channel distribution network, which is the fastest growing among its peer set. The branch network grew at a 66.6% CAGR from 567 branches in FY23 to 1,496 in FY25, complemented by digital platforms with over 21.9 million mobile app downloads.
The company has a highly diversified lending portfolio across more than 25 products, mitigating concentration risk. The business is well-balanced across Retail Finance (61.3%), SME Finance (26.2%), and Corporate Finance (12.5% of total gross loans as of June 2025), allowing it to adapt to changing market cycles.
The company has substantial borrowings, amounting to ₹2,11,851.6 Crores as of June 30, 2025, up from ₹1,13,339.1 Crores in FY23. This high leverage, with a borrowings to equity ratio of 6.5x, makes it vulnerable to rising interest rates and potential difficulties in securing future funding, which could adversely affect profitability and liquidity.
The company is involved in a significant number of outstanding legal proceedings. As of the DRHP date, the aggregate amount involved in criminal, tax, and statutory proceedings against the company and its subsidiaries was approximately ₹13,206.2 Crores. Unfavorable outcomes in these cases could result in substantial financial liabilities and reputational damage.
Historically, the company has experienced negative cash flows from operating activities, recording a net cash usage of ₹2,21,896.0 Crores in FY23 and ₹7,519.8 Crores in FY24. An inability to generate positive operating cash flow consistently could impair its ability to service debt, fund growth, and meet working capital requirements.
The company faces significant interest rate risk due to potential mismatches between its fixed and floating rate assets and liabilities. As of June 30, 2025, 38.6% of its gross loans were at fixed interest rates, while 48.0% of its borrowings were at floating rates. An increase in interest rates could compress its Net Interest Margin, which was 5.2% in FY25.
There are significant contingent liabilities amounting to ₹7,809.2 Crores as of June 30, 2025. These include claims not acknowledged as debts, guarantees, and letters of credit. If these potential obligations crystallize, it could have a material adverse impact on the company's financial position.
Tata Capital Financials
*All values are in Rs. Cr
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Application Details of Tata Capital IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹310 - 326 | Upto ₹2 Lakh |
| Employee | ₹310 - 326 | Upto ₹2 Lakh |
| High Networth Individual | ₹310 - 326 | ₹2 - 5 Lakh |
For Tata Capital IPO, eligible investors can apply as Regular & Employee.