Tata Capital

About the company

Tata Capital is one of the largest diversified non-banking financial companies (NBFCs). The company is the flagship financial services company of the Tata Group and a subsidiary of Tata Sons Private Limited. According to the CRISIL report, Tata Capital is the third-largest diversified NBFC in India with total gross loans of ₹2.33 lakh crore as of June 30, 2025. Its total gross loans grew at a CAGR of 37.3% in the last three fiscal years. The company started lending operations in 2007 and has served about 7.3 million customers as of June 30, 2025, in retail, SME, and corporate segments. Its portfolio includes more than 25 lending products that cover salaried professionals, self-employed persons, small businesses, and large corporations. Loans to retail and SME customers accounted for 87.5% of total gross loans as of June 30, 2025. The company operates an omni-channel distribution network with 1,516 branches across 27 states and union territories, a partner network of 30,000+ direct selling agents (DSAs), 400 original equipment manufacturers (OEMs), 8,000 dealers, and 60+ digital partners. Its digital platforms continue to build the network with 2.19 crore app downloads and website traffic of 7.58 crore visits in FY25, showing good customer interest. Retail finance, comprising home loans, car loans, business loans and others, represented 61.3% of gross loans, reflecting the company's emphasis on consumer-driven growth. SME financing provides supply chain finance, equipment finance and leasing solutions and accounted for 26.2% of the total gross loans. Corporate finance accounted for 12.5% of the total gross loans, which primarily comprise term loans, infrastructure finance and developer finance. Apart from lending, Tata Capital has multiple non-lending verticals like distribution of third-party products such as insurance (0.86 crore in-force policies as of June 2025) and credit cards, wealth management services (₹6,980 crore AUM growing at 26.4% CAGR since FY23), and growth in private equity, healthcare, innovation, and special situation funds. As of June 30, 2025, the firm had more than 250,000 active "Tata corporate cards". The company’s loan book is granular, with more than 98% of accounts of loans having a ticket size of less than ₹1 crore and 80% of the loans being secured, leading to diversification. In May 2025, Tata Capital finalised the merger with Tata Motors Finance Limited (TMFL), India's top commercial and passenger vehicle finance provider. This merger expanded its reach to an additional 353 branches, deepened its auto-financing portfolio, and made it a full-stack vehicle finance player with scale and diversification across both commercial and passenger segments. Domestic systematic credit is projected to grow at a CAGR of 13%-15% between FY25 and FY28, and the market share of NBFC is expected to increase to 22% by FY28. India’s retail credit grew at 14% in FY25, supported by steady demand in underlying assets like housing, auto and growth in credit card and personal loans and is expected to grow further at 14-16% between FY25 and FY28. Tata Capital is well-positioned to capture demand as it is among the fastest-growing players with a CAGR of 37.3% in total gross loans between FY23–FY25, and with retail loans being a major contributor, constituting 61.3% of the total gross loans as at June 30 2025. The company aims to enhance its product portfolio and strengthen its distribution network, and enhance its digital distribution channels, such as mobile apps, its website, and digital partnerships, to broaden its reach and deliver a more seamless and cost-effective customer experience. Additionally, the company’s merger with TMFL will strategically position the combined business as a leading, full-spectrum provider of vehicle finance. Now, Tata Capital Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹6,846 crore and an offer for sale of ₹8,665.87. The total issue size of the IPO is ₹15,511.87 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   06 Oct 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   08 Oct 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   09 Oct 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   10 Oct 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   10 Oct 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   13 Oct 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.