Tata Capital Limited Unlisted Share – Company Overview
Tata Capital Limited ("Company" or "TCL"), the flagship financial services company of the Tata Group, primarily holds investments in its subsidiaries, which are mainly engaged in lending and offering a wide array of services and products in the financial services sector. Tata Capital Limited is a subsidiary of Tata Sons Private Limited and is registered with the Reserve Bank of India ("RBI") as a systemically important non-deposit-accepting Core Investment Company ("CIC"). Besides being a holding company, TCL carries out only such activities as are permitted under the Directions issued by the RBI for CICs, as amended from time to time. TCL is primarily a holding company, holding investments in its subsidiaries and other group companies. The financial services sector in India, as well as globally, is highly regulated. TCL and its subsidiaries are subject to regulations by authorities such as the RBI, the Securities and Exchange Board of India ("SEBI"), the National Housing Bank ("NHB"), the Monetary Authority of Singapore ("MAS"), the Financial Conduct Authority, the UK, the Association of Mutual Funds of India ("AMFI") and the Insurance Regulatory and Development Authority of India ("IRDA").
Tata Capital Share Price, Share Details as of March 31, 2025
| Tata Capital Outstanding Shares: | 4292129037 |
| Face Value of Tata Capital Share | Rs. 10/- Per Equity Share |
| ISIN of Tata Capital Share | INE976I01016 |
| Lot Size of Tata Capital Share | 100 |
| Tata Capital Share Price | Best In Industry |
| PAN Number of Tata Capital | AADCP9147P |
| GST Number of Tata Capital | 27AADCP9147P2ZM |
Tata Capital Limited Incorporation Details
| CIN of Tata Capital | U65990MH1991PLC060670 |
| Registration Date of Tata Capital | 08 March 1991 |
| Category/Sub-category of Tata Capital | Limited by Shares / Non-govt company |
| Tata Capital Registered Office Address |
Tata Capital Limited, 2/796, Second Floor, A Wing, Sakshi Towers First Main Road, Kazura Gardens Neelankarai, Chennai 600 041, Tamil Nadu |
| Tata Capital Registrar and Transfer Agent Address |
M/s Integrated Registry Management Services Pvt Ltd 2nd Floor, Kences Towers, North Usman Road, T Nagar, Chennai 600 017 |
Tata Capital Limited Principal Business Activities
| Name and Description of main products/services | NIC Code | % of Turnover |
| Investment Activity | 64200 | 60% |
| Private Equity Investments | 66309; 66190 | 26% |
Tata Capital Limited Board of Directors
- Mr. Saurabh Agrawal – Chairman Director
- Mr. F.N. Subedar – Non-Independent, Non-Executive Director
- Ms. Varsha Purandare – Independent Director
- Ms. Malvika Sinha – Independent Director
- Ms. Aarthi Subramanian – Non-Independent, Non-Executive Director
- Mr. Rajiv Sabharwal – Managing Director & CEO
Tata Capital Limited Particulars of Subsidiary and Associate Companies
| S. No. | Name of the Company | Holding/Subsidiary/Associate | % of Shares held |
| 1 | Tata Securities Limited | Subsidiary | 100% |
| 2 | Tata Capital Housing Finance Limited | Subsidiary | 100% |
| 3 | Tata Capital Financial Services Limited | Subsidiary | 100% |
| 4 | Tata Capital Growth Fund | Subsidiary | 73.75% |
| 5 | Tata Cleantech Capital Limited | Subsidiary | 80.50% |
| 6 | Tata AutoComp Systems Limited | Associate | 24% |
| 7 | Tata Technologies Limited | Associate | 4.48% |
| 8 | Novalead Pharma Private Limited | Associate | 19.75% |
| 9 | Vortex Engineering Private Limited | Associate | 18.49% |
| 10 | Tema India Limited | Associate | 35.01% |
Tata Capital Limited Shareholding Pattern (As of 31-03-2025)
| Category | No. of Shares | % of Shares held |
| Promoters | 3,855,554,447 | 95.60% |
| Public | 149,783,572 | 3.60% |
| TCL Employee Welfare Trust | 29,531,018 | 0.70% |
| Total | 4,034,869,037 | 100% |
Industry Outlook
The financial services sector in India, which accounts for 6 percent of the nation’s GDP, is growing rapidly. Although the sector consists of commercial banks, development finance institutions, nonbanking financial companies, insurance companies, cooperatives, mutual funds, and the new "payment banks," it is dominated by banks, which hold over 60 percent of the market.
Non-banking finance companies (NBFC) provide loans, purchase stocks and debentures, and offer leasing, hire-purchase, and insurance services.
Insurance companies function in both the public and private sectors and are controlled by the Insurance Regulatory and Development Authority (IRDA).
India once had a heavily government-dominated financial services industry, and most services were provided by nationalised banks. Financial sector reforms were initiated in 1991 with the aim of accelerating economic growth.
In the following years, industry and service sectors were opened up for foreign direct investment. The reforms ended the dominance of the public sector and reduced direct government control over industrial investments.
Financial sector reforms in India have improved resource mobilizations and allocations. The liberalization of interest rates and the easing of cash reserve norms have helped make funds available to various sectors. However, prudential norms have been tightened and transparency and regulation increased to avoid the systemic collapse that other countries have suffered.
Tata Capital Limited Consolidated Balance Sheet (Rs in Crores)
| Particulars | March 31, 2025 | March 31, 2024 |
| Financial Assets | ||
| Cash and cash equivalents | 9,478.20 | 6,771.16 |
| Bank Balance | 964.85 | 224.42 |
| Derivative financial instruments | 539.73 | 242.62 |
| Trade Receivables | 96.64 | 140.7 |
| Other Receivables | 0.95 | 1.88 |
| Loans | 2,21,950.37 | 1,57,760.55 |
| Investments | 8,717.79 | 7,902.02 |
| Investments accounted using equity method | 1,148.60 | 830.78 |
| Other financial assets | 1,101.40 | 519.83 |
| Non Financial Assets | ||
| Current tax assets | 234.04 | 167.31 |
| Deffered tax assets | 1388.17 | 466.5 |
| Investment property | 3.13 | 3.02 |
| Property, plant and equipment | 1513.26 | 832.93 |
| Capital work-in-progress | 1.81 | 4.15 |
| Intangible assets under development | 13.94 | 4.11 |
| Other intangible assets | 76.97 | 42.79 |
| Right to use assets | 410.01 | 311.59 |
| Other non-financial assets | 825.15 | 467.62 |
| Total Assets | 2,48,465.01 | 1,76,693.98 |
| Financial Liabilities | ||
| Derivative financial instruments | 240.89 | 46.33 |
| Total outstanding dues of micro & small enterprises | 19.39 | 3.82 |
| Total outstanding dues of creditors other than micro and small enterprises | 1,801.93 | 1,386.09 |
| Debt securities | 80,141.57 | 60,503.68 |
| Borrowings | 1,18,620.40 | 79,142.88 |
| Subordinated Liabilities | 9,652.96 | 8,538.73 |
| Lease liabilities | 436.22 | 326.53 |
| Other financial liabilities | 2,212.63 | 1,388.46 |
| Non Financial Liabilities | ||
| Current tax liabilities | 364.5 | 396.73 |
| Provisions | 280.22 | 113.69 |
| Other non-financial liabilities | 323.66 | 264.93 |
| Equity | ||
| Equity share capital | 3,762.44 | 3,703.05 |
| Shares pending for issuance | 4,162.76 | - |
| Instruments entirely equity in nature | 1,808.00 | - |
| Other equity | 23,458.61 | 19,714.08 |
| Non controlling interest | 1,178.83 | 1,164.98 |
| Total Liabilities and Equity | 2,48,465.01 | 1,76,693.98 |
Tata Capital Limited Consolidated Cash Flow Statement (Rs in Crores)
| Particulars | March 31, 2025 | March 31, 2024 |
| Revenue from operation | ||
| Interest income | 25,719.77 | 16,366.47 |
| Dividend income | 24.01 | 36.19 |
| Rental income | 272.25 | 203.41 |
| Fee and commission income | 1,779.75 | 1,045.88 |
| Net gain on fair value changes | 280.49 | 490.03 |
| Net gain on derecognition of associates | - | 32.84 |
| Net gain on derecognition of financial instruments | 236.47 | - |
| Other income | 57.13 | 23.56 |
| Total income | 28,369.87 | 18,198.38 |
| Expenses | ||
| Finance Cost | 15,029.64 | 9,568.23 |
| Impairment/(Reversal of impairment) of investment in associates | -23.34 | 10.09 |
| Net loss on derecognition of associates | 2.18 | - |
| Impairment of financial instruments | 2,826.83 | 592.26 |
| Employee benefits expenses | 2,812.25 | 1,850.09 |
| Depreciation, amortisation and impairment | 390.02 | 287.5 |
| Other Expenses | 2,411.15 | 1,486.61 |
| Total Expenses | 23,448.73 | 13,794.78 |
| Profit before exceptional items, share of net profit | 4,921.14 | 4,403.60 |
| Share in profit/(loss) of associates | -2.58 | -11.57 |
| Profit before tax | 4,918.56 | 4,392.03 |
| Current tax | 1,141.21 | 1,071.76 |
| Deferred tax | 122.33 | -6.69 |
| Profit for the year | 3,655.02 | 3,326.96 |
| Re-measurement of the defined employee benefits plans | -33.7 | -2.72 |
| Tax relating to re-measurement of defined employee benefit plans | 8.44 | 0.67 |
| Changes in fair values on investment in equities carried at fair value through other comprehensive income | -151.01 | 1,121.04 |
| Tax on changes in fair values of investment in equities carried at FVTOCI | 80.62 | -148.04 |
| Changes in fair value of investment in equities carried at FVTOCI | 8.09 | 192.29 |
| Debt instruments measured through FVTOCI | 3.89 | 22.25 |
| Tax on Debt instrument measured through FVTOCI | -0.66 | -3.78 |
| Fair value (loss)/gain on financial assets carried at FVTOCI | -8.61 | 14.99 |
| Tax relating to fair value (loss)/gain on financial assets measured through FVTOCI | 2.17 | -3.77 |
| The effective portion of loss on hedging instrument in a cash flow hedge | -98.74 | -80.7 |
| Tax relating to the effective portion of gain on hedging instruments in a cash flow hedge | 24.85 | 20.31 |
| Share of other comprehensive income in associates | -0.08 | -0.18 |
| Exchange differences in translating financial statements of foreign operations | 18.04 | 8.03 |
| Fair value gain on financial assets measured through FVTOCI | -0.2 | 0.11 |
| Total Comprehensive income for the year | 3,508.12 | 4,467.46 |
| Profit for the year attributable to: | ||
| Owners of the company | 3,664.66 | 3,150.21 |
| Non-controlling interest | -9.64 | 176.75 |
| Other comprehensive income for the year attributable to: | ||
| Owners of the company | -154.79 | 948.1 |
| Non-controlling interest | 7.89 | 192.4 |
| Total comprehensive income for the year attributable to: | ||
| Owners of the company | 3,509.87 | 4,098.31 |
| Non-controlling interest | -1.75 | 369.15 |
| Earning per equity share: | ||
| Basic | 9.32 | 8.57 |
| Diluted | 9.32 | 8.57 |
Tata Capital Limited Consolidated Cash Flow Statement (Rs in Crores)
| Particulars | March 31, 2025 | March 31, 2024 |
| Profit before tax | 4,918.56 | 4,392.03 |
| Adjustments for: | ||
| Depriciation, amortisation and impairment | 390.02 | 287.5 |
| Net gain on derecognition of property, plant & equipment and right to use assets | -8.52 | -16.31 |
| Interest expenses | 15,029.64 | 9,568.23 |
| Interest income | -25,719.77 | -16,366.47 |
| Dividend income | -24.01 | -36.19 |
| Provision for leave encashment | 26.27 | 7.68 |
| Exchange gains | 1.56 | -1.08 |
| Net gain on fair value changes | -280.49 | -490.03 |
| Net loss/(gain) on recognition on investment in associates | 2.18 | -32.84 |
| Net gain on DE recognition of financial instruments | -236.47 | - |
| Rental income on fair valuation of security deposit | - | -7.67 |
| Share in profit of associates | 2.58 | 11.57 |
| Share based payments to employees | 37.65 | 34.17 |
| Interest on income tax refund | -11.11 | -2.79 |
| Impairment on investment in associates | -23.34 | 10.09 |
| Reversal of provision against consumer disputes | -2.8 | - |
| Impairment on financial instruments | 2,826.83 | 592.26 |
| Reversal of provision against assets held for sale | 18.88 | -12.7 |
| Interest paid | -13,881.45 | (8.910.41) |
| Interest received | 24,078.04 | 15,694.94 |
| Interest received on income tax refund | 11.11 | 2.79 |
| Dividend received | 24.91 | 36.19 |
| Cash generated from operation before working capital changes | 7,180.27 | 4,760.96 |
| Movement in working capital: | ||
| (Increase) in loans | -35,685.49 | -40,889.25 |
| Decrease/(Increase) in trade receivables | 90.76 | -104.41 |
| Decrease/(Increase) in other financial/non financial assets | 285.03 | -137.87 |
| Decrease in other financial/ non financial liablities | -236.48 | -561.66 |
| (Decrease)/ Increase in provisions | -33.17 | 5.83 |
| Increase in trade paybles | 4.53 | 151.39 |
| Tax paid | -1,477.93 | -1,223.53 |
| Net Cash used in Operating Activities | -29,872.48 | -37,998.54 |
| Cash Flow from Investing Activities | ||
| Purchase of property, plant & equipment | -1,022.24 | -697.93 |
| Proceeds from sale of property, plant & equipment | 0.8 | 64.4 |
| De recognition of subsidiary | -1.05 | - |
| Investment in associates | -396.74 | -375.51 |
| Purchase of mutual fund units | -5,85,225.12 | -5,21,842.11 |
| Purchase of other investments | -1,82,615.08 | -3,250.02 |
| Proceeds from redemption of mutual fund units | 5,85,275.29 | 5,26,521.31 |
| Proceeds from sale of associates | 51.79 | 173.56 |
| Proceeds from sale of other investment | 1,84,629.66 | 5,128.39 |
| Bank Balances not considered as cash & cash equivalents | -736.83 | 35.12 |
| Net Cash/ Generated from Investing Activities | -39.52 | 5,757.21 |
| Cash Flow from Financing Activities | ||
| Proceeds from issue of Equity Shares | 1,488.71 | 1,975.50 |
| Infusion of capital by minority shareholders | 224.8 | 282.37 |
| Pay-out of income/gain to contributors | -190.25 | -268.8 |
| Repayment of lease liabilities | -97.27 | -77.62 |
| Share and debt issue expenses | -58.55 | -51.77 |
| Dividend paid on equity & preference share | -77.77 | -73.66 |
| Proceeds from debt securities | 57,240.19 | 41,502.67 |
| Proceeds from borrowings | 85,069.22 | 62,935.74 |
| Proceeds from subordinated liabilities | 1,165.00 | 1,787.14 |
| Repayment of debt securities | -42,394.96 | -32,709.77 |
| Repayment of borrowings | -71,512.48 | -38,945.32 |
| Repayment of subordinated liabilities | -1,218.04 | -404.06 |
| Distribution made to holders of Instruments entirely equity in nature | -226.2 | - |
| Net Cash Generated from Financing Activities | 29,412.40 | 35,952.42 |
| Net Cash & Cash Equivalents | -499.6 | 3,711.09 |
| Cash & Cash Equivalents as at the beginning of the year | 6,771.16 | 3,058.88 |
| Cash & Cash Equivalents Taken over in Business Combination | 3,204.52 | - |
| Exchange difference of translation of foreign currency cash & cash equivalents | 2.12 | 1.19 |
| Cash & Cash equivalents as at the end of the year | 9,478.20 | 6,771.16 |
Here is a summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flow from Operating Activities
During FY 2024–25, the company recorded a net cash outflow of ₹29,872.48 crore from operating activities, compared to a larger outflow of ₹37,998.54 crore in the previous year. This negative cash flow was despite a profit before tax of ₹4,918.56 crore, driven by significant non-cash adjustments like interest expenses (₹15,029.64 crore), impairment of financial instruments (₹2,826.83 crore), and employee benefits expenses (₹2,812.25 crore). On the other hand, substantial deductions such as interest income (₹25,719.77 crore) and net fair value gains (₹280.49 crore) reduced the operational cash.
A massive increase in loan assets of ₹35,685.49 crore further impacted cash flows, along with a marginal reduction in liabilities and provisions. Despite small recoveries in trade receivables and other financial/non-financial assets, the overall working capital movement remained negative. After considering tax payments of ₹1,477.93 crore, the final operating cash flow ended deeply in the red.
Cash Flow from Investing Activities
Investing activities resulted in a marginal net cash outflow of ₹39.52 crore, indicating more balanced movements compared to the prior year’s inflow of ₹5,757.21 crore. The company invested heavily in mutual fund units (₹5,85,225.12 crore) and other investments (₹1,82,615.08 crore). However, these outflows were almost completely offset by proceeds from the redemption/sale of mutual funds and investments, totaling ₹7,69,904.95 crore. Capital expenditures amounted to ₹1,022.24 crore. A derecognition of a subsidiary and fresh investment in associates further added to outflows. Overall, despite aggressive investing, liquidity was managed efficiently via redemptions and asset sales.
Cash Flow from Financing Activities
The company generated a net cash inflow of ₹29,412.40 crore from financing activities in FY 2024–25, compared to ₹35,952.42 crore in the previous year. Major inflows came from borrowings (₹85,069.22 crore) and issuance of debt securities (₹57,240.19 crore). There was also equity funding of ₹1,488.71 crore and infusion by minority shareholders of ₹224.8 crore. On the flip side, significant repayments were made for borrowings (₹71,512.48 crore), debt securities (₹42,394.96 crore), and subordinated liabilities (₹1,218.04 crore). Other financing cash outflows included dividends, lease repayments, and expenses related to share and debt issues.
Net Movement in Cash and Cash Equivalents
Combining all three segments, the company saw a net decrease of ₹499.6 crore in cash and cash equivalents during FY 2025. The cash balance at the beginning of the year was ₹6,771.16 crore, which was supplemented by ₹3,204.52 crore from business combinations and ₹2.12 crore from exchange rate gains. Ultimately, the closing cash and cash equivalents stood at ₹9,478.20 crore, reflecting a stable liquidity position despite operating cash stress, thanks to efficient financing and investing activities.
Dividend history
| Particulars | 2025 | 2024 |
| Dividend | 0.42 | 0.21 |
| Retained Earnings (In Rs. Crores) | 14,430.35 | 9,555.94 |
Dividend
Dividends are the portion of a company’s profit distributed to shareholders as a return on their investment. It is usually declared per share.
In 2024, Tata Capital paid a dividend of ₹0.21 per share.
In 2025, the dividend doubled to ₹0.42 per share.
Retained Earnings
Retained earnings represent the portion of net profit that is not distributed as dividends, but rather kept (retained) by the company for reinvestment in the business, debt repayment, or future reserves.
In 2024, retained earnings stood at ₹9,555.94 crores.
In 2025, they grew significantly to ₹14,430.35 crores.
A V Thomas International Limited Annual Report 2023-24
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