Tata Capital Limited, one of India’s leading non-banking financial companies (NBFCs), has released its audited financial results for the year ended March 31, 2025.
The results reflect strong momentum in its core lending business, with a robust increase in revenue from ₹18,198 crore in FY24 to ₹28,370 crore in FY25, marking a 55.9% year-on-year growth. Let’s take a deeper look at Tata Capital’s FY25 performance, including key metrics along with the cash flow data.
Comparing Q4 Performance: FY25 vs FY24
Tata Capital reported an excellent Q4 in FY25 with nearly 50% growth in total income, reaching ₹7,478 crore compared to ₹4,998 crore in Q4 FY24. Net profit for Q4 FY25 also increased significantly to ₹1,000 crore from ₹765 crore in the same quarter last year. The company has shown a YoY growth of over 30%.
These figures highlight strong lending functions, especially in retail and consumer finance. In addition to strong revenue, it is also important to highlight that the company is facing challenges in maintaining asset quality amid expansion.
FY24 vs FY25 Performance of Key Metrics
| Particulars (in Rupees Crores) | FY24 | FY25 |
| Revenue from Operations | 18,198 | 28,370 |
| Total Expenses | 13,795 | 23,448 |
| EBITDA | 4,692 | 4,922 |
| EBITDA Margin (%) | 25.8% | 17.4% |
| Profit Before Tax (PBT) | 4,392 | 4,918 |
| Profit After Tax (PAT) | 3,327 | 3,655 |
| Earnings Per Share (EPS) | 8.57 | 9.32 |
| Gross NPA (%) | 1.71% | 2.33% |
| Net NPA (%) | 0.38% | 0.98% |
| Advances (Loans) | 1,57,761 | 2,21,950 |
A) Revenue Growth
Tata Capital’s total income surged by 55.9% in FY25 to ₹28,370 crore from ₹18,198 crore in FY24. The growth was driven by higher disbursements across segments like personal loans, vehicle finance, and SME lending.
B) EBITDA
EBITDA increased marginally from ₹4,692 crore to ₹4,922 crore. This suggests that while revenues rose sharply, the operating costs and provisioning also increased, leading to limited EBITDA expansion.
C) PAT
Net profit rose to ₹3,655 crore in FY25 from ₹3,327 crore in FY24. This is an increase of 9.9%.
Profit after tax was impacted by:
- A significant increase in total expenses, rising from ₹13,794 crore to ₹23,448 crore.
- An uptick in provisions for bad loans and increased finance costs amid loan book expansion.
D) EPS
Earnings per share improved from ₹8.57 to ₹9.32, largely in line with the net profit growth. This shows stable earnings quality.
E) NPA
- Gross NPA increased to 2.33% in FY25 from 1.71% in FY24.
- Net NPA rose to 0.98% from 0.38%.
This signals a rise in asset quality risk due to aggressive loan book expansion. The company has responded with higher provisions to protect against defaults, which in turn has impacted its profit margins.
Key Financial Points To Note
- In FY25, Tata Capital’s loan book witnessed a substantial 41% jump, growing from 1,57,761 crore in FY24 to 2,21,950 crore. This is driven by continued expansion across retail, SME, and infrastructure lending segments.
- The Net Interest Income (including fee income) also reflected this momentum due to the expansion of the loan book. The NII rose by 42.5% from 8,069 crore in FY24 to approximately 11,500 crore in FY25.
- Profitability saw moderate growth, with Profit After Tax (PAT) increasing by 9.9%, from 3,327 crore in FY24 to 3,655 crore in FY25.
- The book value per share improved significantly from 66.38 in FY24 to 91.36 in FY25.
- However, asset quality showed signs of stress as the Gross NPA ratio rose from 1.71% to 2.33%.
Cash Flow Statement Analysis: FY25 vs FY24
Tata Capital saw a notable improvement in cash flow from operations in FY25.
| Cash Flow | (In Rs Crores) | |
| FY 24 | FY 25 | |
| Net Cash Outflow from Operating Activities | (37,998.54) | (29,872.48) |
| Net Cash Outflow from Investing Activities | 5,757.21 | (39.52) |
| Net Cash Inflow from Financing Activities | 35,952.42 | 29,412.40 |
| Net Cash Flow | 3,711.09 | (499.6) |
The net cash outflow from operating activities reduced from ₹37,998.54 crore in FY24 to ₹29,872.48 crore. This indicates better efficiency and operational management in loan collections and asset-liability management.
- The company shifted from a positive cash flow from investing activities of ₹5,757.21 crore in FY24 to a small outflow of ₹39.52 crore in FY25, pointing to limited capital deployment during the year.
- Financing inflows remained strong, with ₹29,412.40 crore in FY25, compared to ₹35,952.42 crore in FY24. This sustained inflow supported the business’s expansion and regulatory capital need.
Tata Capital Share Price Movement
Tata Capital unlisted share price is trading in the range of ₹1,000 to ₹1,050 per share. Over the past 12 months, the stock has seen a 52-week range between ₹875 (low) and ₹1,095 (high).
The share price has slightly corrected from its peak earlier in FY25, as investors await more clarity on the upcoming IPO. However, the recent dividend announcement of ₹0.42 per share and strong Q4 performance have continued to sustain positive investor sentiment.
The current unlisted market price implies a P/B ratio of ~11.1x (current price/book value ≈ 1,025/92), which is markedly higher than traditional NBFCs. This can be a sign of strong confidence but also a note of caution on high valuation.
Can we buy Tata Capital shares before IPO?
Tata Capital has been growing substantially in its operations as well as market performance, which is reflected in the tata capital share price . The NBFC is planning for an IPO in 2025. This may be the right time for you to increase your wealth by investing in a trending pre-IPO stock like Tata Capital.
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Frequently Asked Questions (FAQs)
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Tata Capital is not yet listed on the stock exchange, so it is not a public listed company. You can buy Tata Capital unlisted shares if you want to invest in the company. Before the company gets listed, you can buy the pre-IPO shares using Stockify.
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