Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
Pending
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Capital delivered a strong Q4 FY26, with PAT (ex-motor finance) surging 51% YoY to ₹1,459 crore, driven by lower credit costs (0.8%) and improved asset quality (net NPA 0.5%). AUM grew 28% YoY (ex-motor) to ₹2.52 lakh crore, led by housing finance (29% YoY) and retail momentum. Disbursements crossed ₹50,000 crore for the first time. Management guided for FY27 AUM growth of 23-25% and expects cost of funds to decline further. The motor finance business turned profitable (₹43 crore PAT) and is expected to resume growth in H1 FY27. Key risks include geopolitical tensions (West Asia conflict) impacting MSME and CV segments, though management noted no material stress yet. The company remains on track to achieve its FY28 ROA target of 2.5-2.7%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall AUM growth in the range of 23-25% for FY27, supported by retail and housing momentum.
- Reiterated target of achieving ROA between 2.5% and 2.7% by FY28, driven by margin expansion and cost efficiencies.
- Disbursements grew 32% sequentially in Q4; management expects AUM growth to resume from H1 FY27.
- Management expects overall cost of funds in FY27 to be lower than FY26 due to repricing of liabilities.
Risks flagged
- Ongoing conflict could impact inflation, energy prices, and global financial conditions, potentially affecting MSME and CV segments.
- Evolving El Nino conditions remain a watch point for potential impact on food inflation and rural demand, which could affect asset quality.
- March saw hardening of rates due to liquidity tightness; while short-term costs eased in April, long-term costs remain elevated.
- Management has tightened norms in certain MSME sub-segments (e.g., travel-related) due to secondary impacts from geopolitical developments.
Key quotes
- Our approach on collections does not start from the stage when the bouncing happens. Our approach on collection starts before the banking happens.
- We do believe that the right credit cost for us would be sub 1% and which is the guidance which we have given.
- We are well placed to meet the guidance which we have given.
Research modules