Tata Capital Ltd

Tata Capital Limited: Trading Window closed from September 23, 2026 until 48 hours after the declaration of the financial results for the quarter and half year ended September 30, 2026

Cessation: Kiran Joshi (Head - Treasury)

• Cessation of Mr. Kiran Joshi as Head - Treasury, effective Sept 30, 2026, due to superannuation.

Appointment: Mandar Joshi (Head - Treasury)

• Appointment of Mr. Mandar Joshi as Head - Treasury, effective Oct 1, 2026.
• Profile: 20+ years in treasury/strategy; with Tata Capital since 2007; currently EVP - Treasury.
• Disclosure: Not Applicable.

NCD Private Placement Details

• 3,00,000 secured redeemable NCDs allotted on a private placement.
• Issue size Rs 3000 crore; coupon 8.05% p.a.; maturity 07 Sep 2029.
• Security: pari-passu charge on moveable receivables and book debts.

ESOP grant details

• NRC approved grant of 5,626,703 ESOP options to eligible employees.
• Total options: 5,626,703 equity shares; each option equals one share of Rs 10.
• Exercise price: Rs 365.55 per option, based on latest closing price.
• Vesting: not earlier than one year from grant, and within five years.
• Exercise window: from vesting until May 31, 2033.
• Administration: ESOP administered by NRC and TCL Employee Welfare Trust; no lock-in.
• Impact: potential dilution to equity but no current exercise.

Auditor appointment

• Approval of M/s. T. P. Ostwal & Associates LLP as Joint Statutory Auditor for FY 2026-27 to 2028-29.

Cessation of prior auditor

• MSKA & Associates LLP ceases as Joint Statutory Auditor on completion of their term, Aug 19, 2026.

AGM Details

• Date and time: 19 August 2026, 11:00 IST.
• Mode: VC/OAVM; attendance via video conference.
• Record/cut-off date for voting: 12 August 2026.
• AGM concluded at 12:37 IST.

Key Resolutions

• Ordinary: adopt standalone financial statements for FY ended March 31, 2026 — Passed.
• Ordinary: adopt consolidated financial statements for FY ended March 31, 2026 — Passed.
• Ordinary: interim dividend on cumulative redeemable preference shares — Passed.
• Ordinary: final dividend on equity shares — Passed.
• Ordinary: appoint director retiring by rotation — Passed.

Director changes

• Director Saurabh Agrawal reappointed (retiring by rotation).

Auditors

• Joint statutory auditors appointed; remuneration to be fixed.

Dividend

• Interim dividend on cumulative redeemable preference shares approved.
• Final dividend on equity shares approved.

Material Related Party Transactions

• Material related party transaction with Tata Consultancy Services Limited — Passed.

Other material approvals

• Special: issue non-convertible debentures on private placement basis — Passed.
• Special: ratify Employee Stock Options Scheme — Passed.
• Special: ratify ESOP extension to holding company/subsidiary employees — Passed.

Meeting Details

• Date: August 17, 2026; Ambit Conference; group/one-on-one; Physical; Singapore.
• Date: August 18, 2026; Group meeting with institutional investors/analysts; mode/location not disclosed.
• Purpose: Analyst/Institutional Investor Meeting.
• Participants: Key company participants not specified.

Financial Performance

• Q1 FY27 consolidated PAT: INR1,547 crores; up 56% YoY, up 3% QoQ.
• Consolidated AUM: INR2.91 lakh crores; +22% YoY, +5% sequential.
• AUM excluding Motor Finance: +28% YoY.
• Net NPA: 0.8% (down 10 bps sequential).
• ROA (consolidated): 2.3%; ROA (ex-Motor Finance): 2.5%.
• Housing Finance AUM: INR89,416 crores; +24% YoY.
• Housing Finance PAT: INR532 crores; +29% YoY.
• Credit costs: 1% for Q1 FY27.
• Cost of funds: 7.28% in Q1 FY27; up from 7.15% in Q4 FY26.
• Cost-to-income: 36.4% in Q1 FY27; down 190 bps vs Q4 FY26.

Momentum and Portfolio Mix

• Disbursements: Rs 46,212 crores in Q1 FY27; +33% YoY; unsecured Retail +50% YoY.
• Branch network: 1,491 branches across 1,091 locations; 8.8 million customers.
• Total borrowings: ~INR2.45 lakh crores; liquidity buffer ~INR29,000 crores.
• International borrowings: ~12.6% of total borrowings.

AI, Tech and Scale

• AI-led onboarding: 98% of customers onboarded digitally; ~30 lakh connects.
• AI-driven welcome calls: ~90%; AI sourcing contributes ~15% of personal-loan sourcing.
• AI document intelligence processed nearly 4 crore documents; >90% of personal/BSL cases under AI underwriting.
• 70% of Retail applications processed via AI workflows; ~40% productivity gain.

Balance Sheet and Funding

• Total borrowings ~INR2.45 lakh crores; liquidity ~INR29,000 crores.
• Foreign borrowings ~12.6% of total borrowings.
• Capital adequacy: 18.5%; Debt-to-equity: 5.3x; total equity: INR46,237 crores.
• Yogloans AUM ~Rs708 crores; 162 branches; ~32,000 customers (as of Mar-2026).
• Yogloans stake: ~88.6%; pre-money valuation up to Rs318 crores; primary infusion Rs93 crores; approvals pending.

Q&A Highlights

• Retail+SME mix target: 85%–88% of book; Corporate share managed via origination/sale.
• Disbursement-led book growth: 38% YoY disbursements; 10% book growth; ex-Motor Finance ~17% YoY.
• Guidance: AUM growth for the year expected 23%–25%; on track.
• Margin and funding: ~8–10 bps cost-of-funds rise; margins to grow faster than funding costs; ~10 bps NIM uplift in the year.
• OPEX levers: cost-to-income target 33–34% by FY28; two-thirds of ROA lift from margins, one-third from OPEX.
• Motor Finance updates: profitable Q1 FY27; ROA target ~2% by FY28; portfolio run-off improving.

Guidance and Outlook

• Cost-to-income target: 33–34% by FY28.
• NIM uplift expected ~10 bps for the year; policy-rate moves not baked into guidance.

Resolution details

• Special Resolution to approve issuance of Non-Convertible Debentures on private placement.
• Mode: postal ballot via remote e-voting; voting period July 1–30, 2026.
• Cut-off date: June 26, 2026.
• Notice date: June 17, 2026.

Outcome and voting

• Resolution approved by requisite majority.
• Votes polled: 3,74,99,77,102; In favour: 3,74,99,19,420; Against: 57,682.
• Promoter group in favour: 100% of polled shares.
• Public non-institutions: 96.94% in favour; 3.06% against.
• Overall: 99.9985% in favour, 0.0015% against.