Tata Capital is a diversified Tata-group NBFC lending across retail, SME, housing and corporate books, and its Q2 print lands in a quarter when NBFC credit growth accelerated sharply even as bond yields hardened. The results will speak to whether AUM growth converges back into the 23-25% guided corridor and whether the +10 bps FY27 NIM target survives a rising cost of funds.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 8,821.93 Cr (+15.10% YoY) |
| Previous quarter PAT | Rs. 1,628.18 Cr (+56.42% YoY) |
| Market cap | Rs. 131,187.48 Cr |
| CMP | Rs. 309.0 |
The board will meet on October 27, 2026 to approve unaudited standalone and consolidated Q2/H1 FY27 results and to consider enhancing the aggregate limit of the existing MTN Programme via foreign currency bonds/debt instruments through ECB. The trading window was closed from September 23 to October 29, 2026.
The analyst/investor earnings call is scheduled for October 27, 2026 at 6:30 PM IST, following a media call at 5:30 PM IST, for the unaudited Q2/H1 FY27 results. MD & CEO Rajiv Sabharwal and CFO Rakesh Bhatia will lead the call.
The demand backdrop for Q2 was strong on every flow the blended book rides on: NBFC retail credit accelerated to +22.0% YoY in August, NBFC personal-loan growth ran at ~30% YoY (CRIF data cited by UBS), and CV retail prints of +24.04% (July), +20.1% (August) and +37.62% (September) support the guided 80%+ FY27 CV disbursement growth, though part of the September print is base distortion from the Sep 2025 GST 2.0 deferral. The funding line moved the other way: the 10-year G-Sec hardened ~21 bps through the quarter (6.84% end-July to 7.05% on Sep 21), AAA 3-year corporate yields rose 20 bps Aug to Sep, and the company's own Rs. 3,000 Cr NCD priced at 8.05% p.a. on Sep 8, with cost of funds already up 13 bps QoQ to 7.28% in Q1 against a +8-10 bps full-year guide. On a ~70% floating-rate book, asset-side repricing is the offset to watch against this funding drift, with the +10 bps FY27 NIM target the most at-risk guided metric after Q1's QoQ NII-margin compression from 42.61% in Q4 FY26. Credit cost printed at 1.0% in Q1, at the edge of the <1.0% FY28 corridor, as the unsecured mix rises toward 12% and the disbursement-to-book gap is expected to narrow over the next 2-3 quarters. The call is also likely to cover Yogloans RBI-approval status (guided towards end of calendar year 2026) and the October 27 board agenda item on enhancing the MTN/ECB programme limit.
Performance vs FY28 guidance tracking: Management has reaffirmed the FY25-FY28E guidance every quarter since Q2FY26.
Cost of funds vs the +8-10 bps FY27 guide
NIM bridge and ROA build
Yogloans acquisition and Motor Finance turnaround
Disbursement-to-book convergence and credit cost
CFO Rakesh Bhatia clarified that Q1-to-Q1 opex growth is not comparable due to an appraisal-cycle change, and the normalized YoY growth is 16%. Cost-to-income is guided to 33-34% by FY28.
Management said the gold business is 'probably more safer than the others' and expressed confidence in holding the credit-cost guidance. The company will monitor gold prices and customer leverage before aggressive growth.
The 10 bps NIM increase is targeted for the whole year and management is not baking in policy-rate actions. With about 70% of the book floating-rate, any rate increase would be passed on.
Management pointed to the FY25-FY28 AUM CAGR guidance of 23-25% and said 'we are on track', later reiterating a preference to remain within the 23-25% range. Q1FY27 AUM grew 22.3% YoY to Rs. 2,90,502 Cr.
The board approved acquiring ~88.6% of Yogakshemam Loans Ltd at a pre-money equity valuation not exceeding Rs. 318 Cr, subject to regulatory approvals. RBI approval is expected by end of calendar year 2026, after which 500+ branches and a Rs. 4,000-5,000 Cr portfolio are targeted over 2.5-3 years.