Tata Capital Limited IPO

7 Oct 2025 , 11:41 AM

Tata Capital Limited is a Mumbai-based diversified financial services company and a core member of the Tata Group. It operates a broad suite of businesses, including housing finance lending (through Tata Capital Housing Finance Ltd.), securities distribution (through Tata Securities Ltd.), wealth and fund management services, and a range of private equity and alternative investment funds managed through its Singapore-based subsidiaries (Tata Capital Pte. Ltd. and associated LLPs).

The company is launching an Initial Public Offering (IPO) to strengthen its capital base, fund the expansion of its lending and wealth management franchises, support the growth of its private equity platforms, and provide flexibility for general corporate purposes.

Offer details of the IPO

• Total offer size – INR 15,511.87 crore.

The issue comprises a fresh issue of equity shares worth up to INR 6,849.84 crore together with an offer for sale of up to INR 8,662.03 crore.

• The shares being sold by existing shareholders are held by:
• Tata Sons Private Limited (Promoter Selling Shareholder) – 230,000,000 shares
• International Finance Corporation (Investor Selling Shareholder) – 35,824,280 shares

Price Band: INR 310 to INR 326 per Equity Share

Book‑Running Lead Managers (BRLMs)

• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
• BNP Paribas
• HDFC Bank Limited
• Axis Capital Limited
• ICICI Securities Limited
• SBI Capital Markets Limited
• P. Morgan India Private Limited
• Kotak Mahindra Capital Company Limited
• Citigroup Global Markets India Private Limited
• HSBC Securities and Capital Markets (India) Private Limited

 

India’s Non Banking Financial Companies- Overview

India’s Non Banking Financial Companies (NBFCs) have grown from a small niche lender of a few trillion rupees around 2000 to a INR 48 trillion ecosystem by FY 2025. Positioned between banks and informal financiers, NBFCs play a crucial role in deepening credit penetration, providing access to finance for individuals and businesses that may not easily obtain traditional bank loans and offering specialised or flexible financing solutions.

Table: Key segments

Key Segment	What it Covers
Retail Lending	Personal, consumer, and affordable home loans to salaried and semi‑urban households. NBFCs now account for ~47 % of retail credit in the system.
SME & Micro‑Enterprise Financing	Working‑capital and term‑loan facilities to small businesses (including Mudra, MSME and “micro‑finance” borrowers).
Leasing & Asset‑Finance	Leasing of commercial vehicles, construction equipment, and other capital assets.
Business‑Loan “Micro‑Ticket” Segment	Loans < INR0.5 million (often to micro‑entrepreneurs and the informal sector).
Used‑Car Financing	Loans to purchase pre‑owned two‑wheelers and cars – a fast‑growing retail niche.
Overall NBFC Credit	Aggregate credit extended by NBFCs across all segments, measured as a share of systemic credit.

Source: RHP

The sector’s growth is being driven by three structural forces:

• Financial‑inclusion push – Government initiatives such as PM‑Jan Dhan, PM‑AY, and PM‑Kisan, along with increasing financial literacy, are expanding the population that can access formal credit.
• Under‑penetrated banking market – With India’s bank credit‑to‑GDP ratio around 56% (Q3 CY 2024) and low branch/ATM density, there is a large unmet demand that NBFCs are helping to address.
• Digitalisation & fintech enablement – Technologies like UPI, e‑KYC, alternative‑data underwriting, and mobile-first platforms have reduced customer acquisition costs and accelerated loan origination, particularly in tier‑2/3 cities and rural areas.

Table: Growth Snapshot (Past vs Future)

Segment	Past CAGR (FY 2020‑FY 2025)	Future CAGR (FY 2025‑FY 2028 P)	Comment
Overall NBFC Credit	13.2 % (CAGR FY 19‑FY 25)	15‑17 % (FY 25‑FY 28)	Credit growth has already outpaced GDP; the higher forward rate reflects continued capture of retail & MSME demand and a shift of market share from banks to NBFCs.
Retail Lending (incl. affordable‑home)	~13 % (driven by NBFC‑retail share rising to 47 % of total credit)	12‑14 % (FY 25‑FY 28)	Retail growth will moderate as the base expands, but strong demand from first‑time borrowers and digital onboarding will sustain double‑digit expansion.
SME & Micro‑Enterprise (Term Loans)	14.7 % (FY 20‑FY 25)	16‑18 % (FY 25‑FY 28)	SME financing is benefiting from higher financial literacy, government credit‑guarantee schemes and fintech‑enabled underwriting.
Leasing Solutions	19.7 % (FY 20‑FY 25)	16‑18 % (FY 25‑FY 28)	Rapid uptake of commercial‑vehicle and construction‑equipment leasing; future growth will stay robust but slightly slower as the segment matures.
Business‑Loan “Micro‑Ticket” (< INR0.5 M)	26.4 % (FY 20‑FY 25)	19‑21 % (FY 25‑FY 28)	The fastest‑growing slice, powered by digital credit‑scoring for micro‑entrepreneurs growth will stay high but taper as the market saturates.
Used‑Car Financing	19‑21 % (FY 20‑FY 25)	~19‑21 % (FY 25‑FY 28)	Strong demand for pre‑owned vehicles, especially in tier‑2/3 cities; growth rate expected to hold steady as vehicle turnover accelerates.
NBFC‑MFI (Micro‑Finance Institutions)	13.2 % (FY 19‑FY 25)	~13 % (FY 25‑FY 28)	Continues to serve the unbanked and informal sector; growth remains solid but not as high‑velocity as other retail niches.

Source: RHP

The NBFC industry is in a high‑growth phase, with historical double‑digit CAGR across most segments and forward‑looking rates that remain comfortably above 12 % through FY 2028.  The combination of under‑penetrated banking, government‑driven financial inclusion, and rapid digitalisation positions NBFCs to capture an expanding share of India’s credit market, especially in underserved geographies and niche customer cohorts.

Tata Capital Limited – Company Overview

Tata Capital Limited is a diversified NBFC, incorporated more than 30 years ago (originally as Primal Investments & Finance Ltd) and headquartered in Mumbai. It operates in housing finance, securities distribution, wealth management, and private-equity/venture-capital fund management. Tata Sons Private Limited holds ≈88.6% equity, supported by other promoter-group investors.

Competitive Positioning

Tata Capital ranks 3rd among diversified NBFCs with a INR 2,334 bn loan book (June 2025) and a 37.3 % CAGR (FY 23–25), ahead of Bajaj and Cholamandalam. Its branch network grew to 1,496 (66.6 % CAGR), surpassing Bajaj. Credit cost stands at 1.4 %, third-lowest among peers. Internationally, it holds a BBB rating from S&P, matching Bajaj and above Shriram.

Strengths

• Strong brand equity: Tata brand license ensures instant trust and access to a nationwide dealer network.
• Integrated financial ecosystem: Offers housing finance, securities, wealth management, and private equity under one umbrella—enabling seamless cross-selling.
• Robust capital base: Backed by Tata Sons and strategic investors like TMF and IFC.
• Diversified funding sources: Includes internal debentures, external bank facilities, and AIF-based fund-raising (domestic and offshore).
• Wide geographic reach: 1,500+ branches across 20+ Indian states, plus offshore presence via Singapore fund management platform.
• Low cost of funds: Credit cost at 1.4 % (third lowest among peers), supporting stronger net interest margins.
• Experienced management: Senior leadership from the Tata Group with deep expertise in finance, risk, and operations.

Weaknesses

• Heavy reliance on the Tata brand: Any adverse publicity or licensing dispute could impact market perception.
• Complex corporate structure: Multiple step-down entities and funds increase governance overhead; some are not recognised as subsidiaries under the Companies Act, potentially confusing investors.
• Regulatory exposure: NBFCs face stringent RBI norms on capital adequacy, asset quality, and exposure limits—tightening could constrain growth.
• Concentration in housing finance: Tata Capital Housing Finance Ltd holds a sizable share of the loan book; a real-estate slowdown could affect earnings.
• Competitive pressure: Large NBFCs and banks (e.g., Bajaj, Shriram, Aditya Birla) are rapidly expanding branches and digital platforms.
• Funding cost volatility: Despite low current credit cost, rising interest rates could increase borrowing expenses.
• Related-party transactions: Significant intra-group loans and debentures may invite regulatory scrutiny and pose liquidity risks if counterparties face stress.

Financial Profile

Robust revenue growth: Tata Capital posted a revenue CAGR of 38.5% over FY 2023–25, rising from INR 28.1 bn to INR 44.9 bn, driven by strong loan book expansion and deeper market reach. PAT grew at 26.4% CAGR to INR 9.86 bn, with net profit margins stabilising near 22%. Branch count nearly tripled to 1,496, supporting distribution scale. Credit cost declined from 1.9% to 1.4%, ranking third-lowest among peers. RoE improved to 16.4%, exceeding the peer average of ~13%, while debt securities outstanding reached INR 801.4 bn, making Tata Capital the 2nd-largest NBFC issuer.

Better Profitability: Tata Capital’s PAT rose 26% (INR 5.68 bn → INR 9.86 bn) despite a slight margin dip, driven by housing-finance mix and goodwill amortisation. Operating efficiency improved as cost-to-income fell to 41%, credit cost dropped to 1.4%, and provision coverage rose to 54%. Fee-based income grew 22% YoY, adding INR 0.6 bn to operating profit.

Table: Peers Comparison

Name of the Company	Revenue from operations  (INR in million)	EPS (INR) Basic	EPS (INR) Diluted	Return on Net Worth	NAV (per share) (INR)	P/E*
Tata Capital Limited	283,127.4	9.3	9.3	11.2%	79.5	35.0
Bajaj Finance Limited	696,835.1	26.9	26.8	17.4%	155.6	37.8
Shriram Finance Limited	418,344.2	50.8	50.8	16.8%	300.3	12.1
Cholamandalam Investment and Finance Company Limited	258,459.8	50.7	50.6	18.0%	281.5	31.5
L&T Finance Limited	159,242.4	10.6	10.6	10.3%	102.5	23.1
Sundaram Finance Limited	84,856.3	170.5	170.5	13.8%	1,187.8	26.9
HDB Financial Services Limited	163,002.8	27.4	27.3	14.6%	198.8	28.1

Source: RHP; * – based on upper end of price band

 

Table: KPI Comparison

Company Name	Particulars (Units)	FY 2023	FY 2024	FY 2025	CAGR
Tata Capital Limited	Number of Branches	539	867	1,496	–
	Number of Employees	14,490	19,250	29,397	–
	Number of Customers (Million)	3.2	4.5	7.0	–
	Disbursements (INR Million)	747,666.6	1,049,943.7	1,423,016.8	–
	Loan Book (INR Million)	1,201,968.6	1,612,310.8	2,265,529.6	–
	Retail Finance (INR Million)	681,879.3	950,316.8	1,411,142.1	–
	SME Finance (INR Million)	392,028.3	467,614.8	594,629.8	–
	Corporate Finance (INR Million)	128,061.0	194,379.2	259,757.7	–
	Interest Income (INR Million)	119,109.0	163,664.7	257,197.7	–
	Finance Cost (INR Million)	66,006.4	95,682.3	150,296.4	–
	Net Interest Income (INR Million)	53,102.6	67,982.4	106,901.3	–
	Fee Income (INR Million)	8,474.8	12,728.5	23,456.0	–
	Investment Income (INR Million)	8,791.1	5,590.6	3,045.0	–
	Total Income (INR Million)	136,374.9	181,983.8	283,698.7	39%
	Net Total Income (INR Million)	70,368.5	86,301.5	133,402.3	–
	Operating Expenses (INR Million)	26,650.5	36,242.0	56,134.2	–
	Credit Cost (INR Million)	5,742.9	5,922.6	28,268.3	–
	Profit After Tax (INR Million)	5,680.6	7,864.2	9,864.5	26%
	Basic EPS (INR)	8.4	8.6	9.3	–
	Average Yield (%)	11.5%	11.9%	12.6%	–
	Average Cost of Borrowings (%)	6.6%	7.3%	7.8%	–
	Net Interest Margin (%)	5.1%	5.0%	5.1%	–
	NIM + Fee Income Ratio (%)	6.0%	5.9%	6.1%	–
	Cost to Income Ratio (%)	37.9%	42.0%	36.8%	–
	Operating Expenses Ratio (%)	2.6%	2.6%	2.4%	–
	Credit Cost Ratio (%)	0.6%	0.4%	1.4%	–
	Return on Equity (%)	20.6%	15.5%	12.6%	–
	Return on Assets (%)	2.9%	2.3%	1.8%	–
	Gross Stage 3 Loans Ratio (%)	1.7%	1.5%	1.9%	–
	Net Stage 3 Loans Ratio (%)	0.4%	0.4%	0.8%	–
	Provision Coverage Ratio (%)	77.1%	74.1%	53.9%	–
	Total Equity (INR Million)	173,398.6	234,171.3	313,838.1	–
	Total Borrowings (INR Million)	1,133,359.1	1,481,852.9	2,084,149.3	–
	Borrowings to Equity (x)	6.5	6.3	6.6	–
	CRAR (%)	16.6%	16.7%	16.9%	–
	CRAR – Tier I (%)	11.7%	11.9%	12.8%	–
	CRAR – Tier II (%)	4.9%	4.9%	4.1%	–
Bajaj Finance Limited	Number of Branches	3,733	4,145	4,263	–
	Number of Employees	43,147	53,782	64,092	–
	Number of Customers (Million)	69.1	83.6	101.8	–
	Loan Book (INR Million)	2,473,790.0	3,306,150.0	4,166,610.0	–
	Interest Income (INR Million)	355,490.0	483,070.0	611,640.0	–
	Finance Cost (INR Million)	125,600.0	187,250.0	247,710.0	–
	Net Interest Income (INR Million)	229,890.0	295,820.0	363,930.0	–
	Fee Income (INR Million)	43,556.3	52,671.7	59,830.0	–
	Total Income (INR Million)	414,182.6	549,825.1	697,247.8	29%
	Net Total Income (INR Million)	288,580.0	362,580.0	449,540.0	–
	Operating Expenses (INR Million)	101,420.0	123,250.0	149,260.0	–
	Credit Cost (INR Million)	31,896.5	46,307.0	79,660.3	–
	Profit After Tax (INR Million)	115,076.9	144,511.7	166,378.2	21%
	Basic EPS (INR)	190.5	236.9	268.9	–
	Net Interest Margin (%)	10.4%	10.6%	NA	–
	NIM + Fee Income Ratio (%)	NA	NA	NA	–
	Cost to Income Ratio (%)	34.0%	33.2%	32.7%	–
	Operating Expenses Ratio (%)	NA	NA	NA	–
	Credit Cost Ratio (%)	1.6%	2.2%	2.0%	–
	Return on Equity (%)	22.1%	19.2%	19.0%	–
	Return on Assets (%)	5.1%	4.6%	4.5%	–
	Gross Stage 3 Loans Ratio (%)	0.9%	1.0%	1.0%	–
	Net Stage 3 Loans Ratio (%)	0.4%	0.4%	0.5%	–
	Provision Coverage Ratio (%)	57.0%	53.7%	51.9%	–
	Total Equity (INR Million)	543,719.8	766,953.5	966,928.7	–
	Total Borrowings (INR Million)	2,166,904.9	2,933,458.3	3,612,490.0	–
	Borrowings to Equity (x)	4.0	3.8	3.7	–
	CRAR (%)	25.0%	22.5%	21.9%	–
	CRAR – Tier I (%)	23.2%	21.5%	21.1%	–
	CRAR – Tier II (%)	1.8%	1.0%	0.8%	–
Shriram Finance Limited	Number of Branches	2,922	3,082	3,220	–
	Number of Employees	64,052	74,645	79,872	–
	Number of Customers (Million)	7.3	8.4	9.6	–
	Loan Book (INR Million)	1,856,828.6	2,248,619.8	2,631,902.7	–
	Interest Income (INR Million)	286,073.6	335,996.6	403,076.4	–
	Finance Cost (INR Million)	129,312.7	148,061.2	184,545.8	–
	Net Interest Income (INR Million)	NA	NA	NA	–
	Fee Income (INR Million)	2,426.1	4,573.8	6,819.3	–
	Total Income (INR Million)	298,028.9	349,976.1	418,594.7	19%
	Net Total Income (INR Million)	NA	NA	NA	–
	Operating Expenses (INR Million)	NA	NA	NA	–
	Credit Cost (INR Million)	41,591.7	45,183.4	53,116.6	–
	Profit After Tax (INR Million)	59,793.4	71,904.8	97,610.0	28%
	Basic EPS (INR)	NA	38.3	51.9	–
	Net Interest Margin (%)	NA	NA	NA	–
	NIM + Fee Income Ratio (%)	NA	NA	NA	–
	Cost to Income Ratio (%)	35.1%	34.0%	33.3%	–
	Operating Expenses Ratio (%)	NA	NA	NA	–
	Credit Cost Ratio (%)	1.5%	1.6%	2.0%	–
	Return on Equity (%)	23.5%	22.1%	19.9%	–
	Return on Assets (%)	5.3%	4.6%	4.6%	–
	Gross Stage 3 Loans Ratio (%)	6.2%	5.5%	4.6%	–
	Net Stage 3 Loans Ratio (%)	3.2%	2.7%	2.6%	–
	Provision Coverage Ratio (%)	50.1%	51.8%	53.7%	–
	Total Equity (INR Million)	433,066.4	485,683.9	562,805.7	–
	Total Borrowings (INR Million)	NA	NA	NA	–
	Borrowings to Equity (x)	3.7	3.8	4.2	–
	CRAR (%)	22.6%	20.3%	20.7%	–
	CRAR – Tier I (%)	21.2%	19.6%	19.0%	–
	CRAR – Tier II (%)	1.4%	0.8%	0.6%	–
Cholamandalam Investment and Finance Company Limited	Number of Branches	1,191	1,387	1,613	–
	Number of Employees	44,922	54,098	64,941	–
	Number of Customers (Million)	2.5	3.6	4.4	–
	Loan Book (INR Million)	1,064,980.0	1,455,720.0	1,847,460.0	–
	Interest Income (INR Million)	120,825.8	176,271.1	237,477.4	–
	Finance Cost (INR Million)	57,480.3	92,307.5	124,945.3	–
	Net Interest Income (INR Million)	NA	NA	NA	–
	Fee Income (INR Million)	6,507.0	13,421.2	17,391.2	–
	Total Income (INR Million)	131,055.9	194,198.7	261,527.6	39%
	Net Total Income (INR Million)	NA	NA	NA	–
	Operating Expenses (INR Million)	NA	NA	NA	–
	Credit Cost (INR Million)	8,497.1	13,176.0	24,943.1	–
	Profit After Tax (INR Million)	26,648.5	34,200.6	42,627.0	26%
	Basic EPS (INR)	32.4	41.2	50.7	–
	Gross Stage 3 Loans Ratio (%)	4.6%	3.5%	4.0%	–
	Net Stage 3 Loans Ratio (%)	3.1%	2.3%	2.6%	–
	Provision Coverage Ratio (%)	33.8%	35.2%	34.6%	–
	Total Equity (INR Million)	143,461.0	195,932.4	236,686.9	–
	Total Borrowings (INR Million)	NA	NA	NA	–
	Borrowings to Equity (x)	6.8	6.9	7.4	–
	CRAR (%)	17.1%	18.6%	19.8%	–
	CRAR – Tier I (%)	14.8%	15.1%	14.4%	–
	CRAR – Tier II (%)	2.4%	3.5%	5.3%	–
L&T Finance Limited	Number of Branches	539	867	NA	–
	Number of Employees	14,490	19,250	NA	–
	Number of Customers (Million)	3.2	4.5	NA	–
	Disbursements (INR Million)	469,750.0	562,930.0	603,050.0	–
	Disbursements YoY Growth (%)	26.0%	20.0%	7.0%	–
	Loan Book (INR Million)	808,930.0	855,650.0	977,620.0	–
	Total Gross Loans YoY Growth (%)	-8.0%	6.0%	14.0%	–
	Interest Income (INR Million)	125,651.1	129,139.3	146,632.9	–
	Finance Cost (INR Million)	57,972.4	53,771.9	59,967.6	–
	Net Interest Income (INR Million)	NA	NA	NA	–
	Fee Income (INR Million)	1,581.5	6,624.8	10,773.4	–
	Investment Income (INR Million)	NA	NA	NA	–
	Total Income (INR Million)	133,017.0	140,551.2	159,409.8	9%
	Net Total Income (INR Million)	NA	NA	NA	–
	Operating Expenses (INR Million)	NA	NA	NA	–
	Credit Cost (INR Million)	15,601.8	13,223.6	21,933.5	–
	Profit After Tax (INR Million)	16,232.5	23,201.0	26,436.6	27%
	Basic EPS (INR)	6.6	9.3	10.6	–
	Net Interest Margin (%)	7.1%	8.7%	8.7%	–
	NIM + Fee Income Ratio (%)	NA	NA	NA	–
	Cost to Income Ratio (%)	NA	NA	NA	–
	Operating Expenses Ratio (%)	3.3%	4.3%	4.3%	–
	Credit Cost Ratio (%)	2.8%	2.5%	2.5%	–
	Return on Equity (%)	7.8%	10.4%	10.9%	–
	Return on Assets (%)	1.5%	2.3%	2.4%	–
	Gross Stage 3 Loans Ratio (%)	4.7%	3.2%	3.3%	–
	Net Stage 3 Loans Ratio (%)	1.5%	0.8%	1.0%	–
	Provision Coverage Ratio (%)	69.0%	76.0%	71.0%	–
	Total Equity (INR Million)	215,283.7	234,384.4	255,640.6	–
	Total Borrowings (INR Million)	830,430.0	765,400.0	922,469.0	–
	Borrowings to Equity (x)	3.9	3.3	3.6	–
	CRAR (%)	24.5%	22.8%	22.3%	–
	CRAR – Tier I (%)	22.1%	21.0%	20.8%	–
	CRAR – Tier II (%)	2.4%	1.8%	1.5%	–
Sundaram Finance Limited	Number of Branches	1,037	1,094	1,108	–
	Number of Employees	11,914	12,270	11,977	–
	Number of Customers (Million)	5.1	5.0	5.1	–
	Disbursements (INR Million)	248,670.0	311,920.0	349,220.0	–
	Loan Book (INR Million)	457,330.0	577,990.0	689,040.0	–
	Interest Income (INR Million)	45,461.4	58,523.7	71,394.5	–
	Finance Cost (INR Million)	24,095.5	34,178.6	42,259.8	–
	Net Interest Income (INR Million)	NA	NA	NA	–
	Fee Income (INR Million)	2,379.0	2,809.1	3,304.9	–
	Investment Income (INR Million)	NA	NA	NA	–
	Total Income (INR Million)	55,441.3	72,855.0	85,629.8	25%
	Net Total Income (INR Million)	NA	NA	NA	–
	Operating Expenses (INR Million)	NA	NA	NA	–
	Credit Cost (INR Million)	2,020.0	2,983.7	2,518.7	–
	Profit After Tax (INR Million)	13,277.6	14,360.2	18,794.4	19%
	Basic EPS (INR)	120.5	130.3	170.5	–
	Gross Stage 3 Loans Ratio (%)	1.8%	1.2%	1.4%	–
	Net Stage 3 Loans Ratio (%)	0.9%	0.6%	0.7%	–
	Provision Coverage Ratio (%)	NA	NA	NA	–
	Total Equity (INR Million)	99,198.0	110,782.2	131,968.3	–
	Total Borrowings (INR Million)	NA	NA	NA	–
	Borrowings to Equity (x)	4.3	4.7	4.6	–
	CRAR (%)	22.8%	20.5%	20.4%	–
	CRAR – Tier I (%)	17.7%	16.8%	17.4%	–
	CRAR – Tier II (%)	5.1%	3.7%	3.1%	–
HDB Financial Services Limited	Number of Branches	1,492	1,682	1,771	–
	Number of Employees	45,883	56,560	60,432	–
	Number of Customers (Million)	12.2	15.8	19.2	–
	Disbursements (INR Million)	448,017.6	608,992.5	661,075.0	–
	Loan Book (INR Million)	700,307.0	902,179.3	1,068,775.8	–
	Interest Income (INR Million)	89,277.8	111,567.2	138,357.9	–
	Finance Cost (INR Million)	35,119.2	48,643.2	63,901.5	–
	Net Interest Income (INR Million)	54,158.6	62,924.0	74,456.4	–
	Fee Income (INR Million)	7,564.1	9,531.1	11,924.5	–
	Investment Income (INR Million)	NA	NA	NA	–
	Total Income (INR Million)	97,689.5	122,215.7	150,836.2	23%
	Net Total Income (INR Million)	62,570.3	73,572.5	86,934.7	–
	Operating Expenses (INR Million)	24,399.3	31,428.1	37,239.1	–
	Credit Cost (INR Million)	13,304.0	10,673.9	21,130.5	–
	Profit After Tax (INR Million)	19,593.5	24,608.4	21,759.2	5%
	Basic EPS (INR)	24.8	31.1	27.4	–
	Net Interest Margin (%)	NA	NA	NA	–
	NIM + Fee Income Ratio (%)	NA	NA	NA	–
	Cost to Income Ratio (%)	39.0%	42.7%	42.8%	–
	Operating Expenses Ratio (%)	NA	NA	NA	–
	Credit Cost Ratio (%)	NA	NA	NA	–
	Return on Equity (%)	18.7%	19.6%	14.7%	–
	Return on Assets (%)	3.0%	3.0%	2.2%	–
	Gross Stage 3 Loans Ratio (%)	2.7%	1.9%	2.3%	–
	Net Stage 3 Loans Ratio (%)	1.0%	0.6%	NA	–
	Provision Coverage Ratio (%)	65.1%	66.8%	56.0%	–
	Total Equity (INR Million)	114,369.7	137,427.1	158,197.5	–
	Total Borrowings (INR Million)	548,653.1	743,306.7	873,977.7	–
	Borrowings to Equity (x)	5.3	5.8	5.9	–
	CRAR (%)	20.1%	19.3%	19.2%	–
	CRAR – Tier I (%)	15.9%	14.1%	14.7%	–
	CRAR – Tier II (%)	4.1%	5.1%	4.6%	–

Source: RHP