Tata Capital Annual Report | Balance Sheet | Financials

Tata Capital Limited (Tata Capital) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Tata Capital Limited

Tata Capital Limited Consolidated Balance Sheet (Rs in Crores)

Particulars	March 31, 2025	March 31, 2024
Financial Assets
Cash and cash equivalents	9,478.20	6,771.16
Bank Balance	964.85	224.42
Derivative financial instruments	539.73	242.62
Trade Receivables	96.64	140.7
Other Receivables	0.95	1.88
Loans	2,21,950.37	1,57,760.55
Investments	8,717.79	7,902.02
Investments accounted using equity method	1,148.60	830.78
Other financial assets	1,101.40	519.83
Non Financial Assets
Current tax assets	234.04	167.31
Deffered tax assets	1388.17	466.5
Investment property	3.13	3.02
Property, plant and equipment	1513.26	832.93
Capital work-in-progress	1.81	4.15
Intangible assets under development	13.94	4.11
Other intangible assets	76.97	42.79
Right to use assets	410.01	311.59
Other non-financial assets	825.15	467.62
Total Assets	2,48,465.01	1,76,693.98
Financial Liabilities
Derivative financial instruments	240.89	46.33
Total outstanding dues of micro & small enterprises	19.39	3.82
Total outstanding dues of creditors other than micro and small enterprises	1,801.93	1,386.09
Debt securities	80,141.57	60,503.68
Borrowings	1,18,620.40	79,142.88
Subordinated Liabilities	9,652.96	8,538.73
Lease liabilities	436.22	326.53
Other financial liabilities	2,212.63	1,388.46
Non Financial Liabilities
Current tax liabilities	364.5	396.73
Provisions	280.22	113.69
Other non-financial liabilities	323.66	264.93
Equity
Equity share capital	3,762.44	3,703.05
Shares pending for issuance	4,162.76	-
Instruments entirely equity in nature	1,808.00	-
Other equity	23,458.61	19,714.08
Non controlling interest	1,178.83	1,164.98
Total Liabilities and Equity	2,48,465.01	1,76,693.98

Tata Capital Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	March 31, 2025	March 31, 2024
Revenue from operation
Interest income	25,719.77	16,366.47
Dividend income	24.01	36.19
Rental income	272.25	203.41
Fee and commission income	1,779.75	1,045.88
Net gain on fair value changes	280.49	490.03
Net gain on derecognition of associates	-	32.84
Net gain on derecognition of financial instruments	236.47	-
Other income	57.13	23.56
Total income	28,369.87	18,198.38
Expenses
Finance Cost	15,029.64	9,568.23
Impairment/(Reversal of impairment) of investment in associates	-23.34	10.09
Net loss on derecognition of associates	2.18	-
Impairment of financial instruments	2,826.83	592.26
Employee benefits expenses	2,812.25	1850.09
Depreciation, amortisation and impairment	390.02	287.5
Other Expenses	2411.15	1,486.61
Total Expenses	23,448.73	13,794.78
Profit before exceptional items, share of net profit	4,921.14	4,403.60
Share in profit/(loss) of associates	-2.58	-11.57
Profit before tax	4,918.56	4,392.03
Current tax	1,141.21	1,071.76
Deferred tax	122.33	-6.69
Profit for the year	3655.02	3,326.96
Re-measurement of the defined employee benefits plans	-33.7	-2.72
Tax relating to re-measurement of defined employee benefit plans	8.44	0.67
Changes in fair values on investment in equities carried at fair value through other comprehensive income	-151.01	1,121.04
Tax on changes in fair values of investment in equities carried at FVTOCI	80.62	-148.04
Changes in fair value of investment in equities carried at FVTOCI	8.09	192.29
Debt instruments measured through FVTOCI	3.89	22.25
Tax on Debt instrument measured through FVTOCI	-0.66	-3.78
Fair value (loss)/ gain on financial assets carried at FVTOCI	-8.61	14.99
Tax relating to fair value (loss)/ gain on financial assets measured through FVTOCI	2.17	-3.77
The effective portion of loss on hedging instrument in a cash flow hedge	-98.74	-80.7
Tax relating to the effective portion of gain on hedging instruments in a cash flow hedge	24.85	20.31
Share of other comprehensive income in associates	-0.08	-0.18
Exchange differences in translating financial statements of foreign operations	18.04	8.03
Fair value gain on financial assets measured through FVTOCI	-0.2	0.11
Total Comprehensive income for the year	3508.12	4467.46
Profit for the year attributable to:
Owners of the company	3,664.66	3150.21
Non-controlling interest	-9.64	176.75
Other comprehensive income for the year attributable to:
Owners of the company	-154.79	948.1
Non-controlling interest	7.89	192.4
Total comprehensive income for the year attributable to:
Owners of the company	3,509.87	4098.31
Non-controlling interest	-1.75	369.15
Earning per equity share:
Basic	9.32	8.57
Diluted	9.32	8.57

Tata Capital Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	March 31, 2025	March 31, 2024
Profit before tax	4,918.56	4,392.03
Adjustments for:
Depriciation, amortisation and impairment	390.02	287.5
Net gain on derecognition of property, plant & equipment and right to use assets	-8.52	-16.31
Interest expenses	15,029.64	9,568.23
Interest income	-25,719.77	-16,366.47
Dividend income	-24.01	-36.19
Provision for leave encashment	26.27	7.68
Exchange gains	1.56	-1.08
Net gain on fair value changes	-280.49	-490.03
Net loss/(gain) on recognition on investment in associates	2.18	-32.84
Net gain on DE recognition of financial instruments	-236.47	-
Rental income on fair valuation of security deposit	-	-7.67
Share in profit of associates	2.58	11.57
Share based payments to employees	37.65	34.17
Interest on income tax refund	-11.11	-2.79
Impairment on investment in associates	-23.34	10.09
Reversal of provision against consumer disputes	-2.8	-
Impairment on financial instruments	2,826.83	592.26
Reversal of provision against assets held for sale	18.88	-12.7
Interest paid	-13,881.45	(8.910.41)
Interest received	24,078.04	15,694.94
Interest received on income tax refund	11.11	2.79
Dividend received	24.91	36.19
Cash generated from operation before working capital changes	7,180.27	4,760.96
Movement in working capital:
(Increase) in loans	-35,685.49	-40,889.25
Decrease/(Increase) in trade receivables	90.76	-104.41
Decrease/(Increase) in other financial/non financial assets	285.03	-137.87
Decrease in other financial/ non financial liablities	-236.48	-561.66
(Decrease)/ Increase in provisions	-33.17	5.83
Increase in trade paybles	4.53	151.39
Tax paid	-1,477.93	-1,223.53
Net Cash used in Operating Activities	-29,872.48	-37,998.54
Cash Flow from Investing Activities
Purchase of property, plant & equipment	-1,022.24	-697.93
Proceeds from sale of property, plant & equipment	0.8	64.4
De recognition of subsidiary	-1.05	-
Investment in associates	-396.74	-375.51
Purchase of mutual fund units	-5,85,225.12	-5,21,842.11
Purchase of other investments	-1,82,615.08	-3,250.02
Proceeds from redemption of mutual fund units	5,85,275.29	5,26,521.31
Proceeds from sale of associates	51.79	173.56
Proceeds from sale of other investment	1,84,629.66	5,128.39
Bank Balances not considered as cash & cash equivalents	-736.83	35.12
Net Cash/ Generated from Investing Activities	-39.52	5,757.21
Cash Flow from Financing Activities
Proceeds from issue of Equity Shares	1,488.71	1,975.50
Infusion of capital by minority shareholders	224.8	282.37
Pay-out of income/gain to contributors	-190.25	-268.8
Repayment of lease liabilities	-97.27	-77.62
Share and debt issue expenses	-58.55	-51.77
Dividend paid on equity & preference share	-77.77	-73.66
Proceeds from debt securities	57,240.19	41,502.67
Proceeds from borrowings	85,069.22	62,935.74
Proceeds from subordinated liabilities	1,165.00	1,787.14
Repayment of debt securities	-42,394.96	-32,709.77
Repayment of borrowings	-71,512.48	-38,945.32
Repayment of subordinated liabilities	-1,218.04	-404.06
Distribution made to holders of Instruments entirely equity in nature	-226.2	-
Net Cash Generated from Financing Activities	29,412.40	35,952.42
Net Cash & Cash Equivalents	-499.6	3,711.09
Cash & Cash Equivalents as at the beginning of the year	6,771.16	3,058.88
Cash & Cash Equivalents Taken over in Business Combination	3,204.52	-
Exchange difference of translation of foreign currency cash & cash equivalents	2.12	1.19
Cash & Cash equivalents as at the end of the year	9,478.20	6,771.16

Here is a summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

During FY 2024–25, the company recorded a net cash outflow of ₹29,872.48 crore from operating activities, compared to a larger outflow of ₹37,998.54 crore in the previous year. This negative cash flow was despite a profit before tax of ₹4,918.56 crore, driven by significant non-cash adjustments like interest expenses (₹15,029.64 crore), impairment of financial instruments (₹2,826.83 crore), and employee benefits expenses (₹2,812.25 crore). On the other hand, substantial deductions such as interest income (₹25,719.77 crore) and net fair value gains (₹280.49 crore) reduced the operational cash.

A massive increase in loan assets of ₹35,685.49 crore further impacted cash flows, along with a marginal reduction in liabilities and provisions. Despite small recoveries in trade receivables and other financial/non-financial assets, the overall working capital movement remained negative. After considering tax payments of ₹1,477.93 crore, the final operating cash flow ended deeply in the red.

Cash Flow from Investing Activities

Investing activities resulted in a marginal net cash outflow of ₹39.52 crore, indicating more balanced movements compared to the prior year’s inflow of ₹5,757.21 crore. The company invested heavily in mutual fund units (₹5,85,225.12 crore) and other investments (₹1,82,615.08 crore). However, these outflows were almost completely offset by proceeds from the redemption/sale of mutual funds and investments, totaling ₹7,69,904.95 crore. Capital expenditures amounted to ₹1,022.24 crore. A derecognition of a subsidiary and fresh investment in associates further added to outflows. Overall, despite aggressive investing, liquidity was managed efficiently via redemptions and asset sales.

Cash Flow from Financing Activities

The company generated a net cash inflow of ₹29,412.40 crore from financing activities in FY 2024–25, compared to ₹35,952.42 crore in the previous year. Major inflows came from borrowings (₹85,069.22 crore) and issuance of debt securities (₹57,240.19 crore). There was also equity funding of ₹1,488.71 crore and infusion by minority shareholders of ₹224.8 crore. On the flip side, significant repayments were made for borrowings (₹71,512.48 crore), debt securities (₹42,394.96 crore), and subordinated liabilities (₹1,218.04 crore). Other financing cash outflows included dividends, lease repayments, and expenses related to share and debt issues.

Net Movement in Cash and Cash Equivalents

Combining all three segments, the company saw a net decrease of ₹499.6 crore in cash and cash equivalents during FY 2025. The cash balance at the beginning of the year was ₹6,771.16 crore, which was supplemented by ₹3,204.52 crore from business combinations and ₹2.12 crore from exchange rate gains. Ultimately, the closing cash and cash equivalents stood at ₹9,478.20 crore, reflecting a stable liquidity position despite operating cash stress, thanks to efficient financing and investing activities.

Dividend history

Particulars	2025	2024
Dividend	0.42	0.21
Retained Earnings (In Rs. Crores)	14,430.35	9,555.94

Dividend

Dividends are the portion of a company’s profit distributed to shareholders as a return on their investment. It is usually declared per share.

In 2024, Tata Capital paid a dividend of ₹0.21 per share.

In 2025, the dividend doubled to ₹0.42 per share.

Retained Earnings

Retained earnings represent the portion of net profit that is not distributed as dividends, but rather kept (retained) by the company for reinvestment in the business, debt repayment, or future reserves.

In 2024, retained earnings stood at ₹9,555.94 crores.

In 2025, they grew significantly to ₹14,430.35 crores.