Tata Capital Limited — Q1FY27 earnings call summary

• Credit cost guidance maintained at 1% for FY27; expect margin expansion of ~10 bps and operating leverage gains
• Q1 FY27 PAT INR1,547 crores, up 56% y-y; consolidated ROA 2.3% (2.5% ex-Motor Finance)
• Gold loan business acquisition planned; target 500+ branches and INR4,000-5,000 crores portfolio in 2.5-3 years
• Management confident of meeting FY27 guidance with strong growth, stable asset quality, and improving margins
• Housing Finance AUM grew 24% y-y to INR89,416 crores; credit cost 0.05%; PAT up 29% y-y
• Cost of funds 7.28% in Q1; cost-to-income improved to 36.4%, down 190 bps q-q
• Motor Finance book moderated to INR24,445 crores; focus on portfolio quality and profitability
• Consolidated AUM grew 22% y-y to INR2.91 lakh crores; excluding Motor Finance, AUM grew 28% y-y

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