US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> went public on 13 October 2025 on NSE and has a current market cap of over $15bn.</li>
<li>Partial inclusion in Global indices is expected in June 2026, as the security fails the float cap threshold in one Global index.</li>
<li>Free float is projected to increase incrementally following lock-up expiries of anchor investors and pre-offer shareholders.</li>
</ul>



Tata Capital Limited (TATACAP IN) went public on 13 October 2025 on NSE and has a current market cap of over $15bn.
Partial inclusion in Global indices is expected in June 2026, as the security fails the float cap threshold in one Global index.
Free float is projected to increase incrementally following lock-up expiries of anchor investors and pre-offer shareholders.


Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Tata Capital (TATACAP) is among the largest diversified NBFCs, with an AUM of INR2.4trn (Sep-25), comprising a balanced mix of retail (secured and unsecured), SME, and corporate loans</li><li>Its strong parentage, AAA credit rating, and well-diversified borrowing profile support one of the lowest cost of funds among peers, affording TATACAP a significant competitive edge</li><li>TATACAP employs a conservative underwriting strategy, reflecting in pristine cross-cycle asset quality (excluding the TMFL portfolio)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tata Capital (TATACAP) is among the largest diversified NBFCs, with an AUM of INR2.4trn (Sep-25), comprising a balanced mix of retail (secured and unsecured), SME, and corporate loansIts strong parentage, AAA credit rating, and well-diversified borrowing profile support one of the lowest cost of funds among peers, affording TATACAP a significant competitive edgeTATACAP employs a conservative underwriting strategy, reflecting in pristine cross-cycle asset quality (excluding the TMFL portfolio)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Capital (Initiating Coverage): Proven Credentials, Awaiting Execution. ADD

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited</a> raised around US$1.7bn in its India IPO, which will begin to trade today.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Tata Capital IPO Trading - No Tata Premium This Time

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> IPO highlights strong branch growth and granular loan book, though new-to-credit exposure remains limited and underwriting largely product-driven.</li>
<li>Weak sourcing disclosures beyond Home Loans raise concerns on DSA reliance, portfolio quality, and resilience during downturns, especially in competitive lending segments.</li>
<li>Collections are highly digitized and analytics-driven, yet regulatory inspections reveal persistent compliance, governance, and risk management lapses across Tata Capital, TMFL, and TCHFL.</li>
</ul>



Tata Capital Limited (TATACAP IN) IPO highlights strong branch growth and granular loan book, though new-to-credit exposure remains limited and underwriting largely product-driven.
Weak sourcing disclosures beyond Home Loans raise concerns on DSA reliance, portfolio quality, and resilience during downturns, especially in competitive lending segments.
Collections are highly digitized and analytics-driven, yet regulatory inspections reveal persistent compliance, governance, and risk management lapses across Tata Capital, TMFL, and TCHFL.


Tata Capital Limited - IPO | Underwriting, Collections & Attrition

India

Tata Capital Limited provides financial and investment services. The Company offers commercial and SME finance, wealth management, insurance distribution, and private equity solutions, as well as home, personal, business, and vehicle loans. Tata Capital serves retail, corporate, and institutional clients in India.

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Tata Capital Limited (TATACAP IN)

Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

Tata Capital went public in Oct 2025 with a market cap over $15bn, is expected to be included in one Global index in Jun 2026 and excluded from...

Dimitris Ioannidis

Tata Capital (Initiating Coverage): Proven Credentials, Awaiting Execution. ADD

Tata Capital (TATACAP) is among the largest diversified NBFCs, with an AUM of INR2.4trn (Sep-25), comprising a balanced mix of retail (secured and...

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Tata Capital IPO Trading - No Tata Premium This Time

Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today. In this note we talk about the trading dynamics.

Sumeet Singh

Tata Capital Limited - IPO | Underwriting, Collections & Attrition

Tata Capital's IPO showcases branch growth and loan book strength, but concerns arise over sourcing disclosures and regulatory lapses in...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

​Tata Capital went public in Oct 2025 with a market cap over $15bn, is expected to be included in one Global index in Jun 2026 and excluded from...

Dimitris Ioannidis

Tata Capital (Initiating Coverage): Proven Credentials, Awaiting Execution. ADD

Tata Capital (TATACAP) is among the largest diversified NBFCs, with an AUM of INR2.4trn (Sep-25), comprising a balanced mix of retail (secured and...

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Tata Capital IPO Trading - No Tata Premium This Time

Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today. In this note we talk about the trading dynamics.

Sumeet Singh

Tata Capital Limited - IPO | Underwriting, Collections & Attrition

​Tata Capital's IPO showcases branch growth and loan book strength, but concerns arise over sourcing disclosures and regulatory lapses in...

Pranav Bhavsar

Tata Capital went public in Oct 2025 with a market cap over $15bn, is expected to be included in one Global index in Jun 2026 and excluded from...

Tata Capital's IPO showcases branch growth and loan book strength, but concerns arise over sourcing disclosures and regulatory lapses in...