Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

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"></a>This note discusses the superlative historical track record of <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> pre merger with Tata Motors Finance.</li>
<li>It also focusses on financial metrics of Tata Motors Finance and its financial track record.</li>
<li>Finally, how post merger of both companies the finance metrics has changed and what would be the likely valuation of IPO is discussed in this note.</li>
</ul>



This note discusses the superlative historical track record of Tata Capital Limited (TATACAP IN) pre merger with Tata Motors Finance.
It also focusses on financial metrics of Tata Motors Finance and its financial track record.
Finally, how post merger of both companies the finance metrics has changed and what would be the likely valuation of IPO is discussed in this note.


Tata Capital IPO – Jinxed by Tata Motors Finance

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.

<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> is looking to raise up to US$2bn in its upcoming India IPO.</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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the not-so-positive aspects of the deal.


Tata Capital Pre-IPO - The Negatives - Recent Merger Wasn't All that Great

<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> is looking to raise up to US$2bn in its upcoming India IPO.</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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.


Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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> is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.</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>It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental 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> is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. </li>
<li>On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.</li>
<li>The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. 
On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. 


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 IPO – Jinxed by Tata Motors Finance

As per media reports, the anchor book is expected to be launched on 3-Oct and public issue between 6-8 Oct. The expected post issue valuation is...

Sreemant Dudhoria,CFA

Tata Capital Pre-IPO - The Negatives - Recent Merger Wasn't All that Great

Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Tata Capital Pre-IPO Tearsheet

Tata Capital is looking to raise up to US$2bn in its upcoming India IPO. The deal will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,...

Akshat Shah

Tata Capital IPO: The Investment Case

Tata Capital has begun investor roadshows for an IPO to raise US$2.0 billion. In this note, I examine the fundamentals of the business.

Arun George

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