💰 Financial Performance

Revenue Growth by Segment

Total income for FY2025 was INR 306 Cr, representing a 20.7% decrease from INR 386 Cr in FY2024. The primary segment is investment activities, which saw a decline in dividend and interest income during the period.

Geographic Revenue Split

Not disclosed in available documents, though the company primarily invests in Indian listed and unlisted entities, particularly within the Tata Group ecosystem.

Profitability Margins

Profit After Tax (PAT) for FY2025 was INR 312 Cr, down 18.9% from INR 385 Cr in FY2024. The PAT margin technically exceeds 100% of total income due to fair value adjustments and tax write-backs common in investment companies.

EBITDA Margin

Return on Assets (ROA) was 0.9% in March 2025, down from 1.4% in March 2024. ROCE stands at 1.09%, reflecting low core operational profitability relative to the massive asset base of INR 34,842 Cr.

Capital Expenditure

As an NBFC investment company, traditional CapEx is minimal. Total assets grew by INR 1,972 Cr (6%) YoY to INR 34,842 Cr, primarily driven by the appreciation and acquisition of investment securities.

Credit Rating & Borrowing

CRISIL reaffirmed its 'CRISIL AAA/Stable' rating for the company's INR 10 Cr Non-Convertible Debentures (NCDs) in October 2025. The company is described as almost debt-free, maintaining high liquidity and a robust capital position.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is an NBFC investment firm. Its 'inputs' are capital used for acquiring equity and debt instruments.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

The investment portfolio consisted of 85 companies as of March 31, 2023, including 62 quoted and 23 unquoted companies. Expansion is measured by the diversification and volume of the investment book.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable. Efficiency is measured by a healthy dividend payout ratio of 66.4%.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company focuses on long-term capital appreciation and dividend income by investing in a mix of Tata and non-Tata companies. Growth is achieved through the appreciation of its unquoted instrument portfolio and strategic participation in the growth of the Tata ecosystem.

Products & Services

Investment in listed and unlisted equity shares, debt instruments, and mutual funds. The company provides capital to various industries and generates returns for its shareholders through dividends and NAV growth.

Brand Portfolio

Tata Investment Corporation Limited (TICL).

Market Expansion

The company continues to evaluate unlisted opportunities, with 23 unquoted companies currently in the portfolio as of the last detailed count.

Market Share & Ranking

Not disclosed, but it is a prominent investment-focused NBFC in India with a market cap of INR 36,522 Cr.

Strategic Alliances

The company is promoted by Tata Sons Private Limited, which holds a ~73.4% stake, ensuring deep strategic alignment with the broader Tata Group.

🌍 External Factors

Industry Trends

The industry is shifting toward ESG-focused investing. TICL achieved an ESG rating of 76 (Leader) from NSE Sustainability for FY2025, positioning it well for institutional capital that prioritizes sustainability.

Competitive Landscape

Competes with other large-scale investment holding companies and diversified NBFCs in India.

Competitive Moat

The primary moat is the 'Tata' brand and the preferential access to investment opportunities within the Tata Group. This is highly sustainable due to the 73.38% promoter holding by Tata Sons.

Macro Economic Sensitivity

Highly sensitive to Indian equity market cycles and interest rate changes, which affect the valuation of debt holdings and the cost of capital for portfolio companies.

Consumer Behavior

Not directly applicable, though consumer demand shifts affect the profitability of its portfolio companies.

Geopolitical Risks

Indirect exposure through portfolio companies that have international operations (e.g., Tata Motors, Tata Steel).

⚖️ Regulatory & Governance

Industry Regulations

Regulated as an NBFC-Investment Company by the Reserve Bank of India (RBI). Compliance with Ind AS and the Companies Act 2013 is mandatory.

Environmental Compliance

The company has no direct manufacturing impact; ESG compliance is focused on governance and portfolio selection, achieving a 'Leader' rating of 76/100.

Taxation Policy Impact

The effective tax rate is noted as 'low' in machine-generated analysis, which may be due to the tax-exempt nature of certain dividends or long-term capital gains treatments.

Legal Contingencies

The auditors' report for FY2025 did not highlight any material fraudulent transactions or illegal acts, confirming adherence to the Code of Conduct.

⚠️ Risk Analysis

Key Uncertainties

The fair valuation of unquoted instruments is a 'Key Audit Matter,' as these estimates significantly impact financial performance and are subject to management judgment.

Geographic Concentration Risk

High concentration in the Indian market, specifically within companies headquartered in Maharashtra (Mumbai).

Third Party Dependencies

High dependency on the performance and dividend policies of Tata Group companies.

Technology Obsolescence Risk

Low risk for the holding company itself, but portfolio companies face varying degrees of digital transformation risks.

Credit & Counterparty Risk

The company maintains comfortable liquidity and a well-diversified portfolio to mitigate counterparty risks in its debt investments.