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Tata Capital FY26 PBT Grows 26% to ₹4,257 Cr; Recommends ₹0.57 Dividend
Tata Capital Limited reported a robust financial performance for FY26, with standalone Profit Before Tax (PBT) rising to ₹4,257.36 crore from ₹3,375.38 crore in the previous year. The company's total revenue from operations for the full year reached ₹23,051.50 crore, driven by steady interest income. The Board has recommended a final dividend of ₹0.57 per equity share (5.7% of face value). Additionally, the company confirmed nil deviation in the utilization of proceeds from its IPO and NCD issuances, reflecting strong corporate governance.
Key Highlights
Standalone Profit Before Tax for FY26 increased by 26% YoY to ₹4,257.36 crore.
Total revenue from operations for FY26 stood at ₹23,051.50 crore compared to ₹21,884.29 crore in FY25.
Recommended a final dividend of ₹0.57 per equity share of face value ₹10 each.
Q4 FY26 standalone PBT surged to ₹1,539.52 crore, up from ₹889.06 crore in Q4 FY25.
Reported zero deviation or variation in the utilization of funds raised through IPO and Non-Convertible Debentures.
💼 Action for Investors
Investors should view the strong growth in profitability and disciplined capital utilization as positive indicators of the company's operational health. The dividend recommendation provides a modest yield, and the focus should remain on the company's ability to maintain asset quality while scaling its loan book.
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Tata Capital Q4FY26 PAT Surges 51% YoY to ₹1,459 Cr (Ex-Motor Finance)
Tata Capital Limited reported robust financial results for Q4FY26, with consolidated Net AUM reaching ₹2,77,275 Cr, a 6.4% QoQ growth. Excluding the Motor Finance business, PAT grew by 51.4% YoY to ₹1,459 Cr, while consolidated PAT stood at ₹1,502 Cr. Asset quality showed improvement with consolidated GNPA at 2.0% and NNPA at 0.9%, down from 2.2% and 1.0% respectively in the previous quarter. The company maintains a strong capital position with total equity of ₹44,658 Cr and a diversified portfolio where Retail and SME segments constitute 86% of the book.
Key Highlights
Consolidated Net AUM grew to ₹2,77,275 Cr, with a 28% YoY growth in the core business excluding Motor Finance.
Consolidated PAT for Q4FY26 stood at ₹1,502 Cr, reflecting a 16.4% QoQ increase.
Asset quality improved with GNPA at 2.0% and NNPA at 0.9% on a consolidated basis, supported by a decline in credit costs to 0.9%.
Profitability ratios remained strong with an annualized ROA of 2.3% and ROE of 13.9% for the quarter.
Distribution network expanded significantly to 1,477 branch locations across 27 states and UTs.
💼 Action for Investors
Investors should view the strong AUM growth and improving asset quality as positive indicators of the company's scaling capabilities. The successful integration of the Motor Finance business and the healthy ROA/ROE profile suggest continued operational efficiency and profitability.
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Tata Capital Q4FY26 PAT Surges 43% YoY to ₹1,502 Cr; AUM Grows 20% to ₹2.77 Lakh Cr
Tata Capital reported a robust performance for Q4FY26, with consolidated PAT rising 43% YoY to ₹1,502 crore and AUM reaching ₹2,77,275 crore. Excluding the impact of the Tata Motors Finance acquisition, PAT growth was even stronger at 51% YoY, driven by a 31% increase in net total income. Asset quality showed significant improvement, with Gross Stage 3 assets at 2.0% (consolidated) and credit costs declining to 0.9%. The company's focus on AI-driven processes has successfully reduced the cost-to-income ratio by 335bps over the fiscal year.
Key Highlights
Consolidated PAT grew 43% YoY to ₹1,502 crore; excluding Motor Finance, PAT surged 51% to ₹1,459 crore.
Total Assets Under Management (AUM) reached ₹2,77,275 crore, marking a 20% YoY growth.
Asset quality improved with Net Stage 3 at 0.9% (consolidated) and a healthy Provision Coverage Ratio of 56.2%.
Tata Capital Housing Finance (TCHFL) saw 29% YoY AUM growth and 34% YoY PAT growth to ₹527 crore.
AI initiatives contributed to a 335bps YoY reduction in the cost-to-income ratio for FY26.
💼 Action for Investors
Investors should note the strong operational efficiency and successful integration of the Motor Finance business. The significant improvement in ROA and declining credit costs suggest a positive trajectory for the company's profitability.
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Tata Capital FY26 Standalone PBT Jumps 26% to ₹4,257 Cr; ₹0.57 Dividend Declared
Tata Capital Limited reported a robust financial performance for the fiscal year ended March 31, 2026, with standalone revenue from operations rising to ₹23,051.50 crore. The company's Profit Before Tax (PBT) saw a significant 26% year-on-year increase, reaching ₹4,257.36 crore compared to ₹3,375.38 crore in FY25. Asset quality showed improvement as impairment charges on financial instruments decreased to ₹2,951.39 crore. Additionally, the Board has recommended a final dividend of ₹0.57 per equity share, reflecting confidence in its capital position.
Key Highlights
Standalone Total Revenue from operations grew to ₹23,051.50 crore in FY26 from ₹21,884.29 crore in FY25.
Profit Before Tax (PBT) for FY26 increased by 26% YoY to ₹4,257.36 crore.
Recommended a final dividend of ₹0.57 per equity share of face value ₹10 for FY26.
Impairment on financial instruments for the year reduced to ₹2,951.39 crore from ₹3,071.63 crore in the previous year.
Q4 FY26 Standalone PBT stood at ₹1,539.52 crore, significantly higher than the ₹889.06 crore reported in Q4 FY25.
💼 Action for Investors
The strong growth in PBT and controlled impairment costs reflect healthy credit demand and disciplined risk management. Investors should maintain a positive outlook given the steady revenue growth and the dividend payout.
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Delta Corp Recommends 50% Dividend; Appoints New Auditors Amid Rs 24,960 Cr GST Dispute
Delta Corp has recommended a final dividend of Rs. 0.50 per share for FY26 and proposed the appointment of M/s. M S K C & Associates LLP as new statutory auditors for a five-year term. The auditor's report highlights a massive contingent liability of Rs. 24,959.69 crores related to GST show-cause notices for the period 2017-2023. Additionally, the company has recorded a fair value reduction of Rs. 378.34 crores in its online gaming investments due to the restrictive Promotion and Regulation of Online Gaming Act, 2025. While the dividend is a positive gesture, the legal and regulatory overhangs remain significant risks.
Key Highlights
Recommended a final dividend of 50% amounting to Rs. 0.50 per equity share for FY26.
Proposed appointment of M/s. M S K C & Associates LLP as Statutory Auditors for 5 years starting from the 35th AGM.
Auditors flagged a massive contingent liability of Rs. 24,959.69 crores regarding GST demands for the 2017-2023 period.
Recorded a cumulative fair value reduction of Rs. 378.34 crores in real-money gaming investments through Other Comprehensive Income.
The valuation hit is attributed to the 'Promotion and Regulation of Online Gaming Act, 2025' which prohibits real-money stakes.
💼 Action for Investors
Investors should remain cautious as the contingent GST liability is substantially higher than the company's market capitalization. Monitor the legal developments regarding GST and the operational impact of the 2025 Online Gaming Act on the company's core business model.
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Delta Corp FY26 Results: Rs 0.50 Dividend Recommended Amid Rs 24,960 Cr GST Demand
Delta Corp has approved its audited financial results for FY26 and recommended a final dividend of Rs 0.50 per share. The company continues to face a massive contingent liability of Rs 24,959.69 crores regarding GST demands, which the management is contesting. Additionally, the company recorded a significant fair value reduction of Rs 378.34 crores in its real money gaming investments due to the enactment of the Online Gaming Act, 2025. The board has also proposed the appointment of M S K C & Associates LLP as the new statutory auditors.
Key Highlights
Recommended a final dividend of 50% amounting to Rs 0.50 per equity share for FY26.
Faces a staggering contingent liability of Rs 24,959.69 crores for alleged GST short payments from 2017-2023.
Recorded a Rs 378.34 crore reduction in fair value of investments due to the Promotion and Regulation of Online Gaming Act, 2025.
Proposed M/s. M S K C & Associates LLP as new Statutory Auditors for a 5-year term starting from the 35th AGM.
Auditors included an 'Emphasis of Matter' regarding both the GST demands and the valuation impact on gaming businesses.
💼 Action for Investors
Investors should exercise extreme caution as the GST liability far exceeds the company's net worth, and new regulations have significantly impaired the value of its online gaming segment. The dividend is a minor positive compared to the substantial legal and regulatory risks currently overshadowing the stock.
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Tata Communications FY26 Revenue Up 7.3% to ₹24,803 Cr; Recommends ₹17.50 Dividend
Tata Communications reported a steady 7.3% YoY growth in consolidated revenue for FY26, reaching ₹24,802.72 crore, led by its core Data Services segment. The company recommended a final dividend of ₹17.50 per share, representing a 175% payout on face value. While net profit for the year fell to ₹996.85 crore from ₹1,836.78 crore in FY25, the previous year's figures were significantly inflated by exceptional gains. The company also announced the appointment of Vivek Manglik as EVP - Interaction Fabric to strengthen its senior management team.
Key Highlights
Consolidated revenue for FY26 increased to ₹24,802.72 crore compared to ₹23,108.59 crore in FY25.
Recommended a final dividend of ₹17.50 per equity share for the financial year ended March 31, 2026.
Data Services segment revenue grew to ₹21,440.61 crore, remaining the primary growth driver.
Net profit for FY26 stood at ₹996.85 crore, down from ₹1,836.78 crore in FY25 due to a high base of exceptional items.
Senior management changes include the appointment of Vivek Manglik as EVP and the retirement of Mukul Kumar as Head of ESG.
💼 Action for Investors
Investors should look past the headline PAT decline, which was due to one-time gains in the previous year, and focus on the healthy 7.3% top-line growth. The steady dividend and growth in Data Services suggest the core business remains robust.
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Tata Comm FY26 Revenue Rises 7.3% to ₹24,803 Cr; ₹17.50 Dividend Declared
Tata Communications reported a consolidated revenue of ₹24,802.72 crore for FY26, marking a 7.3% growth over FY25. Net profit for the year decreased to ₹996.85 crore from ₹1,836.78 crore, primarily due to the absence of high exceptional gains seen in the previous year. The Board has recommended a final dividend of ₹17.50 per share (175% of face value). Additionally, the company announced a transition in statutory auditors to Deloitte Haskins & Sells for a five-year term starting in 2027 and key leadership changes in its Interaction Fabric division.
Key Highlights
FY26 Consolidated Revenue grew 7.3% YoY to ₹24,802.72 crore.
Recommended a final dividend of ₹17.50 per share for the financial year ended March 31, 2026.
Data Services segment revenue increased to ₹21,440.61 crore from ₹19,588.47 crore in the previous year.
Deloitte Haskins & Sells appointed as Statutory Auditors for a 5-year term starting from the 2027 AGM.
Vivek Manglik appointed as EVP – Interaction Fabric; Mukul Kumar (Head, ESG) to retire effective April 30, 2026.
💼 Action for Investors
Investors should focus on the steady 7.3% revenue growth in the core Data Services segment while noting that the PAT decline is largely due to base-year exceptional items. The dividend provides a stable return, but the upcoming auditor transition and management changes in digital platforms should be monitored.
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Tata Comm FY26 Revenue Rises 7.3% to ₹24,803 Cr; Recommends ₹17.50 Dividend
Tata Communications reported a consolidated revenue of ₹24,802.72 crore for FY26, marking a 7.3% growth over the previous year. However, the annual net profit saw a sharp decline to ₹996.85 crore from ₹1,836.78 crore in FY25, primarily due to higher network expenses and a significant reduction in exceptional gains. The Board has recommended a final dividend of ₹17.50 per share, maintaining its commitment to shareholder returns. Data Services continues to be the dominant segment, contributing over 86% of the total revenue.
Key Highlights
Consolidated Revenue for FY26 increased to ₹24,802.72 crore from ₹23,108.59 crore in FY25.
Net Profit for the year dropped 45.7% to ₹996.85 crore compared to ₹1,836.78 crore in the previous year.
Recommended a final dividend of ₹17.50 per equity share (175% of face value).
Data Services segment revenue grew to ₹21,440.61 crore, up from ₹19,588.47 crore in FY25.
Network and transmission expenses rose significantly to ₹11,361.83 crore from ₹10,047.77 crore.
💼 Action for Investors
Investors should evaluate the impact of rising operational costs on margins despite steady top-line growth in the core Data Services segment. While the dividend remains attractive, the sharp decline in net profit warrants a cautious approach until operational efficiencies improve.
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Tata Communications FY26 Revenue Up 7.3% to ₹24,803 Cr; Recommends ₹17.50 Dividend
Tata Communications reported a steady 7.3% growth in consolidated revenue for FY26, reaching ₹24,802.72 crore. However, net profit for the full year declined significantly to ₹996.85 crore from ₹1,836.78 crore in FY25, primarily due to higher network expenses and a high base effect from exceptional gains in the previous year. The Board has recommended a final dividend of ₹17.50 per share, reflecting a 175% payout on face value. Data Services continues to be the growth engine, contributing over 86% of total revenue.
Key Highlights
Consolidated revenue for FY26 rose to ₹24,802.72 crore from ₹23,108.59 crore in FY25.
Net profit for FY26 stood at ₹996.85 crore, down from ₹1,836.78 crore in the previous year.
Recommended a final dividend of ₹17.50 per equity share for the financial year ended March 31, 2026.
Data Services segment revenue grew to ₹21,440.61 crore, up from ₹19,588.47 crore YoY.
Network and transmission expenses increased to ₹11,361.83 crore for FY26 compared to ₹10,047.77 crore in FY25.
💼 Action for Investors
Investors should focus on the consistent growth in the Data Services segment while monitoring the impact of rising operational costs on margins. The dividend recommendation provides a decent yield, but the decline in bottom-line profitability warrants a cautious watch on upcoming quarterly margin trends.
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Pasupati Acrylon Resumes Acrylic Fiber Plant Operations After 20-Day Shutdown
Pasupati Acrylon has announced the resumption of manufacturing operations at its Acrylic Fiber plant as of April 13, 2026. The facility had been temporarily shut down since March 24, 2026, due to raw material shipment delays caused by the conflict in the Middle East. The resumption indicates that the company has successfully navigated the supply chain disruption that lasted approximately 20 days. This return to production is critical for maintaining the company's output and revenue targets for the upcoming quarter.
Key Highlights
Manufacturing operations at the Acrylic Fiber plant resumed on April 13, 2026
The plant was non-operational for approximately 20 days starting from March 24, 2026
Supply chain disruptions were attributed to raw material shipment delays from the Middle East
The resumption follows the resolution of logistics issues related to the regional conflict
💼 Action for Investors
Investors should note the resumption as a positive recovery from a temporary supply shock. Monitor the next quarterly earnings to assess the financial impact of the 20-day production loss.
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Tata Communications MD & CEO A. S. Lakshminarayanan Retires Effective April 13, 2026
Tata Communications has announced the retirement of Mr. A. S. Lakshminarayanan from his position as Managing Director and Chief Executive Officer. The retirement became effective at the close of business hours on April 13, 2026. The company has formally acknowledged his contributions to the firm's growth during his tenure. Investors will now be closely monitoring the board's decision regarding a successor to lead the company's digital infrastructure strategy.
Key Highlights
Mr. A. S. Lakshminarayanan retired as MD and CEO effective April 13, 2026
The change was communicated under Regulation 30 of SEBI (LODR) Regulations, 2015
The retirement follows the completion of his tenure as the head of the Tata Group firm
No immediate successor was named in the specific regulatory filing dated April 13, 2026
💼 Action for Investors
Investors should watch for the announcement of a new CEO to understand the future strategic direction of the company. Maintain a neutral stance until the leadership transition plan and the new appointee's vision are clarified.
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Tata Chemicals Mithapur Facility Hits 1 Million Tonne Soda Ash Production Milestone in FY26
Tata Chemicals has announced that its Mithapur facility in Gujarat achieved a significant operational milestone by producing 1 million tonnes of soda ash in FY 2025-26. This achievement highlights the company's operational rigour, plant efficiency, and reliability across its manufacturing functions. The management noted that this scale-up is a result of disciplined execution and a focus on asset productivity. From a financial perspective, this milestone is expected to support cost optimization and margin resilience in a competitive global environment.
Key Highlights
Mithapur facility achieved 1 million tonnes of soda ash production milestone in FY 2025-26.
Management attributes the success to operational rigour, plant efficiency, and cross-functional collaboration.
CFO highlights focus on cost optimization and asset productivity to enhance margins.
The milestone strengthens Tata Chemicals' competitive position in the global soda ash industry.
The facility serves critical sectors including glass, detergents, and industrial chemicals.
💼 Action for Investors
Investors should take this as a positive indicator of high capacity utilization and operational efficiency at the company's primary facility. Monitor upcoming quarterly results to see how this production volume impacts bottom-line margins and market share.
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Pasupati Acrylon Shuts Acrylic Fiber Plant Temporarily Due to Raw Material Delays
Pasupati Acrylon Limited has announced a temporary shutdown of its Acrylic Fiber manufacturing plant effective March 24, 2026. The shutdown is attributed to a 15-20 day delay in raw material shipments caused by geopolitical conflict in the Middle East. Operations are expected to remain suspended until the first half of April 2026, depending on the arrival of supply vessels. This operational halt is likely to impact production volumes and revenue for the transition period between FY26 and FY27.
Key Highlights
Acrylic Fiber plant operations temporarily suspended starting March 24, 2026.
Raw material shipment delayed by 15-20 days due to Middle East war and logistics disruption.
Resumption of manufacturing expected in the first half of April 2026.
Shutdown is directly linked to the inability of raw materials to reach the plant site.
💼 Action for Investors
Investors should monitor the situation for any further extensions of the shutdown which could more severely impact quarterly earnings. The stock may face short-term pressure until a resumption of operations is officially confirmed.
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Tata Consumer Receives Relief as ₹269.29 Crore Income Tax Demand is Deleted
Tata Consumer Products Limited has successfully resolved a significant tax dispute with the Income Tax Department. A previous tax demand of ₹269.29 crore, which included interest for the Financial Year 2018-19, has been completely deleted following a rectification order. The Deputy Commissioner of Income-tax, Kolkata, has reinstated all claims made by the company in its modified tax return. This development removes a substantial potential financial liability from the company's balance sheet.
Key Highlights
Income Tax Department deletes a total tax demand of ₹269,29,49,860 including interest.
The demand was related to the modified income-tax return filed for Financial Year 2018–19.
Rectification order issued by the Deputy Commissioner of Income-tax, Circle 4(1), Kolkata.
All original claims made by the company in its modified return have been fully reinstated.
💼 Action for Investors
This is a positive development as it clears a significant contingent liability and improves financial clarity. Investors should view this as a successful resolution of a regulatory hurdle, reducing potential cash outflow risks.
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Tata Comm Launches Self-Healing Network for Data Centres; Offers 30% Cost Savings
Tata Communications has launched IZO™ DC Dynamic Connectivity, a software-defined platform aimed at AI-driven global data center connectivity. The platform introduces a self-healing network across 5 continents, ensuring >99.99% service availability by automatically re-routing traffic during outages. It allows enterprises to reduce operational costs by up to 30% through a flexible, consumption-based pricing model. This innovation targets the company's core client base, including 300 of the Fortune 500, by providing predictive AI insights for bandwidth management.
Key Highlights
Introduced IZO™ DC Dynamic Connectivity, a self-healing network spanning 5 continents.
Guarantees >99.99% service availability for mission-critical infrastructure and AI workloads.
Offers up to 30% savings on operational costs through a consumption-based pricing model.
Provides AI-driven predictive insights to forecast capacity and scale bandwidth instantly.
💼 Action for Investors
This launch enhances Tata Comm's competitive edge in the global connectivity market, particularly for AI and cloud-heavy enterprises. Long-term investors should monitor the platform's contribution to the Data Business revenue segment.
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Tata Capital Receives Rs 413.18 Crore Income Tax Demand; Company to File Rectification
Tata Capital Limited has received a re-assessment order for FY 2017-18 involving a total demand of Rs 413.18 crore, which includes Rs 202.72 crore in interest. The company states that the demand is primarily due to a clerical error by the Income Tax Department, which failed to correctly credit Rs 225.89 crore in taxes paid by the erstwhile Tata Capital Financial Services Limited. Instead, the department erroneously credited only Rs 16.36 crore, leading to a short credit of Rs 209.52 crore and consequential interest. The company intends to file a rectification application and expects a favorable outcome with no material financial impact.
Key Highlights
Total tax demand of Rs 413.18 crore raised for FY 2017-18, including interest of Rs 202.72 crore.
The demand relates to the erstwhile Tata Capital Financial Services Limited, which merged with Tata Capital on April 1, 2023.
A clerical error resulted in a short credit of taxes worth Rs 209.52 crore, as the department credited the wrong entity's tax payments.
The company is contesting additional disallowances with a tax impact of Rs 26.31 crore through the appeals process.
Management expects no material impact on financials as the primary demand is based on apparent record errors.
💼 Action for Investors
Investors should view this as a procedural tax matter rather than a fundamental business risk, given the apparent clerical nature of the tax credit error. Monitor for updates on the rectification application to ensure the demand is successfully vacated.
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Tata Chemicals Completes 100% Acquisition of Novabay Pte. Limited
Tata Chemicals Limited, through its wholly owned subsidiary Tata Chemicals International Pte. Limited (TCIPL), has successfully completed the acquisition of 100% equity share capital of Novabay Pte. Limited on March 19, 2026. This follows the initial agreement signed on December 19, 2025, after all conditions precedent were met. The acquisition marks a significant step in the company's international expansion strategy. Investors should note that Novabay is now a step-down subsidiary of the company.
Key Highlights
Completed 100% equity acquisition of Novabay Pte. Limited via subsidiary TCIPL
Transaction finalized on March 19, 2026, following the December 2025 agreement
All conditions precedent specified in the Share Purchase Agreement have been fulfilled
Novabay Pte. Limited becomes a step-down subsidiary of Tata Chemicals Limited
💼 Action for Investors
Investors should monitor upcoming quarterly earnings to assess the financial contribution and synergy benefits of this acquisition. The stock remains a watch for long-term growth in the specialty chemicals space.
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CreditAccess Grameen Allots USD 40 Million Secured Non-Convertible Bonds
CreditAccess Grameen Limited has successfully completed the allotment of 4,000 USD-denominated Non-Convertible Bonds, raising a total of USD 40 million. These secured, rated, and listed bonds have a face value of USD 10,000 each and a tenure of 60 months. The interest rate is set at a floating rate of 240 basis points plus Term SOFR, with interest payments scheduled on a half-yearly basis. This issuance on NSE IFSC Limited signifies the company's ability to access international capital markets for long-term funding.
Key Highlights
Allotment of 4,000 USD-denominated Non-Convertible Bonds aggregating to USD 40 million.
Bonds carry a tenure of 60 months with a floating coupon of 240 basis points plus Term SOFR.
The issuance is secured by an exclusive first ranking charge over specific loan receivables and book debts.
The bonds will be listed on NSE IFSC Limited, enhancing international investor exposure.
Interest payments are scheduled on a half-yearly basis with principal repayment as per the Information Memorandum.
💼 Action for Investors
Investors should view this as a positive development as it diversifies the company's borrowing profile and provides long-term capital. Monitor the company's cost of funds and deployment of this capital into high-yield microfinance assets.
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Delta Corp and Subsidiary Receive GST Tax Demand Notices Totaling INR 1,752.39 Crore
Delta Corp Limited and its subsidiary, Highstreet Cruises and Entertainment, have received fresh GST demand notices for FY 2022-23 totaling approximately INR 1,752.39 crore. The demand arises from the tax authorities' calculation based on 'gross bet value' rather than 'gross gaming revenue,' a long-standing point of contention for the casino industry. While the company intends to challenge these notices legally, the sheer magnitude of the demand represents a significant potential liability. Investors should note that similar demands for previous years (2017-2022) are currently stayed by the Supreme Court of India.
Key Highlights
Total tax demand of INR 1,752.39 crore including interest and penalty for the period FY 2022-23.
Delta Corp Limited faces a standalone demand of INR 1,350.26 crore.
Subsidiary Highstreet Cruises and Entertainment Pvt. Ltd. faces a demand of INR 402.13 crore.
The demand is based on the estimated gross bet value of all games played at the casinos.
The Supreme Court has previously stayed similar notices for the period July 2017 to March 2022.
💼 Action for Investors
Investors should exercise caution as these massive tax demands create a persistent overhang on the stock's valuation. The primary trigger for the stock will be the final verdict from the Supreme Court regarding the industry-wide dispute over gross bet value versus gross gaming revenue.