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Tata Investment Corporation Limited
NSE: TATAINVESTFinancial ServicesCapital Markets
- Last close
- ₹548.50
- Day change
- −₹16.15 (−2.86%)vs
- Market cap
- ₹31,184 crIndian rupees
- Research updated
- 1 report
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About Tata Investment Corporation
Tata Investment Corporation Limited is a publicly traded investment company. It primarily focuses on acquiring and managing portfolio investments consisting of long-term holdings in diverse industries. The company serves as a vehicle for the Tata Group's investment activities, showcasing a wide-ranging portfolio that includes stakes in core sectors such as automotive, energy, consumer goods, and technology. Operating as a non-banking financial company, Tata Investment Corporation Limited plays a crucial role in allocating capital across its targeted industries, leveraging the overall strategic objectives and synergies of the Tata Group. It aims to enhance shareholder value through a combination of prudent investment strategies and active management of its portfolio. Tata Investment Corporation Limited is instrumental in providing exposure to a broad array of sectors within the Indian economy, representing the growth and diversification philosophies of its parent conglomerate, the Tata Group. Its market significance is evidenced by its legacy and substantial influence within the financial ecosystem in India, contributing to the broader investment landscape by supporting innovative and sustainable business ventures.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: TATAINVEST
- Next results
- Employees
- 24
- Headquarters
- Mumbai, India
- ISIN
- INE672A01026
- Website
- tatainvestment.com
Public research · Report of
Business model & financial foundation
Tata Investment (NSE: TATAINVEST), Investment holding company (RBI-registered NBFC - Investment Company, middle layer): revenue of ₹397.3 crore in FY26 (+30.2% on FY25), an EBITDA margin of 89.4%, net profit of ₹433.7 crore and net cash of ₹182.1 crore.
- Revenue, FY26 (₹ crore)
- 397.3
- consolidated
- Revenue growth, FY26
- +30.2%
- on FY25
- EBITDA margin, FY26
- 89.4%
- EBITDA (revenue from operations less employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 433.7
- to owners
- Return on equity, FY26
- 1.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -182.1
- Prefs less cash other banks and CDs (exleases)
- Market capitalisation (₹ crore)
- 34,503
- at the close of 15 Oct 2026
Company profile
Tata Investment Corporation (TICL), promoted by Tata Sons in 1937, is an RBI-registered middle-layer NBFC (investment company) that holds a long-term portfolio of listed and unlisted equities, mostly minority stakes in Tata group companies (Titan, Trent, Tata Consumer, Tata Capital, Indian Hotels, Voltas, Tata Chemicals and others), plus debt, mutual funds and an investment property. It earns dividends, interest, rent and fair-value gains; realised gains on equity sales go to retained earnings through OCI rather than the P&L. It is debt-free, employs 22 people and pays out roughly 40% of consolidated profit.
| Item | Value |
|---|---|
| Legal name | Tata Investment Corporation Limited (formerly The Investment Corporation of India Limited) |
| Exchange and ticker | NSE: TATAINVEST; BSE: 501301 |
| ISIN | INE672A01026 |
| CIN | L67200MH1937PLC002622 |
| Sector | Financial Services |
| Industry | Investment holding company (RBI-registered NBFC - Investment Company, middle layer) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Chokshi & Chokshi LLP and CNK & Associates LLP (joint statutory auditors) (since FY26) |
| Market capitalisation | ₹34,503 crore (15 Oct 2026) |
| Shares outstanding | 50.60 crore shares (FY26) |
| Price | ₹616.3 (close, 15 Oct 2026) |
| 52-week range | ₹538.8 - ₹1,012 (to 15 Oct 2026) |
| Website | https://tatainvestment.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (68.51%; promoter group 73.38%).
| Entity | Holding | Business |
|---|---|---|
| Simto Investment Company Limited | 100% | Wholly owned investment company |
| Tata Asset Management Private Limited (associate) | 32.09% | Asset manager of Tata Mutual Fund, AUM about Rs 2.03 lakh crore at 31 Mar 2026 |
| Tata Trustee Company Private Limited (associate) | 50% | Trustee company of Tata Mutual Fund |
| Amalgamated Plantations Private Limited (associate) | 24.61% | Tea plantations |
Portfolio of 91 investee companies at 31 Mar 2026 (76 quoted); about 85% of listed equity is in Tata group companies; small stake (~0.25%) in Tata Sons itself.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.38% | 73.38% | 73.38% | 73.38% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.69% | 2.54% | 2.62% | 2.66% |
| of which mutual funds | 0.11% | 0.12% | 0.13% | 0.14% |
| Retail | 14.07% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
TICL is a middle-layer investment NBFC, not a lending franchise. Consolidated reporting includes wholly owned Simto and equity-accounted associates. TataAMC at32.09% is economically important, but its managed assets are not TICL-owned assets. Listed equity and most unlisted holdings are long-term investments; FVOCI marks change equity and realised gains transfer to retained earnings, not P&L. Dividend, interest, FVTPL return and property rent are the income stack. No separate reportable segment is disclosed.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Holdings & Investment (BAJAJHLDNG) | |
| Maharashtra Scooters (MAHSCOOTER) | Pure-play listed group holdco (Bajaj) with minority stakes, similar dividend-pass-through model |
| JSW Holdings (JSWHL) | Group investment company with minority stakes in listed group firms |
| Nalwa Sons Investments (NSIL) | Jindal group investment company |
| BF Investment (BFINVEST) | Kalyani group investment company |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Other operating costs (vendor classification) * | 11.8 | 17.9 | 17.7 | 21.7 | 23.7 |
| Dividend income | 211.4 | 225.4 | 244.4 | ||
| Interest income | 56.7 | 42.0 | 33.6 | ||
| Net gain on fair value changes | 115.0 | 36.4 | 107.1 | ||
| Rental income from investment property | 0.00 | 1.25 | 12.3 | ||
| Revenue from operations | 383.1 | 305.1 | 397.3 | ||
| Other income | 2.83 | 1.13 | 6.13 | ||
| Employee benefits expense | 15.1 | 17.0 | 18.2 | ||
| Other expenses incl. CSR | 17.8 | 21.9 | 23.9 | ||
| Depreciation and amortisation | 0.94 | 1.66 | 3.89 | ||
| Finance cost | 10.8 | 0.16 | 0.57 | ||
| Share in profit of associates | 64.6 | 103.0 | 117.1 | ||
| Profit before tax | 405.9 | 368.5 | 474.1 | ||
| Tax expense | 21.0 | 56.4 | 40.4 | ||
| Profit after tax | 385.0 | 312.1 | 433.7 | ||
| Diluted EPS (Re 1 FV, split-adjusted) (INR per share) | 7.61 | 6.17 | 8.57 | ||
| EBITDA (revenue from operations less employee and other expenses) | 350.2 | 266.2 | 355.3 | ||
| Profit attributable to owners | 385.0 | 312.1 | 433.7 | ||
| Realised gain on equity sales credited to retained earnings (net of tax) | 332.1 | 388.2 | 345.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (consolidated) | 19,678 | 19,574 | 29,965 | 31,091 | 29,221 |
| Debt-like preference liabilities excluding leases | 1.88 | 241.6 | 0.56 | 0.57 | 0.61 |
| Cash equivalents and other banks incl earmarked balances | 10.3 | 4.54 | 341.8 | 17.0 | 10.5 |
| Trade payables | 3.59 | 3.87 | 8.50 | 3.27 | 7.44 |
| Total assets | 32,870 | 34,842 | 32,652 | ||
| Prefs less cash other banks and CDs (exleases) | -469.7 | -16.4 | -182.1 | ||
| Net deferred tax liability (mainly on FVOCI equity gains) | 3,708 | 3,362 | |||
| Lease liabilities | 0.41 | 2.22 | 1.40 | ||
| Trade receivables | 5.72 | n.d. | 0.95 | ||
| Inventories | n.d. | n.d. | n.d. | ||
| Cash and cash equivalents only | 110.5 | 8.08 | 1.93 | ||
| Other banks partly pledged or earmarked | 231.4 | 8.88 | 8.58 | ||
| Certificates of deposit at amortised cost | 128.4 | n.d. | 172.2 | ||
| Commercial paper investment assets | 148.4 | n.d. | |||
| Prefs less available cash and CDs excluding other banks | -7.51 | -173.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations after taxes | 187.8 | 281.3 | 234.9 | 206.2 | 279.4 |
| Free cash flow (vendor definition) * | 122.3 | 229.4 | 234.7 | 205.5 | 279.1 |
| Dividend cash paid negative outflow | -121.4 | -278.3 | -242.9 | -141.7 | -136.6 |
| Cash purchases of PPE negative outflow | -0.14 | -0.22 | -0.18 | -0.74 | -0.32 |
| Net investing cash flow | 365.8 | -166.0 | -148.0 | ||
| Net financing cash flow | -494.7 | -142.6 | -137.6 | ||
| Investment purchases negative outflow | -12,257 | -29,711 | -12,745 | ||
| Cash investment sale proceeds | 12,816 | 29,484 | 12,598 | ||
| Investment property purchases negative outflow | -158.1 | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Paid-up shares split-adjusted to Re1 FV | 5.06 | 5.06 | 50.60 | 50.60 | 50.60 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Other operating costs (vendor classification) * | 6.74 | 5.75 | 5.37 | 7.04 | ||||
| Dividend income | 102.1 | 11.2 | 28.0 | 89.2 | 116.4 | 13.2 | 25.5 | 113.3 |
| Interest income | 9.14 | 9.63 | 8.31 | 7.95 | 7.35 | 8.39 | 9.88 | 13.1 |
| Net gain on fair value changes | 31.2 | -17.2 | -21.1 | 45.4 | 27.3 | 33.4 | 1.01 | 22.0 |
| Rental income (reported or implied residual) | 0.00 | 0.00 | 1.25 | 2.91 | 2.91 | 2.97 | 3.55 | 3.32 |
| Revenue from operations | 142.5 | 3.71 | 16.4 | 145.5 | 154.0 | 57.9 | 40.0 | 151.7 |
| Other income | 0.14 | 0.09 | 0.18 | 0.71 | 0.36 | 2.88 | 2.18 | 0.45 |
| Employee benefits expense | 4.24 | 4.40 | 4.06 | 4.30 | 4.34 | 4.50 | 5.02 | 4.70 |
| Other expenses incl. CSR | 4.93 | 4.75 | 4.98 | 6.74 | 6.02 | 5.75 | 5.37 | 7.04 |
| Depreciation and amortisation | 0.24 | 0.27 | 0.92 | 1.01 | 0.96 | 0.96 | 0.96 | 0.96 |
| Finance cost | 0.02 | 0.06 | 0.06 | 0.10 | 0.08 | 0.05 | 0.34 | 0.10 |
| Share in profit of associates | 23.2 | 26.3 | 29.2 | 33.9 | 24.5 | 31.3 | 27.5 | 41.8 |
| Profit before tax | 156.4 | 20.6 | 35.8 | 167.9 | 167.4 | 80.8 | 57.9 | 181.1 |
| Tax expense | 32.7 | 0.96 | -1.91 | 21.6 | 19.3 | 5.41 | -5.90 | 37.6 |
| Profit after tax | 123.7 | 19.6 | 37.7 | 146.3 | 148.2 | 75.4 | 63.8 | 143.5 |
| Diluted EPS (Re 1 FV, split-adjusted) (INR per share) | 2.45 | 0.39 | 0.75 | 2.89 | 2.93 | 1.49 | 1.26 | 2.84 |
| EBITDA (revenue from operations less employee and other expenses) | 133.3 | -5.44 | 7.39 | 134.4 | 143.6 | 47.7 | 29.6 | 139.9 |
| Profit attributable to owners | 123.7 | 19.6 | 37.7 | 146.3 | 148.2 | 75.4 | 63.8 | 143.5 |
| Realised gain on equity sales credited to retained earnings (net of tax) | 235.3 | 65.1 | 16.9 | 74.3 | 167.1 | 72.9 | 30.8 | 68.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -20.4% | 30.2% | |||
| EBITDA margin | 91.4% | 87.3% | 89.4% | ||
| Net margin | 100.5% | 102.3% | 109.1% | ||
| Return on equity | 1.6% | 1.0% | 1.4% | ||
| Return on assets | 1.2% | 0.9% | 1.3% | ||
| Net debt (₹ crore) | -469.7 | -16.4 | -182.1 | ||
| Net debt / EBITDA | -1.34x | -0.06x | -0.51x | ||
| Asset turnover | 0.01x | 0.01x | 0.01x | ||
| Receivable days | 5 | 1 | |||
| Payable days (on revenue) | 8 | 4 | 7 | ||
| Cash conversion | 0.61x | 0.66x | 0.64x | ||
| Capex intensity | 0.0% | 0.2% | 0.1% | ||
| Free cash flow (₹ crore) | 187.6 | 281.0 | 234.7 | 205.5 | 279.1 |
| Dividend payout | 63.1% | 45.4% | 31.5% | ||
| EPS, diluted (₹) | 7.61 | 6.17 | 8.57 | ||
| Book value per share (₹) | 3,889 | 3,869 | 592.3 | 614.5 | 577.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue from operations less employee and other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Prefs less cash other banks and CDs (exleases); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue from operations less employee and other expenses).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (Re 1 FV, split-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Investment Corporation includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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