Analysts/Institutional Investor Meet/Con. Call Updates

November 02, 2026 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400001 Bandra (East), Mumbai – 400051 Scrip Code: 544574 Symbol: TATACAP Dear Sir / Madam, Sub.: Transcript of Media call and Earnings Conference call with Analysts and Investors for the quarter and half year ended September 30, 2026 Ref.: Tata Capital Limited (“Company”) We wish to inform you that pursuant to Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, the transcripts of the media call and earnings conference call with analysts and investors held on October 27, 2026, in relation to the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026, are enclosed herewith. The same is also available on the website of the Company at the below link: https://www.tatacapital.com/about-us/investor-information-and-financials.html We request you to take the above on record. Thanking you, Yours faithfully, For Tata Capital Limited Sarita Kamath Chief Compliance Officer and Company Secretary Encl.: as above “Tata Capital Limited Q2 FY27 Media Conference Call” October 27, 2026 MANAGEMENT: MR. RAJIV SABHARWAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – TATA CAPITAL LIMITED Page 1 of 7 Tata Capital Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Tata Capital Q2 FY27 Media Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on touchtone phone. I now hand the conference over to Mr. Rajiv Sabharwal, Managing Director and CEO of Tata Capital. Thank you and over to you, sir. Rajiv Sabharwal: Thank you very much. Good evening, everyone, and thank you for joining us. Let me start with the macro environment. The Indian economy continues to demonstrate strong fundamentals and broad-based momentum despite external headwinds. GDP grew by 7.8% in the first quarter of FY27, supported by healthy investment activity and steady private consumption. Credit demand also remained resilient during the second quarter. At the same time, we remain watchful of inflationary pressures arising from food and energy prices, geopolitical developments in West Asia, and their potential implication for consumption and interest rates. Following the RBI's 25 basis points repo rate increase in October and the gradual recalibration of system liquidity, we expect funding conditions to become less accommodative. Nevertheless, India's growth drivers remain supportive and we continue to see an environment supportive of credit growth. Turning to our performance, consolidated AUM crossed the INR3 lakh crores milestone and stood at INR3,08,030 crores, growing at 26% year-on-year and 6% sequentially. If we exclude the motor finance business, the AUM grew by 32% year-on-year. Profit after tax stood at INR1,660 crores for quarter 2, increasing 51% year-on-year and 7% sequentially. The return on assets stood at 2.3% and excluding Motor Finance, it was 2.5%. Our ROE crossed 14%. Asset quality remained resilient. Gross Stage 3 assets were stable at 1.9%, while the provision coverage ratio improved to 59%. The annualized credit cost declined to 0.9% in Q2 over 1.0% in Q1. Retail and SME businesses remain central to our strategy and account for approximately 85.4% of the consolidated AUM, providing a diversified, granular, and resilient portfolio. Disbursements across our high-margin businesses grew by 40% year-on-year, while AUM growth increased to 14%, up from 10% in Q1, while maintaining healthy yields. Tata Capital Housing Finance continued its strong trajectory. The AUM at Tata Capital Housing Finance reached INR95,098 crores, increasing 26% year-on-year and 6% sequentially. The profit after tax for quarter 2 at Tata Capital Housing Finance stood at INR552 crores. Return on assets was 2.5% and ROE was 18%. We also added 23 locations across affordable and micro-housing during the quarter, further deepening our presence in under-penetrated markets and supporting greater portfolio diversification. Our branch network now is approximately 1,515 branches across 1,094 locations in 26 states and union territories. Supported by our digital model, we serve more than 9.2 million Page 2 of 7 Tata Capital Limited October 27, 2026 customers. Our expanding distribution, digital, and data capabilities position us to deepen customer relationships, improve accessibility, and pursue growth opportunities efficiently. Our AAA rating continues to support a diversified and stable funding profile. Total borrowings stood at approximately INR2.61 lakh crores, while available liquidity was around INR36,400 crores. The cost of funds marked increased marginally to 7.33% from 7.28% in the previous quarter. In response to the evolving interest rate environment, our ALCO approved a 20 to 25 basis points increase in prime lending rates on the floating rate portfolio. This repricing is expected to support an improving NIM plus fee trajectory in quarter 4. Operating efficiency continued to improve with cost-to-income declining by 438 basis points year-on-year to now 35.3%. Consolidated AUM grew 26% year-on-year compared with a headcount growth of 6%, demonstrating improved productivity, scalability, and operating leverage across the organization. Technology and AI remain integral to our operating model. Today, 99% of our customers are digitally onboarded, 98% of retail disbursements are supported by scorecard and business rule engine decisioning, and 99% of our collections take place through digital channels. AI is increasingly embedded across customer acquisition, underwriting, operations, servicing, and collections. These initiatives are helping improve turnaround times, strengthen risk monitoring, enhance customer experience, and lower the cost of servicing. On the regulatory front, we continue to engage proactively with regulators and industry bodies. On revolving credit, FIDC, the SRO has submitted its recommendations to RBI and we are also evaluating alternative product structures to mitigate any potential impact. On insurance, the proposals are still at a draft stage and industry consultations are ongoing. It is therefore premature to quantify the impact. Insurance remains an important risk cover for our customers and integral to our underwriting, and we will have greater clarity once the final regulations are issued. To conclude, quarter 2 FY27 delivered healthy, diversified growth, resilient portfolio quality, and disciplined execution, supported by strong capital, diversified funding, and continued investment in distribution, technology, and AI. We remain focused on building a larger, stronger, and more resilient financial services franchise and are confident of delivering on our guidance and creating long-term value for our stakeholders. With that, we would be happy to take your questions. Moderator: Thank you very much. We will now begin the question-and-answer session. First question is from the line of Shrishti Sharma from ET BFSI. Please go ahead. Shrishti Sharma: Thank you. Good evening, everyone. Mr. Sabharwal, while you have already addressed the revolving credit part, I would request you if you could elaborate more on, what is the path you would be taking in case the draft norms come out the way they are. To add, your peers have already announced launching of some new loan variants, as a backup to the fact that revolving credit might be re-banned by RBI given your exposure is somewhat below 5%. Page 3 of 7 Tata Capital Limited October 27, 2026 Rajiv Sabharw [Showing first 8,000 characters — download PDF for full document]