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Tata Capital vs Bajaj Finance vs Shriram Finance: How do they stack up against each other?
4 min read | Updated on October 06, 2025, 13:13 IST
SUMMARY
Tata Capital IPO opened for subscription on October 6. The NBFC arm of the Tata Group plans to raise ₹15,511.87 via a combination of fresh issue and offer-for-sale. As Tata Capital prepares to enter the public markets, here’s a comparative look at how it stacks up against major NBFCs like Bajaj Finance and Shriram Finance across key metrics such as revenue, profitability, asset quality, and distribution scale.
Stock list
Tata Capital is the third-largest diversified NBFC in India with total gross loans of ₹2.33 lakh crore.
According to the CRISIL report, Tata Capital is the third-largest diversified NBFC in India with total gross loans of ₹2.33 lakh crore as of June 30, 2025. Its total gross loans grew at a CAGR of 37.3% in the last three fiscal years.
The company started lending operations in 2007 and has served about 7.3 million customers as of June 30, 2025, in retail, SME, and corporate segments. Its portfolio includes more than 25 lending products that cover salaried professionals, self-employed persons, small businesses, and large corporations. Loans to retail and SME customers accounted for 87.5% of total gross loans as of June 30, 2025.
Tata Capital will use net IPO proceeds to augment the Tier-I capital base for future capital requirements.
Upon listing, Tata Capital will compete with listed NBFC peers like Bajaj Finance, Shriram Finance, and other companies that have already established significant market presence in the NBFC industry.
FY25 financial overview
Bajaj Finance outperform Tata Capital and Shriram Finance across key metrics, including revenue, profitability, and market valuation. Bajaj Finance has a larger market cap of ₹6.27 lakh crore compared to Tata Capital (₹1.38 lakh crore) and Shriram Finance (₹1.25 lakh crore). Meanwhile, the Net Interest Income (NII) and Net Interest Margin (NIM) of Bajaj Finance is higher than its peers.
| Metric (₹ Cr) | Tata Capital | Bajaj Finance | Shriram Finance |
|---|---|---|---|
| Net Total Income | ₹28,369.8 | ₹69,724.7 | ₹41,859.4 |
| Net Interest Income (NII) | ₹7445.6 | ₹33,111 | ₹22,835 |
| Net Profit | ₹3664 | ₹16,637 | ₹9,761 |
| EPS | ₹9.3 | ₹268.9 | ₹51.9 |
| Net Interest Margin (NIM) | 5.2% | 9.9% | 9.6% |
| Return on Equity (ROE) | 12.6% | 19.2% | 18.6% |
| Return on Assets (ROA) | 1.8% | 2.2% | 4.3% |
| Market Cap | ₹1.38 lakh crore | ₹6.27 lakh crore | ₹1.25 lakh crore |
AUM and cost of funds
Bajaj Finance's AUM of ₹4.44 lakh crore is twice compared to Tata Capital and Shriram Finance, while Bajaj Finance also leads on AUM YoY growth rate.
| Metric | Tata Capital | Bajaj Finance | Shriram Finance |
|---|---|---|---|
| Assets Under Management (AUM) | ₹2.33 lakh crore | ₹4.44 lakh crore | ₹2.72 lakh crore |
| AUM growth | 17.4% YoY | 25% YoY | 16.6% |
| Average cost of borrowings | 7.8% | 7.8% | 8.7% |
Asset quality
Bajaj Finance demonstrates superior asset quality with lower gross and net NPA ratios compared to Tata Capital and Shriram Finance
| Metric | Tata Capital | Bajaj Finance | Shriram Finance |
|---|---|---|---|
| Gross NPA | 2.1% | 1.0% | 4.5% |
| Net NPA | 1.0% | 0.5% | 2.6% |
| Provision Coverage | 53.9% | 51.9% | 44.3% |
Branch network and customer base
Bajaj Finance has broader coverage with 4192 branches, which is significantly larger compared to Tata Capital and Shriram Finance. Meanwhile, Bajaj Finance’s customer base is 10 times more than that of Tata Capital and Shriram Finance.
| Metric* | Tata Capital | Bajaj Finance | Shriram Finance |
|---|---|---|---|
| Number of branches | 1516 | 4192 | 3,225 |
| Number of customers | 0.73 crore | 10.6 crore | 0.97 crore |
| Number of employees | 28,813 | 65,528 | 79,186 |
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