Entering gold financing via an acquisition Quick Note

研报英文原文证据摘录

Entering gold financing via an acquisition Quick Note

Global Markets Research

Tata Capital TATC.NS TATACAP IN 13 July 2026

EQUITY: FINANCIALS

RatingEntering gold financing via an acquisition Remains Buy

Target price INR 400 RemainsQuick Note

Closing priceTata Capital today announced (link) the acquisition of an 88.6% stake in a Kerala-based gold 13 July 2026 INR 361

financing NBFC Yogakshemam Loans Limited (YogLoans) (unlisted). YogLoans’ AUM stood at

INR7.08bn as of FY26, about 0.3% of Tata Capital’s consolidated AUMs. Over 85% of YogLoans’

book is in gold loans, while the remaining comprises two-wheeler, business loans, consumer Research Analysts

durable and home loans. With the acquisition value capped at INR3.18bn and primary infusion of India FinancialsINR0.9bn, the deal valuation stood at 2x P/B (post-money), in our view. We believe Tata Capital

Shreya Shivani - NFASLcontinues to expand its presence in the higher-yielding product segment with its entry into gold shreya.shivani@nomura.com

finance. We maintain Buy and residual income methodology-based TP of INR400; stock currently +91 22 403 74804

trades at 2.4x FY28F.

Ankit Bihani - NFASL

Acquired both book and expertise; competition heating up, diversification is key ankit.bihani@nomura.com

+91 22 403 74135

• With this acquisition, Tata Capital is the latest entrant into gold financing. The current leadership

Shreyas Pimple - NFASL team of YogLoans (990+ employees led by Mr I. Unnikrishnan) will continue post-acquisition, shreyas.pimple@nomura.com

thus bringing expertise for Tata Capital. Mr. Unnikrishnan was associated with Manappuram +91 22 403 74029

Finance (MGFL IN, uncovered) as ED, Deputy CEO till 2014 (link). YogLoans currently has

162 branches, mainly in South India (link).