NUVAMA ON TATA CAPITAL
MAINTAIN HOLD
TP ₹415
• Management targets 23–25% AUM growth over the medium to long term.
• Housing likely to be the key growth driver, while retail, SME & corporate lending should also grow at a healthy pace.
• Unsecured retail loans could rise to 12–12.5% by FY28 from ~10% currently, while remaining capped at 15%.
• Improving margins & operating leverage expected to support RoA and RoE.
• Nuvama expects healthy returns over FY27–29.
• Current valuations leave limited room for execution misses, restricting meaningful upside.
August 27, 2026 124
