As India’s corporate earnings season continues, two of the most talked-about IPO companies of 2025 — Atlanta Electricals and Tata Capital — have announced their Q3 FY26 results. Operating in vastly different sectors, the financials of both firms clearly highlight that strong domestic demand and disciplined execution are driving momentum across India’s industrial manufacturing and financial services space.
Tata Capital Q3 FY26 Results
| Metric | Q2 FY26 | Q3 FY26 | YoY Change | Q3 FY25 | QoQ Change |
| Net AUM | 2,15,574 | 2,34,114 | 26% | 1,86,404 | 9% |
| Net Interest Income | 2,637 | 2,936 | 26% | 2,323 | 11% |
| PAT (Excl. Labour Code Impact) | 1,128 | 1,285 | 39% | 922 | 14% |
| Cost-to-Income Ratio (%) | 36.6 | 35.7 | -440 bps | 40.1 | — |
| Credit Cost (%) | 1.1 | 1 | +10bps | 0.9 | — |
Including Motor Finance
| Metric | Q2 FY26 | Q3 FY26 | QoQ Change |
| Total AUM | 2,43,896 | 2,60,698 | 7% |
| PAT | 1,097 | 1,290 | 18% |
| GNPA / NNPA | 2.2 /1.1 | 2.2/1.0 | Stable |
| ROA / ROE | 1.9/12.9 | 2.1/13.1 | +20 bps |
Key Drivers:
- Retail + SME constitute ~87 % of AUM, maintaining diversification.
- Unsecured Retail loans = 10.4 % of AUM; slippages have declined sequentially.
- Cost of Funds fell to 7.2 % (–23 bps QoQ); liquidity buffer INR 34,888 cr.
- Employee base 29,725; branch network 1,505 locations in 27 states and UTs.
Atlanta Electricals Q3 FY26 Results
| Metric | Q3 FY25 | Q3 FY26 | YoY Change | 9M FY25 | 9M FY26 | YoY Change |
| Revenue from Operations | 262 | 472 | 80% | 832 | 1,104 | 33% |
| EBITDA | 41 | 91 | 120% | 125 | 195 | 56% |
| EBITDA Margin (%) | 15.9 | 19.4 | +350 bps | 15 | 17.7 | — |
| PAT | 22 | 43 | 95% | 74 | 100 | 35% |
| Order Book | 1,510 | 2,451 | 62% | — | — | — |
- INR 796 cr of fresh orders during the quarter, including INR 298 cr from GETCO and INR 134 cr from Adani Green Energy.
- Manufacturing capacity now 63,060 MVA across five plants and seven NABL-accredited labs.
- The recent acquisition of Atlanta Trafo adds high-voltage transformer capability up to 765 kV/1200 kV.
- Management confirmed the capex cycle is complete, with focus shifting to utilization and profitability.
Atlanta is best positioned to benefit from India’s INR 9.6 lakh crore grid investment pipeline through 2032, with high-voltage transmission, renewables, and export opportunities providing long-term tailwinds.
Operational & Strategic Commentary
| Key Focus Area | Atlanta Electricals | Tata Capital |
|---|---|---|
| Growth Drivers | Strong transformer demand; capacity expansion; renewable & export orders | Retail + SME lending; merger synergies; digital underwriting |
| Margins | EBITDA 19.4% (+350 bps YoY) | ROA 2.3%, ROE 14.3% (Excl. Motor Finance) |
| Asset Quality | Order book quality robust; zero major cancellations | GNPA 1.6%, NNPA 0.6% (ex-Motor Finance) |
| Leverage / Liquidity | Strong operating cashflows, minimal debt | D/E 5.1x, liquidity INR 34,888 cr |
| Strategic Focus | Shift from capex to utilization; high-voltage segment | AI-driven operations, housing & SME expansion, motor-finance turnaround |
Final Words
Atlanta Electricals and Tata Capital Q3 FY26 earnings reaffirm momentum across India’s industrial capex and credit growth cycles.
- Atlanta Electricals appears set for a multi-year expansion phase, aided by grid modernization and high-voltage opportunities.
- Tata Capital continues to deliver steady compounding through diversified lending, digital efficiency, and a disciplined risk framework.
As both management teams guide for double-digit growth into FY27, investors can view these results as clear evidence of strong fundamentals across India’s power equipment and diversified NBFC sectors.