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TCI Finance Overview

1. Business Overview

TCI Finance Ltd. is an Indian Non-Banking Financial Company (NBFC). Its core business involves providing various financial services, primarily extending credit and financing to individuals, businesses, and potentially specific sectors. As an NBFC, it operates by borrowing funds (from banks, capital markets, or public deposits, if licensed) and then lending these funds at a higher interest rate, thereby generating revenue through the net interest margin. It may also earn fee income from financial advisory or related services. The company's operations are regulated by the Reserve Bank of India (RBI).

2. Key Segments / Revenue Mix

Without specific detailed financial reports, the precise revenue mix and key segments are not available. However, typical NBFCs like TCI Finance Ltd. might operate across various lending segments such as:

Corporate lending/MSME finance

Vehicle finance (commercial or passenger vehicles)

Equipment finance

Personal loans

Loan against property (LAP)

Securities backed loans

Revenue is primarily derived from Net Interest Income (NII), which is the difference between interest earned on assets (loans) and interest paid on liabilities (borrowings), complemented by non-interest income such as processing fees, advisory fees, and other charges.

3. Industry & Positioning

TCI Finance Ltd. operates in the highly competitive Indian finance sector, specifically within the NBFC landscape. This industry is characterized by the presence of large public and private sector banks, numerous other NBFCs (including specialized players like housing finance companies, microfinance institutions, etc.), and emerging fintech companies. NBFCs often cater to segments underserved by traditional banks due to faster decision-making, flexible credit assessments, or specialized product offerings. TCI Finance Ltd.'s positioning would depend on its scale, specific niche, geographic reach, and target customer segment within this diverse and regulated environment. Given its ticker, it likely operates as a listed entity, competing for market share with many established players.

4. Competitive Advantage (Moat)

Without specific information, it is challenging to definitively identify a strong competitive advantage for TCI Finance Ltd. Potential moats for financial companies include:

Scale and Cost Advantage: Larger players benefit from lower cost of funds and operational efficiencies.

Brand and Trust: A long-standing reputation can build customer loyalty.

Niche Expertise: Specialization in a particular asset class or customer segment where competition is less intense.

Distribution Network: A wide branch network or strong digital presence for customer acquisition and service.

Relationships: Deep-rooted relationships with specific customer groups or corporate entities.

For TCI Finance, any competitive edge would likely stem from efficient credit assessment, superior customer service in a specific geography or segment, or a strong promoter group providing financial and strategic backing.

5. Growth Drivers

Key factors that can drive growth for TCI Finance Ltd. over the next 3-5 years include:

Economic Growth: A growing Indian economy typically translates to higher demand for credit across all sectors (retail, corporate, MSME).

Financial Inclusion: Efforts to bring underserved populations and businesses into the formal credit system create new market opportunities for NBFCs.

Digital Adoption: Leveraging technology for faster loan processing, better customer reach, and improved operational efficiency can drive growth and reduce costs.

Infrastructure Development: Government focus on infrastructure can boost demand for equipment finance and project finance.

Demographic Dividend: Rising disposable incomes and a young population contribute to increased demand for personal loans, consumer durable finance, and housing loans.

6. Risks

Credit Risk: The primary risk for any lending institution is the possibility of loan defaults (Non-Performing Assets - NPAs) impacting asset quality and profitability.

Liquidity Risk: Mismatch between asset and liability maturities, or inability to raise sufficient funds at reasonable rates, can lead to liquidity crises.

Interest Rate Risk: Fluctuations in interest rates can impact Net Interest Margins, especially if assets and liabilities reprice at different intervals.

Regulatory Risk: Changes in RBI regulations, capital adequacy norms, or lending guidelines can impact business models and profitability.

Competition: Intense competition from banks and other NBFCs can lead to pressure on lending rates and market share.

Economic Downturn: A slowdown in the broader economy can lead to reduced credit demand and increased NPAs.

7. Management & Ownership

As an Indian listed company, TCI Finance Ltd. typically has a promoter group holding a significant stake, alongside institutional and public shareholders. The quality of management is critical for an NBFC, encompassing experience in financial services, risk management capabilities, strategic vision, and adherence to regulatory compliance. Information on specific management quality or promoter details is not provided here and would require further investigation of company filings and corporate governance reports.

8. Outlook

The outlook for TCI Finance Ltd., like other NBFCs in India, presents a dual picture. The bull case rests on the robust credit demand driven by India's economic growth trajectory, increasing financial inclusion, and the potential for leveraging digital transformation for efficient operations and wider reach. NBFCs often play a crucial role in bridging credit gaps left by traditional banks, serving niche markets and smaller borrowers. The bear case, however, highlights significant inherent risks. These include potential deterioration in asset quality, the constant pressure of rising interest rates, intense competition from a diverse set of financial institutions, and the evolving regulatory landscape which can impact operational flexibility and capital requirements. Maintaining a strong balance sheet, robust risk management practices, and efficient capital allocation will be key to navigating these challenges and capitalizing on growth opportunities.

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TCI Finance Key Financials

Market Cap ₹17 Cr.

Stock P/E 4.8

P/B -0.2

Current Price ₹13.4

Book Value ₹ -60.9

Face Value 10

52W High ₹38.1

Dividend Yield 0%

52W Low ₹ 10.6

TCI Finance Share Price

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Volume
Price

TCI Finance Quarterly Price

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TCI Finance Peer Comparison

TCI Finance Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Operating Revenue 0 0 0 0 0 0 0 0 0 0
Other Income 0 1 0 0 0 0 7 0 0 0
Total Income 0 1 0 0 0 0 7 0 0 0
Total Expenditure 0 0 0 0 0 0 2 0 0 0
Operating Profit 0 0 -0 -0 -0 -0 5 -0 -0 -0
Interest Expense 0 0 0 0 0 0 0 0 0 1
Depreciation 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 -0 -0 -0 -0 5 -0 -0 -1
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 -0 -0 -0 -0 5 -0 -0 -1
Adjustments 0 0 0 0 0 0 0 0 -0 0
Profit After Adjustments 0 0 -0 -0 -0 -0 5 -0 -0 -1
Adjusted Earnings Per Share 0 0.2 -0.4 -0.4 -0.2 -0.2 3.5 -0.3 -0.3 -0.8

TCI Finance Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Operating Revenue 13 11 12 12 10 4 4 5 0 1 0 0
Other Income 1 0 2 0 1 0 0 46 0 1 7 7
Total Income 14 11 14 12 12 4 4 51 0 1 7 7
Total Expenditure 1 1 1 1 2 53 10 82 1 1 3 2
Operating Profit 13 10 13 11 10 -48 -5 -31 -1 0 3 5
Interest Expense 5 8 9 9 6 4 2 2 2 1 0 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 8 2 4 2 3 -52 -8 -32 -3 -0 4 4
Provision for Tax 1 0 1 0 1 0 0 1 0 0 0 0
Profit After Tax 7 2 4 2 2 -52 -8 -33 -3 -0 4 4
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 7 2 4 2 2 -52 -8 -33 -3 -0 4 4
Adjusted Earnings Per Share 5.3 1.5 2.8 1.3 1.9 -40.6 -6 -25.6 -2 -0.4 2.8 2.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -100% -100% -100% -100%
Operating Profit CAGR 0% 0% 0% -14%
PAT CAGR 0% 0% 0% -5%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% 70% 20% -5%
ROE Average 0% 0% 0% 4%
ROCE Average 0% 0% 0% -10%

TCI Finance Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 40 42 46 47 38 -43 -30 -47 -63 -63 -75
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 22 21 20 16 30 23 22 20 8 7 2
Current Liability 33 39 36 36 73 90 88 87 99 3 2
Other Liabilities & Provisions 0 2 3 3 4 4 3 3 2 80 79
Total Liabilities 95 104 104 103 143 73 83 63 46 28 7
Loans 0 0 0 0 0 0 0 0 0 0 0
Investments 50 49 50 49 102 24 47 43 26 24 5
Fixed Assets 1 1 1 1 0 0 0 0 0 0 0
Other Loans 0 3 4 4 5 5 2 0 0 0 0
Other Non Current Assets 0 0 0 0 0 0 0 0 0 0 0
Current Assets 45 51 51 49 36 44 33 19 19 2 1
Total Assets 95 104 104 103 143 73 83 63 46 28 7

TCI Finance Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 4 0 0 0 0 0 0 0 0 2
Cash Flow from Operating Activities -28 -13 3 3 14 -23 2 -23 10 4 4
Cash Flow from Investing Activities 4 2 2 1 3 25 0 25 2 2 -0
Cash Flow from Financing Activities 28 7 -5 -4 -18 -3 -2 -3 -11 -4 -6
Net Cash Inflow / Outflow 4 -4 0 -0 -0 0 -0 0 -0 2 -2
Closing Cash & Cash Equivalent 4 0 0 0 0 0 0 0 0 2 1

TCI Finance Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 5.27 1.54 2.8 1.31 1.92 -40.64 -6.03 -25.61 -1.95 -0.37 2.78
CEPS(Rs) 5.28 1.56 2.82 1.33 1.93 -40.63 -6.01 -25.6 -1.94 -0.37 2.78
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 30.12 31.66 34.46 35.77 28.12 -34.49 -24.23 -37.34 -49.86 -50.25 -59.43
Net Profit Margin 51.22 17.61 29.48 14.35 23.97 -1243.29 -182.57 -728.22 0 -73.7 0
Operating Margin 99.06 91.76 104.9 90.75 92.98 -1149.59 -129.84 -680.09 0 6.67 0
PBT Margin 61.77 20.33 34.91 17.54 34 -1242.67 -182.57 -713.99 0 -73.7 0
ROA(%) 8.77 1.99 3.46 1.62 2 -48.31 -9.91 -45.04 -4.6 -1.3 20.47
ROE(%) 19.16 4.98 8.47 3.73 6 0 0 0 0 0 0
ROCE(%) 17.51 10.69 12.77 10.83 11.32 -172.19 0 0 0 0 0
Price/Earnings(x) 6.31 12.64 8.93 18.93 7.83 0 0 0 0 0 4.26
Price/Book(x) 1.1 0.61 0.73 0.69 0.53 -0.17 -0.2 -0.16 -0.07 -0.1 -0.2
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 6.84 7.46 7.04 6.95 5.2 8.25 7.39 6.67 0 18.04 0
EV/Core EBITDA(x) 6.9 8.11 6.69 7.64 5.58 -0.72 -5.72 -0.98 -16.64 132.81 4.62
Interest Earned Growth(%) -15 -14.97 8.61 -3.9 -12.42 -59.1 1.1 6.4 -99.98 0 -100
Net Profit Growth 21.3 -70.77 81.89 -53.22 46.26 -2221.52 85.15 -324.41 92.39 80.89 846.55
EPS Growth(%) 21.3 -70.77 81.89 -53.21 46.26 -2221.51 85.15 -324.41 92.39 80.89 846.47
Interest Coverage(x) % 2.66 1.28 1.5 1.24 1.58 -12.35 -2.46 -20.06 -0.64 0.08 0

TCI Finance Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 24.72 24.72 24.72 24.72 24.72 24.72 24.72 24.72 24.72 24.72
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 75.28 75.28 75.28 75.28 75.28 75.28 75.28 75.28 75.28 75.28
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

TCI Finance News

TCI Finance Pros & Cons

Pros

  • Stock is trading at -0.2 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 24.72%.
  • Company has a low return on equity of 0% over the last 3 years.
  • Earnings include an other income of Rs. 7 Cr.
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