Shravan Shetty, Managing Director, Primus Partners, shares her view that Tata Capital is likely to list slightly above the upper end of its price band, around ₹326 per share. This valuation would translate to a P/E ratio of nearly 34, comparable to Bajaj Finance, which enjoys one of the highest valuations in the NBFC sector.

She highlights that Tata Capital’s premium valuation stems from the strong Tata brand equity and its position as a leading NBFC that has demonstrated consistent growth alongside improving operational metrics.