| Directors Report
To the Members,
The Directors present herewith the 32nd Annual Report of Tata Asset Management Private Limited ("the Company" or "TAMPL") along with the audited financial statements for the financial year ended March 31, 2026. Pursuant to the provisions of Section 129(3) of the Companies Act,2013("the Act"), the audited consolidated financial statements of the Company are also presented.
1. Financial Summary and Highlights:
The financial performance of the Company on both standalone and consolidated basis for the financial year ending March 31,2026 is summarized as under: |
| | | | | | (Rs. in Crore) |
| Particulars | Standalone | Consolidated | |
| 2025-2026 | 2024-2025 | 2025-2026 | 2024-2025 | |
| Operating revenue | 847.41 | 713.19 | 832.16 | 747.88 | |
| Non-operating revenue | 1.92 | 0.73 | 2.11 | 0.68 | |
| Total Revenue | 849.33 | 713.92 | 834.28 | 748.55 | |
| Less: Total Expense (including depreciation) | 349.17 | 327.87 | 359.92 | 337.37 | |
| Profit for the year before Taxation | 500.17 | 386.05 | 474.36 | 411.18 | |
| Provision for Taxation | 108.44 | 92.49 | 109.42 | 91.30 | |
| Profit for the year after taxation | 391.72 | 293.55 | 364.94 | 319.88 | |
| 2. Dividend |
| Based on the Company's performance, the Directors have recommended a dividend of Rs. 81.5 00 (Previous Year: Rs. 56.00) per equity share at the rate of 815% (Previous Year:560%). The Dividend if approved by the Shareholders, would involve a cash outflow of Rs. 214 crores
(Previous year: Rs. 147 crores) on 2,62,50,000 equity shares. |
| 3. Review of Operations |
| 3.1. The Average Assets Under Management for the year 2025-2026 clocked in at Rs.
2,17,692.18 Crore from Rs. 1;77,082.19 Crore compared to the previous year, as per the following bifurcation: |
| Total | Equity Funds | Debt Funds | Cash Funds | |
| | Open Ended | Close Ended | Open Ended | Close Ended | Open Ended | Close Ended | |
| Year ended March 2026 | | |
| Number of Schemes | 66 | 48 | 0 | 16 | 0 | 2 | 0 | |
| AAUM (Rs.
Crore) | 2,17,692.
18 | 1,26,81
6.52 | 0 | 61256.93 | 0 | 29618.74 | 0 | |
| Year ended
March 2025 | | |
| Number of Schemes | 65 | 45 | 0 | 16 | 2 | 2 | 0 | |
| AAUM (Rs.
Crore) | 1,77,082.
19 | 1,09,33
4.86 | 0 | 39698.49 | 90.60 | 27958.24 | 0 | |
| 3.2 BUSINESSOUTLOOK |
| a. Financial Performance |
| o Assets Under Management -
i. Domestic Mutual Fund AAUM increased to ,2,17,845 crore, reflecting a 23% YoY growth over FY25.
ii. Overall AAUM across businesses reache,d2,35,685 crore. Tata AMC maintained
its rank as the 9th largest AMC in India and emerged as the third fastest growing large AMC with 21% QAAUM growth in Mar 26. |
| o Financials -
i. Revenue from operations stood at ,749 crore, representing 18% YoY growth.
ii. Profit before tax increased to ,497 crore, registering 29% YoY growth and exceeding budget.
iii. Total expenditure grew at a controlled pace of 10% YoY, supporting strong
operating leverage. Excluding one-off Gratuity provision due to change in labour laws, we are within budget.
iv. Other income increased to ,80 crore, aided by dividend income from offshore
subsidiaries. |
| b. Business Highlights
i. Healthy Asset Mix: Equity, Balanced & ETF AUM grew to ,1,13,840 crore AAUM, with strong growth in ETFs and Arbitrage categories.
ii. Fixed Income & Cash Leadership: Debt & Ultra short categories grew 43%, with Tata Money Market Fund continuing as the largest scheme in its category, crossing
,38,000 crore AUM.
iii. Folio Growth: Added over 41 lakh folios during FY26, taking total folios to ~1.2 crore, representing the fastest growth among large AMCs at 52% YoY.
iv. Product Strategy: Strategic entry into Specialised Investment Funds (SIF) and GIFT
City offerings; rationalised AIF and PMS Equity businesses. |
| v. Institutional Business: Institutional AUM crossed =U,04,000 crore, with �30,000 crore added in FY26; market share increased to 4.6%.
vi. SIP Momentum: Monthly SIP inflows for March 2026 stood at �952 crore, sustaining our participation despite industry and performance related volatility.
c. Other Notable Highlights
i. Digital Initiatives: Launched Investor App (10 lakh+ installs), beta-launched Distributor App, revamped website architecture, deployed an in-house Gen-Al layer, and commenced Salesforce CRM implementation across functions.
ii. Marketing Initiatives: Direct customer gross sales increased to �2,460 crore (+22% YoY); website users grew to 1.4 crore.
iii. Risk & Compliance: Zero SEBI penalties or breaches during the year
iv. TBEX: Assessment score improved to 541, up from 509 in the previous cycle.
v. CSR & Volunteering: Ensured 100% CSR budget utilization with multiple partner NGOs. zEmployees contributed 1,070+ volunteering hours, alongside new sustainability initiatives.
vi. Launched a Retail Branch at GIFT City and, in October 2025, introduced our first fund targeting retail inbound NRI and foreign investors. We plan to offer a full range of products at GIFT City for both international investors and domestic HNI clients via the LRS route.
vii. Introduced the Titanium Specialized Investment Fund for Mutual Fund and PMS/AIF operations. Our first strategy, the Titanium Hybrid Long Short Fund, launched in December 2025, aims for strong risk-adjusted returns by using derivatives. We plan to add new strategies in Equity, Hybrid, and Debt soon.
4. Capital Structure
During the year, there is no change in the Issued, Subscribed and Paid-up capital of the Company against the previous year. The Authorised share capital of the Company as on March 31, 2026 was Rs. 55 Crores consisting of 5.50 Crores Equity Shares of Rs. 10/- each.
The Issued, subscribed and paid-up share capital of the company as on March 31, 2026 was Rs.
26.25 Crores consisting of 2.625 Crores Equity Shares of Rs. 10/- each.
5. Change in Nature of Business
There was no change in the nature of business during the year under review.
6. Transfer to Reserves
There is no amount proposed to be transferred to the reserves. For complete details during the financial year ended March 31,2026, please refer to the financial statements.
7. Subsidiaries, Joint Ventures and Associates
As on March 31,2026, the Company has two wholly owned subsidiaries, namely Tata Asset Management (Mauritius) Private Limited and Tata Pension Fund Management Private Limited
as on date of this Report. |
|
| (i) Tata Asset Management (Mauritius) Private Limited
Tata Asset Management (Mauritius) Private Limited was incorporated in Mauritius under the Mauritius Companies Act 2001 on 10th May 2005 as a Private Company limited by shares and holds Category 1 Global Business License and a Financial Services License issued by the Financial Services Commission.
(ii) Tata Pension Fund Management Private Limited
Tata Pension Fund Management Private Limited (TPFMPL) was incorporated on 31st August 2006. The Company is a wholly owned subsidiary of Tata Asset Management Private Limited. The principal activity of the TPFMPL is to act as an investment manager to Pension Funds. TPFMPL received the certificate of registration to act as Pension Fund Manager on February 1, 2022, by the Pension Fund Regulatory and Development Authority ("PFRDA"). TPFMPL received the Certificate of Commencement of Business from the Pension Fund Regulatory and Development Authority on 28th July, 2022 and the company commenced the business on 18th August, 2022.
Pursuant to section 129(3) of the Act, a statement containing salient features of the financial statements of the subsidiary in the prescribed Form AOC-1 is appended as Annexure II hereto.
8. Loans, Investments or Guarantees
Details of Loans and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
9. Directors' Responsibility Statement
Based on the framework of compliance systems established by the Company, the review performed by the internal and statutory and review performed by the Management and the Audit Committee, the Board is of the opinion that the Company's compliance systems were adequate and effective during the financial year 2025-2026.
Accordingly, pursuant to section 134(5) of the Act, the Board of Director's, to the best of their knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
ii. the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
iii. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
iv. the directors had prepared the annual accounts on a going concern basis;
v. the directors had devised proper systems to ensure compliance with the provisions of applicable laws and that such systems were adequate and operating effectively. |
|
| 10. Directors and Key Managerial Personnel |
| • Composition of Board
As on March 31,2026, the Board of Directors of the Company consists of six Directors. Among all the Directors, five are non-executive directors out of which three are Independent Directors and one is Managing Director and CEO.
Mr. Rajiv Sabharwal (DIN 00057333) and Mr. Suprakash Mukhopadhyay {DIN 00019901) are the non-executive directors of the Company. Mr. Prathit D. Bhobe (DIN 08136926) is the Chief Executive Officer and Managing Director of the Company. Mr. Sujit Kumar Varma (DIN 09075212), Dr. Punita Kumar Sinha {DIN: 05229262) and Mr. Gagan Rai (DIN 00059632) are the Independent Directors of the Company. Necessary declaration of Independence has been received from the Independent Directors by the Company.
The Board is of the opinion that the Independent Directors of the Company are people of integrity with requisite expertise and experience (including proficiency). |
| • Appointment of Director
No appointment has been made during the Financial Year (FY) 2025-26. |
| • Retirement of Director
None of the directors of the Company are eligible for retirement. |
| • Re-appointment of Director
No reappointment of Director of the Company has been made during the FY 2025-26. |
| • Key Managerial Personnel
Mr. Prathit D. Bhobe, Chief Executive Officer and Managing Director (Executive Director), Mr. Arun Jain, Chief Financial Officer and Mrs. Shailly Kedia, Company Secretary are the Key Managerial Personnel of the Company.
11. Board and Committee Meetings and Director's attendance there at:
(i) Board Meetings
Six (6) Board Meetings were held during the financial year 2025-2026 i.e. on April 16, 2025, July 22, 2025, October 20, 2025, November 10,2025, December 19, 2025 and January 22, 2026.
The number of meetings attended by the Directors during the financial year 2025-2026 is given below: |
| Name | No. of Meetings attended | |
| Mr. Rajiv Sabharwal | 6 | |
| Mr. Suprakash Mukhopadhyay | 6 | |
| Mr. Sujit Kumar Varma | 6 | |
| Mr. Gagan Rai | 6 | | | |
| Dr. Punita Kumar- Sinha | 6 | | | |
| Mr. Prathit D Bhobe | 6 | | | |
| (ii) Audit Committee Meetings |
| The audited standalone and consolidated financial statements of the Company for the financial year ended March 31,2026, are prepared under Ind AS and the report thereon, before they
were submitted to the Board. |
| Five (5) Audit Committee Meetings were held during the financial year 2025-2026 i.e., April 16,
2025, July 22, 2025, October 20, 2025, December 19, 2025 and January 22, 2026. |
| The number of meetings attended by the members of the Audit Committee during the financial
year 2025-2026 is given below: |
| Name | No. of Meetings attended | | |
| Mr. Suprakash Mukhopadhyay | 5 | | |
| Mr. Sujit Kumar Varma | 5 | | |
| Mr. Gagan Rai | 5 | | |
| Dr. Punita Kumar Sinha | 5 | | |
| As per SEBI circular No: SEBI /HO/IMD/IMD-lDOF- 2/P/CIR/2022/17 dated February 09,2022 which required that the Audit Committee of AMC would interact with the Audit Committee of
Trustee Company at least once annually. The same was held on December 19,2025. |
| The Board of AMC also met with the Board of Trustee Company on November 10,2025 and
December 19,2025. |
| (iii) Nomination and Remuneration Committee |
| Two (2) Nomination & Remuneration Committee("NRC") meetings were held during the financial
year 2025-2026 i.e., on April 15, 2025 and April 25, 2025. |
| The number of meetings attended by the members of the NRC during the financial year 2025-
2026 is given below: |
| Name | No. of Meetings attended | |
| Mr. Rajiv Sabharwal | 2 | |
| Mr. Suprakash Mukhopadhyay | 2 | |
| Mr. Sujit Kumar Varma | 2 | |
| Mr. Gagan Rai | 2 | |
| (iv) Corporate Social Responsibility Committee |
| The terms of reference for the Corporate Social Responsibility Committee ("CSR") are as
follows: |
| • formulate and recommend to the Board a CSR policy, indicating the activities to be undertaken by the Company as specified in schedule VII of the Act;
• recommending the expenditure to be incurred on the CSR activities;
• monitoring the implementation of the activities included in the CSR policy, and the spends on CSR activities by the Company in each financial year, in terms of the Act. |
| Two (2) Corporate Social Responsibility Committee ("CSR") meetings were held during the
financial year 2025-2026 i.e., July 14, 2025 and November 21, 2025. |
| The number of meetings attended by the members of the CSR during the financial year 2025-
2026 is given below: |
| Name | No. of Meetings attended | |
| Mr. Suprakash Mukhopadhyay | 2 | |
| Dr. Punita Kumar Sinha | 2 | |
| Mr. Prathit D. Bhobe | 2 | |
| Mr. Sujit Kumar Varma | 2 | |
| The Annual Report on CSR activities is annexed as Annexure I and forms part of the Director's Report. |
| (v) Risk Management Committee Meeting |
| Four ( 4) Risk Management Committee ("RMC") meetings were held during the financial
year 2025-2026 i.e., May 26, 2025, July 22, 2025, October 20, 2025 and February 09, 2026. |
| The number of meetings attended by the members of the RMC during the financial year 2025-
2026 is given below: |
| Name | No. of Meetings attended | |
| Mr. Rajiv Sabharwal | 4 | |
| Mr. Sujit Kumar Varma | 4 | |
| Mr. Prathit D. Bhobe | 4 | |
| Dr. Punita Kumar Sinha | 4 | |
| Mr. Upesh Shah | 4 | |
| (vi) Unit Holder Protection Committee Meeting |
| Four (4) Unit Holder Protection Committee("UHPC") meeting was held during the financial year
2025-2026 i.e., April 16, 2025, July 22, 2025, October 20, 2025 and January 22, 2026. |
| The number of meetings attended by the members of the UHPC during the financial year
2025-2026 is given below: |
| Name | No. of Meetings attended | | |
| Mr. Sujit Kumar Varma | 4 | | |
| Mr. Gagan Rai | 4 | | |
| Mr. Prathit D. Bhobe | 4 | | |
| (vii) Independent Director Meeting |
| One (1) Independent Director ("ID") meetings were held during the financial year 2025-2026 i.e.,
March 20, 2026. |
| The number of meetings attended by the IDs during the financial year 2025-2026 is given
below: |
| Name | No. of Meetings attended | |
| Mr. Sujit Kumar Varma | 1 | |
| Dr. Punita Kumar Sinha | 1 | |
| Mr. Gagan Rai | 1 | |
| 12. Energy Conservation, Technology Absorption and Foreign Exchange Earnings & Outgo |
| Pursuant to Section 134(3)(m) of the Act and Rule 8(3) of the Companies (Accounts) Rules,2014,
relevant information and details for the financial year 2025-2026 are given under: |
| (a) CONSERVATION OF ENERGY: |
| The Companies Activities involve low energy consumption. However, efforts are continuously made to conserve energy and improve energy efficiency at the Company's
workplaces. |
| (b) TECHNOLOGY ABSORPTION: |
| There is no material information on technology absorption to be furnished. The Company
continues to adopt and use latest technologies to improve the efficiency and effectiveness of its business operations. |
| (c) FOREIGN EXCHANGE EARNINGS AND OUTGO: |
| The earnings in foreign exchange of the Company amounted to Rs. 83.85 crores for the financial year 2025-2026 (Previous Year: Rs. 86.56 Crores) and the expenditure incurred in
foreign currency amounted to Rs 2.24 crores (Previous Year: Rs. 2.11crores). |
| 13. Vigil Mechanism/ Whistle Blower Policy |
| The Company has adopted a Whistle-Blower Policy which provides mechanism to ensure that concerns are properly raised, appropriately investigated and addressed. The Policy encourages employees to report their genuine concerns or grievances. The disclosures reported are addressed in the manner and within the time frames prescribed in the Policy. No person has been denied access to the Chairman of the Audit Committee. During the year, no whistle blower
complaints were received by the Company. |
| 14. Material changes and commitments, if any, affecting the financial position of the
Company occurring after balance sheet date |
| There were no material changes and commitments affecting the financial position of the |
| company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
15. Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company
There were no significant/material orders passed by the Regulators / Courts/ Tribunal/ Statutory and quasi-judicial body impacting the going concern status of the Company and its operations in future.
16. Internal Financial controls
The Company has an adequate system of internal financial control with reference to the financial statements presented by the Company, commensurate with its size and the nature of operations.
17. Deposits
The Company has not accepted any deposits from the public falling within Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.
18. Related Party Transaction
All related party transactions entered into by the Company during the financial year were on arm's length applicable provisions of the Act. The details of related parties' transactions form part of the notes of financial statements provided in the Annual Report.
19. Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31,2026 is available on the Company's website on www.tatamutualfund.com.
20. Auditors
Pursuant to the provisions of Section 139 of the Act and the rules framed thereunder, M/s. BS R & Co. LLP, Chartered Accountants (Registration No. 101248W/W-100022), has been appointed as the Statutory Auditors of the Company for the term of five consecutive years from the conclusion of Twenty Eighth Annual General Meeting till theconclusion of the Thirty Third Annual General Meeting of the Company. The Auditor's report to the shareholders for the year under review does not contain any qualification and the auditors has not reported any matter under Section 143(12) of the Act, therefore no detail is required to be disclosed under Section 134(3) (ca)of the Act.
21. Maintenance of Cost records
Maintenance of cost records as specified by the Central Government under Section 148(1) of the Act is not applicable to the Company. |
|
| 22. Disclosure under the Sexual harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment at the workplace in line withthe provisions of the Sexual harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with all the provisions relating to the constitution of Internal Committee (IC) under the aforesaid Act. The Status of complaints filed and pending as on date of the report is as under:
Number of complaints pending as on the beginning of the period: 0 Number of Complaints disposed off during the year: 0
Number complaints filed during the financial period: 0 Number of complaints pending at the end of the period: 0
23. Maternity Benefit Act, 1961:
The provisions relating to Maternity Benefit Act, 1961have been complied with.
24. Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year
The Company does not have any application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.
25. Other Disclosures
(i) Board had adopted the Remuneration Policy.
(ii) The Company has devised proper systems to ensure compliance with the provisions of all applicable standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.
(iii) The Company did not have any funds lying unpaid for a period of seven years. Therefore, there were no funds which required to be transferred to Investor Education and Protection Fund (IEPF).
(iv) The Company has developed and implemented a Risk Management Policy covering the possible risks that may be faced by the Company.
(v) The Company has in place an Anti-Bribery and Anti-Corruption Policy, as part of the Code of Conduct of the Company.
(vi) The annual performance evaluation of the Board and its Committees has been carried out during the year under review. A formal mechanism was adopted by the Board for evaluating its performance as well as its Committees and Directors, including the Chairman of the Board. The Nomination and Remuneration Committee of the Board carried out an evaluation of the entire Board, various Committees and the individual
Directors of the Company. |
|
| (vii) The NRC ensures appointment of directors with 'fit and proper' credentials and to review the performance of the Managing/ Whole-time Directors, and to recommend remuneration/ compensation packages for the Managing/ Whole-time Directors, to decide commission payable to the directors, and to review employee compensation vis-a-vis industry practices and trends.
The details of employees in receipt of remuneration pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are not applicable to the Company.
(viii) Details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof - Not applicable
26. Acknowledgements
The Board wishes to place on record its sincere appreciation to the Company's employees for their dedicated efforts towards the growth and profitability of the Company and would also like to express its thanks to the Regulator- SEBI, AMFI, the PFRDA, the Registrars, Custodians, Banks, Distributors and Marketing Associates for their continuing support and contribution.
For and on behalf of the Board of Directors Tata Asset Management Private Limited
��
Rajiv Sabharwal Chairman
DIN: 00057333
Place: Mumbai Date: April 17, 2026 |
|
| Annexure - I
Corporate Social Responsibility (CSR)
[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014] |
| 1. A brief outline of the company's CSR policy
As part of its initiatives under "Corporate Social Responsibility (CSR), the Company has undertaken the activities in the areas of healthcare, rural development projects, livelihood enhancement projects, promoting education, including special education and employment enhancing vocation skills, ensuring environmental sustainability. These
projects are largely in accordance with Schedule VII of the Companies Act, 2013. |
| 2. The Composition of the CSR Committee
The CSR Committee comprises of Mr. Suprakash Mukhopadhyay (Non Independent Director), Dr. Punita Kumar Sinha (Independent Director), Mr. Sujit Varma (Independent Director) and Mr. Prathit D. Bhobe (CEO & Managing Director). |
| SI.
No. | Name of Director | Designation I Nature of Directorship | Number of
meetings of CSR Committee held during the year | Number of
meetings of CSR Committee attended during the year | |
| 1 | Mr. Suprakash Mukhopadhyay | Non-Executive Director | 2 | 2 | |
| 2 | Dr. Punita Kumar Sinha | Independent Director | 2 | 2 | |
| 3 | Mr. Sujit Kumar Varma | Independent Director | 2 | 2 | |
| 4 | Mr. Prathit D. Bhobe | CEO & MD | 2 | 2 | |
| 3. Provide the web-link where Composition of CSRCommittee, CSR Policy and CSR Projects approved by the Board are disclosed on the website of the Company:
www.tatamutualfund.com |
| 4. Provide the executive summary along with web-link{s) of Impact Assessment of CSR
Projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable. - Not Applicable |
| 5. a. Average net profit of the company for last three financial years: Rs. 2,23,78,17,709 |
| b. Two percent of average net profit of the company as per section 135(5):
Rs. 4,47,56,354 |
| c. Surplus arising out of the CSR projects or programs or activities of the previous
financial years:Nil |
| d. Amount required to be set off for the financial year, if any: Nil |
| e. Total CSR obligation for the financial year ((b)+(c)-(d)): Rs. 4,47,56,354 |
| 6. Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project).: |
| (i) Details of CSR amount spent against ongoing projects for the financial year: |
| SI.
No | Name o1 lthe Project | Item from lthe list of activitie s in
Schedul e VII to the Act. | Local area (Yes
/No) | Location of the project. | Project duratio n | !Amount allocate d forthe project (in Rs.) | Amont spent in the Curren t Financi al Year(in Rs.) | !Amount ltransferr ed to Unspent CSR
!Account
�or the project as per Section 135(6)
(in Rs.) | Mode of lmple ment at ion Direc
� (Yes/ No). | Mode of lmplementati on-Through Implementing Agency | |
| | | | | State | District | | | | | | Name | CSR
Reg. No. | |
| 1 | Project Janani | Promoting health care including preventive health
care | Yes | Maha rasht a | Mokha 1da | 2024-
2026 | 3,15,09,1
66 | 1,00,15,1- | No | Impact India Foundati on {IIF) | CSR000
03362 | |
| 28 | | |
| (ii)Details of CSR amount spent against other than ongoing projects for the financial year: |
| SI.
No. | Name of the Project | Item from the list of activities in schedule VII to the Act. | Local area (Yes/ No) | Location of the project. | Amount spent in lthe Financial Year (in
Rs.) | Mode of impleme ntation - Direct (Yes/No) | Mode of Implementation-rrhrough Implementing
�ency | | |
| | | | State | District | | | Name | CSR
Reg. No. | | |
| 1 | Impact India | Promoting health | Yes | Mahara | Mokhada | 1,00,15,12 | No | Impact | CSR000 | | |
| Foundation (IIF)-Project Janani | care including preventive health care | | shtra | | 8 | | India Foundation (IIF) | 03362 |
| 2 | Collectives for Integrated Livelihood Initiatives (Cini) (Associate Organization of the Tata Trusts) | Rural
development projects & ensuring
environmental sustainability. | Yes | Mahar ashtra | Nandurb ar,
Akkalkuw a &
Dhadgao n, Maharas htra | 1,00,00,0
00 | No | Collectives For Integrated Livelihood Initiatives | CSR00
00050
8 |
| 3 | Olympic Gold Quest (OGQ) | rrraining to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports; | No | Pan India | Pan India | 40,00,000 | No | Foundatio n For
Promotion
of Sports and Games | CSR00
00110
0 |
| 4 | Ram Krishna Mission Narendrapur | Promoting education, including special education | Yes | Mahar ashtra | Narendra pur | 73,69,721 | No | Ram Krishna Mission | CSR00
00610
1 |
| 5 | Leslie Sawhny Endowment | Promoting education, including special education | Yes | Mahar ashtra | Nashik | 22,46,425 | No | Leslie Sawhny Endowme nt | CSR00
00258
7 |
| 6 | Bhajandas Bajaj Foundation | promoting health care including preventive health care | Yes | Mahar ashtra | Mumbai | 16,25,000 | No | Bhajandas Bajaj Foundatio n | CSR0O
00042
7 |
| 7 | Army Welfare CSR Fund | measure for the benefit of armed force veterans, war widows and their
dependents, | No ITelang | Hyderaba d | 40,00,000 | No | Army Welfare Csr Fund | CSR00
02839
0 |
| ana |
| | Central Armed Police Forces (CAPF) and Central Paramilitary Forces (CPMF)
!Veterans, and their dependents
including widows | | | | | | | | |
| 8 | Samarth Bharat Vyaspeeth | Promoting education, including special education | Yes | Mahar ashtra | Thane | 10,00,080 | No | Samarth Bharat Vyaspeeth | CSR00
00100
61 | |
| 9 | Centre for Microfinanc e (Associate Organization of the Tata Trusts) | Promoting education, including special education | No | Rajasth an | Rajasthan | 45,00,000 | No | Centre for Microfina nee | CSR00
00329
0 | |
| | | | | Total | 4,47,56,3
54 | | | | |
| (b) Amount spent in Administrative Overheads: Nil |
| (c) Amount spent on Impact Assessment, if applicable: Nil |
| (d) Total amount spent for the Financial Year (a+b+c): Rs. 4,47,56,354 |
| (e) CSR amount spent or unspent for the financial year: Nil |
| !Total Amount Spent for the Financial Year. (in Rs.) | Amount Unspent (in Rs.) | | |
| !Total Amount transferred to Unspent CSR Account as per subsection (6) of section 135. | !Amount transferred to any fund specified under Schedule VII as per second proviso to sub-section (5)
of section 135. | | |
| Amount | Date of transfer | Name of the Fund | !Amount | Date of
transfer | | |
| - | - - | | - | - | - | | |
| (b) Excess amount for set-off, if any: |
| SI No. | Particular | Amount (in Rs.) | | |
| -1 | -2 | -3 | | |
| (i) | !Two percent of average net profit of the company as per sub-section (5) of section 135 | 4,47,56,354 | | |
| (ii) | Total amount spent for the Financial Year | 4,47,56,354 | | |
| (iii) | Excess amount spent for the Financial Year [(ii)-(i)) | - | | |
| (iv) | Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if any | - | | |
| (v) | Amount available for set off in succeeding Financial Years
[(iii)-(iv)) | - | | |
| 7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years: |
| Sr.
No. | Preceding Financial Year | Amount transferred to Unspent CSR Account
under subsection
(6) of
ction 135 (in Rs.) | Balance Amount in Unspent CSR Account under subsection
(6) of
ction 135 (in Rs.) | Amount Spent in the Financial Year (in Rs) | Amount transferred to any fund specified under Schedule VII as per Section 135(6), if any | Amount remaining to be spent in succeeding Financial Years
(in Rs) | Defide ncy, if any | |
| | | | | Amount | Date of transfer | | | |
| 1 | FY - 1 | 84,70,383 | Nil | 84,70,38
3 | - | - | Nil | - | |
| 2 | FY-2 | - | - | - | - | - | - | - | |
| 3 | FY - 3 | - | - | - | - | - | - | - | |
| 8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: ¥es-er No
If Yes, enter the number of Capital assets created/ acquired: - Not Applicable |
| 9. Furnish the details relating to such asset(s) so created or acquired through Corporate Social
Responsibility amount spent in the Financial Year: |
| SI No. | Short particulars of the property or asset(s) [including Complete address and location of the
property] | Pincode of the Property or asset(s) | Date of creati on | Amount of CSR amount spent | Details of entity/ Authority/ beneficiary of the registered owner | |
| | | | | | CSR Registration Number,if applicable | Name | Registe red Address | |
| - | - | - | - | - | - | - | - | |
| 10. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of section 135 - NA |
| For and on behalf of the Board of Directors
Tata Asset Management Private Limited |
| �� �� |
| Rajiv Sabharwal Chairman
DIN: 00057333 | Dr. Punita Kumar-Sinha Chairperson - CSR Committee DIN - 05229262 |
| Place: Mumbai Date: April 17, 2026 |
| Annexure - II |
| Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies
(Accounts) Rules, 2014) |
| Statement containing salient features of the financial statement of subsidiaries/ associate
companies/ joint ventures |
| Part A Subsidiaries |
| Sr.
No. | Particulars | -1 | -2 | |
| 1 | Name of the subsidiary | Tata Pension Management Private Limited | Tata Asset Management (Mauritius) Private Limited | |
| 2 | The date since when subsidiary 31/08/2006 | 2005-05-10T00:00:00.000 | |
| was acquired | | |
| 3 | Reporting period for the subsidiary concerned, if different from the holding company's reporting period | Same as the Holding Company i.e. 31st March 2026 | Same as the Holding Company i.e. 31st March 2026 | |
| 4 | Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries | INR | 1 USD =
Rs. 94.6543 for Assets and Liabilities
Rs. 88.3071 for Income and Expense | |
| 5 | Share Capital | 750000.00 | 3,19,69,173 | |
| 6 | Reserves & surplus | -86871.73 | 36,16,78,088 | |
| 7 | Total assets | 705988.84 | 39,90,96,131 | |
| 8 | Total Liabilities | 42860.57 | 54,48,870 | |
| 9 | Investments | 0 | 18931 | |
| 10 | Turnover | 68411.53 | 27,89,58,597 | |
| 11 | Profit/ (Loss) before taxation | {26,077.59) | 23,19,57,188 | |
| 12 | Provision for taxation | 320.95 | 9,4,91,865 | |
| 13 | Profit/ (Loss) after taxation | -26398.54 | 24,14,49,053 | |
| 14 | Proposed Dividend | 0 | 0 | |
| 15 | % of shareholding | 1.000000 | 1.000000 | |
| 1. Names of subsidiaries which are yet to commence operations- NIL
2. Names of subsidiaries which have been liquidated or sold during the year. - Nil |
| Part "B": Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures: Nil
1. Names of associates or joint ventures which are yet to commence operations - Not Applicable
2. Names of associates or joint ventures which have been liquidated or sold during the year
- Not Applicable
For and on behalf of the Board of Directors Tata Asset Management Private Limited
Rajiv Sabharwal Chairman
DIN: 00057333
Place: Mumbai Date: April 17, 2026 |
| BS R & Co. LLP
Chartered Accountants | 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center
Westem Express Highway
Goregaon (East), Mumbai - 400 063, India Telephone: +91 {22) 6257 1000
Fax: +91 (22) 6257 1010
Independent AuditorsReport |
| To the Members of Tata Asset Management Private Limited |
| Report on the Audit of the Standalone Financial Statements |
| 0 |
| Opinioh |
| We have audited the standalone financial statements of Tata Asset Management Private Limited (the "Company") which comprise the standalone balance sheet as at 31 March 2026, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
• ' • 1. . J • |
| a�is fo� Opin |
| B _ion. . . ••• .- ::. . |
| We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
• . • • i,, • • . |
| '' | s | .. |
| teme | ojs·,_' |
| M |
| ement's |
| and Board of Dlrectors' Responsibilitie·s. for the Standaloi-l | _.?P |
| inancial Sta |
| ana� _ _ _ |
| The Company's Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern,·disclosing, as applicable, matters
�-=:....._ �lated to going concern and using the going concern basis of accounting unless the Board of Directors
;( Co. • tends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
,1; rd of Directors is also responsible for overseeing the Company's financial reporting process.
f |
| (a partnership rum with Registration No. BA81223) converted into B s R & Co. LLP (a
·111y Partnership wit,� LIP Registration No. AAB-8181) wilh effed from October 14. 2013 | Registered Office
14th Floor, Central B Wing and North C Wng, Neseo IT Park 4, Nesco Center, western Express Highway, Goregaon (East}, Mumbai• 400063
Page 1 of 12 |
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited |
| Auditor's | Responsibilities | for the Audit of the Standalone Financial Statements | |
| Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls..
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. |
|
| Report | on Other Legal and Regulatory Requirements | | |
| 1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central ent of India in tenns of Section 143(11) of the Act, we give in the "Annexure A" a statement tters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
by Section 143(3) of the Act, we report that:
ve sought and obtained all the infonnation and explanations which to the best of our
,,,.ff!1/·/: Page 2 of 12
.,-,",;,11
-...,,.:.:::-..:.:::::��-·:·.,··/"" |
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited |
| knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in the paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
c. The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors on various dates ranging from 1 April 2026 to 8 April 2026 taken on record by the Board of Directors, none of the directors is disqualified as on from being appointed as a director in terms of Section 164(2) of the Act.
f. The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in para 2A(b) above on reporting under Section 143(3)(b) and paragrapth 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
B. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
a. The Company has disclosed the impact of pending litigations as at 31 March 2026 on its financial position in its standalone financial statements - Refer Note 6 to the standalone financial statements.
b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. •
d (i) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 22(v) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 22(vi) to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
��_on the audit procedures that have been considered reasonable and appropriate in the t;,;;�l4tt\Rt'll;c'iro11�� �mces, nothing· has come to our notice that has caused us to believe that the CW;fa(B�ff·�presen�tions under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above,
N '\�•:��>nta�: :�y material misstatement.
weote, ExpcmJ?w�. r.• ,! . age O
q\ ii ;�tt��h15\�·.�✓<(I�.�·)'
\' "\:'�"h,-<t�,..,;:\ ..--:,.,\;".) ",,:.::_-.�·,/�!'·....�...
�d P,:3_':,:::f
._=:;:;:::;,--- |
|
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited
e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in Note 15 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
f. Based on our examination which included test checks, the Company has used accounting softwares for maintaining its books of account which, along with privilege access management tools, as applicable, have a feature of recording audit trail (edit log) facility except in respect of maintenance of property, plant and equipment records wherein the accounting software did not have the audit trail feature enabled throughout the year. For accounting software for which audit trail feature is enabled, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the software and we did not come across any instance of audit trail feature being tampered with during the course of our audit. The audit trail has been preserved by the Company as per the statutory requirements for record retention except in respect of software for maintenance of property, plant and equipment records.
C. With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the Company is not a public company. Accordingly, the provisions of Section 197 of the Act are not applicable to the Company. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us. |
|
| | For B S R & Co. LLP
Firm's Registration No.:10 |
| Place: Mumbai Date: 20 April 2026 | Rohit Alexander
Partner
Membership No.: 222515 ICAI UDIN:262225151WIBKl3838
Page 4 of 12 |
| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(i) (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has a regular programme of physical verification of its Property, plant and equipment by which all Property, plant and equipment are verified in a phased manner over a period of three years. In accordance with this programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. We are informed that the discrepancies were not material and have been properly dealt with in the books of account.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than immovable properties where the Company is the lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the name of the Company.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The Company is a service company, primarily rendering asset manag_ement and advisory services. Accordingly, it does not hold any physical inventories. Accordingly·, clause 3(ii)(a) of the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate from banks and financial institutions on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii){b) of the Order is not applicable to the Company.
(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, during the year the Company has made investments in, and granted unsecured loans to other parties in respect of which requisite details are as below. During the year, the Company has not provided any guarantee or security or granted any
:::=-=::::-..a s in the nature of loans, secured or unsecured, to companies, firms, limited liability
/ JI rship or any other parties or made investments in or granted any loans, secured or
/·• red, to companies, firms or limited liability partnerships.
f,I
/!
;/
; �
h\\.r."...',,
',\.. ,,
Page 5 of 12 |
|
| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued) |
| | | Particulars | Guarantees | Security | Loans | Advances in nature of loans | |
| | | Aggregate amount during the year
Others - employee loans* (In Rs.) | - | - | 5,00,000 | - | |
| | | Balance outstanding as at balance sheet date in respect of above loans Others - employee loans* (In Rs.) | - | - | 4,85,813 | - | |
| *As per the Companies Act, 2013
(b) According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion, the investments made during the year and the terms and conditions of the grant of the loans provided during the year are not prejudicial to the interest of the Company. Further, the Company has not provided any guarantee or given security or granted any advances in the nature of loans during the year.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in the case of loans given, in our opinion the repayment of principal and payment of interest has been stipulated and the repayments or receipts have been regular. Further, the Company has not given any advance in the nature of loan to any party during the year.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company has not given any advances in the nature of loans to any party during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to same parties.
(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not given any loans or provided any guarantee or security as specified under section 185 and 186 of the'Companies Act, 2013 (the 'Act'). In respect of the investments made by the Company, in our opinion the provisions of Section 186 of the Act have been complied with.
ompany has not accepted any deposits or amounts which are deemed to be deposits from
C.--�- blic. Accordingly, clause 3(v) of the Order is not applicable.
/J� 't;-_ ing to the information and explanations given to us, the Central Government has not
fft:n,�-.� d the maintenance of cost records under Section 148(1) of the Act for the services |
| \\ en
\\, .., |
| t . Page 6 of 12 | | |
| �:;-._,.. ·\\�
'-:*�
••...� ... | | | | | | | | |
| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued)
provided by it. Accordingly, clause 3(vi) of the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the year since effective 1 July 2017, these statutory dues has been subsumed into Goods and Service Tax (GST).
According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, the undisputed statutory dues including GST, Provident Fund, Income-Tax, Gess or other statutory dues have been regularly deposited by the Company with the appropriate authorities.
According to the information and explanations given to us and on the basis of our examination of the records of the Company, no undisputed amounts payable in respect of GST, Provident Fund, Income-Tax, Gess or other statutory dues were in arrears as at 31 March 2026 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no statutory dues relating to GST, Provident Fund, Income-Tax, Cessor other statutory dues, which have not been deposited with the appropriate authorities on account of any dispute.
(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company did not have any loans or borrowings from any lender during the year. Accordingly,.clause 3(ix)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.
(c) In our opinion and according to the information and explanations given to us by the management, the Company has not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.
(d) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, the Company did not raise any funds during the year. Accordingly, clause 3(ix)(d) of the Order is not applicable.
(e) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries as defined under the Act.
(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries (as defined under the Act).
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private
#�� placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
// e:,1?--. 0 ••.( �3(x)(b) of the Order is not applicable. |
|
| It ce:i;J'((��a uring the course of our examination of the books and records of the Company and according |
| fl!* t:asc,1:.-:.1•4
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'��t;_,;y | 1 Page 7 of 12 |
| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued) |
| to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government. •
(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.
(xiii) The Company is a private limited company and accordingly the requirements as stipulated by the provisions of Section 177 of the Act are not applicable to the Company. In our opinion and according to the information and explanations given to us and on the basis of our examination of records of the Company, transactions with the related parties are in compliance with Section 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) {a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3{xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(iv) (a) According to the information and explanations provided to us, the Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) has more than one CIC as part of the Group. According to the information and explanation given to us by the management, the Group has five CICs which are registered with the Reserve Bank of India and one CIC which is not required to be registered with the Reserve Bank of India.
(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes
- to believe that any material uncertainty exists as on the date of the audit report that the
&. �. •..m�'al;l,Y.is not capable of meeting its liabilities existing at the date of balance sheet as and |
|
|
| ,W. |
| Co 14111r | e I;!§ all due within a period of one year from the balance sheet date. We, however, state |
| QJ ee:titfi1�th1 is ot an assurance as to the future viability of the Company. We further state !hat our
N.��,£�ri.ortin!!J•J�lrased on the facts up to the date of the audit report and we neither give any
w��.&�;�-�:r:1�. / !I Page8 of 12
( 1e,f..·•" (L."'•·""'· 1 >\\,•• ;t
:,<j';) ,-r-·:mta- i-4:-:,o,_3/ / ,..$.,;./. -
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| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued)
guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(b) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section (5) of Section 135 of the Act pursuant to any ongoing project. Accordingly, clause 3(xx)(b) of the Order is not applicable.
For B S R & Co. LLP
d Acco ntants
Firm's Registration No.:101 8W/W- 00022 |
| Place: Mumbai Date: 20 April 2026 | Rohit Alexander
Partner
Membership No.: 222515
ICAI UDIN:26222515IWIBKl3838
Page 9 of 12 |
|
| Annexure A to the Independent Auditor's Report on the Standalone Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued)
Annexure
Page 10 of 12 |
|
| Annexure B to the Independent Auditor's Report on the standalone financial statements of Tata Asset Management Private Limited for the year ended 31 March 2026
Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2(A)(g) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date) |
| Opinion | | | | |
| We have audited the internal financial controls with reference to financial statements of Tata Asset Management Private Limited ("the Company") as of 31 March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. |
| In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2026, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "Guidance Note"). |
| Management's | and Board of Directors' Responsibilities for Internal Financial Controls | |
| The Company's Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. |
| Auditor's Responsibility | | |
| Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if such controls operated effectively in all material respects. |
| Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. |
| ,.,;:::-�-' ve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
;,:��� opinion on the Company's internal financial controls with reference to financial statements.
C:a!ri' •
f ,Ii•;:�:::·;
it ;:t' t:;r.:-t.CC:
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'{10. .,..,••,, Page 11 of 12
\��"(; |
| Annexure B to the Independent Auditor's Report on the standalone financial
statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued) |
| Meaning of Internal Financial Controls with Reference to Fmancial Statements | | |
| A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
.. |
| Inherent Limitations of Internal Financial Controls with Reference to Financial Statements | |
| Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
For B S R & Co. LLP |
| Firm's Registration No.:1 |
| Place: Mumbai Date: 20 April 2026 | Rohit Alexander
Partner
Membership No.: 222515 ICAI UDIN:26222515IWIBKl3838
Page 12 of 12 |
| Standalone Balance Sheet as at 31 March 2026 | | |
| (Currency· Indian Rupees in crores) | | |
| Particulars Note No. All at | Asat | |
| 2026-03-31T00:00:00.000 | 31-Mar-2S | |
| ASSETS | | |
| Financial AJsets | | |
| Cash and cash equivalents 3.1 8.70 | 5.30 | |
| Receivables | | |
| Trade Receivables 3.2 41.02 | 60.16 | |
| Loans 3.3 0.09 | 0.12 | |
| Investments 3.4 1,054.86 | 791.96 | |
| Other Financial Assets 3.5 7.61 | 7.52 | |
| Total Financial Assels 1,112.28 | 86S.06 | |
| Non-Financial Assets
Current Tax Assets (net) 3.28 2.48 | 10.44 | |
| Investment Property 3.6 3.11 | 3.19 | |
| Property, Plant and Equipment 3.7 15.27 | 15.26 | |
| Right of Use Assets 3.8 35.47 | 40.10 | |
| Intangibl.: Assets Under Development 3.9A 0.64 | 0.76 | |
| Other Intruigible Assets 3.9 3.37 | 4.48 | |
| Other Non Financial Assets 3.10 24.99 | 19.64 | |
| Total Nun-Financial Assets 8S.33 | 93.87 | |
| Total Assels 1197.61 | 958.93 | |
| UABILITIES AND EQUITY | | |
| IJABILITIES
Financial LiaIJilities | | |
| Payables | | |
| Tmde Payables 3.11 | | |
| (i) Total Out�tanding Dues ofMicro Enterprises and 2.74 | 3.53 | |
| Small Enterprises | | |
| (ii) Total Outstanding Dues of Creditors Other than 12.22 | 18.90 | |
| Micrc Enterprises aud Small Enrer;irises
Deposits 3.12 0.22 | 0.21 | |
| Other Financial Liabilities 3.13 86.97 | 87.65 | |
| Total l<'inaucia:I Liablllti<?S 102.1S | 110.29 | |
| Non-Fionnci11l Liabilities
l'rovisions 3.14 15.84 | 10.14 | |
| Dererred Tax J,iabilities (net) 3.28 13.23 | 15.72 | |
| Other Non-Fina.Itcial Liabilities 3.15 13.Q7 | 15.04 | |
| Total Non-Financial Liabilities 42.14 | 40.90 | |
| Equi1y | | |
| Equity Share C�.pital 3.16 26.25 | 26.25 | |
| Other Equity 3.17 027.07 | 781.49 | |
| Total Equity 1,053.32 | 807.74 | |
| Total Liabilities and Equity 1.197.61 | 958.93
m | |
| Summacy of Material Accounting Policies 2 | | |
| e Accompau}ing Notes are an Integral part of the Standalone Financial Staiements |
| per our rBSR
harterod | rtof even date attached Co.LLP
countants
o.: 101248W/W-100022 | For and on behalf oftl!e Board of Directors of
Tata Asset Management Private Limited
�C077090 |
| cgi1.o ►
Rohit Al 11nder
l'anmr
Membership No.:222515
Mumbai 20April2026 | Rajiv Ssbharwal
Chamnan
[DIN: 00057333j
�
��:fiZIOfficer
Mmablli
17 April 2026 | Prathit Bhobe
CEO & Managing Director
��
Shailly Kedia Company Secretary [Membership No. : A20240] | |
| Standalone Statement of Profit and Loss for the year ended 31 March 2026 |
| (Currency : Indian Rupees in crores) | | Year Ended | | | Year Ended | |
| Particulars | Note No. | 2026-03-31T00:00:00.000 | | | 2025-03-31T00:00:00.000 | |
| Revenue from Operations | | | | | | |
| Interest Income | 3.18 | 5.09 | | | 4.28 | |
| Dividend Income | 3.19 | 49.68 | | | | |
| Rental Income | 3.6 | 0.87 | | | 0.76 | |
| Fee Income | 3.20 | 767.61 | | | 661.12 | |
| Net Gain on Fair Value Changes | 3.21 | 24.16 | | | 47.03 | |
| Total Revenue from Operations | | 847.41 | | | 713.19 | |
| Other Income | 3.22 | 1.93 | | | 0.73 | |
| Total Income | | 849.34 | | | 713.92 | |
| Expenses | | | | | | |
| Finance Costs | 3.23 | 2.76 | | | 3.41 | |
| Fee and Commission Expense | 3.24 | 20.79 | | | 28.12 | |
| Employee Benefits Expenses | 3.25 | 193.39 | | | 167.23 | |
| Depreciation, Amortisation and Impairment | 3.26 | 21.59 | | | 21.44 | |
| Other Expenses | 3.27 | 110.66 | | | 107.67 | |
| Total Expenses | | 349.19 | | | 327.87 | |
| Profit Before Tu | | 500.15 | | | 386.05 | |
| Tu Expense: | 3.28 | | | | | |
| (1) Current Tax | | 110.84 | | | 89.09 | |
| (2) Deferred Tax | | (2.40) | | | 3.40 | |
| | 108.44 | | | 92.49 | |
| Profit After Tax | A | 391.71 | | | 293.56 | |
| Other Comprehensive Income | | | | | | |
| (A) (i) Items that will not be Reclassified to Profit or Loss • | | | | | | |
| - Net Gain/ (Loss) in Fair Valuation of Equity Instruments | | 0.11 | | | 0.08 | |
| - Remeasurement Gain/ (Loss) on Defined Benefit Plans | | 0.67 | | | -0.68 | |
| (ii) Income Tax Relating to Items that will not be Reclassified to Profit or loss | | 0.09 | | | 0.15 | |
| Other Comprehensive Income | B | 0.87 | | | -0.45 | |
| Total Comprehensive Income for the Year | (A+B) | 392.58 | | | 293.11 | |
| Earnings per Equity Share | | | | | | |
| Basic and Diluted (face value of INR 10 per share) | 5 | 149.22 | | | 111.83 | |
| Summary of Material Accounting Policies | 2 | | | | | |
| The Accompanying Notes are an Integral part of the Standalone Financial Statements
Rohit Ale ander | | | | | | | | | |
| For and on behalf of the Board of Directors of
Tata Asset Management Private Limited CIN : U65990MH1994PTC077090
��
Rajiv Sabhanral |
| Partner
Membership No.:222515 | Chairman
[DIN : 00057333] | CEO & Managing Director |
| | | | | | �
Shailly Kedia |
| | | | | | Company Secretary
[Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| "'
TATA ASSET MANAGEMENT PRIVATE LIMITED
Standalone statement of cash flows for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) | | |
| | Year Ended | Year Ended | |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Cash Flows from Operating Activities | | | |
| Net Profit before Taxation | SOo.15 | 386.05 | |
| Adjustment/or: | | | |
| Depreciation, Amortisation and Impairment | 21.59 | 21.44 | |
| Rental Income | -0.87 | | |
| Fair Value Changes in Investments | -24.16 | -47.03 | |
| Interest Income on�onds | -4.65 | -3.87 | |
| Interest on Security Deposit Receivable - Unrealised | -0.44 | -0.41 | |
| Interest charged on Right of Use | 2.74 | 3.17 | |
| Interest on Security Deposit placed - Unrealised | 0.01 | 0,02 | |
| Dividend income from Investment Gain/ (Loss) on termination oflease
Net Loss on Sale of property, Plant and Equipment | (49.68)
0.03 | 0.03 | |
| Operating Profit before Working Capital Changes | 444.72 | 359.40 | |
| Changes in Working Capital: | | | |
| Adjustments | | | |
| Trade Receivables and Other Receivables | 19.14 | -29.01 | |
| Loans | 0.03 | 0.02 | |
| Other Financial Assets | 0.36 | 1.85 | |
| Other Non-Financial Assets | -5.35 | -3.36 | |
| Trade and Other Payables | -7.47 | 6.00 | |
| Deposits | O.Ql | -0.06 | |
| Other Financial Liabilities | 3.02 | 4.95 | |
| Other Non-Financial Liabilities | -1.97 | 4.54 | |
| Provisions | 6.45 | -3.09 | |
| Cash Generated from Operations | 14.22 | -18.16 | |
| Income Tax Paid (net) | -102.98 | -89.85 | |
| Net Cash Flow From Operating Activities (A) | 355.96 | 251.39 | |
| Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment | -8.10 | -7.59 | |
| Purchase of Intangibles and movement in intangible assets under development | -0.32 | -1.07 | |
| Interest on Bonds | 4.11 | 2.28 | |
| Proceeds from Sale of Property, Plant and Equipment Proceeds from Sale of Investment Property
Dividend income from Investment | 1.09
49.68 | 0.65 | |
| Rental Income | 0.87 | | |
| Purchase of Investments | -658.06 | -326.90 | |
| Proceeds from Sale of Investments | 419.99 | 170.07 | |
| in Investing Activities (B) | -190.74 | -162.56 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Standalone statement of cash flows for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) | | |
| Year Ended | Year Ended | |
| 31-Mar-Ui | 2025-03-31T00:00:00.000 | |
| Cash Flow from Financing Activities
Equity Dividend Paid to Shareholders | -132.30 | -72.06 | |
| Tax on Equity Dividend Paid | -14.70 | -8.01 | |
| Cash payments for the principal portion of the lease liability • | -12.08 | -10.46 | |
| Cash payments for the interest portion of the lease liability • | -2.74 | 3.172 | |
| Net Cash Flow used in Financing Activities (C) | -161.82 | -93.70 | |
| Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C) | 3.40 | -4.87 | |
| Cash and Cash Equivalents at the Beginning of the Year | 5.30 | 10.17 | |
| Cash and Cash Equivalents at the End of the Year | 8.70 | S.30 | |
| • The reconciliation oflease liabilities arising from the financial activity is disclosed in Note 8 |
| Notes:
1 Cash and Cash Equivalents Comprises of: Cashin Hand
Balances with Banlcs in Current Account | 0.00
8.70 | 0.00
5.30 |
| 8.70 5.30
2 The above statement of cash flow has been prepared under the 'Indirect Method' as set out in Ind AS 7 - 'Statement of Cash Flows'. |
| As per our report of even date attached
rBSR Co.LLP
artered countants
egistration o.: 101248W/W-100022 | For and on behalf of the Board of Directors of Tata Asset Management Private Limited
CIN : U65990MH1994PTC077090
a-}:>
�� |
| | | | | Rajiv Sabharwal
Chairman
[DIN : 00057333]
| CEO & Managing Director
[DIN: 08136926]
�
Shailly Kedia
Company Secretary [Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Standalone Statement of changa in equity for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) |
| A. Equity Share Capital (Refer Note 3.16) |
| No.of Shara | Amount | |
| Balance as at 31 March 2024
Changes in equity share capital during the year
Balance as at 31 March 2025
Changes in equity share capital during the year
Balance as at 31 March 2026 | 2,62,S0,000
. | 26.25
. | |
| 2,62,50,000 | 26.25 | |
| . | . | |
| 2,62,50,000 | 26.25 | |
| | |
| B. Other Eauity /Refer Note 3.17) |
| Reserva and Sui nlus | Other Comprehensive Income | Total | |
| Securities premium | General Reserve | Retained Earnings | |
| Balance as at 31 March 2024 | 6.56 | 22..91 | 538.71 | 0.26 | 568.45 | |
| Profit for the Year
Other Comprehensive Income for the year | .
- | .- | 293.56
(0.51) | .
0.06 | 293.56
(0.45) | |
| Total Comprehensive Income for the year | - | | 293.05 | 0.06 | 293.12 | |
| Final Dividend on Equity Shares | - | -80.06 | - | -80.06 | |
| Balance as at 31 March 2025 | C,.3(J | :U.�I | t:>J.7U | U..JZ | /OJ,:)11 | |
| Profit for the Year
Other Comprehensive Income for the Year | -
- | -
- | 391.71
0.76 | .
0.11 | 391.71
0.87 | |
| Total Comprehensive Income for the Year | - | - | 392.47 | 0.11 | 392.58 | |
| Final Dividend on Equity Shares | -147.00 | . | (147.00)
- | |
| Balance as at 31 March i026 | C,.3(J | .U,�I | ,,,,,.11 | U,43 | 1,w.,.u1 | |
| | | | | | |
| Summary of Material Accounting Policies 2
The Accompanying Notes are an Integral part of the Standalone Financial Statements |
| Acco tants
101248W/W-100022 | For and on behalf of the Board of Directon of Tata Asset Management Private Limited CTN : U65990MH1994PTC077090
�� �
Rajiv Sabharwal �tBhobe
Chairman CEO & Managing Director
[DIN: 00057333] [DIN: 08136926] |
| | | | | | Chief Financial Officer | ShaillyKedia
Company Secretary
[Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| 1) Corporate Information
Tata Asset Management Private Limited ('the Company') is a private company limited by shares incorporated in India on 15 March 1994 under the Companies Act, 1956 with its registered office in Mumbai, Maharashtra, India. Its shares are not listed on any of the stock exchanges in India. The Company is registered with Securities and Exchange Board of India ('SEBI') under SEBI (Mutual Fund) Regulations, 1996, SEBI (Portfolio Managers) Regulations, 1993 and SEBI (Alternative Investment Funds) Regulations, 2012.
The Company is primarily engaged to act as an investment manager to Tata Mutual Fund ('the Fund') and Alternate Investment Funds ('the AIF1, to provide portfolio management services ('PMS') to clients and advisory services.
The functional and presentation currency of the Company is the Indian Rupee which is the currency of the primary economic environment in which the Company operates.
Tata Sons Private Limited is the ultimate parent of the Company. Information on other related party relationships of the Company is provided in Note 14
The standalone financial statements of the Company for the year ended 31 March, 2026 were approved and authorised for issue by Board of Directors on 17 April 2026.
2) Material accounting policies
The material accounting policies applied by the Company in the preparation of its financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise
a) Compliance with Ind AS
These financial statements have been prepared and presented on going concern basis and in accordance with the Indian Accounting Standards (hereinafter referred to as the 'Ind AS1 as notified under Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and other relevant provisions of the Companies Act, 2013. The accounting policies are applied consistently to all the years presented in the financial statements.
b) Basis of preparation and presentation of Financial Statements
The financial statements have been prepared on accrual basis under the historical cost convention except for certain financial instruments measured at fair value at the end of each reporting period as explained in accounting policies below.
The Company presents its balance sheet in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 11.
The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the Division ill to Schedule ill to the Act. The Company has elected to present cash flows from operating activities using the indirect method and items of income or expense associated with investing or financing cash flows are presented as per the requirements of Ind AS 7 'Statement isclosure requirements with respect to items in the Balance Sheet and the Statement of Profit and Loss, as
n ill to Schedule ill to the Act, are presented by way ofnotes forming part of the financial statements. |
|
| c) Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management of the Company to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported amounts of assets and liabilities, disclosures including disclosures of contingent assets and contingent liabilities as at the date of financial statements and the reported amounts of revenues and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods which are affected.
Information about critical judgments, assumptions and estimation uncertainties that have a significant effect to the carrying amounts of assets and liabilities within the next financial year are as noted below:
(i) Fair value measurements
When the fair value of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be measured at the quoted price in the active markets, their fair value is measured using the valuation techniques that include the use of valuation models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required for selection of the appropriate valuation methodology and determination of expected future cashflows on the financial instruments that are being valued.
(ii) Recognition and Measurement of Provisions, liabilities and contingencies
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of judgments to existing facts and circumstances which may be subject to change. The amounts are determined by discounting the expected foture cash flows at a pre- tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that are possible to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.
(iii) Measurement of defined benefit obligation
The obligation arising from defined benefit plans is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(iv) Impairment of financial and non-financial assets
The measurement of impairment losses across all categories of financial assets requires judgement, in particular, the estimation of the amount and timing of future cash flows and collateral values when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of factors, changes in which can result in different levels of allowances.
d) Ind AS 116 Leases As a lessee
The company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date.
The right-of-use asset is subsequently depreciated using the straight-line method of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, lessee's incremental rate of
included in the measurement of the lease liability comprise the amounts expected to be payable over the period of the ility is measured at amortised cost using the effective interest method. It is
- --;:::=:::::::::� ere is•a change in future lease payments arising froma change in an index or rate.
ility is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset,
ofit or loss if the carrying amount of the right-of-use asset has been reduced to zero. |
|
| d) Ind AS 116 Leases (Continued) Short-term leases:
The Company has elected not to recognise right-of-use assets and lease liabilities for short term leases of real estate properties that have a lease term of 12 months. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
e) Revenue recognition
(i) Recognition of income
Revenue (other than for those items to which Ind AS I09 Financial Instruments are applicable) is measured at fair value of the consideration received or receivable. Ind AS 115 Revenue from contracts with customers outlines a single comprehensive model of
accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance found within Ind ASs. •
The Company recognises revenue from contracts with customers based on a five step model as set out in Ind AS 115:
Step 1 : Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2 : Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer.
Step 3 : Determine the transaction price: The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.
Step 4 : Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation.
Step S: Recognise revenue when (or as) the Company satisfies a performance obligation.
Revenue is measured based on the transaction price (net of variable consideration) specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue from contracts with customers is recognized when services are provided, and it can be reliably measured and it is probable that future economic benefits will flow to the Company.
Investment management fees
Investment management fees (net of goods and services tax) is recognised over time when performance obligation is satisfied continuously over the contract period in accordance with the Investment Management Agreement and SEBI (Mutual Fund) Regulations, 1996, as amended from time to time based on an agreed percentage of the daily assets under management of Tata Mutual Fund schemes.
Portfolio management fees
Portfolio management fees are fees charged for management of portfolios and are recognised over time when the performance obligation is satisfied at an agreed percentage of the daily closing portfolio values in accordance with Portfolio Management Agreement entered into with respective clients.
Alternate investment management fees
t management fees are fees charged for management of alternate investment funds and are recognised over time e obligation is satisfied at an agreed percentage of the daily closing portfolio values in accordance with
•" ent Agreement entered into Alternate Investment Funds.
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| e) Revenue recognition (Continued)
(ii) Interest Income
Under Ind AS 109 interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised cost. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset.
The EIR (and therefore, the amortised cost of the asset) is calculated by taking into account any discount or premium on acquisition, fees and costs that are an integral part of the EIR. The Company recognises interest income using a rate of return that represents the best estimate of a constant rate of return over the expected life of the loan. Hence, it recognises the effect of potentially different interest rates charged at various stages, and other characteristics of the product life cycle (including prepayments, penalty interest and charges).
If expectations regarding the cash flows on the financial asset are revised for reasons other than credit risk. The adjustment is booked as a positive or negative adjustment to the carrying amount of the asset in the balance sheet with an increase or reduction in interest income. The adjustment is subsequently amortised through interest income in the statement of profit and loss.
The Company calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets. When a financial asset becomes credit-impaired, the Company calculates interest income by applying the effective interest rate to the net amortised cost of the financial asset. If the financial assets cures and is no longer credit-impaired, the Company reverts to calculating interest income on a gross basis.
:m:Dividend income
Dividend income (including from FVOCI investments) is recognised when the Company's right to receive the payment is established, it is probable that the economic benefits associated with the dividend will flow to the entity and the amount of the dividend can be measured reliably. This is generally when the shareholders approve the dividend.
(iv: Rental Income
The determination of whether an arrangement is a lease, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets or whether the arrangement conveys a right to use the asset.
Company as a lessor
Leases where the Company does not transfer substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in rental income in the statement of profit or loss, unless the increase is in line with expected general inflation, in which case lease income is recognised based on contractual terms. Initial direct costs incurred in negotiating operating leases are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.
(v) Gains and Losses from financial instruments
The realised gains/losses from financial instruments at FVTPL represents the difference between the carrying amount of a financial instrument at the beginning of the reporting period, or the transaction price if it was purchased in the current reporting period, and its settlement price. The unrealised gains/losses represents the difference between the carrying amount of a financial instrument at the beginning of the period, or the transaction price if it was purchased in the current reporting period, and its carrying amount at the end
of the reporting period. |
|
| t) Foreign currency transactions and translation
The management has determined Indian Rupee ("INR") as the functional currency of the Company. In preparing the financial statements, transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising out of these translations are recognised in the Statement of Profit and Loss.
g) Taxation
Income tax expense comprises both current and deferred tax. Current and deferred taxes are recognised in the statement of profit and loss.
Current Tax
Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the reporting date in the countries where the Company operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow fef' all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
|
| h) Financial Instruments Classification
A Financial instrument is any contract that gives rise to a financial asset of one entity and financial liability or equity instruments of another entity.
Financial assets, other than equity, are classified into financial assets at fair value through other comprehensive income (FVOCI) or fair value through profit and loss account (FVTPL) or at amortised cost. Financial assets that are equity instruments are classified as FVTPL or FVOCI. Financial liabilities are classified as amortised cost category and FVTPL.
Business Model assessment and Solely payments of principal and interest (SPPI) test:
Classification and measurement of financial assets depends on the business model and results of SPPI test. The Company determines the business model at a level that reflects how Company's financial assets are managed together to achieve a particular business objective. As a second step of its classification process the Company assesses the contractual terms of financial to identify whether they meet the SPPI test. Based on the above, financial assets are either classified as:
1. Amortised cost,
2. Fair value through other comprehensive income and
3. Fair value through profit and loss.
Initial recognition:
The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in the statement of profit and loss.
Financial assets and financial liabilities are initially recognised on the trade date i.e. the date when the Company becomes a party to the contractual provisions of the instruments. At initial recognition, the Company measures trade receivables at their transaction price if the trade receivables do not contain a significant financing component.
Subsequent measurement:
Financial assets at amortised cost:
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The company measures bank balances and loans at amortised cost.
Equity Instruments at Fair value through Other Comprehensive Income (FVOCI) :
The Company's management has elected to classify irrevocably some of its equity investments as equity instruments at FVOCI, when such instruments meet the definition of Equity under Ind AS 32 'Financial Instruments: Presentation' and are not held for trading.
on these equity instruments are never recycled to profit or loss. Dividends from these equity investments are atement of profit and loss when the right to receive the payment has been established. |
|
| h) Financial Instruments (Continued)
Fair value through Profit and loss account:
Financial assets are measured at FVTPL unless it is measured at amortised cost or at FVOCI on initial recognition. The transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are immediately recognised in the statement of profit and loss.
Financial Liabilities and equity instruments:
Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrwnent is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instrwnents are recorded at the proceeds received, net of direct issue costs.
Financial Liabilities
Trade and other payables are initially measured at fair value, net of transaction costs, and these are subsequently measured at amortised cost using effective interest rate method where the time value of money is significant. For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instrwnents.
Reclassification of Financial assets and Financial liabilities:
The Company does not re-classify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances when the Company changes its business model for managing such financial assets. The Company does not re-classify its financial liabilities.
Impairment of financial assets:
The Company recognizes a loss allowance for expected credit losses on a financial asset that is at amortized cost or fair value through OCI. Loss allowance in respect of financial assets is measured at an amount equal to life time expected credit losses and is calculated as the difference between their carrying amount and the present value of the expected future cash flows discounted at the original effective interest rate.
Trade receivables:
The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated for changes in the forward-looking estimates.
Derecognition of Financial assets and Financial liabilities:
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
is derecognised when, and only when, the obligation under the liability is discharged, cancelled or expired.
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|
| i) Determination of fair value:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
| The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received). Subsequent to initial recognition, the Company determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include discounted cash flow.method and other valuation models. |
| j) Cash and cash equivalents :
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. |
| k) Property, Plant and Equipment
Property, plant and equipment are stated at cost of acquisition less accumulated depreciation and accumulated impairment loss, if any. Cost includes all expenses incidental to the acquisition of the property, plant and equipment and any attributable cost of bringing the asset to its working condition for its intended use. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repair and maintenance costs are recognized in statement of profit and loss as incurred. |
| Capital work in progress and Capital advances
Cost of assets not ready for intended use, as on the Balance Sheet date, is shown as capital work in progress. Advances given towards acquisition of property, plant and equipment outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets. |
| Depreciation of property, plant and equipment
Depreciation on property, plant and equipment, other than premises and leasehold improvements, is provided on a written down value basis. Premises are depreciated over its estimated useful life on a straight line basis. Leasehold improvements are amortised over the primary period of lease on a straight line basis or useful life whichever is less. |
| As per the requirement of the Act, the Company has evaluated the useful lives of its property, plant and equipment and has computed depreciation according to the provisions of Schedule II of the Act. The useful life of the following assets are as follows: |
| Tangible assets | As per Companies
Act2013 | |
| Premises | 60 years | |
| Furniture and fixtures | 10 years | |
| Vehicles | 8 Years | |
| Office equipments | 5 Years | |
| Office equipments - mobile | 3 Years | |
| Computers - servers | 6 Years | |
| Computers - end user devices | 3 Years | |
| Leasehold improvements | Over the period of lease term | |
| Further as disclosed in the table below, the estimated useful life of certain property, plant and equipment of the Company is different scribed in Schedule II of the Act. |
| k) Property, Plant and Equipment (Continued) |
| Nature of property, plant and equipment | Management Estimate of Useful Life
(in years) | Useful life as per the limits prescribed in Schedule II of the Act
(in years) | |
| Vehicles | 6 | 8 | |
| Office equipments - mobile | 3 | 5 | |
| For these class of assets, based on internal technical assessment, the management believes that the useful lives as given above best represent the period over which management expects to use these assets. Hence the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Act. |
| The Company provides pro-rata depreciation from the date the asset is ready for its intended use and in respect of assets sold,
depreciation is provided upto the date of disposal. |
| The residual values, estimated useful lives and method of depreciation of property, plant and equipment are reviewed at end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. |
| Property, plant and equipment are derecognised on disposal or when no future economic benefits are expected to arise from its
continuous use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other income/ expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in Ind AS 115. |
| I) Investment Property:
Properties held to earn rentals and/or capital appreciation are classified as investment properties and are measured and reported at cost, including transaction costs less accumulated depreciation and accumulated impairment losses, if any. Cost includes all expenses incidental to the acquisition of the investment property and any attributable cost of bringing the asset to the condition for its intended use. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repair and maintenance costs are recognized in statement of profit and loss as incurred. |
| Investment property are depreciated over its estimated useful life on a straight line basis as prescribed in Schedule II to the Companies
Act, 2013. |
| The useful life of such investment property is determined to be sixty years as per provisions of Part C of Schedule II of the Act. |
| An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in the Statement of Profit and Loss in the same period in which the property is derecognised.
Depreciation method, useful lives and residual values are reviewed at each financial year end and adjusted if necessary |
| Though the Company measures investment property using cost-based measurement, the fair value of investment property is disclosed
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| m) Intangible Assets:
Intangible assets acquired separately are measured on initial recognition at cost and recognized if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. Such cost includes purchase price, borrowing cost, and cost directly attributable to bringing the asset to its working condition for the intended use. Such intangible assets are subsequently measured at cost less any accumulated amortization and any accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the Statement of Profit and Loss as incurred.
Intangible assets under development
Cost of intangible assets not ready for intended use, as on the Balance Sheet date, is shown as intangible assets under development. Advances given towards acquisition of intangible assets outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets.
Amortisation of intangible assets
Intangible assets comprising of software purchased / developed and licensing costs are amortized on a straight line basis over the useful life of the software up to a maximum of five years commencing from the year in which such software is first ready for its intended use. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Intangible assets are derecognised on disposal or when no future economic benefits are expected to arise from its continuous use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other income / expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of intangible asset is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in Ind AS 115.
n) Impairment of non - financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount.
Recoverable amount is the higher of fair value less costs of disposal and value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent from other assets or Group of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. The impairment loss, if any, is recognised in the statement of profit and loss in the period in which impairment takes place.
A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. Where an in1pairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, however subject -to the increased carrying amount
..-:;d!o • eeding the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been
/'7:::�c�o� or the asset in prior accounting periods. A reversal of an impairment loss is recognised immediately in the statement of Ii:',./?"' 4;.?:-t,�i!i,"',"'""f;- lo
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| o) Employee benefits
Defined contribution plans
(i) Provident fund & Family Pension Fund
The Company contributes to a recognised provident fund and family pension fund which is a defined contribution scheme. The contributions are accounted for on an accrual basis and recognised in the statement of profit and loss. The eligible employees of the Company are entitled to receive post-employment benefits in respect of provident and family pension fund. The contributions made to state managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Company's obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
(ii) Superannuation Fund
The Company contributes a sum upto 15% of basic salary for employees who have opted to contribute to a Superannuation Fund, administered by trustees and managed by Life Insurance Corporation of India. The Company recognises such contributions as an expense in the year they are incurred. Benefits in respect of superannuation, a defined contribution scheme, as applicable to employees is annually funded with the Life Insurance Corporation of India.
Defined Benefit Plan
(i) Gratuity
The Company's gratuity scheme is a defined benefit plan. The Company's net obligation in respect of the gratuity benefit is calculated by estimating the amount of future benefit that the employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value, and the fair value of plan assets, if any, is deducted from such determined present value.
The calculation of the defined benefit obligation is performed periodically by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Company, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements.
Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in OCI. The Company determines the net interest expense/ income on the net defined benefit liability/ asset for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability/asset, talcing into account any changes in the net defined benefit liability/ asset during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the Statement of Profit and Loss
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service ('past service cost' or 'past service gain') or the gain or loss on curtailment is recognised immediately in the Statement of Profit and Loss.
The Company recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. |
|
| o) Employee benefits (Continued)
(ii) Compensated absences
Compensated absences are recognised as a liability at the present vaJue of the defined benefit obligation at the balance sheet date. The Company's liability towards compensated absences is determined on the basis of valuations, as at baJance sheet date, carried out by an independent actuary using Projected Unit Credit Method. ActuariaJ gains and losses comprise experience adjustments and the effects of changes in actuariaJ assumptions and are recognised immediately in the statement of profit and Joss.
Other Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the year.
Other Long-term employee benefits
Other long term employee benefits include accumulated compensated absences that are entitled to be carried forward for future availment subject to the Company's policies. The Company's net obligation in respect of long-term employee benefits other than postemployment benefits, which do not fall due wholly within 12 months after the end of the period in which the employees render the related services, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The obligation is measured on the basis of an independent actuarial valuation using the projected unit credit method. Remeasurements gains or losses are recognised as profit or loss in the period in which they arise
Long term incentive plan (LTIP)
Company has elected to account for the long term incentive plan as a one single award. This accounting policy is applied consistently to all the plans from period to period. If the plan is back-end loaded, the plan's benefit is attributed on a straight line basis otherwise the plan's benefit are attributed to periods of service according to plan's benefit formula
p) Cost Recognition
Costs and expenses are recognized when incurred and are classified according to their nature.
Scheme expenses
In pursuance to SEBI circular dated 22 October 2018, all expenses relating and identified for a scheme should be charged to the scheme. For expenses which are common across schemes and is not possible to apportion/ bifurcate them scheme wise, the same can be borne by the AMC. The Company has incurred such expenses for which identification of scheme is not possible and the same has been charged to the statement of profit and loss.
New fund offer expenses ('NFO')
Expenses relating to NFO are charged to the statement of profit and loss in the year in which these expenses are incurred which is in c .J.ll:lt:e'Wi' (Mutual Fund) Regulations, 1996, as amended from time to time.
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| q) Accounting for provisions, contingent liabilities and contingent assets
Provisions are recognised in the balance sheet when the Company has a present obligation (legal or constructive) as a result of a past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Where the time value of money is material, the amount of a provision shall be the present value of the expenditures expected to be required to settle the obligation.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by third party, the reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if the Company settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for the reimbursement shall not exceed the amount of the provision. In the statement of profit and loss, the expense relating to a provision may be presented net of the amount recognised for a reimbursement.
Provisions shall be reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision shall be reversed.
Contingent liabilities are not recognised in the financial statements. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non• occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognise contingent asset.
r) Earnings per share
The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting period.
Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. In computing diluted earnings per share, only potential equity shares that are dilutive are included.
s) Dividends on ordinary shares
The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the Companies Act, 2013, a final dividend is authorised
by the shareholders in the annual general meeting. A corresponding amount is recognised directly in equity.
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� '"' | | t) Recent Pronouncements:
5) Recent pronouncements Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time.
In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.£ April 1, 2025. The Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its financial statements.
In August 2025, MCA notified the following amendments to:
Ind AS 1, Presentation of Financial Statements, applicable w.e.£ April 1, 2025 - The amendment relates to classification of liabilities as current or non-current and non-current liabilities with covenants. In the context of classifying a liability as current, it removes the requirement of existence of a right to defer settlement for at least 12 months after the reporting date and instead requires that the said right should exist on the reporting date and have substance. The amendment also introduces guidance on classification of liabilities with covenants. The Company has no impact of these amendments in its classification criteria of current and non-current liabilities.
Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.£ April 1, 2025 - The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance arrangements and explain the nature of the arrangements, the carrying amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to add supplier finance arrangements as a factor that may cause concentration of liquidity risk. The Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its financial statements.
Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The amendments provide a temporary
��n:ic::�lieffrom deferred tax accounting for top-up tax and disclose that they have applied the relief The Company has reviewed " eiGwen d based on its evaluation has determined that it does not have any significant impact in its financial statements.
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| Notes to the standalone financial statements for the year ended 31 March 2026 | |
| (Currency : Indian Rupees in crores) | |
| 3.1 Cash and cub equivalents
Cashon hand Balances with Banks
- in current accoW1ts
Total | Aaat Aaat
31-Mar-26 31-Mar-2S
0.00 0.00
8.70 S.30
8.70 5.30 | |
| The Company has not taken bank overdraft and has not kept any eannarked balances with banks.
The Company has not been declared a wilful defaulter by any bank / financial institution / other lender. | |
| There are no conditions or restrictions in using the above cash and cash equivalent.
3.1 Trade receivables | |
| Aaat | Asat | | |
| Unsecured - considered good | 31-Mar-•26 | 2025-03-31T00:00:00.000 | | |
| Management Fee Receivable | 39.37 | 58.60 | | |
| Portfolio Management Fee and Other Advisory Services Fee Receivable | 1.64 | 1.56 | | |
| Other receivables | 0.01 | | | |
| Total | 41.02 | 60.16 | | |
| Ageing of Trade receivables | | | | |
| Particulars | Outstanding as on 31 March 2026 | | |
| Less than
6 months | 6 months to
1 rear | ltol
rears | 2 to 3
,ears | More than
3 tears | Unbilled | Not due | Total | | |
| (1) Undisputed Trade receivables - considered good
(ii) Undisputed Trade receivables - vm.ich have significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired
(iv) Disputed Trade receivables - considered good
(v) Disputed Trade receivables - which have significant increase in credit risk
(vi) Disputed Trade receivables - credit impaired
Total | 40.94 | 0.01 | 0.02 | 0.01
.
-
-
.
. | 0.04 | .. | .. | 41.02 | | |
| .. | .. | | .. | | . | | | |
| | . | .. | . | . | .. | . | | |
| ..
- | .
.. | -
..
.. | -
- | .
.
- | - | ..
- | | |
| 40.94 | 0.01 | 0.02 | 0.01 | 0.04 | | . | 41.02 | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | |
| Particulars | Outstandina: as on 31 March 2025 | | |
| LeSB than
6 months | 6 months to
1 Year | 1to2
vears | 2to3
,ears | More than
l vu.rs | Unbilled | Not due | Total | | |
| (i) Undisputed Trade receivables • considered good
(ii) Undisputed Trade receivables -which have significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired
(iv) Disputed Trade receivables -
considered good
(v) Disputed Trade receivables - which have significant increase in credit risk
(vi) Disputed Trade receivables - credit impaired
Total | 60.05 | 0.03 | 0.02 | 0.03 | 0.03 | . | . | 60.16 | | |
| ..
.. | .. | .. | ..
- | .
.. | -
- | ..
- | | | |
| | . | . | | .. | .. | .. | .. | | |
| . | .. | .. | .. | | .. | . | .. | | |
| | | . | - | . | . | -
. | | | |
| 60.05 | 0.03 | 0.02 | 0.03 | 0.03 | .. | | 60.16 | | |
| | | | | | | | | | |
| No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person or debts due by firms including limited liability partnershps
(LLP's), private companies respectively in which any director is a partner or a director or a member, except as disclosed below: | |
| Aaat | Asal |
| 31-Ma.-26 | 2025-03-31T00:00:00.000 |
| Tata Capital limited
Tata Steel limited -The Tinplate co of | O.ll | 0.09 |
| Ind ltd | O.Q7 | O.ol |
| Tata Steel limited | 0.06 | 0.03 |
| Tata Steel Lintited - Tata Metaliks | O.Q2 | o.oi |
| Tata Steel Lintited • ISWP | 0.01 | 0.02 |
| TRFLimited | 0.01 | 0.01 |
| TM International Logistics ltd | 0.01 | O.Ql |
| Tata Industries Limited | 0.01 | 0.01 |
| The Tata Pigments Limited | | 0.00 |
| Tata Steel Llntited .. JEMCO | 0.00 | 0.00 |
| are non-interest bearing.
&
.-d Acco /4;;.-•'
�� | |
| Notea to tbe standalooe fmancial statement:, fo.- the year eoded 31 March 20l6 |
| (Currency: Indian Rupees in crores)
3.3 Loans (at amortbed coot) | | | | | | | | | | |
| Unsecured and cowidued &ood Leans to employees paid in India Less impainnent loss allowance | Aul 31-Mar-l6
0.09 | Asal
31-Mar-25
0.12 |
| Total 0.09 0.12 |
| There are no loans to related parties. |
| 3,4 Investment, |
| Investments | Amortiled cmt | At Fair Value
1brouch other Tbrou&h profit or Daipated at fair
comprebeosive loss value throup
income profit or loss | Other, | Total | |
| As at 31-Mar-26 | -
26.49
-
-
-
, - | --
3.51
.
- | 861.S6
-
78.36
-
6.68
- | .
.
.
-- | -
.
.
-
-
78 26 | | |
| Investments | | |
| Mutual funds | 861.56 | |
| Debt securities | l6,49 | |
| Government Securities | 78.36 | |
| Equity instruments | 3.51 | |
| Alternate Investment Foods | 6,68 | |
| Subsidiaries (unquoted) | 78.26 | |
| Total | ...... | J.51 | . oo | | '"·"° | 1,054.... | |
| (i) Invesbnents outside India
(ii) Investments in India | -
26.49 | -
3.51 | -
946.60 | | 3.26
75.00 | 3.l6
1,051.60 | |
| Total
Less: Allowance for impairment | 26.49
- | 3.51
- | 946.60
- | | 78.l6
- | 1,054.86
- | |
| 16.49 | J,51 | Y40.60 | | 71.lli | 1,.,..,... | |
| As at 31-Mar-25 | -
57.22
-
-
- | | 639.19
--
28.90
- | | -
-
-
63.26 | | |
| Invatments Mutual funds | | - | 639,19 | |
| Debt securities
Equity instruments | 3.39 | -- | 57.22
3,39 | |
| Alternate Invesbnent Funds | | | 28.90 | |
| Subsidiaries (unquoted) | | | 63,26 | |
| Total | | JJ9 | 00&,09 | | 0.16 | | |
| (i) Investments outside India
(ii) Investments in India | 57.22 | -
3.39 | -
668.09 | | 3.26
60.00 | 3.26
788.70 | |
| Total
Less: Allowance for impairment | 57.22 | 3.39
- | 668.09
- | -. | 63,26
- | 791.96
. | |
| | 51.ll | J.39 | 668.09 | | 63,16 | 791,YO | |
| | | |
| Investment - others comprises of investment in subsidiaries which are held at cost based on the exception provided in IndAS 37 |
| The breakup of investments can be found in Note 4. More infonnation regarding the valuation methodologies can be fowid in Note 12.
Investment in Equity instruments degignated at fair value through other comprehensive income
The Company has elected to designate the investment in equity shares, which are neither held for trading nor received as contingent consideration in business combination, at fair value through other comprehensive income {FVOCI). The Company chose the option of designating these investments to be recognised as FVOCI, as these equity instruments are not held for trading and management has elected to classify the same irrevocably as equity instruments at FVOCI. |
| (Currency: Indian Rupees in crores) |
| 3.5 Other Financial Assets
Unsecured and considered good Security deposits (Refer note below) Advance to employees paid in India Others
Total
Note: Security deposits include deposits with related parties as under : Tata Industries Limited
Voltas Limited
Total | Asat Asat
31-Mar-26 31-Mar-25
6.51 6.20
0.07 0.24
1.03 1.08
7.61 7.52
Asat As at
31-Mar-26 31-Mar-25
1.55 0.86
0.05 0.04
1.60 o.90 |
| 3.6 Investment property |
| Description of Assets L Gross Block
Balance as at 31 March 2024
Additions
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31 March 2025
Additions
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31 March 2026
IL Accumnlated depreciation Balance as at 31 March 2024 Charge for the year
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31 March 2025
Charge for the year
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31 March 2026
m Net block (I-II)
Balance as at 31 March 2026
Balance as at 31 March 2025
IV. Fair Value
Balance as at 31 March 2026
Balance as at 31 March 2025 | Premises Total
5.57 5.57
- -
- -
- - | |
| 5.57 | 5.57 | |
| - -
- -
- - | |
| 5.57 | 5.57 | |
| 2.30 2.30
0.08 0.08
- -
- - | |
| 2.38 | 2.38 | |
| 0.08 0.08
- -
- - | |
| 2.46 | 2.46 | |
| 3.11
3.19
22.30
22.30 | 3.11
3.19
22.30
22.30 | |
| (a) The Company has given office premises on operating lease which forms part of its premises at Mulla House at Mumbai. Refer note 8 for details ofleasing arrangements. There are no restrictions imposed on the realisability of investment property lease. |
| |
| 3.6 Investment property (Continued)
(b) The company does not hold any benami property.
(c) The fair value of the investment properties as at 31 March, 2026 and 3 I March, 2025 has been arrived at on the basis of a valuation carried out on the respective dates by an independent valuer registered with the authority which governs the valuers in India. They have appropriate qualifications and experience in the valuation of properties in the location. All fair value estimates for investment properties are included in Level 2 as the input used is the Mumbai Stamp Duty Ready _Reckoner. |
| (i) Reconciliation ofFair Value |
| Particulars
Balance as at 31 March 2025
Fair value differences
Transfer from Property, plant and equipment Sales
Balance as at 31 March 2026 | Amount
22.30
-
-
- | |
| 22.30 | |
| (ii) Amounts recognised in Statement of Profit and Loss for investment properties |
| Particulars
Lease income derived from investment properties
Direct operating expenses from properties generating lease income
Direct operating expenses from properties that did not generate lease income | 31-Mar-26
0.87
(0.09)
- | 31-Mar-25
0.76
(0.05)
- | |
| Profit arising from investment properties before depreciation
Depreciation for the year
Profit arising from investment properties | 0,78 | 0.71 | |
| -0.08 | -0.08 | |
| 0,70 | 0.63 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency : Indian Rupees in crores) |
| 3.7 Property, Plant and Equipment |
| Leasehold
Description Premises Furniture and Vehicles Office Equipments Computers Improvements - Total Fixtures Furniture and
Fixtures
I. Gross Block |
| Balance as at 31 March 2024 | 2.34 | 6.00 | 10.96 | 4.39 | 12.37 | 6.71 | 42.77 |
| Additions | | 1.35 | 2.48 | 0.63 | 2.42 | 0.71 | 7.59 |
| Disposals | | 0.29 | 1.54 | 0.11 | 0.53 | 0.13 | 2.60 |
| Balance as at 31 March 2025 | 2.34 | 7.06 | 11.90 | 4.91 | 14.26 | 7.29 | 47.76 |
| Additions | | 0.60 | 4.62 | 0.77 | 1.52 | 0.60 | 8.11 |
| Disposals | | 0.27 | 3.63 | 0.18 | 2.34 | 0.12 | 6.54 |
| Balance as at 31 March 2026 | 2.34 | 7.39 | 12.89 | 5.50 | 13.44 | 7.77 | 49.33 |
| Accumulated Depreciation Balance as at 31 March 2024 | 0.87 | 3.42 | 4.73 | 3.56 | 9.26 | 5.75 | 27.58 |
| Depreciation charge for the year | 0.04 | 0.91 | 2.75 | 0.52 | 2.12 | 0.50 | 6.84 |
| Eliminated on disposal of assets | | 0.25 | 0.94 | 0.10 | 0.50 | 0.13 | 1.92 |
| Balance as at 31 March 2025 | 0.91 | 4.08 | 6.54 | 3.98 | 10.88 | 6.12 | 32.50 |
| Depreciation charge for the year | 0.04 | 0.87 | 2.80 | 0.57 | 2.20 | 0.49 | 6.97 |
| Eliminated on disposal of assets | | 0.24 | 2.69 | 0.17 | 2.20 | 0.12 | 5.42 |
| Balance as at 31 March 2026 | 0.95 | 4.71 | 6.65 | 4.38 | 10.88 | 6.49 | 34.06 |
| II. |
| IIL Net block (1-11) |
| Balance as at 31 March 2026 | | 1.3'1 | '!.i'i8 | li.N | I.I'! | Bli | UR | H.'!'7 | |
| Balance as at 31 March 2025 | | 1.43 | 2.98 | 5.36 | 6.§) | jjij | 1.11 | 15.26 | |
| Notes:
(a) The title deeds of all immovable properties are held in the name of Tata Asset Management Private Limited and are not held in the name of any promoter/ director or relative of promoter/ director or employee of promoter/ director. |
| (b) The details of immovable properties are as follows· |
| Name of the Property | Date since held | Date held u11to |
| Office premises at Mulla House - Ground Floor Office premises at Mulla House - 4th Floor
Office oremises at Mulla House - 4th Floor additional | 28-Aug-00
09-Jun-94
l 7-Nov-98 | Till date
Till date Till date |
| ,,,,,._.,;.-:::=-· |
| (c) The Company does not hold any benami property.
(c) The Company does not have any CWIP in the current and previous years. |
| TATA ASSET MANAGEMENT PRIVATE LIMITED | |
| Notes to the standalone financial statements for the year ended 31 March 2026 | |
| (Currency: Indian Rupees in crores) | |
| 3.8 | Right of use assets ('ROU') | |
| Description | Leasehold Premises | Total |
| I. Gross Block | | |
| Balance as at 31 March 2024 | 62.40 | 62.40 |
| Additions | 4.85 | 4.85 |
| Disposals | 2.20 | 2.20 |
| Balance as at 31 March 2025 | 65.05 | 65.05 |
| Additions | 8.62 | 8.62 |
| Disposals | 6.75 | 6.75 |
| Balance as at 31 March 2026 | 66.92 | 66.92 |
| II. Accumulated amortisation | | |
| Balance as at 31 March 2024 | 14.18 | 14.18 |
| Amortisation charge for the year | 12.83 | 12.83 |
| Eliminated on disposal of assets | 2.06 | 2.06 |
| Balance as at 31 March 2025 | 24.95 | 24.95 |
| Amortisation charge for the year | 13.00 | 13.00 |
| Eliminated on disposal of assets | 6.50 | 6.50 |
| Balance as at 31 March 2026 | 31.45 | 31.45 |
| III. Net block (1-11) | | |
| Balance as at 31 March 2026 | 35.47 | 35.47 |
| Balance as at 31 March 2025 | 40.10 | 40.10 |
| Right-of-use assets comprises ofleased properties that do not meet the definition of investment property | |
| All the lease agreements are in the name of the Company | |
| 3.9 Other Intangible assets
Description Software Licenses and Total
franchise |
| I. Gross Block |
| Balance as at 31 March 2024 | 12.99 | 3.66 | 16.65 |
| Additions
Disposals | 0.41 | 1.ll | 1.52 |
| Balance as at 31 March 2025 | 13.40 | 4.77 | 18.17 |
| Additions | 0.41 | 0.01 | 0.42 |
| Disposals | | | |
| Balance as at 31 March 2026 | 13.81 | 4.78 | 18.59 |
| Accumulated amortisation | | | |
| Balance as at 31 March 2024 | 8.59 | 3.41 | 11.99 |
| Amortisation charge for the year | 1.43 | 0.26 | 1.69 |
| Eliminated on disposal of assets | | | |
| Balance as at 31 March 2025 | 10.02 | 3.67 | 13.68 |
| Amortisation charge for the year | 1.24 | 0.30 | 1.54 |
| Eliminated on disposal of assets | | | |
| Balance as at 31 March 2026 | 11.26 | 3.97 | 15.22 |
| II. |
| III. Net block (1-11) |
| Balance as at 31 March 2026 | 2.55 | 0.81 | 3.37 |
| Balance as at 31 March 2025 | 3.38 | 1.10 | 4.48 |
| 3.9A Intangible assets under development ageing schedule |
| Intangible assets under development as at 31 March 2026 | Amount in Intangible asset under development for a period of |
| Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total |
| Pn�iect in Progress | - | 0.06 | 0.21 | 0.37 | 0.64 |
| - | 0.06 | 0.21 | 0.37 | 0.64 |
| Intangible assets under development as at 31 March 2025 | Amount in Intangible asset under development for a period of |
| Less than 1
vear | 1-2 years | 2-3 years | More than 3
vears | Total |
| Project in Progress | 0.18 | 0.21 | 0.07 | 0.30 | 0.76 |
| 0.18 | 0.21 | 0.07 | 0.30 | 0.76 |
| 3.10 Other non-financial assets |
| Unsecured and considered good | As at
31-Mar-26 | As at
31-Mar-25 | |
| Capital advances | 3.03 | 0.10 | |
| Prepaid Expenses (Refer note below) | 5.75 | 5.73 | |
| Balances with statutory authorities | 0.03 | 0.10 | |
| Others | 16.18 | 13.71 | |
| Total | 24.99 | 19.64 | |
| Note: Prepaid expenses to related parties | | | |
| As at | As at | |
| Particulars | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Tata AIG General Insurance Company Limited | 1.84 | 0.43 | |
| Tata AIA Life Insurance Company Limited | 0.19 | 0.17 | |
| Tata Communications Limited (Lease Line) | | 0.10 | |
| Tata Communications Limited | | 0.05 | |
| Tata Consultancy Service Limited | 0.01 | | |
| Voltas Limited | 0,01 | 0.01 | |
| Total 2.05 0.76 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Noles lo lhe standalone financial slalemenu for the year ended 31 March 2026 | |
| (Currency : Indian Rupees in crores) | |
| 3.11 Payables | |
| Asal | Asat | | |
| Trade Payables | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | | |
| (i) tolal oulstanding dues of micro enterprises and small enterprises | 2.74 | 3.53 | | |
| (ii) total oulstanding dues of creditors other than micro enterprises and small enterprises | 12.22 | 18.90 | | |
| Total | 14.96 | 22.43 | | |
| Ageing of Trade payables: | | | | |
| Particulars | Oubtandin• as on 31 Man:b 2026 | | |
| Less than
l•ear | 1-2 years | 2-3 years
. | More than
3 years
. | Unbilled | Not due | Total | | |
| Micro and Small enterprises
Others
Disputed Dues - Micro and Small
enterprises
Disputed Dues • Others
Tolal | 0.10 | 0.00 | . | | 2.64 | | 2.74 | | |
| 0.02 | 0.00 | | . | 12.20 | | 12.22 | | |
| . | - | . | . | - | | . | | |
| . | - | .
. | . | . | | . | | |
| 0.12 | o.oo | | - | 14.84 | | 14.96 | | |
| | | | | | | | | |
| | | | | | | | | | |
| Particulars | Out,tandino as on 31 March 2025 | | |
| Less than 1 year | 1-2years
- | 2-lyeara | Moretban
3)ears | Unbilled | Not due | Total | | |
| Micro and Small enterprises
Others
Disputed Dues - Micro and Small
enterprises
Disputed Dues - Others
Total | 1.10 | - | 002 | - | 2.41 | | 3.53 | | |
| 1.11 | | 000 | . | 17.79 | | 18.90 | | |
| - | - | | - | - | | - | | |
| - | - | - | -
- | | - | - | | |
| 2.22 | - | 0.02 | | 20.19 | | 22.43 | | |
| | | | | | | | | |
| Disclosure of amounts due to Micro, Small and Medium enterprises is based on information available with the Company regarding the slatus of the suppliers as defined under 'The Micro, Small and Medium Enterprises Development Act, 2006' (MSMED). This has been relied upon by the auditors (Refer Note 20).
Trade payables are recognised at their original invoice amounts which represents their fair values on initial recognition. Trade payables are considered to be of short duration and are not discounted and the carrying values are asswned to approximate their fair values.
• represents amount less than INR 0.0J crore
No trade or other payables are due to directors or other officers of the company either severally or jointly with any other person or debts due to firms including limited liability partnershps
(LLP's), private companies respectively in which any director is a partner or a director or a member. | |
| 3,12 Deposits (at amortised cost) | Asat 31-Mar-26 | Asal 31-Mar-25 | | |
| Security deposils from others | 0.22 | 0.21 | | |
| Total | 0.22 | 0.21 | | |
| The Company has not accepted any deposit from directors/ key management personnel. Tho deposils have not been guaranteed by directors or others. Also the Company has not defaulted in
repayment of deposits and interest thereon. | |
| 3.13 Other Financial Liabilities | |
| Asal 31-Mar-26 | Asal 31-Mar-25 |
| Lease liability | 38.39 | 42.09 |
| Employee dues | 44.50 | 41.00 |
| Others | 4.08 | 4.56 |
| Total | 86.97 87.65 |
| 3,14 Provisions | |
| Asat Asal |
| 31-Mar-26 31-Mar-25 |
| Provisions for employee benefits | |
| Gratuity (funded) | 10.37 1.55 |
| Compensated absences (funded) | 4.88 5.03 |
| Long term incentive plan (unfunded) | 0.59 3.56 |
| Total | 15.84 10.14 |
| 3.15 Other Non-Financial Liabilities | | |
| Asat | Asal |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Statutory liabilities | 12.58 | 14.13 |
| Others | 0.49 | 0.91 |
| 13.07 | 1=5.-04 |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency : Indian Rupees in crores) |
| 3.16 Equity share capital
Particulars |
| Asat | | Asat | |
| 31-Mar-26
No. of Shares | Amount | 31-Mar-25
No. of Shares | Amount |
| Authorised Capital | |
| Equity Shares of par value INR 10/- each | | 5,50,00,000 | 55.00 | 5,50,00,000 | 55.00 |
| | 5,50,00,000 | 55.00 | 5,50,00,000 | 55.00 |
| Issued, subscribed and fully paid up
Equity Shares of par value INR 10/- each fully paid up | | 2,62,50,000 | 26.25 | 2,62,50,000 | 26.25 |
| | 2,62,50,000 | 26.25 | 2,62,50,000 | 26.25 |
| (a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year
Particulars Asat Asat
31-Mar-26 31-Mar-25 |
| Equity Shares of par value INR 10/- fully paid up | | No. of Shares | Amount | No. of Shares | Amount |
| Outstanding at the beginning of the year
Add: Issued during the year | | 2,62,50,000 | 26.25 | 2,62,50,000 | 26.25 |
| Outstanding at the end of the year | | 2,62,50,000 | 26.25 | 2,62,50,000 | 26.25 |
| (b) Rights, preferences and restrictions attached to each class of shares including restrictions on the distribution of dividends and the repayment of capital:
The Company has a single class of equity shares having a par value of INR 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case Qf interim dividend.
The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
(c) Shares held by its holding company or its ultimate holding company including shares held by subsidiaries or associates of the holding company or the ultimate holding company in aggregate: |
| Particulars Name & Nature of Relationship | As at 31-Mar-26'
Amount | Asat 31-Mar-25
Amount |
| 17,825,269 (March 31, 2025: 17,825,269) equity shares of INR 10/- each | Tata Sons Private Limited, Holding
Company and its nominees | 17.83 17.83 |
| �O��!:C�l (March 31, 2025: 8,424,731) equity shares ofINR Tata Investment Corporation Limited,
Fellow Subsidiary
(d) Details of the Shareholders holding more than S % of the shares in the Company:
As at | 8.42 8.42
Asat |
| Particulars | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Equity Shares
Tata Sons Private Limited | •;• of Holding No. of Shares held % of Holding No. of Shares held |
| Holding Company and its nominees 67.91% 1,78,25,269 67.91% 1,78,25,269 Tata Investment Corporation Limited
Fellow Subsidiary 32.09% 84,24,731 32.09% 84,24,731
-- |
| r<:?ll,,ifo"'"Servedfor issue under options and contracts/commitments for the sale of shares or disinvestment, including the terms and amounts - NIL
'<C) ., ive years immediately preceding the date at which the Balance Sheet is prepared:
ber and class of shares allotted as fully paid up pursuant to contract without payment being received in cash - NIL
I mber and class of shares allotted as fully paid up by way of bonus shares - NIL
w . mber and class of shares bought back - NIL |
| TATA ASSET MANAGEMENT PRIVATE LIMITED •
Notes to the standalone fmancial statements for the year ended 31 March 2026 | |
| (Currency: Indian Rupees in crores) | |
| 3.17 Other Equity | |
| Particulars | Asat | Asat | | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | | |
| Securities Premium account | 6.56 | 6.56 | | |
| General reserve | | | | |
| Balance at the beginning of the year
Bonus shares issued | 22.91 | 22.91 | | |
| Balance at the end of the year | 22.91 | 22.91 | | |
| Retained Earnings | | | | |
| Balance at the beginning of the year | 751.70 | 538.71 |
| Add: Net profit for the year | 391.71 | 293.56 |
| Less: Dividend paid | -147.00 | -80.06 |
| Remeasurement of defined benefit plans | 0.67 | -0.68 |
| Tax on remeasurement of defined benefit plans | 0.09 | 0.17 |
| Balance at the end of the year | 997.17 | 751.70 |
| Items of other comprehensive income | | |
| Balance at the beginning of the year | 0.32 | 0.26 |
| Equity instrument through other comprehensive income
Deferred tax relating to gain / Ooss) arising on revaluation of | 0.11 | 0.08 |
| equity instruments carried at fair value through other comprehensive income | -0.00 | -0.02 |
| 1027.07 | 781.49 |
| Nature of reserves | |
| a) Securities premium reserve
Securities premium reserve represent premium on issue of shares. The reserve will be utilised in accordance with the provisions of the Companies Act, 2013. There is no movement in securities premium reserve during the current and previous years. | |
| b) General reserve
The Company had transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of the Companies Act, 1956. Consequent to introduction of Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013. | |
| c) Equity instrument through other comprehensive income
The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVOCI equity investments reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. | |
| d) Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. | |
| e) Dividends | |
| The final dividend is recommended by the Board of Directors and is recorded in the books of account upon its approval by the shareholders. For the year ended 31 March 2025 dividend per share of INR 56 per equity share of INR 10 each was declared and for the year ended 31 March 2026 dividend
per share of INR 81.5 per equity share of INR IO each has been proposed by the Board of Directors in their meeting held on 17th April 2026. | |
|
| 3.18 Interest Income | | |
| Particulars | Year Ended | Year Ended | |
| Interest income on financial asset measured at amortised cost | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| - Interest on bonds | 4.65 | 3.87 | |
| - Interest on security deposits | 0.44 | 0.41 | |
| - Interest on staff loan | 0.00 | 0.00 | |
| Total | 5.09 | 4.28 | |
| 3.19 Dividend Income | | | |
| Particulars | Year Ended | Year Ended | |
| Dividend on investments | 31-Mar-26
49.68 | 2025-03-31T00:00:00.000 | |
| Total | 49.68 | | |
| 3.20 Fee Income | | | |
| Particulars | Year Ended | Year Ended | |
| Management fees from mutual fund | 31-Mar-26
653.35 | 31-Mar-25
533.08 | |
| Management fees from offshore operations | 83.08 | 85.81 | |
| Management fees from portfolio management services | 4.67 | 5.26 | |
| Management fees from alternate investment funds | 25.75 | 36.23 | |
| Advisoiy fees | 0.76 | 0.74 | |
| Total | 767.61 | 661.12 | |
| 3.21 Net gain/ (loss) on fair value changes | | | |
| Particulars | Year Ended | Year Ended | |
| Net gain on financial instruments at fair value through profit and loss | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| (i) On financial instruments designated at fair value through profit and loss | 24.16 | 47.03 | |
| Total Net gain on fair value changes | 24.16 | 47.03 | |
| Fair Value changes: | | | |
| -Realised | 28.13 | 19.77 | |
| -Unrealised | -3.97 | 27.26 | |
| Total Net gain on fair value changes | 24.16 | 47.03 | |
| 3.22 Other income | | | |
| Particulars | Year Ended | Year Ended | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Foreign exchange gain | | 0.06 | |
| Interest on income tax refund | 0.83 | 0.19 | |
| Miscellaneous income | 1.10 | 0.48 | |
| 1.93 | 0.73 | |
|
| 3.23 Finance Cost | |
| Particulars | Year Ended | | | Year Ended |
| Interest on lease liabilities | 31-Mar-26
2.74 | | | 31-Mar-25
3.17 |
| Interest on security deposit | 0.01 | | | 0.02 |
| Interest on income tax | 0.01 | | | 0.22 |
| Total | 2.76 | | | 3.41 |
| 3.24 Fee and Commission expenses | | | | |
| Particulars | Year Ended | | | Year Ended |
| Brand subscription fees to Tata Sons Private Limited | 31-Mar-26
1.99 | | | 31-Mar-25
1.78 |
| Brokerage and incentives | 18.80 | | | 26.34 |
| Total | 20.79 | | | 28.12 |
| 3.25 Employee benefits | | | | |
| Particulars | Year Ended | | | Year Ended |
| Salaries and wages | 31-Mar-26
162.40 | | | 31-Mar-25
142.46 |
| Expenses related to post-employment defined benefit plans | 10.92 | | | l.10 |
| Contribution to provident and other funds | 5.19 | | | 4.85 |
| Long term incentive plan | 10.98 | | | 9.42 |
| Staff welfare expenses | 3.90 | | | 9.40 |
| Total | 193.39 | | | 167.23 |
| 3.26 Depreciation, amortization and impairment | | | | |
| Particulars | Year Ended | | | Year Ended |
| Depreciation on property, plant and equipment | 31-Mar-26
6.97 | | | 31-Mar-25
6.84 |
| Depreciation on investment property | 0.08 | | | 0.08 |
| Amortisation on right of use | 13.00 | | | 12.83 |
| Amortisation on intangible assets | 1.54 | | | 1.69 |
| 21.S9 | | | 21.44 |
| |
| 3.27 Other expenses |
| Particulars | Year Ended | Year Ended | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Rent | 0.29 | 0.09 | |
| Electricity | 0.96 | 1.10 | |
| Repairs and maintenance
Equipment | 1.36 | 0.70 | |
| Premises | 4.31 | 3.71 | |
| Insurance | 3.24 | 3.01 | |
| Legal and professional fees | 6.29 | 5.33 | |
| Information technology | 11.57 | 10.76 | |
| Travelling and conveyance | 6.04 | 5.75 | |
| Communication expenses | 2.99 | 2.46 | |
| Rates and taxes | 3.13 | 3.41 | |
| Books, periodicals and subscriptions | 9.70 | 7.67 | |
| Net loss on sale of property, plant and equipment | 0.03 | 0.03 | |
| Training expenses | 0.81 | 0.90 | |
| Printing and stationery | 0.80 | 0.75 | |
| Marketing and sales promotion | 27.00 | 25.94 | |
| Directors expenses | 1.70 | 0.96 | |
| Auxiliary services | 6.31 | 5.56 | |
| Scheme expenses | 11.61 | 18.39 | |
| Portfolio Management Services expenses | 0.36 | 0.41 | |
| Alternate Investment Funds expenses | 0.13 | 0.11 | |
| Corporate Social Responsibility (Refer note 17) | 4.48 | 2.94 | |
| Loss on foreign currency transactions (net) | 0.37 | | |
| Payments to auditors | | | |
| As an auditor
Audit fees | 0.31 | 0.26 | |
| Tax Audit Fees | 0.04 | 0.04 | |
| Limited review | 0.09 | 0.09 | |
| Certification Fee
Reimbursement of out of pocket expenses | 0.03 | 0.03 | |
| Miscellaneous expenses | 6.71 | 7.27 | |
| Total | 110.66 | 107.67 | |
| The Company made a contribution to electoral trust of Rs NIL crores and 6.92 for year ended 31 March 2026 and 31 March 2025 respectively which is included in Miscellaneous expenses. |
| 3.28 Tax reconciliations
A Tax expense from continuing operations Particulars
Current tax
- Current period
Deferred tax Total
Effective tax rate reconciliation
Pr6fit before tax
Company's domestic tax rate:
Tax using the Company's domestic tax rate Effect of:
Non-deductible expenses Effect of Prior Period Tax
Change in unrecognised temporary differences
Effect of changes in income tax rates on deferred tax balances Capital gain
TOTAL
B Deferred tax liabilities (net) | Year Ended Year Ended
31-Mar-26 31-Mar-25
110.84 89.09
(2.40) 3.40
108.44 92.49
500.15 386.05
25.168% 25.168%
125.88 97.16
4.20 1.81
(3.95) (1.81)
(21.76) (2.07)
4.07 (2.60)
108.44 92.49 |
|
| Particulars | Asat
31-03-2026 | Asat
31-03-2025 | |
| Tax effect of items constituting deferred tax liabilities
Unrealised loss on securities carried at fair value through profit or loss / OCI | -21.48 | -21.20 | |
| Property, plant and equipment
Intangible assets | -0.60 | -0.32 | |
| -22.08 | -21.52 | |
| Tax effect ofitems constituting deferred tax assets
Property, plant and equipment | 3.92 | 3.77 | |
| ROU and lease liability | 0.73 | | |
| Security deposit | 0.36 | 0.37 | |
| Provision for compensated absences, gratuity and other liabilities | 3.84 | 1.66 | |
| 8.85 | 5.80 | |
| Deferred tax liabilities (net) | (13.23) | -15.72 | |
| Reconciliation | | | |
| Opening Balance of Deferred tax | -15.72 | -12.47 | |
| Credit/ (charge) to Profit & Loss/ retained earnings | 2.40 | -3.40 | |
| Recognised in/ reclassified from other comprehensive income | 0.09 | 0.15 | |
| Closing balance of Deferred tax | -13.23 | -15.72 | |
| Note:
TI1e Company has opted for taxability under Section 11SBAA, hence the tax rate applicable is 25.168% for both the years
There are no unrecorded income or related assets that have not been disclosed in the tax asessments under the Income Tax Act, 1961
. .-:::::===� filed by the company |
| Nola to thedandaloe fiaudaJ llawnenla for Ille:,ur ended 31 Mardl 202' | |
| (Cunmw:y: lndianllDp<CI in cm,..) | | | | | | | | | | | | | | | | | | | | | | | | |
| 4 Invatment details
Nome of the body corporate Sublidlory / J'aa, Volue No. ofShora/Unill Amount
Othtrs 31-Mar-2/i
Inve,tmeot i,, eqllity- imtramenta (uqaoted) | No. of Shares/ Unill Amount
31-Mar-25 | |
| Tala Allot�(Mauriliu,) Privat,, umDd | Subndiary | USDI | 6,60,100.000 | 3.26 | 6,60,100.000 | 3.26 |
| Tala Pomioa.Managcmeat Linucd | Subndiary | INJl.10 | 7S,OO,OOO.OOO | 1S.OO | 6,00,00,000.000 | 60.00 |
| MF Utilitioa India Prival,; Limilod | Othon | INRI | S,00,000.000 | 0..50 | ,.00,000.000 | 0.38 |
| AMC Rcpo Clcarin& Limilod | Otbora | INJl.10 | 29,74,800.000 | 3.00 | 29,74,100.000 | 3.01 |
| lnnstmeot in bonda (quoted)
7.74% Stalo Bdoflndia SR. I Po,potual Bmid (Call 91912025) 01bera INll. 1,000,000 7.7475 % ThlF Holdiap PO!ptllual Bmid Othon 1NR 1,000,000
9.10% Cbolamaadalam 1n.- 01ben INil 1,000,000
Celdnl Oowmmeol 6.9% Tuoblo 15-Apr-2065 OSEC OSEC | | | | | | | | | | | |
| 0.000
0.000
2,S00.000
15,00,000.000 | | | | | 100.000
200.000
2,500.00
0.000 | | | 10.42
20.31
26..50 | |
| | | | | | | |
| | | | | | | | |
| In-onto inmatuol fund, (unquoted) Tata Albitngc Fund Dimct Growth | Othon INil 10 | | 40,32,137.722 | 6.40 29,22,901.729 | 4.34 | |
| Tata Bolanced Advmltago Fund I>imct Growt
Tala� And Finanoial Sarrices Fund Diloct Growth Tala BmiDe,s Cyclo Fund Diloct Growth
Tata Coipomc Bmid Fuod Diloct Orowth
Taia Digital India Fund Direct Growth Tala Dividend Yield Fund Direct Growth Tala Equity PIE Fund I>imct Growth Tata Equity Savings Fund Dimct Orowtb
Tala B1hical Fund DilOct Orowth | 01ben
Otbtn Others Otbtn Other:,
Otbtn 01be11 01ben
Otbtn | INRIO
INil 10
INil 10
INil 10
INil 10 INRl0
INil 10 INRI0
INRI0 | | 3,02,45,820.400
7,74,370.099
19,27,841..590
26,Sl,.SB,13S.B03
30,37,686.391
7,48,339.113
3,16,792.W
0.000
1,09,705.837 | 65.47 2,91,58,194.271
3.52 43,79,867.207
3.41 11,92,816.896
346,43 22,42,42,741.721
13.33 26,20,463.433
1.36 7,48,339.113
11.40 3,19,147.792
1,21,615.908
4.23 9,,667.263 | 64.53
19.98
3..52
277.23
13.60
1.30
11.54
0.73
3.95 | |
| Taia Floatiug Rate Fund I>imct CJrowth Otbtn | INRI0 | 4,99,675.196 | 0.61 4,99,675.196 | 0.65 | |
| TalaFO<USCd Equity Fund Dire<tGrowdl
Tala Oilt Seauitier Fund I>imct Growth TalaHybrid Bquity Fund Direct Orowth Tata Nity Fifty Index Fund
Tai& S & P BSB Scnaex Index Fund Dim:t Orow1h
Tata India Consumer Fund I>imct Growth
Tllla India Phuma AndlloallbcoroFund DiroctOrowth Tata India Tu: Savings Fund Direct Growth
Tata Iufiaslru-. Fund Di,cot Orowth
Tata Luge 811d Mid Cap Fund Diloct Orow1h Tata:Lai8e Cap Fund Diroct Growth
Tllla Liquid Fund Din:<I Growth
Tala Mid Cap Fund Di1"ct Orowth Tata�MamtFund Dilect Growth
Tata Multi Asset Opportunitiol Fund DiR:ct Orowth
Tala F1txi cap Fund !meet Growth
Tata Nilly Exchange Tnded Fund Dilect Growtb
Tata Nifty Privalo Bank Bxcbanac Traded Fund !meet Orowth
Tata Ovmii&bt Fund DilOct Orowth
Tata Quam Fund Direct<lrowth
Tata Rcaource1 And Boorgy Fund Din>ct Gnm1h | 01be11 01ben Othcn Othcq Otboq 011,eq
01h<11
Othon Olhon Others Othcm Othcn Otbtn
Otherw
01be11 01ben 01be11 01bers Others Others
Othon | INRI0
INll 10
INll 10 INll.10 INll.10 INll.10 INll.10 INll.10 INll.10 INll.10 INll.10 INll.1000 INll.10 INRIOO0 INll.10 INRI0 INll.10 INll.10 INll.1000 INll.10
INll 10 | 10,62,695.039
3,.54,535.261
1,30,444.557
10,922.613
8,640.188
6,51,617.679
5,02,255.126
13,36,778.163
1,64,545.211
2,01,057..541
60,551.401
1,.SB,073.719
1,35,006.759
SS,574.788 21,09,Sll.023
20,16,023.012
50,000.000 lS,000.000 4,998.327
0.000
2,92,.S53.S95 | 2.43 I0,62,69S.039
3.04 3,54,535.261
5.86 1,30,444.557
0.16 10,922.613
0.17 8,640.118
2.93 6,30,813.194
1.66 S,02,2SS.l26
6.25 13,36,778.163
2.72 1,64,545.211
9.99 2,04,819.320
3.16 '7,812.795
61.78 84,581.641
6.14 1,21,641.632
21.00 29,362.803
S.43 18,51,262.235
5.04 23,13,!S2.926
1.21 50,000.000
0.37 1',000.000
0.71 4,998.327
1.49 2,11,389.472 | 2.51
3.06
6.04
0.18
0.18
2.92
1.67
6.27
2.80
11.46
3.13
34.63
5.37
13.85
4.43
5.69
1.27
0.40
0.61
1.38 | |
| Tala Rctiiemeot Saving, Fund Comervalivo Direct Growth Tala RctiiemeDI Savings Fund Mode,- Direct Growth Tata RclimmeDI Savings Fund Propossm: Direct Growth Tata Sbort Term Bood Fund Din<:I Growth
Tida Small Cap Fund Direct Growth
Tata TreumyA.dwnlagcFundDin,ctOrowdl Tida Ull1a Sbort Tenn Fund DiR:ct Growth Tatya OUll3 Cm.era' Fund Direct Growth
Tata Cbildieos Fund Dilect Growth | Otbt11 Others 01be11 01ben Otbtn Othon Othon Others | INll.10
INil 10
INil 10 INll.10 INll.10 INll.1000 INll.10 INll.10 | 3,89,401.578
4,44,980.860
3,.55,151.064
3,18,82,189.1
36,09,235.465
4,362.225
25,73,302.865
0.000
2,65,629.133 | 1.40
3.06
2.47
174.55
12.38
1.84
4.02
I.SI | 3,19,401.578
4,44,980.860
3,46,967.130
4,00,261.430
26,42,162.718
4,026.939
I7,04,678.S03 2,65,629.133 | 1.38
3.13
2.50
2.09
10.73
1.60
2.50
1.68 | |
| TataCRISIL-IBX Gilt Index• April 2026 IDdex Fund Direct Growth Otbo11 INll.10 | 0.000 | 2,51,72,731.567 | 30.19 | |
| Tata Ndty SDL Phu AAA PSU Bmid December 2027 60: 40 Index Fund | 01bel! | INll.10 | 4,99,655.222 | 0.65 | 4,99,655.222 | 0.62 | |
| Tata Nillylndia Digital Bxdw>&c TndedFund DiloctClrowth Otbom | INll.10 | 36000.000 | 0.27 | 36000.000 | 0.32 | |
| Tata Nilly India Digital BTF Fund of Fund DiR:ct Growth | Olhon | INillO | 3,05,623.759 | 0.36 | 3,0,,623.759 | 0.42 | |
| Tata Nilly Cl-Sec Dec 2026 lndmt Fund | Othea | INil 10 | 99,99,.S00.025 | 12.54 99,99,500.025 | 11.7' | |
| Tata NdtyG-Sec Dec 2029 Index Fund | 01bers | INil 10 | 99,99,.S00.02S | 12.72 | 99,99,500.025 | 11.99 | |
| Tata Hou.,ing 0pportunmes Fund Dim:! Orow1h Tata Mullica!> Fund DiR:ct Clrowth
Taiasa.. , l!D:baogelnded Fuod
Tata Nity Financial Semce1 Index Fund | Otbo11 01ben Otbtn 01ben | INRl0
INil 10
INll.10 INll.10 | 4,99,975.001
32,49,837.508
56,15,645.000
0,000 | 0.61 4,99,975.001
4.44 32,49,137.508
12.42 56,1',645.000
3,09,80,096.92 | 0.72
4.34
5.59
36.32 | |
| Tida India imlovation Fund
TITANIUM HYBRID LONG-SHORT FUND DIR.PLAN OR· SIF
Tata Nifty Midcap ISO Mcmenlum 50 Index Fund Dim: Growth | 01ben Othon
Otbon | INll.10 INll.10
INll.10 | 23,92,671.214
3,49,008.767
13,32,264.807 | 2.04
0.33
2.13 | 22,49,117.506 | 2.02 | |
| ID•Hlmeoto in oltenaate iDwllmODt wdl (uaquoled)
Tata llquity Phu Abaohm, Rclw1IS Fund Otho.. INll.1000
Tata Equity Plus Ahsclute lletums Fund 01ber.i INil 1000
Tida llquityPhu Absc1uto lletums Fund Otbon INil 1000
Cotpora1o Debt MaJbt Developmm! Fund Otbon INll.10000
TOTALS | 0.000
0.000
0.000
5,789.011
41,08,95,488.10 | 1,00,000.000
5,699.72
6,299.69
6.68 5,789.01
l,0SUl6 43,59,79,214.269 | 21.13
0.72
0.71
6.34
791.!15 | |
| Notes to the standalone financial statements for the year ended 31 March 2026 | |
| (Currency : Indian Rupees in crores) | |
| Year Ended | Year Ended |
| 5 Earnings per share ('EPS') | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| The computation of EPS is given below : | | |
| Profit after tax | 391.71 | 293.56 |
| Weighted average number of equity sbaR, outstanding | | |
| during the year (in units) | 2,62,50,000 | 2,62,50,000 |
| Basic and diluted EPS of face value INR 10 each (in INR) | 149.22 | 111.83 |
| 6 Contingent liabilities | Asat· | Asal |
| (to the extent not provided/or) | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Claims against the company not acknowledged as debt (Service Tax demand) | | |
| 7 Capital commitments
(ro rhe extent nor provided/or) | Asat 31-Mar-26 | All at 31-Mar-25 |
| Estimated value of contracts in capital account to be executed and not provided foe (net of capital advances | | |
| and net of taxes) | 0.86 | 0.57 |
| 8 Operating leases - Ind AS 116 | | |
| Assets taken on Lease : | | |
| Maturity Analysis of Leue Liabilities | | |
| The Company has taken office premises and residential flats for employee on operating lease. | | |
| Asal | All at |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Movement in lease liabilities | | |
| Opening balance | 42.09 | 48.22 |
| Additions | 8.14 | 4.57 |
| Finance Cost accrued during the year through Statement of Profit and Loss | 2.74 | 3.17 |
| Payment of Lease Liability | 14.58 | 13.87 |
| Adjustments on account of derecognition | | |
| Closing balance | | | | | 38.39 42.09 | |
| | | | | | |
| Current
Non-current | | | | | | 12.93 11.24
25.46 30.85
38.39 42.09 | |
| | | | | | |
| Future contractual undiscounted cash flow,
In less than a year In I year to 5 years
In more than 5 years | | | | | | | | | |
| | | 15.11 13.81
26.71 33.04
0.78 0.89 | |
| Total undiacounted lease liabilities | 42,60 | 47.74 | | |
| Amount recognised in profit or 101.1
Depreciation on right of use asset | 1300 | 12.83 | | |
| 1111erest on lease liabilities | 2.74 | 3.17 | | |
| Expenses relating to short-term leases | | | | |
| 15.74 16.00 | |
| A11ets given on Lease :
The Company has given olfwe premises and residential flats on lease. As per the terms of the lease, all maintenance charges and municipal levies are borne by the Company. | |
| | | | In less than • year 2026 2025 | In 1 year to 5 years
2026 2025 | In more than 5 years 2026 2025 | |
| Total future minimum lease rece s 0.71 0.71 2.25 2.99
The total rent receipts recognized in the statement of profit and loss towards the above referred leases amount to INR 0.87 crores (previous year INR 0.76 crores). | |
| c*-,
\'. ,qccou·:1�
--\,��."';.���.-�:.,, | |
| Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) |
| 9 Employee retirement beneOt1 |
| A. Defined contribution piano
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards Provident Fund, Family Pension Fund and Superannuation Fund which is a defined contribution plan. The Company has no obligations other than these three funds to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to Provident Fund, Family Pension Fund and Superannuation Fund for the year are summarised below. |
| Comp•oy's tontribution to: | 2016-03-31T00:00:00.000 | ll-Mar-25 |
| Provident Fund | 2.81 | 2.47 |
| Family Pension Fund | 0.86 | 0.82 |
| Superannuation Fund | 0.21 | 0.54 |
| National Pension Scheme | I.IO | 0.83 |
| Employees' State Insurance Scheme | | |
| 4.98 | 4.66 |
| Labour code
On November 21, 2025, the Government oflndia notified the four Labour Codes• the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 • consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered the impact of the changes to the valuation of employee benefits and is in the process of furthe, assessing the impact of the changes, consistent with the Labour Codes and FAQa. The Company continues to monitor the finalisation of Central / State Rules and clarificationsfrom the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. |
| B. Defined benefit plan |
| Retirement Gratuity {Funded)
The Company's defined benefit gratuity plan is a final salary plan for India employees, which requires contributions to be made to a separately administered fund. Th.e Company operates a defined benefit final salary gratuity plan which is open to new entrants. The gratuity benefits payable to the employees are based on the employee's service and last drawn salary at the time of leaving. The benefits under the plan are in form of a lump sum fully settled on cessation of service of the employee. The employees do not contribute towards this plan and the full cost of providing these benefits are met by the Company. The Company has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees of the trust fund are responsible for the overall governance of the plan. |
| The money contributed by the Company to the fund to finance the liabilities of the plan has to be invested. There is no compulsion on the part of the Company to fully pre fund the liability of the Plan. The Company's philosophy is to fund the benefits based on its own liquidity and tax position as well as level ofunde, funding of the plan. |
| The Company accounts for the liability for gratuity benefits payable in the future based on an actuarial valuation. The following tables summarise the components of net benefit expenae recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans: |
| Principal actuarial a11umptions a the balance sheet date : | ll-Mar-26 | 2025-03-31T00:00:00.000 |
| Mortality table | Indian Assured
Lives Mortality | Indian Assured
Lives Mortality |
| (2012-14) Ult | (2012-14) Ult |
| table | table |
| Discount rate | 0.071000 | 0.073000 |
| Salary escalation (p.a) | 0.070000 | 7.00'/4 |
| Employee attrition rate | J 7% upto age 44
and 9% thereafter | 17% upto age 44
and 9% thereafter |
| Changes in the defined benefit obligation : Opening defmed benefit obligation | 9.79 | 8.50 |
| Current service cost | 1.66 | 1.04 |
| Past service cost | 9.00 | |
| Interest on defined benefit obligation | 0.81 | 0.58 |
| Remeasurernents due to:
Actuarial loss/ (gain) arising from changes in financial assumptions | -0.59 | 0.34 |
| Actuarial loss / (gain) arising from change, in demographic assumptions
Actuarial los, / (gllin) arising on account of experience changes | -0.06 | 0.30 |
| Benefits paid
Closing defined benefit obligation | !0.66! (0.97)
19.95 9.79 |
| Change in fair value of plan a11et1 :
Opening fair value of plan assets | 8.23 | 7.27 |
| Contribution by employer | 1.43 | 1.45 |
| Interest on plan asset | 0.56 | 0.52 |
| Remeasuremeots due to:
Actual return on plan asset, less interest on plan assets | 0.02 | -0.04 |
| Benefits psid
Fair value of plan assets as at end of the year
c.;� & Co.
<Q 14111
CentralBY;Jno Nortti!:Win Piesco IT Pa ' N&sco Cent
, (),:s: W�ern &:press Iii | \0.661 \0.97)
9.58 8.23 |
| 1 Goregaon ( . |
| �?;:M" |
| "�� | ;.� |
| (Currency : Indian Rupees in crores) | |
| Amount recognised in Balance Sheet :
Present value of funded defined benefit obligation Fair value of plan assets
Net liability recognised in Balance Sheet
EKpema charged lo the atatement of profit and Joss
Current service cost Past service cost
Interest on net defined liability
Total expense charsed to the statement of profit and Joss | 19.95 9.79
(9.58) (8.23!
10.37 1.56
1.66 1.04
9.00
0.26 0.05
10.91 1.()9 | |
| Amount recorded in Other Comprehensive Income (OCI) | | |
| Remeasurements during the period due to: | | |
| Changes in financial assumptions | -0.59 | 0.34 |
| Changes in demographic assumptions | | 0.00 |
| Experience adjustments | -0.06 | 030 |
| Actual return on plan assets less return on plan assets | \0.02) | 0.04 |
| Amount recognised in OCI -0.67 0.68 | |
| Category of Assets
Investments quoted in active market | |
| Unquoted investment• :
Insurer managed funds 9.58 8.23
9.58 8.23 | |
| Sensitivity Analysis :
Gratuity is a lump sum plan and the cost of providing these benefits is typically Jess sensitive to small changes in demographic assumptions. The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate and future salary escalation rate. The following table summarizes the change in defined benefit obligetion and impact in percentage terms compared with the reported defmed benefit obligation at the end of the reporting period arising on account of an increase or decrease in the reported assumption by 50 basis points. | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Defined benefit obligation on increase in 50 basis points in Rate of Discounting | 19.38 | 9.50 |
| Impact of increase in SO basis points on defined benefit obligation in Rate of Discounting | -0.028000 | -0.029200 |
| Defined benefit obligation on dea-ease in SO baois points in Rate of Discounting | 20.52 | 10.08 |
| Impact of decrease in 50 basis points on defined benefit obligetion in Rate of Discounting | 0.029400 | 0.030700 |
| Defined benefit obligation on increase in 50 basis points in Salary Escalation Rate | 20.36 | 10.08 |
| Impact of increase in SO basis points on defined benefit obligation in Salary Escalation Rate | 0.021200 | 0.030400 |
| Defined benefit obligation on decrease in SO basis points in Salary Escalation Rate | 19.52 | 9.50 |
| Impact of decrease in 50 basis points on defined benefit obligation in Salary Escalation Rate | -2.060000 | -0.029200 |
| These sensitivity analysis have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market
conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analyses. | |
| Projected Plan Cash Flow :
The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the plan based on past service of the employees as at the valuation date :
Maturity Profile | |
| Expected benefits for year I | 2.86 | 1.27 |
| fapected benefits for year 2 | 2.57 | 1.09 |
| Expected benefits for year 3 | 3.11 | 1.16 |
| Expected benefits for year 4 | 2.17 | 1.53 |
| Expected benefits for year 5 | 2.65 | 1.09 |
| Expected benefits for year 6 | 2.60 | 1.20 |
| Expected benefits for year 7 | 2.27 | 1.21 |
| Expected benefits for year 8 | 1.24 | 1.10 |
| Expected benefits for year 9 | l.53 | 0.44 |
| Expected benefits for year IO and above | 11.31 | 5.35 |
| The Company expects to contribute INR 15,000,000 to the fund in the next financial year. The weighted average duration to the payment of these
cash flows is 5.99 years. | |
| (Currency : Indian Rupees in crores) | |
| Risk Associated with Defined Benefit Plan
Gratuity is a defined benefit plan and Company is exposed to the Following Risks :
Interest Rate Risk : A fall in the discount rate \\hich is linked to the Government Securities Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.
Salary Risk : The present value of the defined benefit plan liability is calculated by reference to the future salary growth rate and leaving service rates. The future expectations on salary growth and leaving service rates arc largely dependent on future market conditions of the industry in \\hich Company operates as well as Company's own compensation and retention policies. As such, an increase in any of the above parameters, more than assumed level, will increase the plan's liability.
Investment Risk & Asset Liability Risk : The trustees of the plan have outsourced the investment management of the fund to an insurance Company. The insurance Company in turn manages these funds as per the mandate provided to them by the trustees and the asset allocation \\hich is within the pennissiblc limits prescribed in the insurance regulations. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively.
Mortality risk : Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk. | |
| During the year, there were no plan amendments, curtailments and settlements. | |
| C. Other long term benefit,,
I) Amount rccogni,ied as a liability in respect of compensated leave absence as per actuarial valuation as on 31st March, 2026 is INR 4.88 crores
(previous year INR 5.03 crores). | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Total Acturial Liability | 4.88 | 5.03 |
| Cost | | |
| Assumptions
Discount Rate | 0.071000 | 0.066000 |
| Salary Escalation Rate | 0.070000 | 0.070000 |
| 2) Amount recognised as a liability in respect of long tenn incentive plan as per management estimates/ actuarial valuation as on 31st March, 2026 is
INR Nil crores (previous year INR NIL) | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the standalone fmancial statermnts for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) |
| 10 Disclosures pursuant to Ind AS 115 "Revenue from Contracts with Customers"
Set out below is the disaggregation of the Group's revenue from contracts with customers and reconciliation to the statement of profit and loss: |
| Particulan | For the year ended 31st March, 2026 | For tbeyearended 3ht Moreb, 2025 | |
| Mana.cement fees from mutual fund and offshore optu.tions | Manae:ement fees from p<>rtfollo manapment services | Advisory fees | Manac:ement fees from Alternate Inve,tment Fand | Total | Manae:ement feea from mutual fund and offlure onuatians | Manacement fees from portfolio manacemeat senic.es | Advisory fees | Mauacement fees from Alternate Investment Fund | Total | |
| Total revenue from o�rations | 736.43 | 4.67 | 0,76 | 25.75 | 767.61 | 618.89 | 5.26 | 0.74 | 36.n | 66l.ll | |
| Geo,raohiul market.,: | | | - | | | | | | | | |
| India | 653.35 | 4.67
- | | 25.75 | 683.77 | 533.08 | 5.26
- | | 36.23
- | 574.56 | |
| Outside India | 83.08 | | 0.76 | | 83.84 | 85.81 | | 0.74 | | 86.55 | |
| Total revenue from os,trations | 736.43 | 4.67 | 0.76 | 25.75 | 767.'1 | 618.89 | 5.26 | 0.74 | 36.23 | 661.11 | |
| | | | | | | | | | | | |
| TiDD.1 of revenue recoflliti•n: | - | - | | | - | - | - | | - | | |
| Seivices transferred at a ooint in time | | | | | | | | | | | |
| Services transferred over time | 736.43 | 4.67 | 0.76 | 25.75 | 767.61 | 618.89 | S.26 | 0.74 | 36.23 | 661.11 | |
| Total nvenue from oocrations | 736.43 | 4.67 | 0.76 | 25.75 | 767.61 | 618.89 | 5.26 | 0.74 | 36.23 | 661.11 | |
| | | | | | | | | | | | |
| c.. tnct balances: | As at 31-Mar-26 | As at 31-Mar--25 | | | | | | | | | |
| !Trade receivables | 41.02 | 60.16
- | | | | | | | | | |
| Contract assets | -
- | - | | | | | | | | | |
| Contract liabilities | | | | | | | | | | | |
| | | | | | | | | | | | |
| Rewnue r«o .......A in the mriod from: | | | | | | | | | | | |
| Amounts included in contract liability at the beginning of the loeriod | | -
- | | | | | | | | | |
| Perfonnance satisfied in orevious r>eriods | | | | | | | | | | | |
| Trade receivables are non-interest bearing . There is INR Nil.. recognised. as provision for expected tredit losses on trade receivables as on 31 March 2026 and 31 March 2025. |
| (Currency : Indian Rupees in crores)
11 Maturity analysis of assets and liablllties
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled. |
| Particulars | As at 31-Mar-26 | As at 31-Mar-lS | |
| Wilhinll months | After 12 months | ToCal | Wilhin12 monlhs | After 12 monlhs | Total | |
| Financial Assets | | | | | | | |
| Cash and cash eauivalents | 8.70 | - | 8.70 | S.30 | - | 5.30 | |
| Trade receivables | 41.02 | -- | 41.02 | 60.05 | 0.11 | 60.16 | |
| Loans | 0.09 | | 0.09 | 0.12 | - | 0.12 | |
| Juvestments | 200.00 | 854.86 | 1054.86 | 13.04 | 778,92 | 791.96 | |
| Other financial assets | 1.45 | 6.16 | 7.61 | 1.65 | 5.87 | 7.52 | |
| Non-financial assets | - | | | . | | | |
| Current tax assets (netJ | . | 2.48 | 2.48 | | 10.44 | 10.44 | |
| Juvcstment ProDttlV | . | 3.11 | 3.11 | . | 3.19 | 3.19 | |
| Property Plant and Equipments | | 15.27 | 15.27 | . | 15.26 | 15.26 | |
| Right to Use the asset | . | 35.47 | 35.47 | .
- | 40.10 | 40.10 | |
| Other luhmo;bJe assets | . | 3.37 | 3.37 | | 4.48 | 4.48 | |
| Other non-financial assets | 17.63 | 7.36 | 24.99 | 13.37 | 6.27 | 19.64 | |
| lntanRJble asscis under dc\'clDPmcn1 | | 0.64 | 0.64 | | 0.76 | 0.76 | |
| To1■I A»•o | 268.89 | 928.72 | 1197.61 | 93.53 | 865.38 | 958.91 | |
| | | | | | | | |
| finaodal LlablUrl,s | | | | | | | |
| Trade oavablcs | | | | | | | |
| (1) total outstanding dues of micro enterprises and small
entermises | 2.74 | - | 2.74 | 3.53 | . | 3.53 | |
| (ii) total outstanding dues of creditors other than micro enternrises and small entemnses | 12.22 | . | 12.22 | 18.90
. | | 18.90 | |
| Depasits | . | 0.22 | 0.22 | | 0.21 | 0.21 | |
| Other financial liabilities (includin• lease liabilities) | 61.51 | 25.46 | 86.97 | 56.81 | 30.83 | 87.65 | |
| | | | | | | | |
| Non-fmanclal liabilities | | | | | | | |
| Provisions | 0.59 | 15.25 | 15.84 | 3..56 | 6.58 | 10.14 | |
| Deferred Tax Liabilities | - | 13.23 | 13.23 | | 15.72
. | 15.72 | |
| Other non-financial liabilities | 13.07 | . | 13.07 | 15.04 | | 15.04 | |
| | | | | | | | |
| Total Liabilities | 90.13 | 54.16 | 144.29 | 97.84 | 53.34 | 151.19 | |
| | | | | | | | |
| Net | 178.76 | 874.56 | 1053.32 | -4.31 | 812.04 | 807.72 | |
| |
| A. Accouatin&: dauifkation and fair values
The following tables presents the carrying value and fair value of esch category of fmancial assets and liabilities as at 31st March, 2026 and 31st Man:h, 2025 |
| Aa at 31-Mar-26 | | | | | | |
| Particulars | Financial in1trumentl at
amortised CCIII | Fair value t,h.r.o.uah profit or | Equity | | |
| lnvestroeot1 .. Fair | |
| value lhrouah other comprehemive
income | Total | |
| Financial Aneta | | | - | | |
| Cash and cash oauivalents | 8.70 | | - | 8.70 | |
| Trade receivables | 41.02 | | - | 41.02 | |
| Loans | 0.09 | | | 0.09 | |
| Investments | 26.49 | 946.60
- | 3.51
- | 976.60 | |
| Other financial assets | 7.61 | | | 7.61 | |
| | 83.91 | 946.60 | J.51 | 1034.02 | |
| | | | | | |
| Financial Liabilities | | | | | |
| Trade J)avables | | | | | |
| (i) total outstanding dues of micro enterprises and small entcrurises | 2.74 | - | | 2.74 | |
| (11) ""31outstanding dues of creditots other than micro
cnicl'1Jcises and small cntcmri1es | 12.22 | -
- | | 12.22 | |
| 11.>rnn<,U | 0.22 | - | | 0.22 | |
| Other fuancta.l ltablhncs | 86.97 | - | -- | 86.97 | |
| | 102.15 | | | 102.15 | |
| Aa at 31-Mar-25 |
| Particulars | Financial imtrumenta at amor1.bed cost | Falr value tbroueh profit or 1... | Equity | | |
| Jnyesfmentl - Fair | |
| value tbrouah
other comprehemive income | Total | |
| Financial Assets | | - | - | | |
| Cash and cash «1uivalents | 5.30 | - | | 5,30 | |
| Trade receivables | 60.16 | | | 60.16 | |
| Loans | 0.12 | - | | 0.12 | |
| Investments | 57.22 | 668.09 | 3.39
- | 728.70 | |
| Other financial assets | 7.52 | | | 7.52 | |
| | 130.32 | 668.09 | 3.39 | 801.80 | |
| | | | | | |
| Financial Liabilities | | | | - | |
| Trade 0&'8bles | | | | | |
| (i) total outstanding dues of micro enterprises and small
enterprises | 3.53 | - | - | 3.53 | |
| (ii) total outstanding dues of creditors other than micro
entemri,es and small cnten,rises | 18,90 | - | | 18.90 | |
| DrPQS.its | 0.21 | - | | 0.21 | |
| Other financial liabilities | 87.65 | - | - | 87.65 | |
| | 110.30 | | | 110.30 | |
| Investment - others comprises of invesbnent in subsidiaries which are held at cost based on the exception provided in IndAS 37. Investment in subsidaries for 31 March 2026 is Rs. 78.26 Crores (previous year Rs. 63.26 Crores). |
| \; ,. �- ,.,,
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Gt;;�3't1;-, •·� ·:;•: • • ) -�.',?
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| |
| The fair value hietarchy is based on input, to valuation techniques that are wed to mea.,w-e fair value that are either observable or unobservable and consist of the folloMllg three levels: |
| Level 1 - Quoted prices in an active market: This level of hierarchy includes financial assets and liabilities that are me.asured by reference to quoted prices (unadjusted) in
active markets for identical assets or liabilities. |
| Level 2 - Valuation tec;hniques with observable inputs: This level of hierarchy includes financial assets and liabiliti�, measured using inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3 - Valuation techniques with significant unobservable inputs: Thia level of hierarchy includes financial assets and liabilities measured using inputs that are not based
on observable market data (unobservable inputs). Fair values are determined in whole or in part. wing a valuation model based on assumptions that ue neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. |
| The financial instruments included in Level 2 of fair value hierarchy have been valued using quotes available for similar assets and liabilities in the active market. The investments included in Level 3 of fair va1ue hierarchy have been valued using the net worth approach to arrive at their fair value. The net worth of unquoted investments approximates the fair wlue because there is a wide range of possible fair value measurements and the net worth represents estimate of fair value within that range.
The following table awnmarises financial wets and liabilities measured at fair value on a recwTing basis and financi.al assets that are not measured at fair value on a recurring basis:
As at 31-Mar-26 |
| | Level I | L,v,12 | Level3 | | | |
| Plnantiol Au<11 | | | - | | | |
| Units of mutual fu/ld ><hemes | 861.56 | | | | | |
| Government Securftles | - | 78.36 | | | | |
| Units of alternative invatment--lund | | 6.68
- | - | | | |
| !Equity securitin: unlisted comoanies | | | 3.51 | | | |
| | | | | | | |
| Total | 861.56 | 85.04 | 3,51 | | | |
| As at 31-Mar-25 | | | | | | | |
| | Level 1 | Level 2 | Level3 | | | |
| Finandal A.nets | - | | - | | | |
| Units of mutual fund schemes | - | 639.19 | - | | | |
| Units of alternative investment fund | - | 28.90
- | | | | |
| Eauirv securities unlisted comP-'lnies | - | | 3.39 | | | |
| Total | | 668.09 | 3.39 | | | |
| Reconciliation of Fair Value of Level 3 lnvatments |
| Particulars | Amount | | | |
| Balance a1 at 31 March 2025 | 3.39 | | | |
| Fair value differences Sales | 0.13
- | | | |
| Balance as at 31 March 2026 | 3.52 | | | |
| Valuation Techniques and significant unobservable inputs:
The following table shoM the valuation techniques used in measuring level 2 and level 3 fair values for financial instruments measw-ed at fair value in the balance sheet, as well as significant unobservable inputs used. |
| Type | Valuation Tedmique | Sipifacant Unob:1en-ablt:
inout1 | IDter-relatiombip between sipificant
unobservable innuts and fair value | | |
| Investment in units of alternative investment funds | Net Asset Value (NAV) provided by issuer fund which is arrived at based on valuation from independent valuer for w,liated portfolio companies, quoted price o( listed portfolio companies and price of recen investments. | Net Asset Value (NAV) | A 5% increase in the valuation factor would increase the canying value of investment by Rs.
0.33 crore. A S¾ decrease in the valuation factor would decrease tho carrying value ol investment by Rs. 0.33 ccore | | |
| Investments in MF Utilities India Private Limited (MFU) and AMC Repo Clearing Limited ( ARCL) | CCM (Comparable
Companies Multiple) Method under the mark.et approach has been considered for the valuation
exercise. | MFU:- Discount fact.or isMFU:- A 5% increase I decrease in the considered to be 30% fo1 illiquidity discount would decrease / increaSE illiquidity, different size & the carrying value of investment by INR 0.00 | | |
| business cycle. | crore | | |
| ARCL (AMC Repo
Clearing Limited) Net Asset | ARCL:- No illiquidity discount has been considered | ARCL:- A 5% increase / decrease in thi illiquidity discount would decrease / increase the canying value of investment by Rs. 0.15 crore. | | |
| Value Method under the as the Company is in nascent | | |
| Cost approach has been considered for the present
valuation exercise.. | stage and the shares are
allotted at the face value of
Rs. IO per share. | | |
| There have been no tnutsfers between Level 1 and Level 2 for the years ended 31 March 2026 and 31 March 2025. |
| (Currency: Indian Rupees in crores)
13 Financial instruments and associated risks
The Company bas exposure to the following risks from its use of financial instruments:
a) market risk •
b) credit risk
c) liquidity risk
This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk, and the related impact in the financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.
a) Market risk
Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the price of a financial instrument. The primary market risk of the company is foreign exchange risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Foreign currency exchange rate risk
The Company's functional currency is Indian Rupees (INR). The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. Volatility in exchange rates affects the Company's revenue from offshore services.
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Foreigil currency risk exposure:
The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR are as follows : | |
|
| | | | Asat As at
31-Mar-26 31-Mar-25
FCY INR FCY INR | |
| Financial assets | |
| Trade Receivables | AUD | 8863 | 0.06 | 10985 | 0.06 |
| USD | 6,45,333 | 6.11 | 7,61,738 | 6.52 |
| TOTAL | | 6,54,196 6.17 7,72,723 6.58 | |
| | | | | | | | |
| Financial liabilities
Trade Payables USD
TOTAL
Sensitivity analysis
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments. | |
| Particulars | Year ended
31-Mar-26 | Year ended 31-Mar-25 | |
| 5% strengthening 5% 5% strengthening 5%
weakening weakening | |
| AUD | 0.00 | -0.00 | 0.00 | -0.00 |
| USD | 0.31 | -0.31 | 0.33 | -0.33 |
|
| b) Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss to the Company. Company's credit risk arises principally from the trade receivables, loans receivable, advance receivable, investments and cash & cash equivalents.
As the Company is an asset management company for Tata Mutual Fund and Alternate Investment Funds, its trade receivables and advances receivable is mainly from schemes it manages. In addition, cash and cash equivalents are held with reputed financial institutions. | |
| Foilowing is the exposire of the Company towards credit risk | |
| Particulars | Year ended | Year ended |
| Maximum exposure to credit risk | 31-Mar-26
83.91 | 31-Mar-25
193.58 |
| Expected Credit Loss (ECL) on financial assets
The Company continuously monitors all financial assets subject to ECLs. In order to detrmine whether an instrument is subject to 12 month ECL (12mECL) or life time ECL (LTECL), the Company assesses whether there has been a significant increase in credit risk or the asset has become credit impaired since initial recognitin. The Company applies following quantitative and qualitative criteria to assess whether thee is significant increas in credit risk or the asset has been credit impaired.
- Historical trend of collection from counterparty
• Company's contractual rights with respect to recovery of dues from counterparty
- Credit rating of counterparty and any relevant information available in public domain
ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with contract and cash flows that the Company expects to receive). | |
| The Company has three types of financial assets that are subject to the expected credit loss:
(a) Cash and cash equivalent
(b) Trade and other receivables
(c) Investment in debt securities measured at amortised cost
The amount of trade receivable for which the company has assessed credit risk is on an individual basis.
Trade receivables:
Major portion of trade receivables include the AMC fees receivable from Tata Mutual Fund, Offshore funds, Portfolio Management Services, Alternative Investment Schemes and other Advisory services. Based on the past experience, management expects to receive these amounts in full. | |
| Trade receivables (undisputed - considered good) | |
| Year ended
31-Mar-26 | Year ended
31-Mar-25 |
| Less than 6 months | 40.94 | 60.05 |
| 6 months to I year | 0,01 | 0.03 |
| 1 to 2 years | 0.02 | 0.02 |
| 2 to 3 years | 0.01 | 0,03 |
| More than 3 years | 0,04 | 0.03 |
| Unbilled | | |
| Not due | |
| Total | 41.02 60.16 |
| Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. | |
| Financial instruments and cash deposits:
The investments of the Company are primarily in Tata Mutual Fund schemes. The Company holds cash and cash equivalents of INR 5.30 crores as on 31st March 2025. The cash and cash equivalents are held with highly rated banks / financial institutions. The Company thereforee considers that its cash and cash equivalents have insignificant risk | |
| Investment in Debt Securities measured at amortised cost
The Company has made investments in bonds. Funds are invested after taking into account parameters like safety, liquidity and Post-tax returns etc. The Company avoids concentration of credit risk by spreading them over several counterparties with good credit rating profile and sound financial position. | |
| Investment in debt securities that are in government bonds do not carry any credit risk, being sovereign in nature. Credit risk from other financial assets has not
increased significantly since initial recognition. Accordingly, the expected probability of default is low. | |
| c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. The Company invests its surplus funds in bank fixed deposits and in mutual funds, which carry no or low liquidity risk. | |
| The following are the contractual maturities of financial liabilities:
31-Mar-26 | |
| Less than one
year | Between one to
f"iveyears | More than five
years | Total |
| Trade payables | 14.96 | | | 14.96 |
| Deposits | | 0.22 | | 0.22 |
| Lease Liabilities | 12.93 | 24.73 | 0.73 | 38.39 |
| Other financial liabilities | 47.80 | 0.78 | | 48.58 |
| 75.69 | 25.73 | 0.73 | 102.15 |
| | 2025-03-31T00:00:00.000 | | |
| Less than one | Between one to | More than five | |
| year | rive years | years | Total |
| Trade payables | 22.41 | 0,02 | | 22.43 |
| Deposits | | 0.21 | | 0.21 |
| Lease Liabilities | 11.24 | 30.05 | 0.80 | 42.09 |
| Other financial liabilities | 45.57 | -0.01 | | 45.56 |
| 79.22 | 30.27 | 0.80 | 110.29 |
| Notes to the standalone financial statements for the year ended 31 March 2026
(Currency : Indian Rupees in crores)
14 Related party
Related parties where control exists :
Tata Sons Private Limited- Holding Company
Related parties having significant influence :
Tata Investment Corporation Limited
Wholly owned subsidiaries :
Tata Asset Management (Mauritius) Private Limited Tata Pension Management Private Limited
Fellow subsidiaries with whom transactions have taken place : Tata AIG General Insurance Company Limited
Tata Consultancy Services Limited Infinity Retail Limited
Tata Teleservices (Maharashtra) Limited Tata Teleservices Limited
Tata Trustee Company Private Limited Tata Communications Limited
Other related entities :
Piem Hotels Limited - Subsidiary of Associate - The Indian Hotels Company Limited Tata Industries Limited- Joint Venture of Tata Sons Private Limited
Tata AIA Life Insurance Company Limited - Joint Venture of Tata Sons Private Limited Tata Motors Limited - Associate of Tata Sons Private Limited
TMF Holding Limited- Subsidiary of Tata Motors Limited
The Indian Hotels Company Limited -Associate of Tata Sons Private Limited Roots Corporation Limited - Subsidiary of The Indian Hotels Company Limited Taj President - Subsidiary of The Indian Hotels Company Limited
Benares Hotels Limited - Subsidiary of The Indian Hotels Company Limited Voltas Limited - Associate of Tata Sons Private Limited
The Associated Building Company Limited - Associate of Tata Sons Private Limited Tata Steel Limited• Tata Metaliks
Tata Steel Long Products Limited
The Indian Steel and Wire Products Limited Tata Pigments Limited
Tata Steel Limited - The Tinplate Company of India Limited TM International Logistics Limited
TRFLimited
Taj Trade and Transport Company Limited Tata Starbucks Pvt Ltd
Key management personnel :
Mr. Prathit Bhobe - CEO & Managing Director Mr. Arun Jain - ChiefFinancial Officer
Ms. ShaiUy Kedia - Company Secretary
Names of directos
Mr. Rajiv Sabharwal
Mr. Suprakash Mukhopadbyay Mr. Punita Sinha
Mr. Sujit Kumar Vanna Mr. Gagan Rai
Mr. Prabhat Chandra Tripathi |
|
| Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores)
14 Related party (continued) |
| Description | Nature of ell)lell8e / income | Tramac:tion Amount | Balance Outstanding | Transaction Amount | Balance Outstanding | |
| | 2025-26 | | 2024-25 | |
| Holding; Company: | | | |
| | (1.61)
60.00
3.26
0.43
(0.62)
(0.18)
0.09
(0.04)
(0.00)
1.55
O.Ol
0.17
0.01
0.03
0.62
(0.46)
0.40
(0.00)
0.05 | |
| Tata Sons Private Limited | Subscription paid | 1.99 | -1.79 | 1.78 | |
| Dividend paid 99.82 | 54.37
0.01
25.70
0.09
0.00
0.11
0.11
75.00
3.26
0.67
1.84 0.43
0.00
0.50
(0.14) 2.12
0.76
(0.13) 1.22
O.Jl 0.32
0.00
(0.08) 0.19
(0.00) 0.04
0.00
0.07
0.05
0.49
O.o?
1.55
0.00 o.oi
0.35
0.19 0.17
0.01
0.20
19.68
1.63
(0.17) 0.75
0.40
0.00
0.00
(0.00) 0.13
0,05 | |
| | Miscellaneous service availed 0.10 | |
| Parties having significant influence: | Dividend paid 47.18 | |
| Tata Investment Corporation Limited | |
| Wholly owned subsidiaries : | | |
| Tata Pension Management Limited | Sale affixed Asset (Motor Vehicle) | |
| | Sale ofFixed Asset (Computer) | |
| | Gratuity to Employee - Transferred | |
| | Deputation cost recovered | |
| | Transfer of Employee Leave 0.16 | |
| | Rights equity shares allotted 15.00 | |
| | Investment in subsidiary | |
| Tata Asset Management (Mawitius) Private Limited | Dividend Received 49.68 | |
| | Investment in subsidiary | |
| Fellow subsidiaries :
Tata AIG General Insurance Company Limited | Insurance paid Prepaid Insurance | 1.44
1.84 | |
| | Advance given 0.00 | |
| Tata Consultancy Services Limited | Pension recovery
Repairs & Maintenance IT | 3.17 | |
| | Purchase oflicences 0.15 | |
| | Repaiis & Maintenance Premises 0.05 | |
| | Rent on Premises 0.02 | |
| | Other Income 0.05 | |
| | Medical Expense 0.11 | |
| | Pension paid to directors 0.54 | |
| Tata Capital Limited | Professional services availed Management Fees | 0.78
0.35 | |
| Jnfiniti Retail Limited | Purchase of Goods Miscellaneous service availed Miscellaneous service availed Miscellaneous service availed Deputation cost recovered
Rend Received | 0.24
0.05
0.00
0.12
0.05 | |
| Tata Teleservices (Maharashtra) Limited | |
| Tata Teleservices Limited | |
| Tata Tele Nxtgen Solutions Limited | |
| Tata Trustee Company Private Limited | |
| Tata Communications Limited | Miscellaneous service availed 0.75 | |
| Other related entities : Tata Industries Limited | Rent and maintenance paid Security deposit receivable | 0.12 | |
| | Management fees received 0.02 | |
| Tata AJA Lire Insw-ance Company Limited | Insurance paid | 0.32 | |
| Prepaid Insurance | 0.19 | |
| | Advance Paid | |
| Tata Motors Limited | Pension recoveiy | 0.21 | |
| Repairs & Maintenance | 0.02 | |
| | Rent 0.01 | |
| | Other Income 0.02 | |
| | Medical Expense (Recovered) 0.04 | |
| TMF Holdings Limited | Purchase of invesbnents
Sale of investments (19.68) | |
| | Interest Received on TMF Holdings 1.03 | |
| The Indian Hotels Company Limited | Miscellaneous service availed 0.47 | |
| | Advance Paid | |
| Roots Corporation Ltd | Miscellaneous service availed 0.00 | |
| Taj President | Miscellaneous service availed | |
| Benarcs Hotels Limited Valtas Limited | Miscellaneous service availed Miscellaneous service availed
Prepaid expenses | 0.01
0.14
0.00 | |
| | Security deposit paid | |
| Notes to lhe standalone financial statement. for lhe year ended 31 March 2026 |
| {Currency: Indian Rupees in crores) |
| 14 Related party (continued) |
| Description | Nature of expense/ income | Transaction
Amount | Balance
Out.landing | Transaction
Amount | Balance
Outstandin11 | |
| 2025-26 | 2024-2S | |
| The Associated Building Company Limited
Jamshedpur Engineering & Machine Manufacturing Co The Indian Steel & Wire Products Ltd.
The Tata Pigments Limited
TM International Logistics Ltd TRFLimited
Titan Company Limited
Tata Steel Limited
Tata Steel Limited-The Tinplate Co Of Ind Ltd Tata Steel Limited - Tata Metaliks
Piem Hotels Limited Tata Starbucks Pvt Ltd
Taj Trade & Transport Company Limited
Key mana11ement personnel : Mr. Prathit Bhobe
OtherKMPs
Mr. Rajiv Sabborwal
Mr. Gagan Rai
Mr. Sujit Kumar Varma
Mr. Suprakasb Mukbopbayay
Mr. Punita Sinha
Mr. Prabhat Chandra Tripathi | Rent received
Secwity deposit payable Management fees received
Management fees received Management fees received
Management fi:es received
Management fi:es received Services Availed Management fees n:ceived
Management fees n:ceived Management fees received Miscellaneous service availed Miscellaneous service availed Advance Paid
Short term employee benefits Other long term benefits
Short term employee benefits Other long term benefits
Sitting fi:es
Commission
Sitting fees Commission
Sitting fees
Commission
Sitting fees Commission
Sitting fees
Commission
Sitting fees Commission | 0.10
-
0.00
0.03
-
0.03
0.03
-
0.11
0.13
0.08
-
0.01
8.27
2.65
2.17
0.26
0.05
-
0.08
0.20
0.09
0.20
0.07
-
0.07
0.20
-
- | -
0.02
0.00
-
-
0.01
0.01
-
0.06
0.07
0.02
--
0.01
(4.00)
(0.84)
(0.83)
(0.20)
--
-
(0.20)
-
(0.20}
--
-
(0.20}
-- | 0.10
-
0.00
0.03
0.01
0.02
0.03
0.01
0.10
0.13
0.07
0.03
0.05
-
10.53
-
1.87
0.04
-
0.04
-
0.07
0.20
-
0.08
0.20
-
0.07
-
-
0.05
0.15
-
0.01
0.02 | -
0.02
0.00
0.02
0.00
0.01
0.01
-
0.03
0.03
0.02
-
-
-
(4.50)
(0.75)
(0.71)
(0.07)
--
-
-
(0.20)
-
-
(0.20)
-
-
-
--
(0.15)
-
-
-
(0.02) | |
| Notes:
During the year, !here was no material transaction with any related parties as per the Related Party Transactions Policy of the Company and all the related party transactions
...-::::::::=====::::d::,:inl;:::o by the Company were in the ordinary course of business and on an arm's length basis. |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the standalone financial ■tatemenll for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores)
15 Dividend not Recognised at the End of the Reporting Period
In respect of the year ended 31 March 2026, the directors propose that a dividend ofINR 81.5 per share (Previous year INR 56 per share) be paid on fully paid equity shares. The equity dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. The
proposed equity dividend is payable to all holders of fully paid equity shares. The total estimated equity dividend to be paid is INR 214 crores, including withholding tax of INR 21.39 crores (Previous year INR 147.00 crores including withholding tax of INR 14.70 crores). |
| 16 Provisiom for Loyalty Incentivea
Opening balance as on 1st April Additional provision during the year
Amount incurred and paid during the year Closing balance as on 31st March | 31-Mar-26 31-Mar-25
0.03
0.03
0.03 |
| Nature of Obligation
Loyalty incentives to unit holders for long term investment under Tata Gilt Securities Fund - Retirement Plan Series maturing on 28th Februmy, 2025 will be paid by the Company at the rate specified by it from time to time in the form of allotment of units equivalent to the amount of loyalty incentive. Units will be allotted at net asset value ('NAV') based price prevailing on first business day after the end of the minimum investment period specified by the Company from time to time. The maximum amount of loyalty under this option will not exceed 2% of the amount which remains invested for minimum holding period (i.e. atleast S years).
Expected Time
At present, the Company proposes to pay loyalty incentives at the end of S years, 10 years, 1 S years and 20 years from the date of allotment
Assumptions
It is assumed that all the unit holders currently under Tata Gilt Securities Fund- Retirement Plan Series will remain invested till the maturity period i.e. 28th Fcbrumy,
2025.
17 Corporate Social Respo111Jibility (CSR)
(a) As per Section 135 of the Companies Act, 2013 ("the Act"), a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The funds were primarily utilised through the year on CSR activities which are specified in Schedule VIl of the Companies Act, 2013: |
| Particulars | As at 3 l-Mar-26 | As at 3l-Mar-25 | |
| Gross amount required to be spent during the year | 4.48 | 2.94 | |
| Amount approved by the Board to be spent during the year | 4.48 | 2.94 | |
| Amount of expenditure incurred during the year• | 4.48 | 2.94 | |
| Shortfall at the end of the year | | | |
| Total of previous years shortlilll Reason for Shortfall | | 0.85 | |
| Nature of CSR activities
Details of Related Party Transactions | Refer noted
None | None | |
| Provision made for liability incWTed by enterin" into contractual Obligations | | | |
| *Amount ofexoenditure incurred on Corporate Social Respansibilicyactivities during the year is as follows: | | | |
| Particulan
Construction/acquisition of any asset | As at 31-Mar-26 | As at 31-Mar-25 | |
| On purposes other than ( 1 ) above | 4.48 | 2.94 | |
| Total | 4.48 | 2,94 | |
| (b) Details of Other than ongoing Projects (Section 135(5) of the Act): | | | |
| Particulars | As at 31-Mar-26 | As at 31-Mar-25 | |
| Opening Balance | | 0.85 | |
| Amount deposited in specified Fund of Schedule VIII within Six months | | | |
| Amount required to be spent during the year | 4.48 | 2.94 | |
| Amount Spent during the year | 4.48 | 3.79 | |
| Cl Balance | | | |
| TATA ASSET MANAGEMENT PRN ATE LIMITED
Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency : Indian Rupees in crores) |
| (c) Details ofongoing Projects (Section 135(6) of the Act): | | |
| Particulars | As at 31-Mar-26 | As at 31-Mar-25 | |
| Opening Balance | | | |
| - With Company | | 0,85 | |
| - In Separate CSR Unspent account | | | |
| Amount transferred in Separate CSR Unspent account during the year | | 0.85 | |
| Amount required to be spent during the year Section 135 (5) of the as per Companies Act, 2013 | 4.48 | 2,94 | |
| Amount Spent during the year | | | |
| - From Companies bank account
- From CSR unspent account Closing Balance | 4.48 | 2.94 | |
| - With Company
- In Separate CSR unspent account | | 0,85 | |
| Closing Balance
-With Company | | | |
| - In Separate CSR Unspent account | | | |
| | | | | | | | |
| (d) Nature of CSR activity | As at 31-Mar-26 | As at 3l-Mar-25 | |
| 1. Reduce malnourishment ,adopting a convergent, life-cycle and result oriented approach | 1.01 | 0.94 | |
| 2. Building livelihood resilience within small and marginal farmers and promoting their economic security | 1.00 | 0.30 | |
| 3. Welfare of PwD dependents of serving and retired personnel from the Indian Army | 0.40 | | |
| 4. Financial assistance/ grant to widows and dependents of our soldiers and needy Ex- Servicemen | | 0.25 | |
| 5. Skill training Courses and enhance employment opportunities. | 0.22 | 0.10 | |
| 6. Support Women Athletes & Women Para Athletes in their preparation for the Olympics and Paralympics | 0.40 | 0.25 | |
| 7. Relief and rehabilitation activities | | 0.03 | |
| 8. Eye-check up project for police personnel to improve visual health | 0.16 | 0,10 | |
| 9. Capacity Augmentation of Hospital | | 0.57 | |
| I0. Education Program for underprivileged children | 0,84 | 0.40 | |
| I I.Establish a model for women-led water security and climate-resilient livelihoods in tribal communities | 0.45 | | |
| Total CSR s end | 4.48 | 2.94 | |
| 18 Segment Reporting |
| As per Ind AS 108, ifa financial report contains both the consolidated financial statements ofa parent that is within the scope of Ind AS 108-0perating Segments' as well
as the parent's separate financial statements, segment information is required only in the consolidated financial statements. Accordingly, information required to be presented under Ind AS 108 'Operating Segments' has been given in the consolidated financial statements. |
| 19 Capital Management |
| The primary objective of the Company's capital management is to maxiurise the shareholder value as well as to maintain investor, creditor and market confidence and to
sustain future development of the Company
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. |
| Particulars | As at 31-Mar-26 | As at31-Mar-25 | | | | |
| Total Liabilities | 144.29 | 151.19 | | | | |
| Less: Cash and Cash equivalents | (8,70) | -5.30 | | | | |
| Adjusted Net Debt | 135.59 | 145.89 | | | | |
| Total Equity | 1053.32 | 807.74 | | | | |
| Adjusted Net Debt to Total Euuio | ·Ratio | 0.13 | 0.18 | | | | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Notes to the standalone financial statements for the year ended 31 March 2026 |
| (Currency: Indian Rupees in crores) |
| 20 Due to Micro and Small Suppliers |
| Sundry creditors includes any amount payable to Small Scale Industrial Undertakings and Micro, Small and Medium Enterprises. Under the Micro, Small and Medium Enterprises Development Act, 2006, (MSMED) which came into force from 2 October 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the information and records available with the management, the following disclosures are made for the amounts due to the Micro, Small and Medium enterprises, who have registered with the competent authorities. |
| Principal amount remaining unpaid to any supplier as at the year end | 31-Mar-26
2.74 | 31-Mar-25
3.53 |
| Interest due thereon | | |
| Amount of interest paid by the Company in terms of section 16 of the MSMED Act, along with the amount of the payment made to the supplier beyond the appointed day during the accounting year | | |
| Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the MSMED Act | | |
| Amount of interest accrued and remaining unpaid at the end of the accounting year
Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprises, under Section 23 of the MSMED Act | | |
| 21 Financial Ratios | | |
| Sr.No. | Name of the ratio | . Ratios | Eiplanation for deviation more than
25% |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | Deviation |
| (a) | Current ratio | 2.983300 | 0.955900 | 2.027400 | Planned redemption of Investments to fund |
| | | | | Dividend Payout. |
| (b) | Debt-equity ratio | NA | NA | | |
| (c) | Debt service coverage ratio | NA | NA | | |
| (d) | Return on equity ratio | 0.421000 | 0.418600 | 0.002400 | |
| (e) | Invetory turnover ratio | NA | NA | | |
| (f) | Trade receivables turnover ratio | 0.810800 | 1.317700 | -0.506900 | Better management of trade receivables. |
| (g) | Trade payables turnover ratio | 0.800300 | 1.154300 | -0.354000 | Focused efforts to ensure timely payment to |
| | | | | vendors within predefined timelines. |
| (h) | Net capital turnover ratio | 0.719700 | 0.802900 | -0.083200 | |
| (i) | Net profit ratio | 0.510300 | 0.444000 | 0.066300 | |
| (j) | Return on capital employed | 0.468900 | 0.468800 | 0.000100 | |
| (kl | Return on investment | 0.022900 | 0.059400 | -0.036500 | |
| Explanation of the items included in calculating the above financial ratios: |
| Sr.No. | Name or the ratio | Numerator | Denominator |
| (a)
(b)
(c) | Current ratio Debt-equity ratio
Debt service coverage ratio
Return on equity ratio Invetory turnover ratio
Trade receivables turnover ratio
Trade payables turnover ratio Net capital turnover ratio
Net profit ratio
Return on capital employed
Return 011 investment | Current Assets Total Debt
Earnings for debt service= Net profit after taxes + Non-cash operating
expenses | Current Liabilities Shareholder's Equity
Debt service = Interest & Lease Payments + Principal Repayments
Average Shareholder's Equity Average Inventory
Average Trade Receivable
Average Trade Payables
Working capital= Current assets - Current liabilities
Net operating revenue = Total operating revenue - operating revenue return
Capital Employed= Tangible Net Worth+ Total Debt+ Deferred Tax Liability
Investment |
| (d) | Net Profits after taxes - Preference Dividend |
| (e)
(f)
(g) | Cost of goods sold
Net credit operating revenue = Gross credit operating revenue - operating revenue return
Net credit purchases = Gross credit purchases - purchase return |
| (h) | Net operating revenue= Total operating revenue - operating revenue return |
| (i) | Net Profit |
| (j) | Earnings before interest and taxes |
| Interest (Finance Income) |
| Co' | | |
| �&
141/JP.oor.• <(
Central11!•t.. ' ,o |
| ,. |
| | | TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the standalone rmancial statement• for the year ended 31 March 2026 |
| (Currency : Indian Rupees in crores)
22 Other Statutory Information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property
(ii) There are no transactions J)C:11ding with struck off comJ>aDies.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manoer whatsoever by or on behalf of the Funding Party(Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(vii) The Company has not entered into any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
(viii) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act
23 Transfer Pricin2
The Company has developed a system of maintenance of information and documents as required by the transfer pricing legislation under section 92 - 92F of the Income Tax Act, 1961. Management is of the opinion that all domestic and international transactions are at arm's length so that the aforesaid legislation will not have any impact on the financial statement, particularly on the amount of tax expense and that of provision for taxation.
24 Subsequent Events
There are no significaot subsequent events that would require adjus1ments or disclosures in the financial statements as on the balance sheet date.
2S The fmancial statements are authorised for issue by the Board of Directors on 17 April 2026. |
| per our report of even date attached
rBSR& .LLP
edA | [),.:.� �
�bharwal Chairman
[DIN : 00057333] | For and on behalf of the Board of Directors of Tata Asset Manaiement Private Limited
CI�N5990MH1994PTC07709 |
| | | | �
Shailly Kedia
Company Secretary [Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| BS R & Co. LLP
Chartered Accountants | 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center
Western Express Highway
Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010
Independent Auditor�Report |
| To the Members of Tata Asset Management Private Limited |
| Report on the Audit of the Consolidated Financial Statements |
| Opinion | | | | | |
| We have audited the consolidated financial statements of Tata Asset Management Private Limited (hereinafter referred to as the "Holding Company" and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), which comprise the consolidated balance sheet as at 31 March 2026, and the consolidated statement of profit and loss (including other comprehensive income), consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of report of the other auditor on separate financial statements of such subsidiary as was audited by the other auditor, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31 March 2026, of its consolidated profit and other comprehensive income, consolidated changes in equity and consolidated cash flows for the year then ended. |
| Basis for Opinion | | | |
| We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence obtained by us along with the consideration of report of the other auditor referred to in paragraph (a) of the "Other Matters" section below, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial statements. |
| Management's and Board of Directors' Respons1b1lities for the Consolidated Financial | |
| Statements | | |
| The Holding Company's's Management and Board of Directors are responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated state of affairs, consolidated profit/ loss and other comprehensive income, consolidated statement of changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of each company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation·and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation
Registered Ofllce:
BS R & Co. (a partnership firm with Registration No. BA81223) converted ln1o BS R & Co. LLP (a 14th Floor, Cen1ral B \Mng and North C \Mng, Nesco IT Part< 4, Nesco Limited Liability Partnership with LLP Registration No. AAB-8181) with effe1:t from October 14, 2013 Center, westem Express Highway, Goragaon (East), Mumbai - 400083
Page 1 of 8 |
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited
of the consolidated financial statements by the Management and Board of Directors of the Holding Company's, as aforesaid.
In preparing the consolidated financial statements, the respective Management and Board of Directors of the companies included in the Group are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of each company. |
| Auditor's | Respons1bilit1es | for the Audit of the Consolidated Financial Statements | |
| Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal finai;icial controls _with
reference to financial statements in place and the operating effectiveness of such controls. |
| • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation. |
| • Obtain sufficient appropriate audit evidence regarding the financial statements of such entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which has been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.
_l Page 2of 8 |
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited |
| Our responsibilities in this regard are further described in paragraph {a) of the section titled "Other Matters" in this audit report.
We communicate with those charged with governance of the Holding Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. |
| Other Matters | | |
| a. We did not audit the financial statements of one subsidiary, whose financial statements reflects total assets {before consolidation adjustments) of Rs. 68.48 crore as at 31 March 2026, total revenues
{before consolidation adjustments) of Rs. 6.84 crore and net cash flows {before consolidation adjustments) amounting to Rs. 12.82 crore for the year ended on that date, as considered in the consolidated financial statements. This financial statements has been audited by other auditor whose report has been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiary is based solely on the report of the other auditor.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of this matter with respect to our reliance on the work done and the report of the other auditor. |
| Report on Other Legal and Regulatory Requirements | |
| 1. As required by the Companies {Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2 A. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor on separate financial statements of such subsidiary, as was audited by other auditor, as noted in the "Other Matter'' paragraph, we report, to the extent applicable, that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the report of the other auditor except for the matters stated in the paragraph 2B(f) below on reporting under Rule 11{g) of the Companies {Audit and Auditors) Rules, 2014.
c. The consolidated baiance sheet, the consolidated statement of profit and loss {including other comprehensive income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
d. In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors of the Holding Company on various dates ranging from 1 April 2026 to 8 April 2026 taken on record by the Board of J._ Directors of the Holding Company and the report of the statutory auditors of its subsidiary
1 Page 3 of 8 |
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited |
| company incorporated in India, none of the directors of the Group companies incorporated in India is disqualified as on 31 March 2026 from being appointed as a director in terms of Section 164(2) of the Act.
f. the reservation relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company and its subsidiary company incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
B. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditor on separate financial statements of the subsidiary, as noted in the "Other Matters" paragraph:
a. The consolidated financial statements disclose the impact of pending litigations as at 31 March 2026 on the consolidated financial position of the Group. Refer Note 6 to the consolidated financial statements.
b. The Group did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended 31 March 2026.
c. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Holding Company or its subsidiary company incorporated in India during the year ended 31 March 2026.
d (i) The respective management of the Holding Company and its subsidiary company incorporated in India whose financial statements has been audited under the Act has represented to us and the other auditor of such subsidiary company that, to the best of their knowledge and belief, as disclosed in the Note 23(v) to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiary company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company or any of such subsidiary company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The respective management of the Holding Company and its subsidiary company incorporated in India whose financial statements has been audited under the Act has represented to us and the other auditor of such subsidiary company that, to the best of their knowledge and belief, as disclosed in the Note 23(vi) to the consolidated financial statements, no funds have been received by the Holding Company or any of such subsidiary company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiary company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf oflhe Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditor of the subsidiary company incorporated in India whose financial statements has been audited under the Act, nothing has come to our or other auditor's notice that has caused us or the other auditor to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.
e. The final dividend paid by the Holding Company during the year, in respect of the same declared
Page4of8 |
|
| Independent Auditor's Report (Continued)
Tata Asset Management Private Limited
for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in Note 17 to the consolidated financial statements, the respective Board of Directors of the Holding Company has proposed final dividend for the year which is subject to the approval of the respective members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
f. Based on our examination which included test checks and that performed by the respective auditor of the subsidiary company incorporated in India whose financial statements have been audited under the Act, except for the instance mentioned below, the Holding and its subsidiary company have used accounting softwares for maintaining its books of account, along with privilage access management tools, as applicable which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year, or all relevant transactions recorded in the software. Further, during the course of our audit, except for the instances mentioned below, we and auditor of such subsidiary company did not come across any instance of audit trail feature being tampered with.
In respect of the Holding Company, the feature of recording audit trail (edit log) was not enabled for the accounting software used for maintaining the books of account relating to property, plant and equipment. The audit trail has been preserved by the Holding and subsidiary company as per the statutory requirements for record retention except in respect of software for maintenance of property, plant and equipment records.
C. With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us and based on the report of the statutory auditors of such subsidiary company incorporated in India which was not audited by us, the provisions of Section 197 of the Act are not applicable to the Holding Company, its subsidiary company incorporated in India since none of these companies is a public company. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required
to be commented upon by us. |
|
| | For BS R & Co. LLP
Chartered Accountants
Firm's Registration No.:10 48W/W- 00022 |
| Place: Mumbai Date: 20 April 2026 | Rohit Alexander
Partner
Membership No.: 222515 ICAI UDIN:26222515TNPGRN8147
Page 5 of8 |
| Annexure A to the Independent Auditor's Report on the Consolidated Financial Statements of Tata Asset Management Private Limited for the year ended 31 March 2026
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date) |
| Sr. No. | Name of the entities | CIN | Holding Company/Sub sidiary/ JV/ Associate | Clause number of the CARO report which Is unfavourable or qualified or adverse | |
| 1 | Tata Pension | U74140MH200 | Subsidiary | xvii | |
| | Fund | 6PTC164217 | Company | | |
| | Management | | | | |
| | Private Limited | | | | |
| For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:10 48W/W- 00022 |
| | | | | | | -f. µ- |
| Place: Mumbai Date: 20 April 2026 | Rohit Alexander
Partner
Membership No.: 222515 ICAI UDIN:26222515TNPGRN8147
Page 6 of 8 |
| Annexure B to the Independent Auditor's Report on the consolidated financial statements of Tata Asset Management Private Limited for the year ended 31 March 2026
Report on the internal financial controls with reference to the aforesaid consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2(A)(g) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date) |
| Opinion | | | | |
| In conjunction with our audit of the consolidated financial statements of Tata Asset Management Private Limited (hereinafter referred to as "the Holding Company's") as of and for the year ended 31 March 2026, we have audited the internal financial controls with reference to financial statements of the Holding Company's and such company incorporated in India under the Act which is its subsidiary company, as of that date. |
| In our opinion and based on the consideration of report of the other auditor on internal financial controls with reference to financial statements of subsidiary company, as was audited by the other auditor, the Holding Company and such company incorporated in India which is its subsidiary company, have, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2026, based on the internal financial controls with reference to financial statements criteria established by such Company considering the essential components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "Guidance Note"). |
| Management's | and Board of Directors· Responsibilities for Internal Financial Controls | |
| The respective Company's Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the respective company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. |
| Auditor's | Responsibility | | |
| Our responsibility is to express an opinion on the internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if such controls operated effectively in all material respects. |
| Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due
'to fraud or error. |
| Page 7 of8 |
| Annexure B to the Independent Auditor's Report on the consolidated financial statements of Tata Asset Management Private Limited for the year ended 31 March 2026 (Continued)
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditor of the relevant subsidiary company in terms of their report referred to in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to financial statements. |
| Meaning | of Internal Financial Controls with Reference to Financial Statements | | |
| A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. |
| Inherent | Limitations | of Internal Financial Controls with Reference to Financial Statements | |
| Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. |
| Other Matter | | | | | |
| Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to one subsidiary company, which is a company incorporated in India, is based on the corresponding report of the auditor
of such company incorporated in India. |
| Our opinion is not modified in respect of this matter.
Place: Mumbai Date: 20 April 2026 | For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:101
Rohit Alexander
Partner
Membership No.: 222515
ICAI UDIN:26222515TNPGRN8147
Page 8 of8 |
| (Currency: Indian Rupees in crores) | |
| Particulars | Note No. | Asat | Asat |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| ASSETS | | | |
| Financial Assets | | | |
| Cash and cash equivalents | 3.1 | 111.53 | 114.05 |
| Receivables | | | |
| Trade Receivables | 3.2 | 43.57 | 62.59 |
| Loans | 3.3 | 0.09 | 0.12 |
| Investments | 3.4 | 976.60 | 728.70 |
| Other Financial assets | 3.5 | 7.76 | 7.67 |
| Total fmancial assets | | 1139.55 | 913.13 |
| Non-financial Assets
Current tax assets (net) | 3.28 | 2.92 | 10.70 |
| Investment property | 3.6 | 3.11 | 3.19 |
| Property, Plant and Equipment | 3.7 | 15.77 | 15.71 |
| Right of use assets | 3.8 | 36.72 | 42.03 |
| Intangible assets under development | 3.9 | 0.64 | 0.76 |
| Other intangible assets | 3.10 | 3.57 | 4.81 |
| Other non financial assets | 3.11 | 25.48 | 20.42 |
| Total non-fmancial assets | | 88.21 | 97.62 |
| Total assets | | 1227.76 | 1010.75 |
| LIABILITIES AND EQUITY | | | |
| LIABILITIES | | | |
| Financial Liabilities | | | |
| Payables
Trade Payables | 3.12 | | |
| (i) total outstanding dues of micro enterprises and small | | 2.74 | 3.53 |
| enterprises
(ii) total outstanding dues of creditors other than micro | | 12.48 | 19.46 |
| enterprises and small enterprises Deposits | 3.13 | 0.22 | 0.21 |
| Other fmancial liabilities | 3.14 | 89.98 | 91.24 |
| Total fmancial liabilities | | 105.42 | 114.44 |
| Non-fmancial liabilities
Provisions | 3.15 | 16.99 | 10.90 |
| Deferred tax liabilities (Net) | 3.28 | 11.58 | 13.56 |
| Other non-financial liabilities | 3.16 | 13.49 | 15.40 |
| Total non-financial liabilities | | 42.06 | 39.88 |
| (Currency: Indian Rupees in crores) | |
| Particulars | Note No. | Asat | Asat |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Equity
Equity share capital | 3.17 | 26.25 | 26.25 |
| Other equity | 3.18 | 1,054.03 830.18 |
| Total equity | | | 1080.28 | 856.43 |
| Total liabilities and equity | | | 1227.76 | 1010.75 |
| Summary of material accounting policies | 2 | | | |
| The accompanying notes are an integral part of the Consolidated financial statements | |
| er our report of even date attached
BSR& o.LLP | For and on behalf of the Board of Directors of Tata Asset Management Private Limited
CIN : U65990MH1994PTC077090 | |
| | | ��
Rajiv Sabharwal
Chairman
[DIN: 00057333]
| CEO & Managing Director
[DIN: 08136926]
�
Shailly Kedia
Company Secretary [Membership No. : A20240] | |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Consolidated Statement of Profit and lAISs for the Period ended 31 Mar 2026 |
| (Currency : Indian Rupees in crores)
Vear Ended Vear Ended |
| Particulars | Note No. | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Revenue from Operations | | | | |
| Interest Income | 3.19 | 7.09 | 5.95 | |
| Rental Income | | 0.87 | 0.76 | |
| Fee Income | 3.20 | 797.70 | 690.37 | |
| Net gain on fair value changes | 3.21 | 26.49 | 50.80 | |
| Total Revenue from operations | | 832.15 | 747.88 | |
| Other Income | 3.22 | 2.12 | 0.74 | |
| Total Income | | 834.27 | 748.62 | |
| Expenses | | | | |
| Finance cost | 3.23 | 2.87 | 3.51 | |
| Fee and commission expenses | 3.24 | 20.80 | 28.19 | |
| Employee Benefits Expenses | 3.25 | 198.97 | 172.21 | |
| Depreciation, amortization and impairment | 3.26 | 22.65 | 22.49 | |
| Other expenses | 3.27 | 114.61 | 111.20 | |
| Total Expenses | | 359.90 | 337.60 | |
| Profit Before Tax | | 474.37 | 411.02 | |
| Tax Expense: | 3.28 | | | |
| (I) Current Tax | | 111.79 | 90.04 | |
| (2) Deferred Tax | | (1.91) | 1.26 | |
| | 109.88 | 91.30 | |
| Profit After Tax | A | 364.49 | 319.72 | |
| Other Comprehensive Income | | | | |
| (A) {i) Items that will not be reclassified to profit or loss : | | | | |
| - Net gain/ (loss) in fair valuation of equity instruments | | 0.11 | 0.08 | |
| - Remeasurement gain / (loss) on defined benefit plans | | 0.56 | -0.68 | |
| {ii) Irwome tax relating to items that will not be reclassified to | | | 0.15 | |
| | | | | | 0.09
0.76 (0.45) |
| profit or loss
(BJ {i) Items that will be reclassified to profit or loss:
- Changes in fair value of bonds I debentures | | | | |
| | | | | | | | |
| (ii) Tax impacts on above
{iii) Exchange differences in translating the financial statements of a | | 5.60 | | 1.14 | |
| foreign subsidiary | | | | | |
| | 5.60 | | 1.14 | |
| Other Comprehensive Income | B | 6.36 | | 0.69 | |
| Total Comprehensive Income for the year | (A+B) | 370.85 | | 320.41 | |
| Earnings per equity share
Basic and Diluted (face value ofINR 10 per share) | 5 | 138.85 | | 121.!!0 | |
| SummllI)' of material accounting policies | 2 | | | | |
| The accompanying notes are an integral part of the Consolidated financial statements | | | | | |
| For and on behalf of the Board of Directors of Tata Asset Management Private Limited
CIN : U65990.MH1994PT�_s.090 |
| �� ,.
RaJiv Sabharwal Prathit Bhobe
Chairman ing Director
[DIN: 00057333] [DIN: 08136926] |
| �
Shailly Kedia |
| | | | | Company SecretllI)' [Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| (Currency : Indian Rupees in crores) | Year Ended | Year Ended |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Cash flows from operating activities | | |
| Net profit before taxation | 474.37 | 411.02 |
| Adjustmentfor: | | |
| Amortisation and impairment | 22.65 | 22.49 |
| Rental Income | -0.87 | |
| Fair value changes in investments | -26.49 | -50.80 |
| Interest on bonds | -4.65 | -3.87 |
| Interest on security deposit receivable - unrealised | -0.45 | -0.43 |
| Interest charged on Right of Use | 2.85 | 3.27 |
| Interest on security deposit placed - unrealised | 0.01 | 0.02 |
| Prepaid component oflease income | | |
| Net loss on sale ofproferty, plant and equipment | 0.03 | 0.03 |
| Operating profit before working capital changes | 467.45 | 381.73 |
| Changes in working capital: | | |
| Adjustments | | |
| Trade receivables and other receivables | 19.01 | -29.14 |
| Loans | 0.03 | 0.02 |
| Other financial assets | -0.10 | 1.84 |
| Other non-financial assets | -5.06 | -3.31 |
| Trade and other payables | -7.77 | 6.13 |
| Deposits | o.oi | -0.06 |
| Other financial liabilities | 3.03 | 5.25 |
| Other non-financial liabilities | -1.91 | 4.80 |
| Provisions | 6.74 | -2.95 |
| Cash generated from operations | 13.98 | -17.42 |
| Income tax paid (net) | -104.12 | -91.02 |
| Net cash flow from operating activities (A) | 377.31 | 273.29 |
| Cash flow from investing activities
Purchase of property, plant and equipment | -8.44 | -7.59 |
| Purchase oflntangibles and movement in intangible assets under development | -0.31 | -1.07 |
| Interest on bonds | 4.11 | 2.28 |
| Proceeds from sale of property, plant and equipment | 1.11 | 0.56 |
| Rental Income | 0.87 | |
| Purchase of investments | -643.05 | -326.92 |
| Proceeds from sale of investments 422.33 173.84 |
| Net cash from/ (used in) investing activities (B) | -223.38 | -158.90 | |
| Cash flow from rmancing activities
Equity dividend paid to shareholders | -132.30 | -72.06 | |
| Tax on equity dividend paid | -14.70 | -8.01 | |
| Cash payments for the principal portion of the lease liability* | -12.22 | -11.19 | |
| Cash payments for the interest portion of the lease liability* | (2.85) | -3.27 | |
| Net cash flow used in financing activities (C) | -162.07 | -94.53 | |
| Net increase in cash and cash equivalents (A+B+C) | -8.14 | 19.86 | |
| Cash and cash equivalents at the beginning of the year | 114.07 | 93.07 | |
| Effect of foreign exchange loss | 5.60 | 1.14 | |
| Cash and cash equivalents at the end of the year | 111.53 | 114.07 | |
| f |
| (Currency: Indian Rupees in crores)
• The reconciliation oflease liabilities arising from the financial activity is disclosed in Note 8 |
| Notes:
1 Cash and cash equivalents comprises of: Cashin hand
Balances with banks in current account
Bank deposits with maturity less than three months | Year Ended 31-Mar-26
19.12
92.41 | Year Ended 31-Mar-25
6.39
107.66 |
| 111.53 114.05
2 The above statement of cash flow has been prepared under the 'Indirect Method' as set out in Ind AS 7 - 'Statement of Cash Flows'.
3 Direct taxes paid is treated as arising from operating activities and is not bifurcated between investing and financing activities.
4 Figures in brackets are outflows/ deductions. Previous year's figures have been regrouped, wherever necessary.
• represents amount less than INR 0.01 crore |
| As per our report of even date attached
F rBSR&Co.LLP
artered A countants
gistration No.: 101248W/W-100022
Rohit Ale ander
Partner
Membership No.:222515 | For and on behalf of the Board of Directors of Tata Asset Management Private Limited
��Hl�
Rajiv Sabharwal Prathit Bhobe Chairman CEO & Managing Director [DIN : 00057333] [DIN: 08136926]
�
Shailly Kedia
Company Secretary [Membership No. : A20240] |
| Mumbai
20 April 2026 | Mumbai
17 April 2026 |
| (Cwrcncy : Indian Rupees in crores)
A. Eqnity Share Capital (Refer Note 3.17) | TATA ASSET MANAGEMENT PRIVATE LIMITED
Consolidated Statement of changes In eqnity for lhe Period ended 31 Mar 2026 |
| Number | Balance |
| Balaru:e aa at 31st March 2024
Changes in equity share capital during the year Balaru:e aa at 31st March 2025
Changes in equity share capital during the year Balance aa at 31st March 2026 | 2,62,50,0-00 | 26.25
- |
| 2 62.50.000 | 26.25 |
| |
| 262 50000 | 26.25 |
| |
| - - |
| B. Olher EQnity (Refer Note 3.18) |
| | Reserve | s and Sun,hu | Other Comprehemive Income | Total |
| Secariti.. premimn | General Reserve | ED:lumce
ffnctualion reserve R.etalned Eamingl |
| Balance aa at 31st March 2024 | 6.56 | 22.91 | 6.!>1 | 553.21 | 0.24 | 58!>.83 |
| Profit for the year
Other Comprehensive Income for the year | - | -
- | - | 319.72 | -
0.05 | 319.72
o.os |
| | | | | | |
| Total Compn:bcmivo Income for the year | | - | | 319.72 | 0.05 | 319.77 |
| Changes during the year in reserves Final Dividend on Ordinary shares Taxon Dividends | --
. | -
-
- | 1.14
.- | (0.51)
(80.0-6) | -
.- | 0.63
(80.06}
- |
| Balance aa at list March 2025 | 6.56 | 22.!>1 | 8.05 | 7!>2.36 | 0.2!> | 830.17 |
| Effect ofTransition of Ind AS 116 Bonus shares issued during the year Profit for the year
Other Comprobeosive Income for the year | .
-.
. | - -
- | --
- | -
364.49 | .
..
0.12 | -
364.49
0.12 |
| Total Compn:heosive Income for the year
Changes during the year in n:serves Final Dividond on Ordinary shares Tax OD Dividends | -
-.
- | --
- | 5..60
- | 364.49
0.65
(147.00) | 0.12
.
.
. | 364.61
6.25
(147.00)
-- |
| Balance aa at 31st March 2026 | 6.56 | 22.!>1 | 13.65 | 1010.50 | 0.41 | 1054.03 |
| | | | | |
| Summary of material accounting policies 2
The accompanying notes are Bil integral part of the Consolidated finBllcial Slalements |
| For 1111d on behalf of 1he Boan! of Directon of Tala Aaaet Mana11ement Private Limited
C™�90
6¾Chairm:an --. �CEO & Managing Director
(DIN: 00057333] [DIN: 08136926] |
| �
ShalllyKedia |
| Mumbai
20April2026 | Mumbai
17 April 2026 | Company Secretary
[Membership No. : A20240] |
| Notes to the Consolidated fmancial statements for the Period ended 31 Mar 2026
1) Corporate Information
Tata Asset Management Private Limited ('the Company') is a private company limited by shares incorporated in India on 15 March 1994 under the Companies Act, 1956 with its registered office in Mumbai, Maharashtra, India. Its shares are not listed on any of the stock exchanges in India. The Company is registered with Securities and Exchange Board oflndia ('SEBI') under SEBI (Mutual Fund) Regulations, 1996, SEBI (Portfolio Managers) Regulations, 1993 and SEBI (Alternative Investment Funds) Regulations, 2012.
The Company together with its subsidiaries (collectively, the Group), is primarily engaged to act as an investment manager to Tata Mutual Fund ('the Fund') and Alternate Investment Funds ('the AIF'), to provide Portfolio Management Services ('PMS') to clients and advisory services.
The functional and presentation currency of the Company and the presentation currency of the Group is the Indian Rupee which is the currency of the primary economic environment in which the Group operates.
Tata Sons Private Limited is the ultimate parent of the Group. Information on other related party relationships of the Group is provided in Note 14.
The fmancial statements of the Group for the year ended 31 March, 2026 were approved and authorised for issue by Board of Directors on 17 April, 2026.
2) Material accounting policies
The Material accounting policies applied by the Group in the preparation of its financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise indicated.
a) Compliance with Ind AS
The consolidated financial statements (the 'financial statements') of the Group have been prepared on a going concern basis in accordance with the provision of the Companies Act, 2013 (the 'Act') and the Indian Accounting Standards (hereinafter referred to as the 'Ind AS') as prescribed under section 133 of the Act and other relevant provisions of the Act, as amended from time to time. The accounting policies are applied consistently to all the years presented in the fmancial statements.
b) Basis of preparation and presentation of Financial Statements
The financial statements have been prepared on accrual basis under the historical cost convention except for certain fmancial instruments measured at fair value at the end of each reporting period as explained in accounting policies below.
The Group presents its balance sheet in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 11.
The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the Division III to Schedule III to the Act. The Group has elected to present cash flows from operating activities using the indirect method and items of income or expense associated with investing or financing cash flows are presented as per the requirements of Ind AS 7 'Statement of Cash Flows'. The disclosure requirements with respect to items in the Balance Sheet and the Statement of Profit and Loss, as prescribed in the Division III to Schedule III to the Act, are presented by way of notes forming part of the financial
statements. |
|
| c) Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management of the Group to make judgments, estimates and assumptions. These judgments, estimates and asslimptions affect the reported amounts of assets and liabilities, disclosures including disclosures of contingent assets and contingent liabilities as at the date of financial statements and the reported amounts of revenues and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods which are affected.
Information about critical judgments, assumptions and estimation uncertainties that have a significant effect to the carrying amounts of assets and liabilities within the next financial year are as noted below:
(i) Fair value measurements
When the fair value of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be measured at the quoted price in the active markets, their fair value is measured using the valuation techniques that include the use of valuation models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required for selection of the appropriate valuation methodology and determination of expected future cashflows on the financial instruments that are being valued.
(ii) Recognition and Measurement of Provisions, liabilities and contingencies
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of judgments to existing facts and circumstances which may be subject to change. The amounts are determined by discounting the expected future cash flows at a pre - tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
In the normal course of business, contingent liabilities may arise from litigation and other claims against the Group. Potential liabilities that are possible to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.
(iii) Measurement of defined benefit obligation
The obligation arising from defined benefit plans is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(iv) Impairment of financial and non-financial assets
The measurement of impairment losses across all categories of financial assets requires judgement, in particular, the estimation of the amount and timing of future cash flows and collateral values when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of factors, changes in which can result in different levels of allowances.
d) Ind AS 116 Leases
The Group has applied Ind AS 116 using the modified retrospective approach.
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date.
The right-of-use asset is subsequently depreciated using the straight-line method of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, lessee's incremental rate of borrowing.
Lease payments included in the measurement of the lease liability comprise the amounts expected to be payable over the period of the lease. The lease liability is measured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. |
|
| d) Ind AS 116 Leases (Continued) Short-term leases:
The Group has elected not to recognise right-of-use assets and lease liabilities for short term leases of real estate properties that have a lease tenn of 12 months. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease tenn.
e) Revenue recognition
(i) Recognition of income
Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair value of the consideration received or receivable. Ind AS 115 Revenue from contracts with customers outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance found within Ind ASs.
The Group recognises revenue from contracts with customers based on a five step model as set out in Ind AS 115:
Step 1 : Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2 : Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer.
Step 3 : Determine the transaction price: The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.
Step 4 : Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Group allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Group expects to be entitled in exchange for satisfying each performance obligation.
Step 5: Recognise revenue when (or as) the Group satisfies a performance obligation.
Revenue is measured based on the transaction price (net of variable consideration) specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue from contracts with customers is recognized when services are provided, and it can be reliably measured and it is probable that future economic benefits will flow to the Group.
Investment management fees
Investment management fees (net of goods and services tax) is recognised over time when performance obligation is satisfied continuously over the contract period in accordance with the Investment Management Agreement and SEBI (Mutual Fund) Regulations, 1996, as amended from time to time based on an agreed percentage of the daily assets under management of Tata Mutual Fund schemes.
Portfolio management fees
Portfolio management fees are fees charged for management of portfolios and are recognised over time when the performance obligation is satisfied at an agreed percentage of the daily closing portfolio values in accordance with Portfolio Management Agreement entered into with respective clients.
Alternate investment management fees
Alternate investment management fees are fees charged for management of alternate investment funds and are recognised over time when the performance obligation is satisfied at an agreed percentage of the daily closing portfolio values in accordance with Investment Management Agreement entered into Alternate Investment Funds.
Advisory fees
Advisory fees are recognised on satisfaction of a performance obligation over time in accordance with the respective terms of contract with counterparties. |
|
| e) Revenue recognition (Continued)
(ii) Interest Income
Under Ind AS 109 interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised cost. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset.
The EIR (and therefore, the amortised cost of the asset) is calculated by raking into account any discount or premium on acquisition, fees and costs that are an integral part of the EIR. The Group recognises interest income using a rate of return that represents the best estimate of a constant rate of return over the expected life of the loan. Hence, it recognises the effect of potentially different interest rates charged at various stages, and other characteristics of the product life cycle (including prepayments, penalty interest and charges).
If expectations regarding the cash flows on the financial asset are revised for reasons other than credit risk. The adjustment is booked as a positive or negative adjustment to the carrying amount of the asset in the balance sheet with an increase or reduction in interest income. The adjustment is subsequently amortised through interest income in the statement of profit and loss.
The Group calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets. When a financial asset becomes credit-impaired, the Group calculates interest income by applying the effective interest rate to the net amortised cost of the financial asset. If the financial assets cures and is no longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
(iii) Dividend income
Dividend income (including from FVOCI investments) is recognised when the Group's right to receive the payment is established, it is probable that the economic benefits associated with the dividend will flow to the entity and the amount of the dividend can be measured reliably. This is generally when the shareholders approve the dividend.
(iv) Rental Income
The determination of whether an arrangement is a lease, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets or whether the arrangement conveys a right to use the asset.
Group as a lessor
Leases where the Group does not transfer substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in rental income in the statement of profit or loss, unless the increase is in line with expected general inflation, in which case lease income is recognised based on contractual terms. Initial direct costs incurred in negotiating operating leases are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.
(v) Gains and Losses from financial instruments
The realised gains/losses from financial instruments at FVfPL represents the difference between the carrying amount of a financial instrument at the beginning of the reporting period, or the transaction price if it was purchased in the current reporting period, and its settlement price. The unrealised gains/losses represents the difference between the carrying amount of a financial instrument at the beginning of the period, or the transaction price ifit was purchased in the current reporting period, and its
carrying amount at the end of the reporting period. |
|
| t) Foreign currency transactions and translation
The management of the Group has determined Indian Rupee ("INR") as the functional currency of the Group. In preparing the financial statements, transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising out of these translations are recognised in the Statement of Profit and Loss.
g) Taxation
Income tax expense comprises both current and deferred tax. Current and deferred taxes are recognised in the statement of profit and loss.
Current Tax
Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the reporting date in the countries where the Group operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow .fef all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
|
| h) Financial Instruments Classification
A Financial instrument is any contract that gives rise to a financial asset of one entity and financial liability or equity instruments of another entity.
Financial assets, other than equity, are classified into financial assets at fair value through other comprehensive income (FVOCl) or fair value through profit and loss account (FVTPL) or at amortised cost. Financial assets that are equity instruments are classified as FVTPL or FVOCI. Financial liabilities are classified as amortised cost category and FVTPL.
Business Model assessment and Solely payments of principal and interest (SPPI) test:
Classification and measurement of financial assets depends on the business model and results of SPPI test. The Group detennines the business model at a level that reflects how Group's financial assets are managed together to achieve a particular business objective. As a second step of its classification process the Group assesses the contractual terms of financial to identify whether they meet the SPPI test. Based on the above, financial assets are either classified as:
1. Amortised cost,
2. Fair value through other comprehensive income and
3. Fair value through profit and loss.
Initial recognition:
The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than fmancial assets and fmancial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in the statement of profit and loss.
Financial assets and financial liabilities are initially recognised on the trade date i.e. the date when the Group becomes a party to the contractual provisions of the instruments. At initial recognition, the Group measures trade receivables at their transaction price if the trade receivables do not contain a significant financing component.
Subsequent measurement:
Financial assets at amortised cost:
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group measures bank balances and loans at amortised cost.
Equity Instruments at FVOCI :
The Group's management has elected to classify irrevocably some of its equity investments as equity instruments at FVOCI, when such instruments meet the definition of Equity under Ind AS 32 'Financial Instruments: Presentation' and are not held for trading.
Gains and losses on these equity instruments are never recycled to profit or loss. Dividends from these equity investments are recognised in the statement of profit and loss when the right to receive the payment has been established. |
|
| h) Financial Instruments (Continued)
Fair value through Profit and loss account:
Financial assets are measured at FVTPL unless it is measured at amortised cost or at FVOCI on initial recognition. The transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are immediately recognised in the statement of profit and loss.
Financial Liabilities and equity instruments:
Classification as debt or equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Financial Liabilities
Trade and other payables are initially measured at fair value, net of transaction costs, and these are subsequently measured at amortised cost using effective interest rate method where the time value of money is significant. For trade and other payables maturing within one year from the Balance Sheet date, the canying amounts approximate the fair value due to the short maturity of these instruments.
Reclassification of Financial assets and Financial liabilities:
The Group does not re-classify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances when the Group changes its business model for managing such financial assets. The Group does not re-classify its financial liabilities.
Impairment of financial assets:
The Group recognizes a loss allowance for expected credit losses on a financial asset that is at amortized cost or fair value through OCI. Loss allowance in respect of financial assets is measured at an amount equal to life time expected credit losses and is calculated as the difference between their carrying amount and the present value of the expected future cash flows discounted at the original effective interest rate.
Trade receivables:
The Group follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Group uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated for changes in the forward-looking estimates.
Derecognition of Financial assets and Financial liabilities:
The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
A financial liability is derecognised when, and only when, the obligation under the liability is discharged, cancelled or expired. |
|
| i) Determination offair value:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
| The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received). Subsequent to initial recognition, the Group determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include discounted cash flow method and other valuation models. |
| j) Cash and cash equivalents :
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. |
| k) Property, Plant and Equipment
Property, plant and equipment are stated at cost of acquisition Jess accwnulated depreciation and accumulated impairment loss, if any. Cost includes all expenses incidental to the acquisition of the property, plant and equipment and any attributable cost of bringing the asset to its working condition for its intended use. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are recognized in statement of profit and loss as incurred. |
| Capital work in progress and Capital advances
Cost of assets not ready for intended use, as on the Balance Sheet date, is shown as capital work in progress. Advances given towards acquisition of property, plant and equipment outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets. |
| Depreciation of property, plant and equipment
Depreciation on property, plant and equipment, other than premises and leasehold improvements, is provided on a written down value basis. Premises are depreciated over its estimated useful life on a straight line basis. Leasehold improvements are amortised over the primary period of lease on a straight line basis or useful life whichever is less. |
| As per the requirement of the Act, the Group has evaluated the useful lives of its property, plant and equipment and has computed depreciation according to the provisions of Schedule II of the Act. The useful life of the following assets are as follows : |
| Tangible assets | Asper Companies Act | |
| Premises
Furniture and fixtures Vehicles
Office equipments
Office equipments - mobile
Computers - servers Computers - end user devices | 60 years IO years 8 Years
5 Years
5 Years
6 Years
3 Years | |
| Leasehold improvements | Over the period
of lease term | |
| Further as disclosed in the table below, the estimated useful life of certain property, plant and equipment of the Group is different from useful life prescribed in Schedule II of the Act. |
| k) Property, Plant and Equipment (Continued) |
| Nature of property, plant and equipment | Management | Useful life as | |
| Estimate of per the limits | |
| Useful Life
(in years) | prescribed in
Schedule II of
the Act (in years) | |
| Vehicles
Office equipments - mobile | 6
3 | 8
5 | |
| For these class of assets, based on internal technical assessment, the management believes that the useful lives as given above best represent the period over which management expects to use these assets. Hence the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Act. |
| The Group provides pro-rata depreciation from the date the asset is ready for its intended use and in respect of assets sold, depreciation is provided upto the date of disposal. |
| The residual values, estimated useful lives and method of depreciation of property, plant and equipment are reviewed at end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. |
| Property, plant and equipment are derecognised on disposal or when no future economic benefits are expected to arise from its
continuous use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other income / expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in Ind AS 115. |
| I) Investment Property:
Properties held to earn rentals and/or capital appreciation are classified as investment properties and are measured and reported at cost, including transaction costs less accumulated depreciation and accumulated impairment losses, if any. Cost includes all expenses incidental to the acquisition of the investment property and any attributable cost of bringing the asset to the condition for its intended use. Subsequent costs are capitalised only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are recognized in statement of profit and loss as incurred. |
| Investment property are depreciated over its estimated useful life on a straight line basis as prescribed in Schedule II to the
Companies Act, 2013. |
| The useful life of such investment property is determined to be sixty years as per provisions of Part C of Schedule II of the Act. |
| An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in the Statement of Profit and
Loss in the same period in which the property is derecognised. |
| m) Intangible Assets:
Intangible assets acquired separately are measured on initial recognition at cost and recognized if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. Such cost includes purchase price, borrowing cost, and cost directly attributable to bringing the asset to its working condition for the intended use. Such intangible assets are subsequently measured at cost less any accumulated amortization and any accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the Statement of Profit and Loss as incurred.
Intangible assets under development
Cost of intangible assets not ready for intended use, as on the Balance Sheet date, is shown as intangible assets under development. Advances given towards acquisition of intangible assets outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets.
Amortisation of intangible assets
Intangible assets comprising of software purchased/ developed and licensing costs are amortized on a straight line basis over the useful life of the software up to a maximum of five years commencing from the year in which such software is first ready for its intended use. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Intangible assets are derecognised on disposal or when no future economic benefits are expected to arise from its continuous use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other income I expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of intangible asset is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in Ind AS 115.
n) Impairment of non - financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount.
Recoverable amount is the higher of fair value less costs of disposal and value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent from other assets or Group of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. The impairment loss, if any, is recognised in the statement of profit and loss in the period in which impairment takes place.
A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior accounting periods. A reversal of an impairment loss is recognised
immediately in the statement of profit and loss. |
|
| o) Employee benefits
Defined contribution plans
(i) Provident fund & Family Pension Fund
The Group contributes to a recognised provident fund and family pension fund which is a defined contribution scheme. The contributions are accounted for on an accrual basis and recognised in the statement of profit and loss. The eligible employees of the Group are entitled to receive post-employment benefits in respect of provident and family pension fund. The contributions made to state managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Company's obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
(ii) Superannuation Fund
The Company contributes a sum upto 15% of basic salary for employees who have opted to contribute to a Superannuation Fund, administered by trustees and managed by Life Insurance Corporation of India. The Company recognises such contributions as an expense in the year they are incurred. Benefits in respect of superannuation, a defined contribution scheme, as applicable to employees is annually funded with the Life Insurance Corporation of India.
Defined Benefit Plan
(i) Gratuity
The Company's gratuity scheme is a defined benefit plan. The Company's net obligation in respect of the gratuity benefit is calculated by estimating the amount of future benefit that the employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value, and the fair value of plan assets, if any, is deducted from such determined present value.
The discount rate used for determining the present value is based on the Indian Government Securities yields prevailing as at the balance sheet date that have maturity date equivalent to the tenure of the obligation.
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method with actuarial valuations being carried out at the end of each annual reporting period.
Remeasurements arising from defined benefit plans, comprising of actuarial gains and losses, the return on plan assets in excess of what has been estimated and the effect of the asset ceiling, if any, in case of over funded plans are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. All other expenses related to defined benefit plans is recognised in employee benefit expenses in statement of profit and loss. Remeasurements are not reclassified to profit or loss in subsequent periods.
When the benefits of the plan are changed, or when a plan is curtailed or settlement occurs, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment or settlement, is recognized immediately in the profit or
loss account when the plan amendment or when a curtailment or settlement occurs. |
|
| o) Employee benefits (Continued)
(ii) Compensated absences
Compensated absences are recognised as a liability at the present value of the defined benefit obligation at the balance sheet date. The Group's liability towards compensated absences is determined on the basis of valuations, as at balance sheet date, carried out by an independent actuary using Projected Unit Credit Method. Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions and are recognised immediately in the statement of profit and loss.
Other Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the year.
Other Long-term employee benefits
Other long term employee benefits include accumulated compensated absences that are entitled to be carried forward for future availment subject to the Group's policies. The Group's net obligation in respect of long-term employee benefits other than postemployment benefits, which do not fall due wholly within 12 months after the end of the period in which the employees render the related services, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The obligation is measured on the basis of an independent actuarial valuation using the projected unit credit method. Remeasurements gains or losses are recognised as profit or loss in the period in which they arise
Long term incentive plan (LTIP)
Group has elected to account for the long term incentive plan as a one single award. This accounting policy is applied consistently to all the plans from period to period. If the plan is back-end loaded, the plan's benefit is attributed on a straight line basis otherwise the plan's benefit are attributed to periods of service according to plan's benefit formula
p) Cost Recognition
Costs and expenses are recognized when incurred and are classified according to their nature.
Scheme expenses
In pursuance to SEBI circular dated 22 October 2018, all expenses relating and identified for a scheme should be charged to the scheme. For expenses which are common across schemes and is not possible to apportion / bifurcate them scheme wise, the same can be borne by the AMC. The Group has incurred such expenses for which identification of scheme is not possible and the same has been charged to the statement of profit and loss.
New fund offer expenses ('NFO')
Expenses relating to NFO are charged to the statement of profit and loss in the year in which these expenses are incurred which is in compliance with SEBI (Mutual Fund) Regulations, 1996, as amended from time to time. |
|
| q) Accounting for provisions, contingent liabilities and contingent assets
Provisions are recognised in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Where the time value of money is material, the amount of a provision shall be the present value of the expenditures expected to be required to settle the obligation.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by third party, the reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if the Group settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for the reimbursement shall not exceed the amount of the provision. In the statement of profit and loss, the expense relating to a provision may be presented net of the amount recognised for a reimbursement.
Provisions shall be reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision shall be reversed.
Contingent liabilities are not recognised in the financial statements. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future·events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or reliable estimate of the amount cannot be made.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Group does not recognise contingent asset.
r) Earnings per share
The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting period.
Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. In computing diluted earnings per share, only potential equity shares that are dilutive are included.
s) Dividends on ordinary shares
The Group recognises a liability to make cash distributions to equity holders of the Group when the distribution is authorised and the distribution is no longer at the discretion of the Group. As per the Companies Act, 2013, a final dividend is authorised when it
is approved by the shareholders in the annual general meeting. A corresponding amount is recognised directly in equity. |
|
| t) Recent Pronouncements:
5) Recent pronouncements Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.f. In August 2025, MCA notified the following amendments to:
Ind AS I, Presentation of Financial Statements, applicable w.e.f. April I, 2025 -The amendment relates to classification of liabilities as current or non-current and non-current liabilities with covenants. In the context of classifying a liability as current, it removes the requirement of existence of a right to defer settlement for at least 12 months after the reporting date and instead requires that the said right should exist on the reporting date and have substance. The amendment also introduces guidance on classification of liabilities with covenants. The Group has no impact of these amendments in its classification criteria of current and non-current liabilities.
Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f. April 1, 2025-The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance arrangements and explain the nature of the arrangements, the carrying amount ofliabilities and the range of payment due dates. Ind AS 107 has been amended to add supplier finance arrangements as a factor that may cause concentration of liquidity risk. The Group has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its financial statements.
Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately- The amendments provide a temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they have applied the relief.The Group has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its financial statements. |
| Nole■lo the Comolidated llnaacial olakire,11for du, Period ended 31 Mar 2026 | |
| (Currency: Indian Rupees in crores) | |
| 3.1 cash and cash equivalent:, | | | |
| | A.. t | Aul | | |
| | 31-Mal'-26 | 2025-03-31T00:00:00.000 | | |
| Cash on hand | | | | | |
| Balancas wi1h Banks | | | | | |
| - in current accounts | | 19.12 | 6.39 | | |
| Bank deposits wi1h maturity less than lhree months | | 92.41 | l07.66 | | |
| Total | | 111.53 | 114.05 | | |
| • represents amowit less 1han INR 0.01 crore. | | | | | |
| The Group has not taken bank ownlnlft and has not kepi any eannarked balancas wi1h banks. | | | | | |
| The Group has not been declared a wilful defaulter by any bank / financial institution/ other lender. | | | | | |
| lli.ere are no conditions or restrictions in using the above cash and cash equivalent. | | | | | |
| 3.2 Receivables | | | | | |
| | A.. t | Asal | | |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | | |
| Umecured - considered 1ood Management Fee Receivable | | 39.37 | 58.59 | | |
| Portfolio Management Fee and Other Advisory Services Fee Receivable | | 2.15 | 1.91 | | |
| Other receivables | | 2.05 | 2.09 | | |
| Total
A&eina of Trade receivables | | | | | | | | | 43.57 62.59 | |
| | | | | | | | | | | | | |
| Partltulan | Oulltandin• u on 31 Ma.rc:h 2026 | | |
| Less 1hao
6 mondu | 6moolll1t, .l..m..2.
1-- | 2to3 More than Unbilled Not du• TotoJ
···- 3••·- - - | | |
| (i) Undisputed Trade roceivables - considered good
(ii) Undisputed Trade receivables -which have
significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired
(iv) Disputed Trade receivables - considered good
(v) Disputed Trade receivables - which haw
significant lllc,eBSe in credit risk
(vi) Disputed Trade receivables • credit impaind
Total | 43.49
-
. | 0.01
-
-
.
.
. | 0.02
-
-
-
-
- | 0.01
-
-
.
-
. | 0.04
-
-
- | -
-
.
-
-
- | -
.
-
- | 43.57
-
.
-
- | | |
| 43.49 | 0.01 | 0.02 | 0.01 | 0.04 | | | 43.57 | | |
| | | | | | | | | | |
| Particulan | Outstaodin• as on 31 March 2025
..... | | |
| Lentban
6months | 6 montlu tc
1-•· | 1 to2 | Z to3
•ears | Moretban | Unbilled | Not due | Total | | |
| 3run | | |
| (i) Undisputed Trade receivables • considered good
(ii) Undisputed Trade receivables - which have
significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired
(iv) Dispµted Trade neceivables - considered good
(v) Disputed Trade receivables • which haw significant increase in credit risk
(vi) Disputed Trade receivables - credit impaired
Total | 62.48
-
. | 0.0-3
-
-
-
. | 0.02
.
.- | 0.Q3
.
.
.
-
- | 0.Q3
-
.
.
.
- | .
-
.
.
.
- | .
.
-
-
- | 62.5-9
.
-
. | | |
| 62.48 | 0.03 | 0.02 | 0.03 | 0.03 | | | 62.59 | | |
| | | | | | | | | | |
| No trade or other receivable are due from directors or otherofli«r., of1he Group ei1her severally or jointly v,i1h any other person or debts due by firms including limited liability partnershps (LLP's).
private companies respectively in which any director is a partner or a director or a member, oxc:ept as disclosed below: | |
| A.ut | Asal |
| 31-Mlll'-26 | 2025-03-31T00:00:00.000 |
| Tata Capital limited | 0.11 | 0.09 |
| Tall Steel limited·Tho Tinplete cooflnd ltd | 0.07 | 0.Q3 |
| Tall Steel limited | 0.06 | 0.Q3 |
| Tall Steel Limited· Tata Metaliks | 0.02 | 0.02 |
| Tall Steel Limited -ISWP | 0.ol | 0.02 |
| TRFLimited | 0.01 | 0.01 |
| TM Intematiooal Logistics ltd | 0.01 | 0.01 |
| Tata lnduslries Limited | 0.QI | 0 01 |
| The Tall Pigmeots Limited | | 0.00 |
| | | | | | | | | | 001 0.00
0.31 0,22 | |
| Tata Steel Limited -JEMCO
Total
All b'ad& receivables are non•interest bearing. | | | | | | | | |
| | | | | | | | | | | | |
| NottS to the Consolidated financial statements for the Period ended 31 Mar 2026 |
| (Currency : Indian Rupees in crores)
3.3 Loans (at amortised coll) | | | | | | | | | |
| Unsecured and considered good Loans to employees paid in India Leu impainnent loss allowance | Asal 31-Mar-26
0.09 | ASlt 31-Mar-25
0.12 |
| Total 0.09 0.12 |
| There are no loana to related parties. |
| 3.4 Investments |
| Investments | Amortued co,t At Fair Value
Through other Through profit Designated at fair
comprehensive or loss value through
income profitorlo,s | Othon | Total | |
| A, at31.03.2026 | - -
26.49 -
- - -
3.51
- | 861.56
-
78.36
-
6,68
- | -
-
-
-
-
- | | -
-
--
-- | 861.56
26.49
78.36
3.51
6.68 | |
| Investments | |
| Mutual funds | |
| Debt securities | |
| Government Securities | |
| Equity instruments | |
| Alternate Investment Fund• | |
| Management shares | |
| Total | 26.49 3.51 | 946.60 | - | | - | 976.60 | |
| (i) Investments outside India | -
26.49 3.51 | -
946.60 | -
-- | | -- | -
976.60 | |
| (ii) Investments in India | |
| Total | 26.49 3.51
- - | 946.60
- | -- | | - | 976.60
- | |
| Less: Allowance for impainnent | |
| 16.49 3.51 | 946.60 | | # | | 976.60 | |
| As at 31.03.2025 | - -
57.22 -
- 3.39
- -
- - | 639.19
-
-
28.90
- | -
-
-
-
-- | | -
-
-
-
- | 639.19
57.ll
3.39
28.90 | |
| J.nvestmeots | |
| Mutual funds | |
| Debt securities | |
| Equity i111truments | |
| Alternate Investment Funds | |
| Management shares | |
| Total | 57.22 3.39 | 668.09 | | | | 728.70 | |
| (i) Investments outside India | - -
S7.22 3.39
57.22 3.39
- - | -
668.09
668.09- | -
-
-
-- | | -
--
- | -
728.70
728.70
- | |
| (ii) Investments in India | |
| Total | |
| Less: Allowance for impairment | |
| | 57.22 3.39 | 668.09 | | # | | 728.70 | |
| | |
| • represents amount less than INR 0.0l cmre. |
| The breakup of investments can be found in note 4. More infonnation regarding the valuation methodologies can be found in note 12.
Investment in Eauitv instruments designated at fair value through other comprehensive income
The company has elected to designate the investment in equity shares, which are neither held for trading nor received as contingent consideration in business
combination, at fair value through other comprehensive income (FVOCI). The company chose the option of designating these investments to be recognised as
FVOCI, as these equity instruments are not held for trading and management has elected to classify the same irrevocably as equity instruments at FVOCl |
| Reclassification
During the current or previous reporting periods the company has not reclassified any investments since its initiaJ classification.
The company has not transferred any Financial assets which are transferred but are not derecognised in books of accounts. |
| (Currency: Indian Rupees in crores) |
| 3.5 Other Financial Assets
Unsecured and considered good Security deposits (Refer note below) Advance to employees paid in India Others
Total
Note: Security deposits include deposits with related parties as under Tata Industries Limited
Voltas Limited
Total
3.6 Investment property | As at Asat
31-Mar-26 31-Mar-25
6.66 6.35
0.07 0.24
1.03 1.08
,.,6 7.67
Asat Asat
31-Mar-26 31-Mar-25
1.55 0.86
0.05 0.04
1.60 0.90 |
| Description of Assets
I. Gross Block
Balance as at 31st March 2024
Additions
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31st March 2025
Additions
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31st March 2026
II. Accumulated depreciation Balance as at 31st March 2024 Charge for the year
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31st March 2025
Charge for the year
Transfer from owner-occupied property due to change in use Disposals
Balance as at 31st March 2026
III. Net block (l-11)
Balance as at 31st March 2026 Balance as at 31st March 2025
IV. Fair Value
Balance as at 31st March 2026 Balance as at 31st March 2025 | Premises Total
5.57 5.57
. .
. .
. . | |
| :,.:,7 | -:,::n | |
| . .
- -
. - | |
| 5.57 | 5.57 | |
| 2.30 2.30
0.08 0.08
. .
. - | |
| 2Jll | Z.Jll | |
| 0.08 0.08
- -
. - | |
| :.!.-'Cl | 2.46 | |
| 3.11 3.11
3.19 3.19
22.30 22.30
22.30 22.30 | |
| (a) The Group has given office premises on operating lease \Wich forms part of its premises at Mulla House at Mumbai. Refer note 8 for details ofleasing arrangements. There are no restrictions imposed on the realisability of investment property lease. |
| (Currency: Indian Rupees in crores) |
| (b) The Group does not hold any benami property.
(c) The fair value of the inves1ment properties as at March 31, 2026 and March 31, 2025 has been arrived at on the basis of a valuation carried out on the respective dates by an independent valuer registered with the authority which governs the valuers in India. They have appropriate qualifications. and experience in the valuation of properties in the location. All fair value estimates for inves1ment properties are included in Level 2 as the input used is the Mumbai Stamp Duty Ready Reckoner. |
| (i) Reconciliation of Fair Value |
| Particulan
Balance as at 31st March 2025
Fair value differences
Transfer from Property, plant and equipment Sales
Balance as at 31st March 2026 | Amount in INR
22.30
--
- | |
| 22.30 | |
| (ii) Amounts recognised in statement of profit and loss for inves1ment properties |
| Particulars
Lease income derived from inves1ment properties
Direct operating expenses from properties generating lease income
Direct operating expenses from properties that did not generate lease income | 31-Mar-26
0.87
(0.09) | 31-Mar-25
0.76
(0.05)
- | |
| Profit arising from investment properties before depreciation
Depreciation for the year
Profit arisin2 from investment properties | 0.78 | 0.71 | |
| -0.08 | -0.08 | |
| 0.7(1 | 0.63 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the Consolidated financial statements for the Period ended 31 Mar 2026 | | | | | | |
| (Currency: Indian Rupees in crores)
3.7 Property, Plant and Equipment
Description
I. Gross Block | Premises | Furniture and
Fixtures | Vehicles Ofice Equipments Computers | Leasehold Improvements - Furniture and
Fixtures | Leasehold Improvements - Office Equipments | Total |
| Balance as at 31st March 2024 | 2.34 | 6.00 | 11.45 | 4.42 | 13.09 | 6.71 | 44.01 | |
| Additions | | 1.35 | 2.48 | 0.63 | 2.43 | 0.71 | 7.60 | |
| Disposals | | 0.29 | 1.45 | 0.11 | 0.53 | 0.13 | 2.51 | |
| Balance as at 31st March 2025 | 2.34 | 7.06 | 12.48 | 4.94 | 14.99 | 7.29 | 49.10 | |
| Additions | | 0.60 | 4.89 | 0.77 | 1.57 | 0.60 | 8.43 | |
| Disposals | | 0.27 | 3.73 | 0.18 | 2.35 | 0.12 | 6.65 | |
| Balance as at 31st March 2026 | 2.34 7.39 | 13.64 | 5.53 | 14.21 | 7.77 | 50.88 | |
| II. Accumulated Depreciation | | | | | | | |
| Balance as at 31st March 2024 | 0.87 | 3.42 | 4.91 | 3.56 | 9.69 | 5.76 | 28.21 | |
| Depreciation charge for the year | 0.04 | 0.91 | 2.88 | 0.53 | 2.24 | 0.50 | 7.09 | |
| Eliminated on disposal of assets | | 0.25 | 0,94 | 0.10 | 0.50 | 0.13 | 1.92 | |
| Balance as at 31st March 2025 | 0.91 | 4.08 | 6.85 | 3.99 | 11.43 | 6.13 | 33.39 | |
| Depreciation charge for the year | 0.04 | 0.87 | 2.96 | 0.58 | 2.27 | 0.49 | 7.21 | |
| Eliminated on disposal of assets | | 0.24 | 2.75 | 0.17 | 2.21 | 0.12 | 5.49 | |
| Balance as at 31st March 2026 | 0.95 | 4.71 | 7.06 | 4.40 | 11.49 | 6.50 | 35.11 | |
| Ill.Net block (I-II)
Balance as at 31st March 2026 | IJ� | Hll | i'i.� | I.IJ | i.,i | rn | ID'1 | |
| Balance as at 31st March 2025 | 1.-1-3 | 2.98 | 5.63 | o.9s | 3.57 | rn | rr.'fi | |
| Notes:
(a) The title deeds of all immovable properties are held in the name of Tata Asset Management Private Limited and are not held in the name of any promoter / director or relative of promoter/ director or employee of promoter/ director. |
| (b) The details of immovable properties are as folows· |
| Name of the Prooertv | Date since held | Date held upto | | | | | | | | | | |
| Office premises at Mulla House - Ground Floor | 2000-08-28T00:00:00.000 | Till date | | | | | | | | | | |
| Office premises at Mulla House - 4th Floor | 1994-06-09T00:00:00.000 | Till date | | | | | | | | | | |
| Office nremises at Mulla House - 4th Floor additional | 1998-11-17T00:00:00.000 | Till date | | | | | | | | | | |
| (c) The Group does not bold any benami property. |
| (c) The Company does not have any CWIP in the current and previous years. |
| (Currency: Indian Rupees in crores) | |
| 3.8 | Right of use assets (ROU) | |
| Description
I. Gross Block | Leasehold Premises | Total |
| Balance as at 31st March 2024 | 64.38 | 64.38 |
| Additions | 6.88 | 6.88 |
| Disposals | 4.18 | 4.18 |
| Balance as at 31st March 2025 | 67.08 | 67.08 |
| Additions | 8.62 | 8.62 |
| Disposals | 6.75 | 6.75 |
| Balance as at 31st March 2026 | 68.95 | 68.95 |
| II. Accumulated amortisation | | |
| Balance as at 31st March 2024 | 14.97 | 14.97 |
| Amortisation charge for the year | 13.49 | 13.49 |
| Eliminated on disposal of assets | 3.41 | 3.41 |
| Balance as at 31st March 2025 | 25.05 | 25.05 |
| Amortisation charge for the year | 13.68 | 13.68 |
| Eliminated on disposal of assets | 6.50 | 6.50 |
| Balance as at 31st March 2026 | 32.23 | 32.23 |
| III. Net block (1-11) | | |
| Balance as at 31st March 2026 | 36.72 | 36.72 |
| Balance as at 31st March 2025 | 42.03 | 42.03 |
| Right-of-use assets comprises of leased properties that do not meet the definition of investment property | |
| All the lease agreements are in the name of the holding company | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the Consolidated f"mancial statements for the Period ended 31 Mar 2026
(Currency : Indian Rupees in crores)
3.10 Other Intangible assets
Description Software Licenses and Total franchise | |
| I. Gross Block | |
| Balance as at 31st March 2024 | 13.45 | 3.72 | 17.17 |
| Additions | 0.41 | I.II | 1.52 |
| Disposals
Balance as at 31st March 2025 | 13.86 | 4.83 | 18.69 |
| Additions | 0.41 | 0.01 | 0.42 |
| Disposals
Balance as at 31st March 2026 | 14.27 | 4.84 | 19.11 |
| II. Accumulated amortisation |
| Balance as at 31st March 2024 | 8.66 | 3.41 | 12.07 |
| Amortisation charge for the year | 1.54 | 0.27 | 1.81 |
| Eliminated on disposal of assets
Balance as at 31st March 2025 | 10.20 | 3.68 | 13.88 |
| Amortisation charge for the year | 1.35 | 0.31 | 1.66 |
| Eliminated oa disposal of assets
Balance as at 31st March 2026 | 11.55 | 3.99 | 15.54 |
| Ill. Net block (1-11) |
| Balance as at 31st March 2026 | 2.72 | 0.85 | 3.57 |
| Balance as at 31st March 2025 | 3.66 | I.IS | 4.81 |
| 3.9 Intangible assets under development ageing schedule | |
| Intangible assets under development as at 31 March 2026 | Amount in Intangible asset under development for a period of | | |
| Less than 1
rear | 1-2 years | 2-3 years | More than
3 rears | Total | | |
| Project in Prowess | - | 0.06 | 0.21 | 0.37 | 0.64 | | |
| | - | 0.06 | 0.21 | 0.37 | 0.64 | | |
| | | | | | | | | | | |
| Intangible assets under development as at 31 March 2025 | Amount In Intangible asset under development for a period of | | |
| Less than 1
vear | 1-2 yean | 2-3yean | Morethan3
vean | Total | | |
| Project in Proiuess | 0.18 | 0.21 | 0.07 | 0.30 | 0.76 | | |
| | 0.18 | 0.21 | 0.07 | 0.30 | 0.76 | | |
| 3.11 Other non-financial assets | |
| As at | Asat |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Unsecured and considered good | | |
| Capital advances | 3.52 | 0.10 |
| Prepaid Expenses (Refer note below) | 5.75 | 5.96 |
| Balances with statutory authorities | 0.03 | 0.10 |
| Others | 16.18 14.26 |
| Total | %�.41 | %!I.ii% |
| Note: Prepaid expenses to related parties | | |
| As at | As at |
| Particulan | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Tata AIG General Insurance Company Limited | 1.84 | 0.43 |
| Tata AJA Life Insurance Company Limited | 0.19 | 0.17 |
| Tata Communications Limited (Lease Line) | | 0.10 |
| Tata Communications Limited | | 0.05 |
| Voltas Limited 0.01 0.01
Total 1.04 11.76 | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Nola to the Couolidated financial atatemeats for tbe Period ended 31 Mar 2026 | |
| (Currency: Indian Rupees in crores) 3,12 Payables | Asat 31-Mar-26 | Asal 31-Mar-25 | | |
| (1) Trade Payables | | | | |
| (i) total outstanding dues of micro enterprises and small enleIJ)rises | 2.74 | 3.53 | | |
| (ii) total outstanding dues of creditors other than micro enterprises and small enteIJ)rises | 12.48 | 19.46 | | |
| (11) Other Payables | | | | |
| Total | 15.22 | 22.99 | | |
| Ageing of Trade payable.: | | | | |
| | Particulars | Outstandin• as on 31 March :Z026 | | |
| | Less than
1 ,ear | 1-2 years | 2-3 years | More than 3,·eara | UnblUed | Not due | Total | | |
| | Micro and Small enterprises Others
Disputed Dues • Micro and Small | 0.36
0.02
. | 0.00
0.00
. | -- | -
-
.
" | 2.64
12.20
. | .
. | 3.00
12.22 | | |
| | enterprises
Displllcd Dues • Others | - | " | " | " | . | | | |
| | Total | 0.38 | 0.00 | - | - | 14.84 | . | 15.22 | | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| | Particulars | OutstandiH as on 31 March 2025 | | |
| | Lesa than 1 ,·ear | l•:Z years | 2-3yean | More than
3 years | Unbilled | Not due | Total | | |
| | Micro and Small enterprises Others
Di,putcd Dues • Micro and Small | 1.10
1.67
. | "
" | O.o2
0.00
. | .
. | 2.41
17.79
" | .
.
.
. | 3.53
19.46
" | | |
| | enterprises
DisPuted Dues • Others | . | | - | . | " | . | | |
| | Total | 2.78 | " | 0.02 | - | 20.19 | | 22.99 | | |
| | | | | | | | | | | |
| • represents amount less than INR 0.01 crore.
Disclosure of amounts due to Micro, Small and Medium enterprises is based on information available with the Group regarding the status of the suppliers as defined under 'The Micro, Small and Medium Entel])rises Development Act, 2006' (MSMED). This has been relied upon by the auditors (Refer note no 21).
Trade payables are recognised at their original invoice amounts which represents their fair values on initial recognition Trade payables are considered to be of short duration and are not discounted and the carrying values are assumed to approximate their fair values.
• represents amount less than INR 0.0 I crore
No trade or other payables are due to directors or other officers of the Group either severally or jointly with any other person or debts due to fums including limited liability partnershps (LLP's), private companies respectively m which any director is a partner or a director or a member.
3.13 Deposits (at amortised coot) | |
| Asat 31-Mar-26 | | Asal 31-Mar-25 | | |
| Security deposits from others | 0.22 | | 0.21 | | |
| Total | 0.22 | | 0,21 | | |
| The Group has not accepted any deposit from directors / key management personnel. The deposits have not beeo guaranteed by directors or others. Also the Group has not defaulted in repayment of deposits and interest thereon
3.14 Other Financial Liabilities | |
| | Lease liability Employee dues Others | Asat 31-Ma,-.26
39.71
45.74
4.53 | Asal 31-Ma,-.2S
43.99
42.13
5.11 | |
| Total
3.15 Provisions
Provisions for employee benefits
Gratuity (fimded)
Compensated absences (funded) Long term incentive plan (unfunded)
Total
3.16 Other Non-Financial LI.abilities | 89.98 91.24
Asat Asal
31-Mar-26 31-Mar-25
11.15 2.05
5.25 5.28
0.59 3.57
16,99 lo.90 | |
| As at 31-Mar-26 | Asal 31-Mar-25 |
| Statutory liabilities | 12.99 | 14.48 |
| Others | 0.50 | 0.91 |
| Total | 13.49 15.39 |
| (Currency : Indian Rupees in crores)
3.17 Equity share capital | |
| Particulars | Asat 31-Mar-26
No. of Shares Amount | As at 31-Mar-25
No. of Shares Amount | |
| Authorised Capital | |
| Equity Shares of par value INR 10/- each | 5,50,00,000 | 55.00 | 5,50,00,000 | 55.00 |
| 5,50,00,000 | 55.00 5,50100.000 | 55.00 |
| Issued, subscribed and fully paid up
Equity Shares of par value INR I0/- each fully paid up | 2,62,50,000 | 26.25 2,62,50,000 | 26.25 |
| 2,62,50,000 | 26.25 2,62,50,000 | 26.25 |
| (a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year | |
| Particulars | Asat 31-Mar-26 | Asat 31-Mar-25 | |
| Equity Shares of par value INR 10/- fully paid up | No. of Shares | Amount | No. of Shares | Amount | | |
| Outstanding at the beginning of the year
Add: Issued during the year | 2,62,50,000 | 26.25 | 2,62,50,000 | 26.25 | | |
| Outstanding at the end of the year | | 26.25 | 2162,501000 | 26.25 | | |
| (b) Rights, preferences and restrictions attached to each class of shares including restrictions on the distribution of dividends and the repayment of capital:
The Company has a single class of equity shares having a par value ofINR 10/- per share. Accordingly, all equity shares rank equally With regard to dividends and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held. | |
| (c) Shares held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the
holding company or the ultimate holding company in aggregate: | |
| Particulars Name & Nature of Relationship | Asat As at
31-Mar-26 31-Mar-25
Amount Amount | |
| 17,825,269 (March 31, 2025: 17,825,269) equity shares of INR 10/- each
8,424,731 (March 31, 2025: 8,424,731) equity shares ofINR 10/- each | Tata Sons Private Limited, Holding Company and its nominees
Tata Investment Corporation Limited, Fellow Subsidiary | 17.83 17.83
8.42 8.42 | |
| (d) Details of the Shareholders holding more than 5 % of the shares in the Company:
As at | Asat | | | | |
| Particulars
Equity Shares
Tata Sons Private Limited
Holding Company and its nominees Tata Investment Corporation Limited Fellow Subsidiary | 31-Mar-26
% of Holding No. of Shares
held
67.91% 1,78,25,269
32.09% 84,24,731 | 31-Mar-25
% of Holding No. of Shares held
67.91% 1,78,25,269
32.09% 84,24,731 | |
| (e) Shares reserved for issue under options and contracts/commitments for the sale of shares or disinvestment, including the terms and amounts - NIL
(t) For the perfod of five years immediately preceding the date at which the Balance Sheet is prepared:
(i) Aggregate number and class of shares allotted as fully paid up pursuant to contract without payment being received in cash - NIL
(ii) Aggregate number and class of shares allotted as fully paid up by way of bonus shares - NIL
(iii) Aggregate number and class of shares bought back - NIL | |
| (Currency : Indian Rupees in crores) |
| 3.18 Other Equity
Particulars | | | | | |
| | | Asat Asat |
| | | | | |
| Securities Premium account | 31-Mar-26
6.56 | 31-Mar-25
6.56 | |
| General reserve | | | |
| Balance at the beginning of the year
Bonus shares issued | 22.91 | 22.91 | |
| Balance at the end of the year | 22.91 | 22.91 | |
| Retained Earnings | | | |
| Balance at the beginning of the year | 792.36 | 553.21 | |
| Add: Net profit for the year | 364.49 | 319.72 | |
| Less: Dividend paid | -147.00 | -80.06 | |
| Remeasurement of defined benefit plans | 0.56 | -0.68 | |
| Tax on remeasurement of defined benefit plans | 0.09 | 0.17 | |
| Add lease equilisation reserve created till 31-Mar-2l | 0.00 | 0.00 | |
| Balance at the end of the year | 1010.50 | 792.36 | |
| Exchange fluctuation reserve | 13.65 | 8.05 | |
| Items of other comprehensive income | | | |
| Balance at the beginning of the year | 0.30 | 0.24 | |
| Equity instrument through other comprehensive income | 0.11 | 0.08 | |
| Deferred tax relating to gain / (loss) arising on revaluation of
equity instruments carried at fair value through other | -0.00 | -0.02 | |
| comprehensive income | | | |
| 1054.03 | 830.18 | |
| a) Securities premium reserve
Securities premium reserve represent premium on issue of shares. The reserve will be utilised in accordance with the provisions of the Companies Act, 2013. There is no movement in securities premium reserve during the current and previous years.
b) General reserve
The Group has transferred a portion of the net profit of the Group before declaring dividend to general reserve pursuant to the earlier provisions of the Companies Act, 1956. Consequent to introduction of Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.
c) Equity instrument through other comprehensive income
The Group has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVOCI equity investments reserve within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
d) Retained Earnings
Retained earnings are the profits that the Group has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.
e) Dividends
The final dividend is recommended by the Board of Directors and is recorded in the books of account upon its approval by the shareholders. For the year ended 3 I March 2025 dividend per share of INR 56 per equity share of INR IO each was declared and for the year ended 31 March 2026 dividend per share ofINR 81.5 per equity share of lNR 10 each has been proposed by the Board of Directors in their meeting held on l7th_April_2026.
e) Exchange Fluctuation Reserve
The exchange differences arising from the translation of fincanial statements of foreign operations with functional currency other than Indian Rupee is recognised in other comprehensive Income and is presented within equity in the exchange fluctuation reserve. |
| (Currency: Indian Rupees in crores) | |
| 3.19 | Interest Income | | | |
| Particulars | Year Ended | | Year Ended | | |
| | 2026-03-31T00:00:00.000 | | 2025-03-31T00:00:00.000 | | |
| Interest income on financial asset measured at amortised cost | | | | | |
| - Interest on bonds | 4.65 | | 3.87 | | |
| - Interest on deposits with banks | 1.97 | | 1.65 | | |
| - Interest on security deposits | 0.45 | | 0.43 | | |
| - Interest on staff loan | 0.00 | | | | |
| - Interest on others | 0.02 | | | | |
| Total | 7.09 | | 5.95 | | |
| 3.20 Fee Income | |
| Particulars | Year Ended | Year Ended |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Management fees from mutual fund | 657.78 | 562.33 |
| Management fees from offshore operations | 108.74 | 85.81 |
| Management fees from portfolio management services | 4.67 | 5.26 |
| Management fees from alternate investment funds | 25.75 | 36.23 |
| Advisory fees | 0.76 | 0.74 |
| Total | 797.70 | 690.37 |
| 3.21 Net gain on fair value changes | | |
| Particulars | Year Ended | Year Ended |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Net gain/ (loss) on financial instruments at fair value through profit or loss | | |
| (i) On trading portfolio | | |
| - Derivatives / commodities | | |
| (ii) On fmancial instruments designated at fair value through profit or loss | 26.49 | 50.80 |
| Total Net gain on fair value changes | 26.49 | 50.80 |
| Fair Value changes: | | |
| -Realised | 30.46 | 23.54 |
| -Unrealised | -3.97 | 27.26 |
| Net gain on fair value changes | 26.49 | 50.80 |
| 3.22 | Other income | | |
| Particulars | Year Ended | Year Ended |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Gain on foreign currency transactions (net) | | 0.06 |
| Gain on Cancellation of Lease Liability | | 0.11 |
| Interest on income tax refund | 0.83 | 0.19 |
| Miscellaneous income | 1.29 | 0.38 |
| Total | 2.12 | 0.74 |
| (Currency : Indian Rupees in crores) |
| 3.23 Finance Cost | | |
| Particulars | Year Ended | Year Ended | |
| Interest on lease liabilities | 31-Mar-26
2.85 | 31-Mar-25
3.27 | |
| Interest on security deposit | 0.01 | 0.02 | |
| Interest on income tax | 0.01 | 0.22 | |
| Total | 2.87 | 3.51 | |
| 3.24 Fee and Commission expenses | | | |
| Particulars | Year Ended | Year Ended | |
| Brand subscription fees to Tata Sons Private Limited | 31-Mar-26
2.00 | 31-Mar-25
l.85 | |
| Brokerage and incentives | 18.80 | 26.34 | |
| Total | 20.80 | 28.19 | |
| 3.25 Employee benefits | | | |
| Particulars | Year Ended | Year Ended | |
| Salaries and wages | 31-Mar-26
167.52 | 31-Mar-25
147.25 | |
| Expenses related to post-employment defined benefit plans | 10.92 | 1.10 | |
| Contribution to provident and other funds | 5.57 | 5.01 | |
| Long term incentive plan | 10.98 | 9.42 | |
| Staff welfare expenses | 3.98 | 9.43 | |
| Total | 198.97 | 172.21 | |
| 3.26 Depreciation, amortization and impairment | | | |
| Particulars
Depreciation on property, plant and equipment | Year Ended 31-Mar-26
7.23 | Year Ended 31-Mar-25
7.10 | |
| Depreciation on investment property | 0.08 | 0.08 | |
| Depreciation on right of use | 13.68 | 13.49 | |
| Amortisation on intangible assets | l.66 | 1.82 | |
| Total | 22.65 | 22.49 | |
| (Currency: Indian Rupees in crores) |
| 3.27 | Other expenses
Particulars | Year Ended 31-Mar-26 | | Year Ended 31-Mar-25 | |
| Rent | 0.29 | | 0.09 | |
| Electricity | 0.96 | | 1.10 | |
| Repairs and maintenance : | | | | |
| Equipment | 1.98 | | 1.20 | |
| Premises | 4.31 | | 3.71 | |
| Insurance | 3.35 | | 3.09 | |
| Legal and professional fees | 7.15 | | 5.68 | |
| Information technology | 11.57 | | 10.76 | |
| Travelling and conveyance | 6.17 | | 5.84 | |
| Communication expenses | 3.00 | | 2.47 | |
| Goods and services tax | 0.16 | | 3.45 | |
| Rates and taxes | 3.13 | | 0.15 | |
| Books, periodicals and subscriptions | 9.80 | | 7.80 | |
| Net loss on sale of property, plant and equipment | 0.03 | | 0.03 | |
| Training expenses | 0.81 | | 0.90 | |
| Printing and stationery | 0.81 | | 0.76 | |
| Marketing and sales promotion | 27.49 | | 26.54 | |
| Directors expenses | 2.02 | | 1.27 | |
| Auxiliary services | 6.31 | | 5.56 | |
| Scheme expenses | 12.42 | | 18.93 | |
| Portfoli Management Services expenses | 0.36 | | 0.41 | |
| Alternate Investment Funds expenses | 0.13 | | 0.11 | |
| Corporate Social Responsibility (Refer note 19) | 4.48 | | 2.94 | |
| Loss on foreign currency transactions (net) | 0.39 | | | |
| Payments to auditors | | | | |
| As an auditor | | | | |
| Audit fees | 0.61 | | 0.49 | |
| Tax Audit Fees | 0.04 | | 0.04 | |
| Limited review | 0.09 | | 0.09 | |
| Certification Fce | | | 0.03 | |
| Reimbursement of out of pocket expenses | 0.03 | | | |
| Miscellaneous expenses | 6.72 | | 7.78 | |
| Registration and filing fees | | | | |
| Total | 114.61 | | 111.20 | |
| The Group made a contribution to electoral trust of Rs.NIL crores and Rs. 6.92 Crores for year ended 31 March 2026 and 31 March 2025 respectively
which is included in Miscellaneous expenses. |
| Notes to the Consolidated financial statements for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores)
3.28 Tax reconciliations
A Tax expense from continuing operations Particulars
Current tax | Year Ended 31-Mar-26 | Year Ended 31-Mar-25 |
| • Current period | 111.79 | | 90.04 | |
| Deferred tax | -1.91 | | 1.26 | |
| Total | 109.88 | | 91.30 | |
| Effective tax rate reconciliation | | | | |
| Profit before tax | 474.37 | | 411.02 | |
| Company's domestic tax rate: | 0.251680 | | 0.251680 | |
| Tax using the Company's domestic tax rate | 119.39 | | 103.44 | |
| Adjustment in respect of current income tax of prior years
Effect of:
Non-deductible expenses | (3.95)
11.43 | | (1.76)
(3.48) | |
| Tax exempt income | 0.66 | | 0.33 | |
| Change in unrecognised temporary differences
Effect of changes in income tax rates on deferred tax balances Reduction in tax rate of wholly owned foreign subsidiary | (21.27)
(0.56) | | (4.20)
(0.53) | |
| Capital gain | 4.07 | | -2.60 | |
| Corporate Climate Responsibility Levy | 0.11 | | 0.11 | |
| TOTAL | 109.88 | | 91.30 | |
| B Deferred tax liabilities (net) |
| Particulars | Asat
31-Mar-26 | | As at
31-Mar-25 | |
| Tax effect of items constituting deferred tax liabilities | | | | |
| Property, plant and equipment | | | -0 | |
| Unrealised loss on securities carried at fair value through profit or loss / OCI | -21.48 | | -21.20 | |
| Intangible assets | -0.63 | | -0.36 | |
| -22.11 | | -22.04 | |
| Tax effect of items constituting deferred tax assets | | | | |
| Property, plant and equipment | 3.98 | | 4.30 | |
| ROU and lease liability | 0.75 | | | |
| Intangible assets | 1.31 | | 1.94 | |
| Security deposit | 0.36 | | 0.37 | |
| Provision for compensated absences, gratuity and other employee benefits | 4.13 | | 1.85 | |
| 10.53 | | 8.46 | |
| Deferred tax liabilities (net) | -11.58 | | -13.58 | |
| Reconciliation | | | | |
| Opening Balance of Deferred tax | -13.58 | | -12.47 | |
| Charge to the statement of Profit & Loss/ retained earnings | 1.91 | | -1.26 | |
| Recognised in/ reclassified from other comprehensive income | 0.09 | | 0.15 | |
| Closing balance of Deferred tax | -11.58 | | -13.58 | |
| Note:
The Company has opted for taxability under Section l 15BAA, hence the tax rate applicable is 25.168% for both the years
There are no unrecorded income or related assets that have not been disclosed in the tax asessments under the Income Tax Act, 1961 filed by the Group |
| TATA ASSET MAJl!AGEMENT PRIVATE LIMITED
Now to llie Comolidated flnaodal lta-mll re.r., Period eaded 31 Mar 2026 | |
| (Curn:ncy: Iodim Rupee, in crorc,) | |
| 4 In-•delaill
No. or Shue1/ Amouat No. ofSh1re1/ Amouut | |
| Name of the body corptrtte Otben llauVolae boada/Uni11 boada / Ualll
31-Mar-26 31-Mar-25 | | |
| 1n.-ea1iaequity iutnunenta (uq■ttedl
MF Utilities mdia Privalc Limilod 01ho111 INlll 5,00,000.000 0.50 5,00,000.000 0.38
AMC &po Clearing Limilod Odlm INll 10 29,74,100.000 3.00 29,74,100.000 3.01
� shares ofTala Indian Opportunitin Fund, Maurihu Othon USDI 6,60,100.000 100.000
Manaecmoat lhml of TIii Peuioo�oatlinirod Otbo111 INll 10 75,00,000.000 100.000
hi-eat in bond& (quoted)
7.74% SIB Baak of India SR. I Peq,ctual Bond (Cal 9/9/2025) Odlm INll I,000,000 0.00 100.000 10.42
7.7475 % TMF Holdinp Peq,e1ual Boad Odlm INll l,000,000 0.00 200.000 20.31
9.10% Cholamalldalam-- Odlm INll l,000,000 2,500.000 26.49 2,500.00 26.50
C-.t� 6.9% Tuablc IS-Apr-2065 GSEC GS.. 15,00,000.000 71.36
r.-eaaiamlllul runda (m..,.-J
TIii Albmage Fund Diroc:t Growth Otbm INll 10 40,32,137.722 6.40 29,22,901.729 4.34 | |
| TIii Balax:cd� Fund Dirc<t Clmwt Otbom
TIii Bmlrin8 And Finmoial Scrvioe.l Fund Dirool Orowth Otho11
TotaBuinos1 CJdo Fund Dinc:t Gtow1b Otbom
Tota Co,ponllc Bond l'and Dirc<t Gmwtb Otbc111
Tata Digital India Fund Dim:t Gmwth Otbcm
Tata Dividend Yield Fund Diroc:t Gmwth Otholl | INR 10
JNR.10 JNR. io JNR.10
INll 10 INll IO | 3,02,45,120.400
7,74,370.099
19,27,841.590
26,58,58,135.803
30,37,686.391
7,41,339.113 | 65.47 2,91,58,194.271
3.52 43,79,167.207
3.41 11,92,816.896
346.43 22,42,42,741.721
13.33 26,20,46.3.433
1.36 7,48,339.ll3 | 64.53
19.91
3.52
277.23
13.60
1.30 | |
| Tata i!qwly P/1!Fund Diroct Clruwlh 01ho11
Tota Equity Savings Fund Diroc:t Gmwth Otbo11
TataE1hical FundDiroolOrowth Otbcn
Tata Floating Raio Fund Diroct Growth Otbcm
Tata Focused Equity Fund Diroc:t Gtow1I, Odlm
Tata Gilt Securities Fund Dinc:t Growth 01hon
Tata Hybrid Equity Fund Diloct Clrowth Otbcl1
Tata Index Fund N"dly Diroc:t Orowth Odlm
Tata Index Fund Semcx Direct Gmwth Otbm
Tlla India Consumer Fund Direct Clrowth Otbm
Tm India Pbanna AndHoaltbcaro Fund Direct Growth Otbcl1
T•Jndia Tax Saviag.s Fund Diroct Gmwth Otbcl1
Tola In&ulnican Fund Diroc:t Gmwtb 01hon | INll IO 3,19,147.792
INlllO 1,21,685.901
INR.10 95,667.263
JNR.10 4,99,675.196
INll IO 10,62,695.039
INll JO 3)4,535.261
JNR.10 1,30,444.557
INll IO 10,922.613
INll 10 1,640.181
INR 10 6,58,617.679 2.93 6,30,813.194
INll 10 5,02,255.126 1.66 5,02.255.126
INll JO 13,36,778.163
lNlt. 10 1,64,545211 2.72 1,64,545.211 | 11.54
0.73
3.95
0.65
2.51
3.06
6.04
0.11
0.18
2.92
1.67
6.27
2.80 | |
| TIii Large and Mid Cap Fund Diloct Orowth Otbm
TIii Large Q,p Fund Dirool Gmwth Othon
T• Liquid Fund Di=!Gmwth Otbcn | INlt.10 INR 10
INR 1000 | | 2,01,057.541
60,551.401
1,58,073.789 | 9.99 2,04,119.320
3.16 57,812.795
61.78 84,581.641 | 11.46
3.13
34.63 | |
| T•MidCapFund Dirool CltoMI>. | Othon | JNR. 10 | 1,35,006.759 | 6.14 1,21,641.632 | 5.37 | |
| Tlla�Marn!Fund Direc!Growth Otho11
Tata Multi As1et Opportunilies Fund Diloct Gmwlb Otbcll
Tata Flm cap Fund!>iJcct Growth Othcn
Tata Nifty l!xdw,gc Traded Fund Diloct Growlh 01hon
Tata Nifty PriV1llo Bao!< l!xdw>&c Traded Fund Diloct Grow1h Othcm | INRlOOO INR.10 INRIO
INll 10
INR.10 | 55,574.718
21,09,581.023
20,86,023.012
50,000.000
15,000.000 | 21.00 29,362.803
5.43 18,51,262.235
5.04 26,27,375.173
1.21 5,000.000
0.37 15,000.000 | 13.15
4.43
5,69
1.27
0.40 | |
| Tata Ovemigla Fund Diioct Gmwth | Otbcm | INlt.1000 | 4998.327 | 0.71 4,998.327 | 0.68 | |
| Tata Quam Fund !>iJcct Growth Othon | INlt.10 0.000 | 0.00 | |
| Tlla RlllOW<CO And &orgy Fund Diioct Growth Otbcn | lNlt.10 | 2,92,553.595 | 1.49 2,81,389.472 | 1.31 | |
| TataRolmnent Savincs Fuod C.-Mllive DiroolGmwlb | Otbcl1 | INRIO | 3,89,401.578 | 1.40 3,89,401.578 | 1.38 | |
| TataRetiromel!t Savina• Fund M- Diloct Growth Otbcn
T•-Saviop Fund�Direct GnMth 01hon
Tlla Short Tenn llood Fund Diloct Omwdt Otbcl1
Tlla Small Cap Fund Diioct Clrowth 01hon
Tata1'IUIUIY�FundDinctGrowlh Odlm
1'1111Ullra Short Tenn Fund Dinct Growdl Odlm | INlt.10 INlt.10 INRIO INR.10 INR.1000
INlt.10 | 4,44,980.860
3,55,158.064
3,18,82,189.107
36,09,235.465
4,362.225
25,73,302.165 | 3.06 4,44,980.860
2.47 3,46,967.130
174.55 4,00,261.430
12.38 26,42,)62.711
1.84 4,026.939
4.02 17,04,678.503 | 3.13
2.50
2.09
10.73
1.60
2.50 | |
| 1'1111 Youog Citizaem' Fund!>iJcct Gmwlb
Tm CIUSIL-WX Gilt Index-April 2026 Index Fund Direct Gmwlb | Odlm
01hon | INlt.10 2,65,629.133
INlt.10 2,51,72,731.57 | 1.68
30.19 | |
| T•NiftySDL Pm AAAPSU Boadl>eocmbe,: 2027 60:40 Index Fund Odlm | INlt.10 4,99,655.222 | 0,65 4,99,65U2 | 0.62 | |
| TIii Nilly- Digibll Bxdllqo Traded Fund Di=!Growlh | Olbm | INlt.10 | 36000.000 | 0.27 36,000.00 | 0.32 | |
| Tata Nilly- Digibll BTF Fund of Fund Diroct Gmwlb Otbcl1
Tllla Nifty<l-Soc Dec 2026 Jndox Fund Othon
T•NiftyO-Soc Dec 2029 lndoxFund Odlm
Tlla Hawing Opportw,itioa l'lmd Dirc<t Growth 01111:111
TllaMulticap Fund Dirool Grow1h Olbm | INlt.10 INlt.10 INRIO INlt.10
INR.10 | 3,05,623.759
99,99,500.025
99,99,500.025
4,99,915.001
32,49,837.508 | 0.36 3,05,623.76
12.54 99,99,500-03
12.72 99,99,500.03
0.67 4,99,915 .00
4.44 32,49,137.51 | 0.42
ll.7S 11.99
0.72
4.34 | |
| Tlla Silver Bxohaage Tndcd Fund | Otboll | INlt.10 | 56,lS,645.000 | 12.42 56,15,645.00 | 5.59 | |
| 1'111aNityFiDlmcio!Scmoco Indox Fund Olbm | INlt.10 3,09,80,096.92 | 36.32 | |
| Tata-JimovalionFund Othc111
Tata Nilly Midcap 150 Momailum so Index Fund Dime Growth Otbcn | INRJO 22,49,117.51 2.02
INR.10 13,32,264.807 2.13 | |
| T• Value Fund !>iJcct Grow1h Otbcn
T•-imlovalion Fuod Dimc:t Gmwlb Otbcn
1TUNIUM HYBRID LONO-SHOR'.TPUND DIR PLAN OR-SIF Otbcm
Tata Ethioal Fund Diloct Growdl Otbcl!
Tm FloD,g Raio Fund Diroc:t Growth 01ho11
Tm FOCUled Bquity Fund Diioct Grow1h Otbcn
Tata Gilt Se<urities Fund Diioct Growth 01hom
TmAa,,:aiw HybridFuodl>ilek:Clrow1h 01ho11
Tm Nilly 50 Index Fund Diretx: Growth 01hon
Tata BSBSc111ex Indox Fund Direct Growth Otbo11
Tata ELSS Fund Diloct <lrow1h 01ho11 | INlt.10 INRlO INRlO INRIO INlt.10 INRIO INRIO INRIO INRIO INRIO
INRlO | 3,16,792.245
23,92,671.214
3,49,001.767
1,09,705.837
4,99,675.196
10,62,695.039
3,54,535.261
1,30,444.557
10,922.613
8,640.118
13,36,778.163 | 11.40
2.04
0,33
4.23
0.68
2.43
3.04
5.16
0.16
0.17
6.25 | |
| T• Cbildrem Fund Diroct Gmwlb 01hon | INRIO 2,65,629,133 | 1.51 | |
| In..amellll ia att.mate m,umeat fund■(nnqaoted) | | | | | | | | | | | | | |
| Tlla Equity Plw Absolulo llclum, Fund | Odlon | INll 1000 | | | 10,00.00,000.000 | 21.13 |
| Tm Equity Plw Ab,olule Retwm Fund | Odlm | INll 1000 | | | 56,99,715.00 | 0.71 |
| Tatal!quityPlw Abaolute-... Fund | Otbcn | 1NR 1000 | | | 62,99,685.00 | 0.72 |
| Coipon,lo Debi Marbt Dnelopma,t Fund | Otbcn | 10000 | 5,789.0)1 | 6.68 | 5789.01 | 6.34 |
| TOTALS | | | 41,08,95,481.104 | 976.60 | 41,74,75,937.116 | 728.70 |
| • rcpteaenll lllllOWltlc11than.lNRO.Ol emn,. | | | | | | |
| Notes to the Comolidated fmancial 1tatemenu for the Period ended 31 Mar 2026 |
| (Cunency : Indian Rupees in crores) | Year Ended | Year Ended | |
| S Earnings per share ('EPS') | 2026-03-31T00:00:00.000 | 31-Mar-2S | |
| The computation ofEPS is given below | | | |
| Profit after tax | 364.49 | 319.72 | |
| Weighted average number of equity shares outstanding | | | |
| during the year (in units) | 2,62,50,000 | 2,62,50,000 | |
| Basic and diluted BPS offace value INR 10 each (in INR) 138.85 121.80 |
| 6 Contingent liabilities
(to the extent not provided for)
Claims against the Group not acknowledged as debt (Service Tax demand)
7 Capital commitments
(to the extent not provided for)
Estimated value of contracts in capital account to be executed and not provided for (net of capital advances and net of taxes) | Ant
31-Mar-26
0.00
Asat 31-Mar-26
0.86 | Asat 31-Mar-2S
Asat 31-Mar-2S
0.57 |
| 8 Operating leases - Ind AS 116 | | | | | | | | | | | | | | | | | | | |
| | Assets taken on Lease :
Maturity Analysis of Lease Liabilities
The Group has taken office premises and residential flats for employee on operating lease.
Movement in lease liabilities | Asat Asat
31-Mar-26 31-Mar-2S |
| Opening balance Additions
Finance Cost accrued during the year through Statement of Profit and Loss Payment of Lease Liability
Adjustments
Closing balance | 44.00
8.14
2.85
15.28
39,71 | 49.48
6.57
3.27
14.59
0.73
44.00 |
| Cunent Non-current
Future contractual undiscounted cash flows
In less than a year In 1 year to 5 years
In more than 5 years | 13.61 11.83
26.10 32.18
39.71 44.01
15.79 14.40
27.35 34.36
0.78 0.89 |
| Total undillcounted lease liabilities at 31st March, 2026 43.92 49.6S |
| Amount recognilled in statement of profit and loss Particulan
Depreciation on right of use asset Interest on lease liabilities
Expenses relating to short-term leases | Year Ended Year Ended
31-Mar-26 31-Mar-25
13.68 13.49
2.85 3.27
16.53 16.76 |
| Assets given on Lease :
The Group has given office premises and residential flats on lease. As per the terms of the lell.!ie, all maintenance charges and municipal levies are borne by the Group. |
| | In | less than a year 2026 | 2025 | In 1 year to S yean 2026 | 2025 | In more than
2026 | S | yean | 2025 | | |
| Total future minimum lease receiots | 0.71 | 0.71 | 2.25 | 2.99 | | |
| The total rent receipts recognized in the statement of profit and loss towards the above referred leases amount to INR 0.87 crores (previous year INR 0.76 crores). |
| Notes to the Consolidated finaocial statements for the Period ended 31 Mar 2026 | |
| (Currency : Indian Rupees in crores) | |
| 9 Employee retirement benefits
A. Defined contribution plaoa
The Group makes contributions, determined as a specified percentage of employee salaries. in respect of qualifying employees towards Provident Fund, Family Pension Fund and Superannuation Fund which is a defined contribution plan. The Group bas no obligations other than these three funds to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to Provident Fund, Family Pension Fund and Superannuation Fund for the year are summarised below. | |
| Group's contribution to: | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Provident Fund | 2.84 | 2.47 |
| Family Pension Fund | 0.93 | 0.82 |
| Superannuation Fund | 0.21 | 0.54 |
| National Pension Scheme | 1.20 | 0.83 |
| Employees' State Insurance Scheme | | 0.00 |
| 5.18 4.66
• represents amount less than INR O.0 I crore. | |
| Labour code
On November 21, 2025, the Government of India notified the four Labour Codes-the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Worlcing Conditions Code, 2020 • consolidating 29 existing labour laws. The Ministry ofLabour & Employment published draft Central Rules and FAQs to ensble assessment of the financial impact due to changes in regulations. The Group has considered the impact of the changes to the valuation of employee benefits and is in the process of further assessing the impact of the changes, consistent with the Labour Codes and FAQs. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounti11g effect on the basis of such developments as needed.
B. Defined benefit plan Retirement Gratuity (Funded)
The Group defined benefit gratuity plan is a final salary plan for India employees, which requires contributions to be made to a separately administered fund. The Group operates a defined benefit final salary gratuity plan which is open to new entrants. The gratuity benefits payable to the employees are based on the employee's service and last drawn salary at the time of leaving. The benefits under the plan are in form of a lump sum fully settled on cessation of service of the employee. The employees do not contribute towards this plan and the full cost of providing these benefits are met by the Group. The Group has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees of the trust fund are responsible for the overall governance of the plan.
The money contributed by the Group to the fund to finance the liabilities of the plan has to be invested. There is no compulsion on the part of the Group to fully pre fund the liability of the Plan. The Group's philosophy is to fund the benefits based on its own liquidity and tax position as weU as level of underfunding of the plan.
The Group accounts for the liability for gratuity benefits payable in the future based on an actuarial valuation. The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans: | |
| Principal actuarial assumptions a the balance sheet date : | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Mortality table | htdian Assured | Indian Assured |
| Lives Mortality | Lives Mortality |
| (2012-14) Ult table | (2012-14) Ult table |
| Discount rate | 0.072000 | 0.072000 |
| Salary escalation (p.a.) | 0.070000 | 0.070000 |
| Employee attrition rate | 17% upto age 44 | 17% upto age 44 |
| and 9% thereafter | and 9% thereafter |
| Changes in the defined benefit obligation : | | |
| Opening defined benefit obligation | 9.79 | 8.50 |
| Current service cost | 1.70 | 1.04 |
| Past service cost | 9.09 | |
| Interest on defined benefit obligation | 0.83 | 0.58 |
| Remeasurements due to: | | |
| Actuarial loss / (gain) arising from changes in financial assumptions | -0.61 | 0.34 |
| Actuarial loss/ (gain) arising from changes in demographic assumptions | | |
| Actuarial loss I (gain) arising on account of experience changes | 0,07 | 0.30 |
| Benefits paid | !0,20) | -0.97 |
| Closing defined benefit obligation 20.67 9.79
Change in fair value of plan assets : |
| Opening fair value of plan assets | 8.23 | 7.27 |
| Contribution by employer | 1.43 | 1.45 |
| Interest on plan asset | 0.56 | 0.52 |
| Remeasurements due to: | | |
| Actual return on plan assets less interest on plan assets | 0.02 | -0.04 |
| Benefits paid | (0 66) | \0.97) |
| Fair value of plan assets as at end of the year 9.58 8.23 |
| Notes to lhe Consolidated financial statements for tbe Period ended 31 Mar 2026 | |
| (Currency : htdian Rupees in crorcs)
Amount recognised in Balance Sheet :
Present value of funded defined benefit obligation | 20.67 | 9.78 | |
| Fair value of plan assets
Net liability recognised in Balance Sheet
Profit and loss account expense : | (9.58) (8.23)
11.09 1.55 | |
| Current SCJVice cost Past service cost | 1.70
9.09 | 1.04 | |
| htterest on net defined liability
Total expense charged to profit and loss acoount | 0.28 0.05
11.07 1.09 | |
| Amount recorded in Other Comprehensive Income (OCI) | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Remeasurements during the period due to:
Changes in financial assumptions | -0.61 | 0.34 |
| Changes in demographic assumptions | | |
| Experience adjustments | 0.07 | 0.30 |
| Actual return on plan assets less return on plan assets | -0.02 | 0.04 |
| Amount recognised in OCI | -0.56 | 0.68 |
| Category of Assets
Investments quoted in active market | {0.67) | |
| Unquoted investments : Insurer managed funds | 9.58 | 8.24 |
| 8.91 | 8.24 |
| Sensitivity Analysis :
Gratuity is a lump sum plan and the cost of providing these benefits is typically less sensitive to small changes in demographic assumptions. The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate and future salary escalation rate. The following table summarizes the change in defined benefit obligation and impact in percentage terms compared with the reported defined benefit obligation at the end of the reporting period arising on account of an increase or decrease in the reported asswnption by 50 basis points. | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Defined benefit obligation on increase in 50 basis points in Rate of Discounting | 19.38 | 9.50 |
| Jmpact of increase in 50 basis points on defined benefit obligation in Rate of Discounting | -0.028000 | -0.029200 |
| Defined benefit obligation on decrease in SO basis points in Rate of Discounting | 20.52 | 10.08 |
| Impact of decrease in SO basis points on defined benefit obligation in Rate of Discounting | 0.029400 | 0.030700 |
| Defined benefit obligation on increase in 50 basis points in Salary Escalation Rate | 20.36 | 10.08 |
| Impact of increase in SO basis points on defined benefit obligation in Salary Escalation Rate | 0.021200 | 0.030400 |
| Defined benefit obligation on decrease in SO basis P,Oints in Salary Escalation Rate | 19.52 | 9.50 |
| lmpact of decrease in SO basis points on defined benefit obligation in Salary Escalation Rate | -0.020600 | -0.029200 |
| These sensitivity analysis have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market conditions at
the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analyses. | |
| Projected Plan Cash Flow :
The table below shows the expected cash flow profile of the benefits to be paid to the cwrent membership of the plan based oo past SCJVice of the employees as at the valuation date:
Maturity Profile | |
| Expected benefits for year I | 2.96 | 1.27 |
| Expected benefits for year 2 | 2.66 | 1.09 |
| Expected benefits for year 3 | 3.19 | 1.16 |
| Expected benefits for year 4 | 2.24 | 1.53 |
| Expected benefits for year 5 | 2.73 | 1.09 |
| Expected benefits for year 6 | 2.66 | 1.20 |
| Expected benefits for year 7 | 2.Sl | 1.21 |
| Expected benefits for year 8 | 1.29 | I.IO |
| Expected benefits for year 9 | 72 | 0.44 |
| Expected benefits for year IO and above | 11.58 | 5.35 |
| The Group expects to contribute INR 15,000,000 to the fund in the next financial year. The weighted average duration to the payment of these | | |
| cash flows is 5.99 years. | | |
| Notes to the Consolidated financial ,tatements for the Period ended 31 Mar 2026
(Currency : Indian Rupees in erores)
RiskAssodated with Defined Benefit Plan
Gratuity is a defined benefit plan and Group is exposed to the Following Risks :
Interest Rate Risk : A fall in the discount rate which is linked to the Government Securities Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salary growth rate and leaving service rates. The future expectations on salary growth and leaving service rates are largely dependent on future market conditions of the industry in which Group operates as well as Group's own compensation and retention policies. As such, an increase in any of the above parameters, more than assumed level, will increase the plan's liability.
Inv.. tment Risk & A.,.et Liability Risk: The trustees of the plan have outsourced the inveS1ment management of the fund to an insurance Group. The insurance Group in turn manages these funds as per the mandate provided to them by the trustees and the asset allocation which is within the permissible limits prescnbed in the insurance regulations. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk. During the year, there were no plan amendmeots, cwtailments and settlements.
C. Other long term benefits
I) Amount recoguised as a liability in respect of compensated leave absence as per actuarial valuation as on 31st March, 2026 is INR 5.25 crores (previous year INR 5.03 crores).
2) Amount recognised as a liability in respect oflong term incentive plan as per management estimates/ actuarial valuation as on 31st March, 2026 is NIL
(previous year NIL) |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the Consolidated financial statements for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores) |
| 10 Disclosures pursuant to Ind AS 115 "Revenue from Contracts with Customers11
Set out below is the disaggregation of the Group1s revenue from contracts with customers and reconciliation to profit and loss account: |
| Particulan | For the ear ended 31st March, 2026 | For the ,ear ended 31st March 2025 | |
| Management fees from mutual fund
and offshore
ODffations | Management fees from portfolio management
services | Advisory fees | Management fees from Alternate Investment Fund | Total | Management fees from mutual fund and offshore
on.rations | Management fees from portfolio management
services | Advisory fees | Management fees from Altemate Investment Fund | Total | |
| Total revenue from ooerations | 766.52 | 4.67 | 0.76 | 25.75 | 797.70 | 648.14 | 5.26 | 0.74 | 36.23 | 690.36 | |
| G«>uapbical markets: | | | - | | | | | - | | | |
| India | 657.78 | 4.67
- | | 25.75
- | 688.20 | 535.83 | 5.26
- | | 36.23
- | 577.31 | |
| Outside India | 108.74 | | 0.76 | | 109.50 | 112.32 | | 0.74 | | 113.05 | |
| Total revenue from operations | 766.52 | 4.67 | 0.76 | 25.75 | 797.70 | 648.14 | 5.26 | {J.74 | 36.23 | 690.36 | |
| | | | | | | | | | | | |
| Timin1 of revenue recoanition: | | | | | | | | | | | |
| Services transferred at a ooint in time | - | - | - | - | - | - | - | - | - | - | |
| Services transferred over time | 766.52 | 4.67 | 0.76 | 25.75 | 797.70 | 648.)4 | 5.26 | 0.74 | 36.23 | 690.36 | |
| Total revenue from OM.rations | 766.52 | 4.67 | 0.76 | 25.75 | 797.70 | 648.14 | S.26 | 0.74 | 36.23 | 690.36 | |
| | | | | | | | | | | | |
| Contrad balances: | As at 31 March 2026 | As at 31 Marcb 2025 | | | | | | | | | |
| Trade receivables | 43.57 | 62.59 | | | | | | | | | |
| Contract assets | - | - | | | | | | | | | |
| Contract liabilities | - | - | | | | | | | | | |
| | | | | | | | | | | | |
| Revenue reconiaed in the nffiod from: | | | | | | | | | | | |
| Amounts included in contract liability at the beginning of the
in,,no<f | - | - | | | | | | | | | |
| Performance satisfied in previous periods | - | - | | | | | | | | | |
| Trade receivables are non-interest bearing . There is INR NIL recognised as provision for expected credit losses on trade receivables as on 31st March, 2026 and 3!st March 2025. |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Notes to the Consolidated fmancial statements for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores) |
| 11 Maturity analysis of assets and lalbilities
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled. |
| Particulars | As at 31 March 2026 | As at 31 March 2025 |
| Within12 months | After 12 months | Total | Within 12
months | After 12 months | Total |
| Financial Assets | | | | | | |
| Cash and cash equivalents | 111.53 | - | 111.53 | 114.05 | - | 114.05 |
| Bank Balance other than cash and cash eauivalents | - | - | - | - | - | - |
| Trade receivables | 43.57 | - | 43.57 | 62.48 | 0.11
- | 62.59 |
| Loans | 0.09 | - | 0.09 | 0.12 | | 0.12 |
| Investments | 200.00 | 776.60 | 976.60 | 13.04 | 715.66 | 728.70 |
| Other financial assets | 1.45 | 6.31 | 7.76
- | 1.65 | 6.02 | 7.67 |
| Non-financial assets | | | | | | |
| Current tax assets (net) | -- | 2.92 | 2.92 | - | 10.72 | 10.72 |
| Investment Pro� | | 3.11 | 3.11 | - | 3.20 | 3.20 |
| Prooenv Plant and Eouioments | 0.19 | 15.58 | 1S.77 | 0.15 | 15.56 | 15.72 |
| Rillht to Use the asset | 0.68 | 36.04 | 36.72 | 0.68 | 41.34 | 42.02 |
| Other lntanJrible assets | 0.12 | 3.4S | 3.57 | 0.12 | 4.68 | 4.80 |
| lntanl!ible assets under development | - | 0.64 | 0.64 | - | 0.76 | 0.76 |
| Other non-financial assets | 18.02 | 7.46 | 25.48 | 14.0S | 6.37 | 20.42 |
| | | | | | |
| Total Assets | 375.65 | 852.11 | 1227.76 | 206.3S | 804.40 | 1010.75 |
| | | | | | |
| Financial Liabilities | | | | | | |
| Trade oavables | - | - | - | - | -
- | |
| (i) total outstanding dues of micro enterprises and small
enterprises | 2.74 | - | 2.74 | 3.53 | | 3.53 |
| (ii) total outstanding dues of creditors other than micro enterprises and small enterprises | 12.48 | . | 12.48 | 19.46
- | - | 19.47 |
| Deoosits | - | 0.22 | 0.22 | | 0.21 | 0.21 |
| Other financial liabilities | 63.88 | 26.10 | 89.98 | 57.75 | 33.49 | 91.24 |
| - | -
- | -- | - | - | |
| Non-financial liabilities | -- | | | - | - | |
| Current tax liabilities (net) | | - | - | - | | - |
| Provisions | 0.74 | 16.25 | 16.99 | 4.33 | 6.58 | 10.91 |
| Deferred Tax Liabilities (netl | - | 11.58
- | 11.58 | - | 13.57 | 13.57 |
| Other non-financial liabilities | 13.49 | | 13.49 | -15.39 | - | 15.39 |
| | | | | | |
| Total liabilities | 93.33 | 54.15 | 147.48 | 100.46 | 53.85 | 154.31 |
| | | | | | |
| Net | 282.32 | 797.96 | 1080.28 | 10S.89 | 750.55 | 856.44 |
| - |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the Consolidated fmancial statements for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores) |
| 12 Disclosure on Financial Imtruments |
| A. Accounting cla88ifteation and fair values
The following tables presents the canying value and fair value of each category of financial assets and liabilities as at 31st March, 2026 and 31st March, 2025 |
| All at 31 March 2026 |
| Particulars | Financial instruments at amortised cost | Fair value through prof"rt
or loss | Fair value
through other Total
comprehensive | |
| income | | |
| Financial Assela | | . | | | |
| Cash and cash equivalents | 111.53
- | | . | 111.53
. | |
| Bank Balance o1her than cash and cash equivalents | | . | . | | |
| Trade receivables | 43.57 | - | . | 43.57 | |
| Loans | 0.09 | . | . | 0.09 | |
| Investments | 26.49 | 946.60 | 3..51 | 976.60 | |
| Other financial assets | 7.76 | . | | 7.76 | |
| | 189.44 | 946.60 | 3.51 | 1139.55 | |
| | | | | | |
| Financial Liabilities | | | | | |
| Trade payables | | | | | |
| (i) total outstanding dues of micro entel])rises and small
enterprises | 2.74 | .
. | . | 2.74 | |
| (ii) total outstanding dues of creditors other than micro
enterorises and small enterorises | 12.48 | - | . | 12.48 | |
| Deoosits | 0..22 | | . | 0.22 | |
| Lease liabilities | | | | . | |
| Other financial liabilities | 89.98 | | . | 89.98 | |
| | 105.42 | . | - | 105,42 | |
| All at 31 March 2025 | | | | | | |
| Particulars | Financial instrumenu at amortised cost | Fair value through profit
or loss | Fair value
through other Total
comprehensive
income | |
| Financial Assets | | | - | | |
| Cash and cash equivalents | 114.05 | .
. | - | 114.05
. | |
| Bank Balance other than cash and cash equivalents | - | | . | | |
| Trade receivables | 62.59 | . | | 62.59 | |
| Loans | 0.12 | . | . | 0.12 | |
| Invesbnents | 57.22 | 668.09 | 3.39 | 728.70 | |
| Other financial assets | 7.67 | . | . | 7.67 | |
| | 241.64 | 668.09 | 3.39 | 913.12 | |
| | | | | | |
| Financial Liabilities | | | | | |
| Trade oavables | | | | . | |
| (i) total outstanding dues of micro entel])rises and small
enterorises | 3.53 | - | . | 3.53 | |
| (ii) total outstanding dues of creditors other than micro entemrises and small enterorises | 19.46 | . | . | 19.46 | |
| Deoosits | 0.21 | . | - | 0.21 | |
| Lease liabilities | - | | | | |
| Other financial liabilities | 91.24 | | . | 91.24 | |
| | 114.44 | . | . | 114.44 | |
| Investments in mutual funds are mandatorily classified as fair value through statement of profit and loss. |
| |
| B. Fair Value Heirarchy |
| The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consist of the following three levels: |
| Level I - Quoted prices in an active market: This level of hierarchy includes financial assets and liabilities that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. |
| Level 2 - Valuation techniques with observable inputs: This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3 - Valuation techniques with significant unobservable inputs: This level of hierarchy includes financial assets and liabilities measured using inputs that are not
based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. |
| The fmancial instruments included in Level 2 of fair value hierarchy have been valued using quotes available for similar assets and liabilities in the active market. The
investments included in Level 3 of fair value hierarchy have been valued using the net worth approach to arrive at their fair value. The net worth of unquoted investments approximates the fair value because there is a wide range of possible fair value measurements and the net worth represents estimate of fair value within that range. |
| The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financial assets that are not measured at fair value on a recurring basis: |
| As at 31 March 2026 | | | | | | |
| | Level 1 | Level2 | Levell | | |
| Financial Assets | | - | - | | |
| Investments in mutual funds | 861.56 | | | | |
| Government Securities | - | 78.36 | | | |
| Investments in A1F | | 6.68 | - | | |
| F.11uitv securities unlisted comoanies | - | | 3.51 | | |
| Total | 861,56 | 85.04 | 3.51 | | |
| As at 31 March 2025 | | | | | | |
| | Level 1 | Level2 | Level 3 | | |
| Financial Assets | | | - | | |
| Investments in mutual funds | - | 639.19 | | | |
| Investments io A1F | - | 28.90
- | | | |
| 'F.nuitv securities unlisted companies | - | | 3.39 | | |
| Total | | 668.09 | 3.39 | | |
| • represents amount less than INR 0.01 crore. |
| Reconciliation of Fair Value of Level 3 Investments |
| Particulars | Amount | | |
| Balance as at 31st March 2025 | 3.39 | | |
| Fair value differences Sales | 0.13
- | | |
| Balance as at 31st March 2026 | 3.52 | | |
| B. Fair Value Hierarchy (continued)
Valuation Techniques and significant unobservable inputs: |
| The following table shows the valuation techniques used in measuring level 2 and level 3 fair values for fmancial instruments measured at fair value in
the balance sheet, as well as significant unobservable inputs used. |
| Type | Valuation Technique | Significant Unobservable inputs | Inter-relationship between significant unobservable Inputs and fair value |
| Investment in units of alternative investment funds | Net Asset Value (NAV provided by issuer fund which is arrived at based on valuation from independent valuer for unlisted portfolio companies, quoted price of listed portfolio companies and price of recent investments. | Net Asset Value (NAV) | A 5% increase in the valuation factor would increase the carrying value of investment by Rs.
0.33 crore. A 5% decrease in the valuation factor would decrease the carrying value ol investment by Rs. 0.33 crore |
| Investments in MF Utilities India Private Limited and ARCL (AMC Repo Clearing Limited) | CCM (Comparable Companies Multiple) Method under the market approach has been considered for the
valuation exercise. | .MFlJ:- Discount factor is considered to be 30% for illiquidity, different size & business cycle. | MFU:- A 5% increase I decrease in the illiquidity discount would decrease / increase the carrying value of investment by INR 0.00 crore |
| ARCL (AMC Repo
Clearing Limited) Net Asset Value Method under the Cost approach has been considered for the present valuation
exercise.. | ARCL:- No illiquidity discount bas been considered as the Company is in nascent stage and the shares are allotted at the face value of Rs. 10 per share. | ARCL:- A 5% increase / decrease in the illiquidity discount would decrease / increase the carrying value of investment by Rs. 0.15 crore. |
| ) |
| There have been no transfers between Level I and Level 2 for the years ended 31st March, 2026 and 31st March, 2025. |
| (Currency : Indian Rupees in crores)
13 Financial instruments and associated risks
The Group has exposure to the following risks from its use of financial instruments:
a) market risk
b) credit risk
c) liquidity risk
This note presents infonnation about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk, and the related impact in the financial statements.
The Group's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework.
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities.
a) Market risk
Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the price of a financial instrument. The primary market risk of the company is foreign exchange risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Foreign currency exchange rate risk
The Group's functional currency is Indian Rupees (INR). The Group has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. Volatility in exchange rates affects the Group's revenue from offshore services.
The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Foreign currency risk exposure:
The Group's exposure to foreign currency risk at the end of the reporting period expressed in INR are as follows | |
|
| As at Asat
31-Mar-26 31-Mar-25
FCY INR FCY INR | |
| Financial assets | | | |
| Trade Receivables | AUD | 8863 | 0.06 | 10985 | 0,06 | | |
| USD | 6,45,333 | 6.11 | 7,61,738 | 6.52 | | |
| TOTAL | 6,54,196 | 6.17 | 7,72,723 | 6.58 | | |
| Financial liabilities | | | | | | | |
| Trade Payables | USD | | | | | | |
| TOTAL | | | | | | |
| Sensitivity analysis
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments.
Year Ended Year ended
Particulars 31-Mar-26 31-Mar-25
5¾ strengthening 5% 5o/o strengthening 5%
weakening weakening | |
| AUD | 0.00 | (0,00) | 0.00 | -0.00 |
| USD | 0.31 | -0.31 | 0.33 | -0.33 |
| (Currency : Indian Rupees in crores)
b) Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss to the Group. Group's credit risk arises principally from the trade receivables, loans receivable, advance receivable, investments and cash & cash equivalents.
As the Group is an asset management Group for Tata Mutual Fund and Alternate Investment Funds, its trade receivables and advances receivable is mainly from schemes. In addition, cash and cash equivalents are held with reputable financial institutions. | |
| Following is the exposire of the Group towards credit risk. | |
| Particulars | Year Ended | Year ended |
| Maximum exposure to credit risk | 31-Mar-26
189.44 | 31-Mar-25
241.64 |
| Expected Credit Loss (ECL) on financial assets
The Group continuously monitors all financial assets subject to ECLs. In order to detrmine whether an instrument is subject to 12 month ECL (12mECL) or life time ECL (LTECL), the Group assesses whether there has been a significant increase in credit risk or the asset has become credit impaired since initial recognitin. The Group applies following quantitative and qualitative criteria to assess whether thee is significant increas in credit risk or the asset has been credit impaired. | |
| - Historical trend of collection from counterparty
- Group's contractual rights with respect to recovery of dues from counterparty
- Credit rating of counterparty and any relevant information available in public domain | |
| ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with contract and cash flows that the Group expects to receive). | |
| The Group has three types of financial assets that are subject to the expected credit loss:
(a) Cash and cash equivalent
(b) Trade and other receivables
(c) Investment in debt securities measured at amortised cost | |
| The amount of trade receivable for which the Group has assessed credit risk is on an individual basis. | |
| Trade receivables:
Major portion of trade receivables include the AMC fees receivable from Tata Mutual Fund, Offshore funds, Portfolio Management Services, Alternative Investment Schemes and other Advisory services. Based on the past experience, management expects to receive these amounts in full. | |
| Trade receivables (undisputed - considered good) | |
| Year Ended | Year ended |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 |
| Less than 6 months | 43.49 | 62.48 |
| 6 months to I year | 0.01 | 0.03 |
| I to 2 years | 0.02 | 0.02 |
| 2 to 3 years | 0.01 | 0.03 |
| More than 3 years Unbilled | 0.04 | 0.03 |
| Not due | |
| Total | 43.57 62.59 |
| Exposures to customers outstanding at the end of each reporting period are reviewed by the Group to determine incurred and expected credit losses. Historical
trends of impairment of trade receivables do not reflect any significant credit losses. | |
| Financial instruments and cash deposits:
The investments of the Group are primarily in Tata Mutual Fund schemes. The Group holds cash and cash equivalents ofINR 114.05 crores as on 31st March 2025. The cash and cash equivalents are held with highly rated banks / financial institutions. The Group thereforee considers that its cash and cash equivalents have insignificant risk | |
| Investment in Debt Securities measured at amortised cost.
The Group has made investments in bonds. Funds are invested after taking into account parameters like safety, liquidity and Post-tax returns etc. The Group avoids concentration of credit risk by spreading them over several counterparties with good credit rating profile and sound financial position. | |
| Investment in debt securities that are in government bonds do not carry any credit risk, being sovereign in nature. Credit risk from other financial assets has
not increased significantly since initial recognition. Accordingly, the expected probability of default is low. | |
| (Currency : Indian Rupees in crores)
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The Group invests its surplus funds in bank fixed deposits and in mutual funds, which carry no or low market risk.
The following are the contractual maturities of financial liabilities: | |
| | 31-Mar-26
Less than one Between one to More than five Total | | |
| Trade payables | | | |
| year
15.22 | five years | years | 15.22 |
| Deposits | | 0.22 | | 0.22 |
| Lease Liabilities | 13.61 | 25.37 | 0.73 | 39,71 |
| Other financial liabilities | 49.49 | 0,78 | | 50.27 |
| 78.33 | 26.37 | 0.73 | 105.42 |
| | 2025-03-31T00:00:00.000 | | |
| Trade payables | Less than one
year
22.97 | Between one to
five years
0.02 | More than five
years | Total
22.99 | | |
| Deposits | | | 0.21 | | 0.21 | | |
| Lease Liabilities | | 11.83 | 31.37 | 0,80 | 44.00 | | |
| Other financial liabilities | | 47.25 | | | 91.24 | | |
| | 82.04 | 31.60 | 0.80 | 158.44 | | |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to the Consolidated financial statements for the Period ended 31 Mar 2026
(Currency: Indian Rupees in crores)
14 Related party
Related parties where control exists :
Tata Sons Private Limited- Holding Compar;iy
Related parties having significant influence :
Tata Investment Corporation Limited
Fellow subsidiaries with whom transactions have taken place : Tata AIG General Insurance Company Limited
Tata Consultancy Services Limited Infinity Retail Limited
Tata Teleservices (Maharashtra) Limited Tata Teleservices Limited
Tata Trustee Company Limited Tata Communications Limited
Other related entities :
Tata Industries Limited - Joint Venture ofTata Sons Private Limited
Tata AIA Life Insurance Company Limited - Joint Venture of Tata Sons Private Limited Tata Motors Limited - Associate of Tata Sons Private Limited
TMF Holding Limited - Subsidiary of Tata Motors Limited
The Indian Hotels Company Limited - Associate of Tata Sons Private Limited Roots Corporation Limited- Subsidiary of The Indian Hotels Company Limited Taj President - Subsidiary of The Indian Hotels Company Limited
Benares Hotels Limited - Subsidiary of The Indian Hotels Company Limited Voltas Limited-Associate of Tata Sons Private Limited
The Associated Building Company Limited-Associate of Tata Sons Private Limited The Indian Steel and Wire Products Limited
Tata Steel Limited - Tata Metaliks Tata Pigments Limited
Tata Steel Limited - The Tinplate Company oflndia Limited TM International Logistics Limited
TRFLimited
Titan Company Limited
Taj Trade & Transport Company Limited Tata Starbucks Pvt Ltd
Piem Hotels Limited
Key management personnel :
Mr. Prathit Bhobe - CEO & Managing Director of Tata Asset Management Private Limited
Names of directors
Mr. Rajiv Sabharwal
Mr. Suprak:ash Mukhopadhyay Ms. Punita Sinha
Mr. Sujit Kumar Varma Mr. Gagan Rai
Mr. Prabhat Chandra Tripathi |
|
|
| Description | Nature of expense/ income | Transaction I
Amount | Balance Outstandine | Transaction I Balance
Amount Outstandine | |
| 2025-2026 | 2024-2025 | |
| Holding Company: | | 2.00
-
99.82
0.10 | | | | |
| Tata Sons Private Limited | Subscription paid Rent received | (l.79) | 1.84
- | -1.67 | |
| | Dividend paid | | 54.37 | | |
| | Miscellaneous service availed | | 0.01 | | |
| Parties having significant influence: | | | | | |
| Tata Investment Corporation Limited | Dividend paid | 47.18 | | 25.70 - | |
| Fellow subsidiaries : | | 1.51
1.84
0.00
0.76
3.33
0.78
0.35
0.24
0.05
0.12
0.05
0.75
0.12
-
0.02
0.33
0.19
-
0.30
-
(19.68)
1.03
0.47
-
0.00
-
0.01
0.14
-
- | - 0.08
1.84 0.43
0.00 -
0.76 0.50
(0.14) 2.12
(0.13) 1.22
0.11 0.32
(0.08) 0.19
(0.00) 0.04
- 0.07
0.05
- 0.49
- 0.07
1.55 -
- 0.02
- 0.36
0.19 0.17
- 0.01
0,03 0.20
- 19.68
-
- 1.63
(0.17) 0.75
- 0.40 | -
0.43
-
(0.62)
(0.18)
0.09
(0.04)
(0.00)
-
-
-
1.55
0.01
-
0.17
0.01
0.03
-
0.62
(0.46)
0.40
-
-
0.05 | |
| Tata AIG General Insurance Company | Insurance paid | |
| Limited | | |
| | Prepaid Insurance | |
| | Advance given | |
| Tata Consultancy Services Limited | Pension recovery | |
| | Purchase oflicences | |
| Tata Capital Limited | Professional services availed | |
| | Management Fees | |
| Tata Teleservices (Maharashtra) | Miscellaneous service availed | |
| Limited | | |
| Tata Teleservices Limited | Miscellaneous service availed | |
| Tata Trustee Company Limited | Deputation cost recovered | |
| | Rend Received | |
| Tata Communications Limited | Miscellaneous service availed | |
| Other related entities : | | |
| Tata Industries Limited | Rent and maintenance paid | |
| | Security deposit receivable | |
| | Management fees received | |
| Tata AIA Life Insurance Company | Insurance paid | |
| Limited | | |
| | Prepaid Insurance | |
| | Advance Paid | |
| Tata Motors Limited | Pension recovery | |
| TMF Holdings Limited | Purchase of investments | |
| | Sale of investments | |
| | Interest Received on TMF Holdings | |
| The Indian Hotels Company Limited | Miscellaneous service availed | |
| | Advance Paid | |
| Roots Corporation Limited | Miscellaneous service availed | - | 0.00
0.00
-
0.13
-
- | |
| Taj President
Benares Hotels Limited | Miscellaneous service availed
Miscellaneous service availed | - | |
| Voltas Limited | Miscellaneous service availed | -0.00 | |
| | Prepaid expenses | | |
| | Security deposit paid | 0.05 | |
| |
| Description | Nature of expense / income | TransactionI
Amount | Balance Outstandinl! | Transaction Amount | Balance Outstandinl! | | |
| 2025-2026 | 2024-2025 | | |
| The Associated Building Company | Rent received | 0.10
-
0.03
-
0.03
0.03
-
0.11
0.13
0.08
-
-
0.01
8.27
2.65
2.17
0.26
0.05
-
0.08
0.20
0.09
0.20
0.07
-
-
-
0.07
0.20 | 0.02
-
-
0.01
0.01
-
0.06
0.03
0.o2
-
-
0.01
(4.00)
(0.84)
(0.83)
(0.20)
-
-
-
(0.20)
-
(0.20)
-
-
-
-
-
(0.20) | 0.10
-
0.03
0.01
0.02
0.03
0.01
0.10
0.13
0.o7
0.03
0.05
-
10.53
-
1.87
0.04
0.04
-
0.07
0.20
0.08
0.20
0.o7
-
0.01
0.02
0.05
0.15 | 0.o2
0.02
-
0.01
0.01
-
0.o3
O.Q3
0.02
-
-
-
(4.50)
(0.75)
(0.71)
(0.07)
-
-
(0.20)
-
(0.20)
-
-
-
-
(0.02)
(0.15)
- | | |
| Limited | | | |
| | Security deposit payable | | |
| The Indian Steel and Wire Products | Management fees received | | |
| Limited | | | |
| Tata Pigments Limited | Management fees received | | |
| TM International Logistics Limited | Management fees received | | |
| TRF Limited | Management fees received | | |
| Titan Company Limited | Services Availed | | |
| Tata Steel Limted | Management fees received | | |
| Tata Steel Limited-The Tinplate Co Of | Management fees received | | |
| India Ltd | | | |
| Tata Steel Limited -Tata Metaliks | Management fees received | | |
| Piem Hotels Limited | Miscellaneous service availed | | |
| Tata Starbucks Pvt Ltd | Miscellaneous service availed | | |
| Taj Trade & Transport Company | Advance Paid | | |
| Limited | | | |
| Key management personnel : | | | |
| Mr. Prathit Bhobe | Short term employee benefits | | |
| | Other long term benefits | | |
| OtherKMPs | Short term employee benefits | | |
| | Other long term benefits | | |
| Mr. Rajiv Sabharwal | Sitting fees | | |
| | Commission | | |
| Mr. Gagan Rai | Sitting fees | | |
| | Commission | | |
| Mr. Sujit Kumar Varma | Sitting fees | | |
| | Commission | | |
| Mr. Suprakash Mukhophayay | Sitting fees | | |
| | Commission | | |
| Mr. Prabhat Chandra Tripathi | Sitting fees | | |
| | Commission | | |
| Ms. Punita Sinha | Sitting fees | | |
| | Commission | | |
| * represents amount less than INR 0.01 crore.
Notes:
During the year, there was no material transaction with any related parties as per the Related Party Transactions Policy of the Group and all the
related party transactions entered into by the Group were in the ordinary course: of business and on an arm's length basis. |
| (Currency : Indian Rupees in crores)
15 Segment Reporting |
| The Group and its subsidiaries operate within a single business segment of asset management services to the Fund and portfolio management service to clients. The operating segments have been identified based on the different geographical areas where major entities within the Group operate and which is also the basis on which the Chief Operating Decision Maker (CODM) reviews and assess the Group's performances.
The Group's reportable segments and segment information is presented below: |
| Sr.No. | Particulars
Segment revenue | India | Outside India | Elimination | Total | |
| | External Revenue | 856.16 | 27.90 | 49.79 | 834.27 | |
| | | 720.50 | 28.12 | | 748.62 | |
| | Inter segment revenue | | | | | |
| | Total revenue | 856.16 | 27.90 | 49.79 | 834.27 | |
| | | 720.50 | 28.12 | | 748.62 | |
| 2 | Result | | | | | |
| | Segment result (Profit before tax) | 497.68 | 26.49 | 49.79 | 474.37 | |
| | | 384.73 | 26.29 | | 411.02 | |
| | Finance Cost | 2.87 | | | 2.87 | |
| | | 3.51 | | | 3.51 | |
| | Tax Expense | 108.93 | 0.95 | | 109.88 | |
| | | 90.35 | 0.95 | | 91.30 | |
| | Segment result (Profit after tax) | 388.74 | 25.54 | 49.79 | 364.49 | |
| | | 297.88 | 25.34 | | 319.72 | |
| 3 | Other information | | | | | |
| | Segment assets | 1187.85 | 39.91 | | 1227.76 | |
| | | 952.07 | 58.68 | | 1010.75 | |
| | Unallocated assets | | | | | |
| | Segment liabilities | 146.94 | 0.54 | | 147.48 | |
| | | 153.54 | 0.77 | | 154.31 | |
| | Unallocated liabilities | | | | | |
| 4 | Capital expenditure during the year | 8.75 | | | 8.75 | |
| | | 9.29 | | | 9.29 | |
| 5 | Depreciation and amortization | 22.65 | | | 22.65 | |
| | | 22.49 | | | 22.49 | |
| 6 | Non cash expenditure other than depreciation | | | | | |
| | Figures in italics indicate previous year figures | | | | | |
| Details of non-current assets (other than financial instruments, current tax, deferred tax assets and defined benefits assets) based on geographical area as below:
As at 31 Mardi 2026 |
| | Secondary Segment Workings | India | Outside India | Total | |
| | Investment property | 3.11 | | 3.11 | |
| | Property, plant and equipment | 15.77 | | 15.77 | |
| | Right of use assets | 36.72 | | 36.72 | |
| | Other intangible assets | 3.57 | | 3.57 | |
| | Other non financial assets | 25.48 | | 25.48 | |
| | As at 31 Mardi 2025 | | | | |
| | Secondary Segment Workings | India | Outside India | Total | |
| | Investment property | 3.19 | | 3.19 | |
| | Property, plant and equipment | 15.71 | | 15.71 | |
| | Right of use assets | 4203 | | 42.03 | |
| | Other intangible assets | 4.81 | | 4.81 | |
| | Other non financial assets | 20.42 | | 20.42 | |
| Information about major customers
As the Group is primarily engaged to act as an Investment Manager to Tata Mutual Fund, its major customer is Tata Mutual Fund with revenue of INR
653.35 crores (Previous Year: INR 533.08 crores), representing approximately 79% of the Group's total revenue. |
| TATA ASSET MANAGEMENT PRIVATE LIMITED |
| Notes rolhe Gmsolidatird ftnandid stahmmts for the �riod ended 31 Mar 2026 |
| {Currency: Indian Rupees in crorcs) |
| Additicmil infonnatiou u required under Schedule
c...my,r
"-··-
"""''·
Prtv.teUndtied | 1D to die CcmpJIDies Act, 2013 ol owtuprhe�•led u111badi1ry, aaod11et
Net.Aaets, Le. total UIN5 minus lohlliabWtics
All at 31 March 102' All at 31 March 2025
o.r...
9026 975.07 16.92 744.46 | and jdnt veahlre
Fortheyear'-'
� ....
'"6fllldloss
93.84 | -· Sh1rein.., alll!Jl r.lucb.2026
342.06 | tandlau
.-......
Fortheuu-atded.31 MIIJ'dt20l5
profilllldlms
91.81 l93.S4 | - | ShaN"inOtbtrcaa -·- Amoant - ASmbo.aurnetIn Total 4r,e%bmoClh'einamt ,,
nded 31 Mai-di10:U Fur the war ended l] March 2025 For thew• cndcdll Mardi 2026 -Fo-r II:!.!! ·!!al' ended J1 M:arch20:Z5
Amoant
o .... .T,......,......... Tobi
""""""""'""""" """"'
0.76 100.00 0.69 92.44 342.11 91.83 294.23 |
| | | | | | | | | | | | | | | | | |
| U.tolSuhl:ldiariel | | | | | | | | | | | | | | | | | |
| I U1taflndianS11bddl■rin Tata Pmsl.aa Manai,emmt Llmlkd | INDIA | 6.10 | 65.85 | 6.31 | S4.07 | -0.85 | -3.10 | 0.26 | ... | | | | | (0.'4) | 3.10 | 0.26 | .... |
| N..-.eoldiemdly
rrata Aaet Manapmtnt | INDIA | As•t.ur
".".","_"''"" | Ammmt | klV,
�
Mt- | Amoant | ..,.,.., | M•t.w | Amwal | ....F.',o,r the-o e
°""'"
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11.94 | M•A,ol | ...,..,, |
| H)LbtofFortlp. subiidilria
Tata.Auel Man■&lfflellt IM•nrifius) Pmtrte Umlkd | Mauritius | 3.64 | ]9.36 | 6.76
...... | 57.91 | 7.01 | 25.54 | 7.93 | 25.34 | ..... | 5.60
.... | 8.39 | 31.13 | 7.91
,..... | 25.34 |
| TOfAL lot.to 1080.29 | 856.44 IIO.N 36"4.4, IOI.le 319.72 100.00 | 110.0G '·" lte.00 371.85 | l2Ut |
| Notes to the Consolidated fmaocial statemeata for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores) |
| 17 Dividend not recognised at the end of the rt:portin,: period |
| In respect of the year ended 31 March 2026, the director.; propose that a dividend of!NR 81.S per share (Previous year INR 56 per share) be paid on fully paid equity shares. The equity dividend is subject to approval bY shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total estimated equity dividend to be paid is INR 214 crores, including withholding tax of!NR 21.39 crores (Previous year INR 147.00 crores including withholding tax of lNR 14.70 crores). |
| 18 Provisiom for loyalty incentives 31-Mar-l6 31-Mar-25 |
| Opening balance as on Ist April Additional provision during the year
Amount incurred and paid during the year Closing balance as on 31st March
• represents amount less than INR 0.01 crore. | 0.00
0,00
0.00
0,00
0.00 | 0.03
0.00
0.03
0.03
0.00 |
| Nature of obligation
Loyalty incentives to unit holders for long term investment under Tata Gilt Securities Fund -Retirement Plan Series maturing on 28th February, 2025 will be paid by the Group at the rate specified by it from time to time in the form of allotment of units equivalent to the amount of loyalty incentive. Units will be allotted at net asset value ('NAV') based price prevailing on first business day after the end of the minimum investment period specified by the Group from time to time. The maximum amount of loyalty under this option will not exceed 2¾ of the amount which remains invested for minimum holding period (i.e. atleast S years). |
| Expected time
At present, the Group proposes to pay loyalty lllcentives at the end of S years. IO years, 15 years and 20 years from the date of allotment. |
| Assumptions
It is assumed that all the unit holders currently under Tata Gilt Securities Fund- Retirement Plan Series 'Nill remain invested till the maturity period i.e. 28th February, 202S. |
| 19 Corporate Social Re.,ponsibilily (CSR) |
| (a) As per Section 13S of the Companies Act, 2013 ("the Act"), a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three fmancial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Group as per the Act. The funds were primarily utilised through the year on CSR activities which are specified in Schedule VII of the Companies Ac� 2013: |
| Particulars
Gross amount required to be spent dwing the year | As at 31 March 2026 As at 31 March 2025
4.48 2.94 |
| Amount approved bY the Board to be spent during the year | 4.f8 | 2.94 |
| Amount of expenditure incurred during the year•
Shortfall at the end of the year | 4.48 | 2.94 |
| TotaJ of previous years shortfall | | 0.85 |
| Reason for Shortfall | | 0.00 |
| Nature of CSR activities | Refer noted | |
| Details of Related Party Transactions | None | None |
| Provision made for liabili N incurred bv enterin_tt into contractual Oblig.ations | | |
| • Amount of eYnPnditure incurred on Comnrate Social ResDOnsibility activities durin1:. the Year is as follows: | |
| Particulan | As at 31 March 2026 | As at 31 March 2025 | |
| Construction/acquisition of any asset | | | |
| On purposes other than ( I ) above | 4.48 | 2.94 | |
| Total | 4.48 | 2.94 | |
| (b} Details of Other than ongoing Projects (Section 135(5) of the Act): | | | |
| Particulars | As at 31 March 2026 | As at 31 March 2025 | |
| Opening Balance | | 0,85 | |
| Amount deposited in specified FW1d of Schedule VJil -with.in Six monchs | | | |
| Amount required to be spent during the year | 4.48 | 2.94 | |
| Amount Spent during the year | 4.48 | 3.79 | |
| Closing Balance | | | |
| (c) Details of ongoing Projects (Section 135(6) of the Act): | | | |
| Particulars | As at 31 March 2026 | As at 31 March 2025 | |
| Opening Balance | | | |
| • With Company | | 0.85 | |
| • In Separate CSR Unspent account | | | |
| Amount transferred in Separate CSR Umpent account durin& the year | | 0.85 | |
| Amount required to be spent durin1 the year Section 135 (5) of the as per Companies Act, 2013 | 4.48 | 2.94 | |
| Amowit Spent duriac the 7ear | | | |
| • From Companies bank account 4.48 2.94 | |
| From CSR unspent account Closing Balance | | | |
| With Company | | 0.85 | |
| In Separate CSR unspent account | | | |
| losing Balance | |
| With Company
In Separate CSR Unsrent account | | | |
| •
•
• |
| C
•
- |
| Notes lo the Consolidated rmancial state.mtnfa for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crores) |
| Nature of CSR adi>ity | As at 31 March 2026 | A, at 31 March 2025 | |
| 1. R,,duce malnourishment ,adopting a convergen� life-cycle and result oriented approach | 1.01 | 0.94 | |
| 2. Building livelihood resilience within small and marginal farmers and promoting 1heir economic security | 1.00 | 0.30 | |
| 3. Welfare of PwD dependents of serving and retired per3onnel from the Indian Amr; | 0.40 | | |
| 4. Financial assistance/ grant to widows and dependents of our soldiers and needy Ex- Servicemen | | 0.25 | |
| 5. Skill training Courses and enhance employment opportunities. | 0.22 | 0.10 | |
| 6. Support Women Athletes & Women Para Athletes in their preparation for the Olympics and Paralympics | 0.40 | 0.25 | |
| 7. Relief and rehabilitation activities | | 0.03 | |
| 8. Eye-check up project for police personnel to improve visual heaJth | 0.16 | 0.10 | |
| 9. Capacity Augmentation of Hospital | | 0.57 | |
| 10. Education Program for undel)lrivileged children | 0.84 | 0.40 | |
| 11.Establish a model for women-led water security and climate-resilient livelihoods in tribal communities | 0.45 | | |
| Total CSR SD<nd | 4.48 | 2.94 | |
| 20 | Capital manaaement | | | |
| The primary objective of the Groups•s: capital management is to maximise the shareholder value as well as to maintain investor, creditor and market confidence and to sustain future development of1he Group
The Group manages its capital structure and makes adjustmcnU in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure. the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. |
| Particulars Aaat31 Mardi A, at 31 March
2026 2025 | | | | | |
| Total Liabilltiu | 147.48 | 154.31 | | | | | |
| Less: Cash and Cash equivalents | -111.53 | -114.05 | | | | | |
| Adjusted Net Debt | 35.95 | 40.26 | | | | | |
| Total Equity | 1080.28 | 856.43 | | | | | |
| Adjusted Net Debt to Total Equiry Ratio | 0.03 | 0.05 | | | | | |
| 21 | Due to Bero and small supplien | | | | | | | |
| Sundry creditors includes any amount payable to Small Scale Industrial Undertakings and Micro, Small and Medium Entel)lrises. Under the Micro, Small and Medium Entel)lrises
Development Act, 2006, (MSMED) which came into force from 2 October 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the information and records avai]able with the management. the following disclosures: are made for the amounts due to the Micro, Small and Medium enterprises> wf:io have registered with the competent authorities. |
| | 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | |
| Principal amount remaining unpaid to any supplier as at the year end
Interest due thereon | 2.74 | l.53 | |
| Amount of interest paid by the Group in tennsof swion 16 of the MSMED Act, along with the amount of the payment made to the | | |
| supplier beyond the appointed day during the accounting year | |
| Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day | |
| during the year) but without adding the interest specified under the MSMED Act | |
| Amount of interest accrued and remaining unpaid at the end of the accounting year | |
| Amount of further interest remaining due and payable even in the succeeding years. until such date when the interest dues as above | |
| are actually paid to the small enterprises. under Section 23 of the MSMED Act | |
| Not.. to the Comolldated rmaacial ,tatemeats for the Period ended 31 Mar 2026 |
| (Currency: Indian Rupees in crore.s) |
| 22 Financial r■ti09 |
| Sr.No. | Name of the ratio | Ratios | Explanation for deviation more than 25% | |
| 2026-03-31T00:00:00.000 | 2025-03-31T00:00:00.000 | Deviation | |
| (a) | Current ratio | 4.025300 | 2.054100 | 1.971200 | Planoed redemption of Investments to fund | |
| | | | | | Dividend Payout. | |
| (b) | Debt-equity ratio | NA | NA | | | |
| (c) | Debt service coverage ratio | NA | NA | | | |
| (d) | Return on equity ratio | 0.376400 | 0.434300 | -0.057900 | | |
| (e) | lnvetory turnover ratio | NA | NA | | | |
| (I) | Trade receivables turnover ratio | 0.820900 | 1.303400 | -0.482500 | Better management of trade receivables. | |
| (g) | Trade payables turnover ratio | 0.796600 | 1.153800 | -0.357200 | Focused efforts to ensure timely payment to | |
| | | | | | vendors within predefined timelines. | |
| {h) | Net capital turnover ratio | 0.730600 | 0.793500 | -0.062900 | | |
| (i) | Net profit ratio | 0.456900 | 0.463100 | -0,62% | | |
| U) | Return on capital employed | 0.434500 | 0.472400 | -0.037900 | | |
| (kl | Return on investment | 0.027100 | 0.069700 | -0.042600 | | |
| Explanation of the items included in c:alculatin& the above financial ratios: |
| Sr.No. | Name of the ratio | Numerator | Denominator | |
| {a)
(b)
(c)
(d)
(e)
(I)
(g) | Current ratio Debt-equity ratio
Debt service coverage ratio
Return on oquity ratio lnvetory turnover ratio
Trade receivables turnover ratio
Trade payables turnover ratio | Current Assets Total Debi
Earnings for debt service: == Net profit after taxe:t + Non-cash operating expenses
Net Profits after taxes - Preference Cost of goods sold
Net credit operating revenue= Gross credit operating revenue .. operating revenue return
Net credit purchases = Gross credit purchases - purchase return | Current Liabilities Shareholder's Equity
Debt service = Interest & Lease Payments + Principal Repayments
Average Shareholder's Equity Average Inventory
Average Trade Receivable
Average Trade Payables
Working capital= Current assets - Current liabilities
Net operating revenue-= Total operating revenue - operating revenue
return
Capital Employed• Tangible Net Worth+ Total Debt+ Deferred Tax Liability
Investment | |
| (h) | Net capital turnover ratio | Net operating revenue =Total operating revenue - operating revenue return | |
| (i) | Net profit 1atio | Net Profit | |
| u> | Return on capital employed | Earnings before interest and taxes | |
| /kl | Return on investment | Interest (Finance Income) | |
| 23 Other statutory information |
| (i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property |
| (ii) The group does not have any pending transactions with struck off companies
(iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
(iv) The Group has not traded or invested in Crypto currency or Virtua1 Currency during dte financial year
(v) The Group has not advancod or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the, understanding that the lntennediaiy shall:
(a) directly or indirectly lend or invest in other pef30nS or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or |
| (b) provide any guarantee. security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Group has not received any fund from any person(s) or entity(ies). including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)or |
| (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(vii) The Group has not entered into any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such u, search or survey or any other relevant provisions of the Income Tax Act, 1961 |
| (viii) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act
(ix) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VIl of the Companies Act (the
Act), in compliance with second proviso to sub section 5 of section 13S of the Act |
| TATA ASSET MANAGEMENT PRIVATE LIMITED
Notes to tbe Comolld1ted fiD1Dclal datemeat1 for tbe Period ended 31.Mar 2026 |
| (Currency : Indian Rupees in crora)
24 Tr1a1fer pricin,:
The Group has developed a system of maintenance of infurmation and docwnents a, required by the lrlnlfer pricing legislation under section 92 - 92F of the Income Tax Act, 1961. Management is of the opinion that all domestic and international tranlactions are at arm's length so that the aforesaid legislation will not have any impact on the financial statement, particularly on the amo\UII of tax expenae and that of provision for taxation. |
| 25 Subsequent evenll
There an, no significant subJequtnl events the!....,u)d require adjustments or disclosures in the financial statements a, on the balance sheet dale.
26 The financial statements are authorised for issue by the Board of Directors on 17 April, 2026.
For ud on behalf of tbe Board of Directon of Tata Auel Mau11ement Private Limited
��PT�
lWivSa•harwal �
Chairman CEO & Managing Director
[DIN: 00057333] [DIN: 08136926] |
| Mwnbai 20April2026 | ��
Mwnbai
17 April2026 | Company Secrelary [Membership No. : A20240] |