Capri Global Capital Limited — Q1 FY26
Capri Global Capital reported a strong Q1 FY26 with PAT surging 131% YoY to ₹175 crore, driven by robust AUM growth of 42% YoY to ₹24,754 crore.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
Will growth exceed 30% guided range given momentum?
Asked by Gorav Puroit, systematics
Management clearly stated they will not exceed 30% growth this year.
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Question
So growth has been fairly robust in the recent quarters and given the current momentum that you're seeing, is there a possibility that we exceed the 30% guided growth range for the next few years?
Management
I think we are going to remain on course for a 30% growth and we believe that is quite healthy growth. We don't think we are going to exceed that this year.
Answered
High priority
What gives comfort on growth and risks in MSME?
Asked by Gorav Puroit, systematics
Management explained confidence factors and acknowledged MSME stress with specific actions.
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Question
What is giving you comfort on growing progressively? ... some of your peers have started reporting some stress in MSME segments. So do you think that could result into some delinquencies?
Management
Our confidence comes from collateralized portfolio... we have seen some slippage more particularly from Madhya Pradesh where we are toning down disbursements... overall delinquency is still very healthy, GNP about 1.7%, net NP about 1%.
Partial answer
Medium priority
Will slippages come down significantly in coming quarters?
Asked by Gorav Puroit, systematics
Management gave range guidance but did not quantify slippage reduction.
no specific quantification of slippage reduction
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Question
Do you see the slippages coming down significantly in the coming quarters?
Management
Slippages will not be as much as what we have seen. Overall asset quality remain in the range we have projected. Gross NPA will never cross 2%, net NPA will never cross 1.2%.
Answered
Medium priority
Progress on credit rating upgrade?
Asked by Gorav Puroit, systematics
Management gave a specific timeline for the rating upgrade.
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Question
In one of your recent media interactions after the QIP you had mentioned potential of a credit rating upgrade. Any progress over there?
Management
Exercise is on, we should see the result by mid of September.
Answered
High priority
Reduction in cost of funds from Q3 onward?
Asked by Gorav Puroit, systematics
Management quantified expected reduction in cost of funds.
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Question
There's a possibility of a reduction in your cost from third quarter onward?
Management
Incremental borrowing are going to be at a lower level by at least 30 to 40 basis. By end of year overall cost of fund should come down by 40 to 50 basis.
Partial answer
Medium priority
Stress in microfinance book and strategy?
Asked by Gorav Puroit, systematics
Management acknowledged stress but did not quantify it.
no specific stress numbers given
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Question
One of your peers has discontinued that business in south India. Any sign of stress you're seeing there?
Management
We are growing that book cautiously. Delinquency has risen in microfinance segment. We are creating differentiation using technology and data science. We have gone slow till full stack technology rollout by end September.
Answered
High priority
Cost to income ratio outlook for FY26?
Asked by Shwa Padhi, SBS securities
Management gave specific range for cost-to-income ratio.
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Question
The performance has been very good on the cost to income. So where do we expect this cost to income to settle by FY26 exit?
Management
We expect cost to income ratio to remain in the range about 50% throughout the year. If we remove impact of branch additions, it would be about 46 to 47%.
Answered
High priority
Confidence on NPA guidance and collections?
Asked by Chintan Sha, ICICI securities
Management provided specific collection efficiency and collateral details.
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Question
Given that some lenders have flagged risk on MSME, what gives us confidence that GNP below 2% and NNP below 1.2%? And how are collections panning out?
Management
We have a strong collection team of 520 people, analytics in place. Collection efficiency about 97% upward. MSME is 100% collateralized with LTV cushion about 55%. Focus on resolving old NPA faster.
Answered
High priority
AUM growth trajectory beyond FY26?
Asked by Chintan Sha, ICICI securities
Management reaffirmed 30% growth target with specific AUM goal.
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Question
We have guided for around 30% AUM growth for FY26 but on a steady state basis over next 2-3 years could we assume similar trajectory?
Management
We are confident to achieve 30% growth for next few years by targeting AUM of 50,000 cr by FY28 and maintaining ROA at 3.5% upwards.
Answered
High priority
Credit cost outlook for FY26?
Asked by Sag Sha, Spark Capital
Management gave specific credit cost range for the year.
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Question
This quarter we saw highest credit cost. What kind of credit cost should we build for FY26?
Management
Credit cost has been in range about 60 basis. At most it will not go beyond 70 basis. Q1 is seasonally higher, Q2 to Q4 we see recovery.
Answered
Medium priority
Gold loan co-lending percentage outlook?
Asked by Sag Sha, Spark Capital
Management gave a specific range for co-lending percentage.
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Question
Co-lending for this quarter was around 19%. Going ahead what percentage should we assume for co-lending AUM?
Management
We intend to project co-lending in the range of anything between 18 to 20% range and we intend to maintain this.
Answered
High priority
Return ratios post fund raise of 2000 cr?
Asked by Akash Ja, AG Gulf
Management provided specific ROE and ROA targets for current and next year.
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Question
Post this fund raise of 2,000 cr how soon can we expect return ratios to normalize?
Management
This year we are confident to deliver ROE in range of 13.5 to 14% and ROA not less than 3.5%. Next year ROA about 4% and ROE 16 to 17%.