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Credit cost may rise with micro-loan portfolio growth
View Risks →Capri Global Capital Limited — Q2 FY26
Capri Global Capital delivered a strong Q2 FY26 with PAT surging 143% YoY to ₹236 crore, driven by broad-based AUM growth of 40% YoY to ₹27,410 crore.
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Capri Global Capital delivered a strong Q2 FY26 with PAT surging 143% YoY to ₹236 crore, driven by broad-based AUM growth of 40% YoY to ₹27,410 crore. Gold loans crossed ₹10,000 crore AUM, growing 58% YoY, while co-lending reached 21% of AUM. Net interest income rose 57% YoY to ₹480 crore, and non-interest income grew 97% YoY to ₹203 crore. Cost-to-income improved to 49% from 64% a year ago. Management raised AUM guidance to ₹32,000 crore for FY26 and ₹42,000 crore for FY27, with PAT targets of ₹850 crore and ₹1,200 crore respectively. Credit cost guidance was conservatively set at 80-90 bps. Risk: elevated credit costs from the growing micro-loan portfolio could pressure margins if asset quality deteriorates.
कैप्री ग्लोबल कैपिटल ने दूसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का मुनाफा (PAT) 143% बढ़कर ₹236 करोड़ हो गया। इसकी वजह कुल कर्ज (AUM) में 40% की बढ़ोतरी है, जो अब ₹27,410 करोड़ है। सोने के कर्ज में 58% उछाल आया और यह ₹10,000 करोड़ पार कर गया। कंपनी की ब्याज आय (NII) 57% बढ़कर ₹480 करोड़ और दूसरी आय 97% बढ़कर ₹203 करोड़ हुई। खर्च कम होने से मुनाफा बढ़ा। प्रबंधन ने इस साल ₹32,000 करोड़ और अगले साल ₹42,000 करोड़ कर्ज देने का लक्ष्य रखा है। मुनाफा ₹850 करोड़ और ₹1,200 करोड़ होने का अनुमान है। लेकिन छोटे कर्ज बढ़ने से बुरे कर्ज का खतरा है, जिससे मुनाफा कम हो सकता है।
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Read Transcript →Quarter Snapshot
Consolidated AUM
₹27,410 Cr
+40% YoY
AUM grew 40% YoY to ₹27,410 crore, driven by broad-based expansion across gold, housing, and MSME segments.
Gold Loan AUM
₹10,046 Cr
+58% YoY
Gold loan AUM crossed ₹10,000 crore milestone, growing 58% YoY, with 55% repeat borrowers.
Disbursements
₹8,952 Cr
+64% YoY
Disbursements rose 64% YoY to ₹8,952 crore, supported by widening distribution network.
Cost-to-Income Ratio
49%
-1500bps YoY
Cost-to-income ratio improved sharply to 49% from 64% a year ago, reflecting operating leverage.
What Changed vs Last Quarter
NEW
FY26 AUM target of ₹32,000 crore
Management raised AUM guidance to ₹32,000 crore for FY26, implying ~30% growth from current levels.
NEW
FY27 AUM target of ₹42,000 crore
AUM target of ₹42,000 crore for FY27, implying ~31% growth over FY26 target.
NEW
FY26 PAT target of ₹850 crore
PAT target of ₹850 crore for FY26, implying ~260% growth over FY25 PAT of ~₹236 crore (annualized).
NEW
FY27 PAT target of ₹1,200 crore
PAT target of ₹1,200 crore for FY27, implying ~41% growth over FY26 target.
DROPPED
30% AUM growth for FY26
Management expects to maintain 30% AUM growth for the current fiscal year, with a target of ₹50,000 crore AUM by FY28.
DROPPED
Cost of funds to decline 30-40 bps by year-end
Management expects cost of funds to reduce by 30-40 basis points by the end of FY26 due to MCLR resets and lower incremental borrowing costs.
DROPPED
Credit cost to remain below 70 bps for FY26
Credit cost is expected to stay within 70 basis points for the full year, with Q1 being seasonally higher.
DROPPED
ROE of 13-14% for FY26, improving to 16-17% in FY27
Return on equity is guided at 13-14% for FY26, with an improvement to 16-17% in FY27 as operating leverage kicks in.
NEW RISK
Credit cost may rise with micro-loan portfolio growth
Management guided credit cost at 80-90 bps, up from historical ~70 bps, citing conservatism and micro-loan growth. If asset quality deteriorates, credit costs could exceed guidance.
NEW RISK
MSME asset quality improvement driven by ARC sale, not organic
MSME gross NPA reduction from 4.3% to 3.1% was largely due to ₹79 crore ARC sale. Excluding that, NPA levels were flat QoQ, indicating underlying stress remains.
NEW RISK
Co-lending regulatory changes could impact fee income
New co-lending guidelines (CLM 2.0) may alter economics. Management expects no impact, but transition risks remain if banks adjust terms.
RISK GONE
MSME stress in Madhya Pradesh
Management noted increased slippages in MSME loans from Madhya Pradesh and is toning down disbursements in that state.
RISK GONE
Microloan segment delinquency risk
An analyst raised concerns about rising delinquencies in the microloan segment; management acknowledged the risk and is slowing growth until technology rollout is complete.
RISK GONE
Elevated credit cost in Q1
Credit cost increased to ₹81 crore in Q1 from ₹18 crore in Q4, driven by higher stage 1 and stage 2 provisions, which could persist if asset quality deteriorates.
Fast read
Guidance and risk preview
Management raised AUM guidance to ₹32,000 crore for FY26, implying ~30% growth from current levels.
Management guided credit cost at 80-90 bps, up from historical ~70 bps, citing conservatism and micro-loan growth.
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