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.
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
Branch expansion strategy and focus on MSME/housing
Asked by Aman Bahhati, Incorrect
Management provided specific branch additions by segment and confirmed focus on MSME while also expanding gold.
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Question
So our net addition for this quarter was 86 branches which was quite sharp compared to the earlier quarters and most of these are non-gold branches. So how should we look at the overall branch expansion strategy is the focus now shifting back towards MSME and housing verticals.
Management (unidentified)
This quarter we added 86 branches. MSM we added about 13. Micro we added about 43 which is a new newly introduced product one and a half year ago. Gold loan we added 21 branches. So focus is back to MSME you can say that but at the same time Gold also we are going to add more branches by the end of the March 2026.
Answered
High priority
Unit economics and ROE improvement in co-lending
Asked by Aman Bahhati, Incorrect
Management explained the capital efficiency and confirmed co-lending share target of ~20%.
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Question
So now our co-lending forms about 20-21% of the total AUM. So how are the unit economics working out in terms of the spread and the fee income and do you see a meaningful improvement in ROE in this space?
Management (unidentified)
Co-lending is a spread it remains the same. It is just a tool to use your treasury in a manner that you need not to provide any capital and credit line. ... So it is a very capital efficient model without compromising any margins or the spread and going forward I think our co-lending fees will remain in the range of about 20%.
Partial answer
Medium priority
Target mix between NCDs and bank loans and blended cost of funds
Asked by Aman Bahhati, Incorrect
Management gave cost of fund guidance but did not specify target mix between NCDs and bank loans.
no target mix given
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Question
So over the next year or couple of years what's your target mix between NCDs and bank loans and what will be the blended cost of funds?
Management (unidentified)
Cost of fund currently is about 9.66, we expect that reduction of MCLR rate plus diversification and some mix of commercial paper and short-term borrowing should bring the cost of fund down by another 30 to 40 basis gradually in next two to three quarters.
Answered
High priority
Stress in MSME segment and declining trend
Asked by Karan Gandhar, Choice Institutional Equities
CFO explained the reduction was due to ARC sale and gave specific NPA numbers.
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Question
The MSME provision has decreased. How do we see the stress in this segment going forward? Do we see that the stress has been on a declining trend or do we see something happening here?
CFO (unidentified)
If you look at the quarter on quarter then MSME NPA numbers have reduced from 4.3% to 3.1% on gross and subsequently the net NPA has also gone down however there is no significant change in the external environment ... this reduction is largely on account of the ARC sale which we have done.
Answered
Medium priority
Credit quality in construction finance
Asked by Karan Gandhar, Choice Institutional Equities
CFO provided specific numbers and confirmed stability with no expected surprises.
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Question
Consequently anything on the construction side also or is construction finance stable? Any moment there do you expect on credit quality?
CFO (unidentified)
Construction finance book if you seen over the period of years it has been remain very stable and as you understand that our construction finance book is also in a very retail way of doing very smaller ticket size outstanding base is 17 cr sanction is 51 cr so that reflect that risk is very granular.
Answered
Medium priority
Gold loan top-up loans and consumer behavior amid high gold prices
Asked by Karan Gandhar, Choice Institutional Equities
Management explained repeat customer behavior and LTV remains conservative at less than 65%.
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Question
Now that gold price has rocketed like everyone knows what kind of top-up loans are we seeing? What is the consumer behavior regarding this?
Management (unidentified)
Top up loan or repeat loan they are one and the same thing in the gold loan because same customer keep repeating coming again and again ... 55% customers are repeat customer and top-up loans keep happening is a regular feature.
Answered
High priority
Target mix between gold, housing, MSME for next year
Asked by Saga, SparkPWM
Management gave specific percentage ranges for each segment.
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Question
What kind of mix are we targeting for next year between these three segments out of a total loan portfolio sir?
Management (unidentified)
I think our gold will remain in the range of about 40% plus minus 2-3% here and there and the rest of the segment of affordable housing MSME and construction finance will remain in the range of 20 to 22%.
Answered
High priority
Change in yield on advances due to mix shift
Asked by Saga, SparkPWM
Management quantified expected yield improvement and cost of fund reduction.
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Question
Are we going to see any change in the yield on advances or the NIMs due to this change in mix sir by next year?
Management (unidentified)
Our current portfolio yield in the range of 16 and a half%. And there could be a slightly improvement of 25 basis or so on account of gold and on account of micro lab. ... overall, you can expect that about 25 basis increment in the yield of the advantage will be there.
Answered
Medium priority
Gold loan tonnage growth
Asked by Saga, SparkPWM
Management provided specific tonnage growth numbers.
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Question
We saw almost 58% growth actually in that segment. So I wanted to know how much was the tonnage growth actually that we have as collateral?
Management (unidentified)
Growth in the range is about 16.4 which is increment about 18% YoY and 3% quarter on quarter.
Answered
Medium priority
MSME average ticket size increase
Asked by Saga, SparkPWM
Management clarified the data discrepancy and gave total customer count.
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Question
MSME AUM growth is around 16% but the number of live accounts are down YoY. So are we incrementally increasing our ticket size? Are we looking for higher ticket clients in MSME?
Management (unidentified)
While you are taking the growth you are taking the growth of MSME including micro lab while you are taking the number of customer you are taking only of MSME. So that is why this disconnect is happening. ... Total number of MSME customers including Micro lab are 45,000.
Answered
Medium priority
Housing yield trajectory and potential rate cuts
Asked by Saga, SparkPWM
Management stated they are targeting yield improvement, not reduction.
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Question
The housing yields actually even though we saw almost 100 bps of rate cuts, still our housing yields haven't decreased. So is it safe to assume that you will be passing on some sort of benefits to our housing customers in the next two quarters?
Management (unidentified)
Our focus is that our yield which is currently 13.3 we are targeting the yield has to improve to 13.7 and for that we are going a smaller ticket size smaller locations tier three tier four and focusing on improving the yield of the overall housing business.
Partial answer
High priority
Drivers of NIM improvement and cost of fund decline
Asked by Varun Dub, Share India Securities
Management explained cost of fund drivers but did not quantify NIM stabilization level.
no specific NIM guidance given
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Question
What's driving the overall net interest margin for the company because the net interest margins have gone up by around 60 bps on a quarter quarter basis. ... with the 30 to 40 bps decline in cost of fund that we are expecting next two to three quarters where will this figure?
Management (unidentified)
Because lot of our interest rates loans are now happening at the lower rate plus old loans are getting reset and those dates are happening on an annual basis. ... So because of the two things our cost of fund will come down.