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Gold price volatility risk
View Risks →Capri Global Capital Limited — Q3 FY26
Capri Global delivered a strong Q3 FY26 with PAT of ₹255 crore (+99% YoY), driven by broad-based AUM growth of 47% YoY to ₹30,464 crore.
bullish
high
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Capri Global delivered a strong Q3 FY26 with PAT of ₹255 crore (+99% YoY), driven by broad-based AUM growth of 47% YoY to ₹30,464 crore. Gold loan AUM surged 80% YoY to ₹12,555 crore, supported by branch expansion and rising gold prices. Co-lending AUM reached 23.5% of total, enhancing fee income. Spread improved to 7.0% (+10bps QoQ) and cost-to-income ratio fell to 51.6% from 58.2% a year ago, reflecting operating leverage from technology investments. Management raised FY28 AUM guidance to ₹55,000 crore and targets ROE of 16-18% and ROA of 4-4.25%. Key risk: gold price volatility could pressure LTVs, though portfolio-level LTV of 60% provides a cushion.
कैपरी ग्लोबल ने तीसरी तिमाही में 255 करोड़ रुपये का मुनाफा कमाया, जो पिछले साल से 99% ज्यादा है। इसकी वजह कर्ज देने में 47% की बढ़ोतरी है, जो अब 30,464 करोड़ रुपये हो गया है। सोने के कर्ज में 80% का उछाल आया, क्योंकि कंपनी ने नई शाखाएं खोलीं और सोने के दाम बढ़े। साझेदारी वाले कर्ज से कंपनी को अतिरिक्त फीस मिल रही है। कंपनी का खर्च घटा है और मुनाफा बढ़ा है। अब वह 2028 तक 55,000 करोड़ रुपये का कर्ज देने का लक्ष्य रखती है। मुख्य जोखिम: सोने के दाम गिरे तो कर्ज पर असर पड़ सकता है, लेकिन फिलहाल सुरक्षा का स्तर अच्छा है।
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AUM
₹30,464 crore
+47% YoY
Consolidated AUM grew 47% YoY and 12% QoQ, driven by gold loan (+80% YoY) and housing loan (+40% YoY).
Gold Loan AUM
₹12,555 crore
+80% YoY
Gold loan AUM surged 80% YoY and 23% QoQ, with branch productivity reaching ₹14.1 crore per branch.
Co-lending AUM Share
23.5%
+2.5pp QoQ
Co-lending AUM rose to 23.5% of total AUM from 21% in Q2 FY26, driven by higher disbursals.
Cost-to-Income Ratio
51.6%
-660bps YoY
Cost-to-income ratio improved to 51.6% from 58.2% in Q3 FY25, reflecting operating leverage.
What Changed vs Last Quarter
NEW
Spread guidance of 7.2%
Management expects spread to improve to 7.2% in Q4 FY26, driven by higher gold loan mix and lower cost of funds.
NEW
ROE target of 16-18% and ROA of 4-4.25% by FY28
Management targets sustainable ROE of 16-18% and ROA of 4-4.25% by FY28, supported by operating leverage and fee income growth.
NEW
Cost of funds reduction of 24-25 bps in 3-6 months
Management expects to reduce cost of funds by another 24-25 bps in the next 3-6 months through borrowing mix optimization and potential rating upgrade.
UPDATED
FY28 AUM target raised to ₹55,000 crore
Management revised the FY28 AUM guidance from ₹50,000 crore to ₹55,000 crore, implying a CAGR of ~25% from current levels.
DROPPED
FY26 PAT target of ₹850 crore
PAT target of ₹850 crore for FY26, implying ~260% growth over FY25 PAT of ~₹236 crore (annualized).
DROPPED
FY27 PAT target of ₹1,200 crore
PAT target of ₹1,200 crore for FY27, implying ~41% growth over FY26 target.
NEW RISK
Gold price volatility risk
A sharp correction in gold prices could trigger margin calls and increase provisioning, though portfolio LTV of 60% provides a buffer.
NEW RISK
CEO resignation raises governance concerns
The CEO appointed in Q2 resigned within 4 months, citing entrepreneurial aspirations. Management downplayed the impact, but the short tenure may signal internal issues.
NEW RISK
Competition from banks in gold loans
Banks offer gold loans at sub-10% rates vs NBFCs at 15-18%. While management claims different customer segments, rate differential could pressure growth.
NEW RISK
Rising cost of funds from government borrowing
Higher government borrowing could increase overall interest rates, potentially raising Capri Global's cost of funds and compressing spreads.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management revised the FY28 AUM guidance from ₹50,000 crore to ₹55,000 crore, implying a CAGR of ~25% from current levels.
A sharp correction in gold prices could trigger margin calls and increase provisioning, though portfolio LTV of 60% provides a buffer.
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