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
✓ 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.
75%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Benchmarks for AUM per branch/employee signaling transition to operating leverage in gold and microlab.
Asked by Amani, Init
Management gave current AUM per branch but did not provide per employee or a clear benchmark for operating leverage.
no specific benchmark givenonly provided current AUM per branch, not per employee
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Question
how should we think of uh our benchmarks like AUM per branch per employee that signal the uh our transition from buildout to operating leverage in gold and microlab businesses?
Management
gold loan is we have narrated in our call also that it has already crossed 14.1 cr per branch AUM and uh we expect this golden AUM continue to grow...
Answered
High priority
Outlook on gold yields and overall yield given portfolio mix shift.
Asked by Amani, Init
Management provided current yield and quantified expected improvement.
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Question
what's our uh outlook there on gold yields?
Management
gold yields are currently in the range of about 17.8%... we expect the gold loan to remain in the range about 18% likely there will be improvement about 20 25 bases going forward...
Answered
Medium priority
Will co-lending share keep increasing from 23.5%?
Asked by Sil Canal, ULK Financial Services
Management clearly stated they intend to maintain the current range, not increase further.
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Question
we have seen NA has been scaling faster from 20% to 23.5% in Q3 and uh how do we see the shape up going ahead?
Management
I think gold coing will remain largely in the current range of between 20 to 23% it we don't do not intend to grow it further from this level...
Answered
High priority
Scenarios for loss/provisioning if gold prices fall significantly.
Asked by Sil Canal, ULK Financial Services
Management explained conservative LTV practices, margin triggers, and dynamic monitoring.
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Question
if we see further downside in gold prices uh what kind of um you know scenarios have you embedded for your loss and provisioning?
Management
we follow the very conservative practice... portfolio level our entry is 60% overall... we have a portfolio level 40% margin...
Partial answer
High priority
Reason for decline in NIM to 9.1% and guidance on spread of 7.2%.
Asked by Vun Ruv, Share India Securities
Management avoided explaining NIM decline and redirected to spread improvement.
did not directly explain NIM decline, reframed to spread
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Question
what was the reason for decline in the overall interest margin to 9.1%... does the company stay with the same guidance for spread?
Management
spread have not come down the spread has improved from 6.9 to 7%... we given a guidance of 7.2 which we we hope to deliver that.
Evasive
Medium priority
Gold branch addition target for FY27 and regulatory approval status.
Asked by Vun Ruv, Share India Securities
Management did not provide a target number, only a timeline subject to approval.
no specific number givendeferred to future announcement
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Question
what would be the uh you know addition for bold branches in FI27?
Management
in the second half of FY 27, we'll announce the expansion of our golden branches based on what time we approach and subject to our approval...
Answered
High priority
Reason for sharp decline in gold loan yields and expansion outlook.
Asked by Isham Gupta, Choice Institutional Equities
Management clearly attributed yield decline to strategy shift and quantified expected improvement.
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Question
what was the primary reason? Was it because of higher competition?
Management
the decline in the yield in Q3 FI26 compared to Q2 FI26 is directly linked to our strategy of expanding the retail loan book with a particular focus on a smaller digger size loan in rural markets.
Answered
Medium priority
Exposure to MSME sector and AUM outlook for next 1-2 years.
Asked by Isham Gupta, Choice Institutional Equities
Management provided current and expected portfolio mix percentages.
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Question
can we assume our exposure towards MSN should also improve so what would be the AUM within next two 1 to two years?
Management
gold is about 42%... this will improve to about 45 46. As regards MSME and construction finance and housing, they will largely remain in the range of about 18 to 20% each.
Evasive
Medium priority
Impact of higher government borrowings on cost of funds for FY27.
Asked by Pet, West Advisors
Management avoided a direct yes/no on cost increase, instead discussed pass-through and mix benefits.
did not directly answer whether cost will increasereframed to pass-through and cost reduction
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Question
do you see an increase on cost of funds for the company because of that for FI27?
Management
if the cost goes up then by all the lenders that is actually get passed on to the borrower... any cost reduction which we achieve because of a mix of borrowing... that benefit will directly equate to the P&L.
Answered
High priority
Gold LTV comfort level and price fall tolerance.
Asked by Pet, West Advisors
Management explained LTV buffer and margin call process, indicating comfort with 10% fall.
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Question
till what uh price of gold are we comfortable after this if it falls?
Management
our portfolio currently sitting at 60... 35% margin you taking even the gold loan prices fall 10%... still that till then it will remain within 75% range...
Answered
High priority
Growth momentum for Q4 and next financial year, and guidance.
Asked by Pet, West Advisors
Management provided specific AUM guidance ranges for current and next fiscal year.
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Question
what kind of growth momentum do you foresee for quarter 4 and also for the next financial year?
Management
we have said that this year we will continue to deliver a growth to be in the range of about 33,000 to 34,000... Next year we revis our guidance to deliver anything between about 43 to 44,000.
Answered
Medium priority
Clarification on CEO resignation within 4 months and market rumors.
Asked by Mokshanki, PST Advisors
Management provided additional context on the CEO's departure, addressing the concern.
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Question
if the management could provide a little more clarification than the sentence that was provided in the press release?
Management
Mr. Monu was based through and throughout from Delhi... he thought and reconsidered his decision... he would like to pursue some entrepreneurial opportunity...