Claim Ledger
92% answered
Did management answer the analysts?
12 analyst questions audited, 1 evaded or deflected.
View Claim Ledger →Capri Global Capital Ltd — Q4 FY26
Capri Global delivered a strong Q4 FY26 with PAT of ₹283 crore (+59% YoY) and full-year PAT of ₹949 crore (+98% YoY).
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Capri Global delivered a strong Q4 FY26 with PAT of ₹283 crore (+59% YoY) and full-year PAT of ₹949 crore (+98% YoY). AUM grew 60% YoY to ₹36,623 crore, driven by gold loans (+111% YoY) and housing (+43% YoY). Asset quality improved sharply with GNPA at 0.9% (down 61bps QoQ). The company secured global credit ratings (S&P BB-, Moody's Ba3) and guided for AUM of ₹55,000 crore by FY28 with RoA of 4-4.5% and RoE of 16-18%. Key risk: temporary slowdown in co-lending volumes due to new RBI guidelines could impact near-term growth.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →
Risks
4 risks
Risk Intelligence
Co-lending guideline impact
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
AUM
₹36,623 Cr
+60% YoY
Consolidated assets under management grew 60% year-on-year, driven by gold loan and housing segments.
Gold Loan AUM
₹6,965 Cr
+111% YoY
Gold loan AUM more than doubled YoY, supported by branch expansion and higher gold prices.
Gross NPA
0.9%
-61bps QoQ
Gross NPA improved to 0.9% from 1.5% in Q3, driven by strong collections across segments.
Branch Network
1,429
+98 QoQ
Net addition of 98 branches in Q4, with 89 gold loan branches added in southern and eastern regions.
What Changed vs Last Quarter
NEW
PAT guidance of ₹1,300 crore for FY27
Management guided for PAT of ₹1,300 crore in FY27, implying ~37% growth over FY26 PAT of ₹949 crore.
NEW
Cost of borrowings to decline ~20bps in FY27
Expect cost of funds to reduce by ~20bps to ~9% by end of FY27, with potential further 20bps from rating upgrade.
UPDATED
AUM target of ₹55,000 crore by FY28
Management revised FY28 AUM guidance upward to ₹57,000 crore, implying a CAGR of ~25%.
UPDATED
RoA of 4-4.5% and RoE of 16-18% by FY28
Target return ratios for FY28, with FY27 RoA guided at ~4% and RoE at least 16%.
DROPPED
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.
DROPPED
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.
NEW RISK
Co-lending guideline impact
New RBI co-lending guidelines effective Jan 2026 may cause temporary slowdown in co-lending volumes for a couple of quarters as existing contracts expire and technology integration is completed.
NEW RISK
Interest rate hike risk
Potential rate hikes post-election could limit further reduction in cost of funds, impacting NIM expansion.
NEW RISK
Capital adequacy pressure
Capital adequacy declined due to subsidiary investment; management plans to use DA/co-lending and raise Tier-2 capital to maintain buffers.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q3 FY26
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.
Fast read
Guidance and risk preview
Management revised FY28 AUM guidance upward to ₹57,000 crore, implying a CAGR of ~25%.
New RBI co-lending guidelines effective Jan 2026 may cause temporary slowdown in co-lending volumes for a couple of quarters as existing contracts...
View Risks →