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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.
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Guidance to track
- Management revised FY28 AUM guidance upward to ₹57,000 crore, implying a CAGR of ~25%.
- Target return ratios for FY28, with FY27 RoA guided at ~4% and RoE at least 16%.
- Management guided for PAT of ₹1,300 crore in FY27, implying ~37% growth over FY26 PAT of ₹949 crore.
- Expect cost of funds to reduce by ~20bps to ~9% by end of FY27, with potential further 20bps from rating upgrade.
Risks flagged
- 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.
- Sharp decline in gold prices could increase LTVs and require margin calls or auctions, though management believes a 10-15% crash in a single day is unlikely.
- Potential rate hikes post-election could limit further reduction in cost of funds, impacting NIM expansion.
- Capital adequacy declined due to subsidiary investment; management plans to use DA/co-lending and raise Tier-2 capital to maintain buffers.
Key quotes
- Capri technology and AI has become a mode and not merely a tool.
- We have built and deployed our own specialized small language model that is domain trained model purpose built for financial services use cases in India.
- Our gold loan mix can reach about 50%.
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