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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. Gold loans crossed ₹10,000 crore AUM, growing 58% YoY, while co-lending reached 21% of AUM. Net interest income rose 57% YoY to ₹480 crore, and non-interest income grew 97% YoY to ₹203 crore. Cost-to-income improved to 49% from 64% a year ago. Management raised AUM guidance to ₹32,000 crore for FY26 and ₹42,000 crore for FY27, with PAT targets of ₹850 crore and ₹1,200 crore respectively. Credit cost guidance was conservatively set at 80-90 bps. Risk: elevated credit costs from the growing micro-loan portfolio could pressure margins if asset quality deteriorates.
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Guidance to track
- Management raised AUM guidance to ₹32,000 crore for FY26, implying ~30% growth from current levels.
- AUM target of ₹42,000 crore for FY27, implying ~31% growth over FY26 target.
- PAT target of ₹850 crore for FY26, implying ~260% growth over FY25 PAT of ~₹236 crore (annualized).
- PAT target of ₹1,200 crore for FY27, implying ~41% growth over FY26 target.
Risks flagged
- 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.
- 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.
- New co-lending guidelines (CLM 2.0) may alter economics. Management expects no impact, but transition risks remain if banks adjust terms.
Key quotes
- We are well placed to deliver 25 to 30% annual AUM growth and sustainable return on average equity of 16 to 18% plus return on average assets of 4 to 4 and a half% by FY28.
- Our gold loan grew an impressive 58% year-on-year while housing loans rose 37% year-on-year.
- I do not think that our credit cost will go up more than 1% ever.
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