Capri Global Capital delivered exceptional FY26: AUM ₹36,623 crore (+60%), PAT ₹949 crore, Q4 PAT ₹283 crore (+59%), gold loan AUM +111%, GNPA 0.9%, spread 7.1%, blended yield 16.3%. FY28 targets: ₹57,000 crore AUM, ROAE 16-18%, ROA 4-4.5%. Good sentiment, high confidence (AUM growth, gold loan acceleration, credit quality, ambitious but credible FY28 targets).
Headline Numbers
| Metric | FY26 / Q4 FY26 | Notes |
|---|---|---|
| Consolidated AUM | ₹36,623 crore | +60% YoY |
| FY26 PAT | ₹949 crore | — |
| Q4 PAT | ₹283 crore | +59% YoY |
| Gold Loan AUM Growth | +111% YoY | — |
| GNPA | 0.9% | — |
| Blended Yield | 16.3% | — |
| Spread | 7.1% | — |
| C/I Ratio FY26 | 49% | — |
| FY28 AUM Target | ₹57,000 crore | — |
| FY28 ROAE Target | 16-18% | — |
| FY28 ROA Target | 4-4.5% | — |
What Drove the Results
- AUM +60% — gold loan + MSME compounding: At 60% AUM growth, Capri Global is adding ₹13,000+ crore of AUM annually. Gold loan's 111% growth is the primary accelerant — it has become the fastest-growing segment and now represents a meaningful portion of total AUM. MSME loans growing at 20-25% provide the stable base. The combination creates a high-growth blended portfolio with strong yield (16.3% blended).
- GNPA 0.9% — exceptional credit quality for MSME/gold NBFC: For an NBFC serving MSMEs (historically higher risk than salaried segments), GNPA of 0.9% is exceptional. This reflects: (1) gold loan security (100% collateral, LTV 75-80%), (2) MSME secured lending (property/equipment collateral), and (3) disciplined underwriting — CGCL's credit team has refined its MSME risk models over years. The low GNPA means credit cost is minimal, allowing most spread (7.1%) to flow to profit.
- Spread 7.1%, yield 16.3% — premium economics: CGCL earns 16.3% yield on its assets vs. borrowing cost of ~9.2% = 7.1% spread. This is among the highest spreads in the NBFC sector, reflecting: high-yield gold loans (18-24% p.a.), MSME loans at 14-18% p.a., and disciplined liability management. At ₹36,623 crore AUM with 7.1% spread, that's ₹2,600 crore of NII annually — before operating costs.
- FY28 targets — ambitious but asset quality underpins: ROAE of 16-18% and ROA of 4-4.5% are significantly above current FY26 levels. These require: AUM scaling to ₹57,000 crore (operating leverage reducing C/I from 49% toward 40%), credit cost remaining below 1%, and spread maintenance at 7%+. If CGCL executes on branch expansion (gold loans) and co-lending partnerships (MSME), the trajectory is achievable.
- Co-lending headwind — temporary friction, not structural issue: New RBI co-lending guidelines require CGCL to restructure some bank partnership arrangements. Near-term impact: slower MSME disbursement growth as documentation and risk-sharing are renegotiated. Once the new framework is in place (expected FY27 H1), co-lending volumes should normalise and grow. Gold loans (100% CGCL book, no co-lending) are unaffected.
What Management Said
Management was highly confident on FY28 targets while acknowledging co-lending headwind. On AUM: "₹36,623 crore, 60% growth — we are executing across all segments. Gold loan is the fastest-growing." On gold loan: "111% growth — we expanded our branch network significantly. Gold prices helped LTV; our team execution is the driver." On FY28: "₹57,000 crore AUM, ROAE 16-18%, ROA 4-4.5% — these are clear targets. Operating leverage as AUM scales is the mechanism." On GNPA: "0.9% GNPA — our underwriting quality is consistent. Collateral-first lending protects us." On co-lending: "Near-term headwind from new guidelines. We are adapting our bank partnership structures. Underlying demand from MSME borrowers is intact."
Key Tailwinds and Risks
Tailwinds:
- Gold loan demand secular — rural and urban informal borrowers using gold as collateral
- Gold price appreciation — increases AUM LTV headroom on existing loans
- MSME credit underserved — banks don't adequately serve ₹10-50 lakh MSME loans
- Operating leverage — C/I declining from 49% as AUM scales toward ₹57,000 crore
- Co-lending framework stabilisation — once new RBI guidelines are absorbed, volume recovers
Risks:
- Co-lending guideline friction — near-term MSME growth headwind from restructuring
- Gold price reversal — 20%+ decline in gold prices could stress LTV ratios
- Regulatory risk — NBFC gold loan norms are evolving; compliance risk
- AUM concentration in gold loans — high growth but single-product concentration building
- ROAE/ROA target achievement — requires sustained C/I improvement and credit quality maintenance
StockMirror AI Signal Summary
| Signal | Reading |
|---|---|
| Overall Sentiment | Good |
| Management Confidence | High |
| Prepared Remarks | Good — 60% AUM growth, gold loan milestone, FY28 targets, GNPA discipline |
| Q&A Sentiment | Good — candid on co-lending friction, confident on FY28 path |
| Revenue Growth | Exceptional — AUM +60%; gold loan +111%; PAT +59% |
| Margin Direction | Improving — operating leverage; C/I declining to FY28 targets |
| Earnings Quality | Strong — GNPA 0.9%; spread 7.1%; collateral-secured portfolio |
Track Capri Global Capital's full AI earnings breakdown — AUM trajectory, gold loan growth, and FY28 target progress — at Capri Global's earnings page.
Key Takeaways
- FY26 AUM ₹36,623 crore (+60%); PAT ₹949 crore; Q4 PAT ₹283 crore (+59%)
- Gold loan AUM +111% — fastest-growing segment; GNPA 0.9%; spread 7.1%; yield 16.3%
- FY28 targets: AUM ₹57,000 crore, ROAE 16-18%, ROA 4-4.5%
- Co-lending guideline headwind near-term — structural MSME demand intact
- C/I 49% declining — operating leverage as AUM scales is the margin improvement path
Related: IIFL Finance Q4 FY26 · Five Star Business Finance Q4 FY26 · MAS Financial Q4 FY26
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StockMirror's AI analysis is based on publicly available earnings transcripts and BSE/NSE filings. Please consult a SEBI-registered financial advisor before making investment decisions.