HDFC Bank Limited
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Research updated
Capri Global Capital Ltd.
NSE: CGCLFinancial ServicesCredit Services
- Last close
- ₹235.84
- Day change
- −₹1.33 (−0.56%)vs
- Market cap
- ₹22,819 crIndian rupees
- Research updated
- 3 reports
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About Capri Global Capital
Capri Global Capital Ltd. is a non-banking financial company based in India, primarily focused on providing finance solutions across various sectors. The company's core operations revolve around lending services, particularly in fields such as small and medium enterprise (SME) loans, housing finance, and microfinance. This positions Capri Global Capital as an essential player in supporting entrepreneurial growth and facilitating housing accessibility in one of the world's most populous markets. Notably, the firm tailors its financial products to meet the unique needs of its diverse customer base, emphasizing customized and flexible lending structures. In the financial market, Capri Global plays a key role in bridging funding gaps for underbanked segments and fostering economic development at the grassroots level. With its comprehensive portfolio, Capri Global Capital Ltd. contributes significantly to enhancing financial inclusion and driving the domestic economic landscape forward. Its strategic focus underscores the importance of innovative financial solutions in expanding credit availability to traditionally underserved sectors.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: CGCL
- Next results
- Employees
- 9,747
- Headquarters
- Mumbai, India
- ISIN
- INE180C01042
- Website
- capriloans.in
Public research · Report of
Business model & financial foundation
Capri Global Capital (NSE: CGCL), Secured retail non-bank lending: revenue of ₹4,731 crore in FY26 (+45.7% on FY25) and net profit of ₹949.2 crore.
- Revenue, FY26 (₹ crore)
- 4,731
- consolidated
- Revenue growth, FY26
- +45.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 949.2
- to owners
- Return on equity, FY26
- 16.5%
- on average equity
- Market capitalisation (₹ crore)
- 23,853
- at the close of 22 Oct 2026
Company profile
Capri Global lends against gold, small-business collateral, housing and construction projects. Gold is the fastest-growing book; housing lending and car-loan distribution reside in wholly owned subsidiaries. Interest spread and recurring origination/distribution fees fund branch costs and credit losses; co-lending and loan assignment add income while reducing balance-sheet intensity.
| Item | Value |
|---|---|
| Legal name | Capri Global Capital Limited |
| Exchange and ticker | NSE: CGCL; BSE: 531595 |
| ISIN | INE180C01042 |
| CIN | L65921MH1994PLC173469 |
| Sector | Financial Services |
| Industry | Secured retail non-bank lending |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates |
| Market capitalisation | ₹23,853 crore (22 Oct 2026) |
| Shares outstanding | 96.22 crore shares (FY26) |
| Price | ₹237.2 (close, 22 Oct 2026) |
| 52-week range | ₹151.1 - ₹287.5 (to 22 Oct 2026) |
| Website | https://www.capriloans.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Capri Global Housing Finance Limited | 100% | Affordable housing lending |
| Capri Loans Car Platform Private Limited | 100% | Car loan distribution |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.92% | 59.92% | 59.92% | 59.92% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.50% | 5.62% | 8.21% | 13.00% |
| Domestic institutions | 20.11% | 20.11% | 18.42% | 17.04% |
| of which mutual funds | 6.55% | 7.05% | 7.06% | 6.81% |
| Retail | 15.47% | 14.35% | 13.46% | 10.04% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Capri Global Capital (NSE: CGCL) is a consolidated secured retail lender across gold loans, MSME/LAP, affordable housing through CGHFL and construction finance. At Q1 FY27, AUM was INR40,112 cr: gold INR19,179 cr, MSME INR6,779 cr, housing INR7,815 cr and construction finance INR6,332 cr. Car-loan distribution, insurance and co-lending/direct-assignment fees supplement lending income. Funding is mainly bank borrowings and co-lending/direct assignment; the group also issued USD300 mn 7.55% notes due 2029 and INR160 cr 9.75% subordinated NCDs.
| Segment | aum, FY24 (₹ crore) | Share |
|---|---|---|
| Single reportable financing segment; management product split below | 15,653 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Muthoot Finance (MUTHOOTFIN) | Gold collateral lending and branch economics |
| Manappuram Finance (MANAPPURAM) | Gold lending and diversified credit risks |
| IIFL Finance (IIFL) | Gold, housing and MSME secured lending |
| Five-Star Business Finance (FIVESTAR) | Small-ticket secured MSME lending |
| Aptus Value Housing Finance (APTUS) | Affordable housing economics |
| Aavas Financiers (AAVAS) | Affordable housing and funding cost comparator |
| Bajaj Finance (BAJFINANCE) | Diversified retail scale and gold loan entrant |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 885.8 | 1,326 | 2,313 | 3,248 | 4,731 |
| Cost of revenue (vendor classification) * | 503.6 | 901.2 | 1,480 | 2,161 | 2,765 |
| Other operating costs (vendor classification) * | 64.5 | 116.6 | 190.8 | 323.4 | 296.0 |
| EBITDA (vendor classification) * | 350.3 | 316.1 | 436.3 | 475.0 | 1,573 |
| EBIT * | 276.0 | 284.0 | 400.2 | 501.7 | 1,294 |
| Interest expense / finance cost | 3.32 | 15.7 | 837.2 | 1,274 | 1,730 |
| Profit before tax | 272.6 | 268.3 | 365.6 | 633.3 | 1,257 |
| Tax expense | 67.6 | 63.6 | 86.2 | 154.8 | 308.3 |
| Consolidated PAT including minorities | 205.0 | 204.7 | 279.4 | 478.5 | 949.2 |
| Diluted EPS (₹) | 2.76 | 2.54 | 3.36 | 5.77 | 10.12 |
| Interest income | 1,823 | 2,605 | 3,728 | ||
| Net interest income | 985.7 | 1,331 | 1,998 | ||
| Non-interest income (management net basis) | 382.1 | 501.4 | 859.7 | ||
| Net total income (NII plus non-interest income) | 1,368 | 1,833 | 2,858 | ||
| Operating expenses (management net-fee basis) | 910.7 | 1,099 | 1,411 | ||
| Employee benefits expense | 623.7 | 742.9 | 1,009 | ||
| Pre-provision operating profit | 456.9 | 734.1 | 1,446 | ||
| Total credit cost (ECL provisions plus write-offs) | 91.4 | 100.8 | 189.5 | ||
| Gross fees and commission income (statutory) | 230.6 | 413.4 | 574.8 | ||
| Depreciation and amortisation | 87.9 | 101.7 | 109.6 | ||
| PAT attributable to owners of parent | 279.4 | 478.5 | n.r. | ||
| Fees and commission expense, gross statutory | 109.3 | 144.4 | 154.0 | ||
| Other statutory expenses excluding fee expense | 199.2 | 254.1 | 293.0 | ||
| Total statutory income before finance cost and fee netting | 2,314 | 3,251 | 4,742 | ||
| Statutory other income outside revenue from operations | 1.34 | 2.90 | 10.9 | ||
| Statutory operating costs including fees and commission | 1,020 | 1,243 | 1,565 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 1,922 | 3,565 | 3,837 | 4,304 | 7,203 |
| Borrowings including debt securities | 4,832 | 7,511 | 10,407 | 15,577 | 24,112 |
| Cash and cash equivalents | 322.5 | 1,477 | 639.6 | 1,507 | 2,082 |
| Trade receivables * | 9.33 | 32.2 | 136.7 | 58.8 | 32.7 |
| Trade payables * | 33.5 | 96.6 | 131.1 | 102.4 | 127.1 |
| Net property, plant and equipment | 0.98 | 15.0 | 349.6 | 341.4 | 361.4 |
| Capital work in progress | 0.00 | 2.52 | 0.08 | 0.12 | 0.15 |
| Consolidated total assets | 7,153 | 11,801 | 15,150 | 20,833 | 32,676 |
| Loans, consolidated net carrying amount | 13,421 | 18,251 | 28,150 | ||
| Equity attributable to owners | 3,837 | 4,304 | |||
| Debt securities | 152.2 | 508.7 | 2,273 | ||
| Borrowings other than debt securities | 10,255 | 15,068 | 21,839 | ||
| Net debt, company capital-management definition | 10,390 | 14,455 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -1,832 | -3,641 | -3,699 | -4,312 | -8,728 |
| Free cash flow (vendor definition) * | -1,352 | -3,138 | -3,768 | -4,378 | -8,787 |
| Dividends paid (the provider's sign: an outflow is negative) | -7.01 | -7.98 | -10.3 | -12.4 | -19.2 |
| Capital expenditure (the provider's sign: an outflow is negative) | -10.3 | -118.5 | -63.6 | -65.4 | -59.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| End-of-period equity shares, not weighted average | 73.43 | 80.37 | 82.49 | 82.51 | 96.22 |
| Consolidated AUM including off-book loans | 15,653 | 22,860 | 36,623 | ||
| Weighted average basic equity shares | 82.49 | 82.50 | |||
| Weighted average diluted equity shares | 83.09 | 82.96 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 683.9 | 760.8 | 957.3 | 922.5 | 1,081 | 1,171 | 1,385 | 1,557 |
| Cost of revenue (vendor classification) * | 516.9 | 548.5 | 612.3 | 606.0 | 753.4 | 864.2 | 932.1 | |
| Other operating costs (vendor classification) * | 65.2 | 58.7 | 63.2 | 62.8 | 80.5 | 66.0 | 88.2 | |
| EBITDA (vendor classification) * | 82.6 | 141.7 | 153.1 | 256.6 | 390.9 | 379.9 | 527.0 | 579.4 |
| EBIT * | 92.2 | 142.9 | 179.7 | 228.9 | 338.2 | 343.5 | 433.3 | 507.8 |
| Profit before tax | 128.3 | 170.7 | 235.5 | 230.0 | 314.1 | 340.3 | 373.0 | 470.0 |
| Tax expense | 31.3 | 42.6 | 57.8 | 55.1 | 78.1 | 84.8 | 90.2 | 116.6 |
| Consolidated PAT including minorities | 97.0 | 128.1 | 177.7 | 174.9 | 236.0 | 255.4 | 282.8 | 353.4 |
| Diluted EPS (not annualised) (₹) | 1.17 | 1.54 | 2.14 | 2.04 | 2.44 | 2.65 | 2.93 | 3.66 |
| Interest income | 615.6 | 678.3 | 738.8 | 806.4 | 885.4 | 941.6 | 1,094 | 1,323 |
| Interest expense / finance cost | 311.0 | 333.0 | 358.1 | 394.0 | 405.9 | 431.4 | 498.6 | 586.5 |
| Net interest income | 304.6 | 345.3 | 380.7 | 412.5 | 479.5 | 510.3 | 595.6 | 736.4 |
| Non-interest income (management net basis) | 103.3 | 107.4 | 181.7 | 169.2 | 203.4 | 240.4 | 247.2 | 216.9 |
| Net total income (NII + non-interest income) | 407.8 | 452.8 | 562.4 | 581.7 | 682.9 | 750.7 | 842.8 | 953.3 |
| Operating expenses (management net-fee basis) | 262.1 | 263.6 | 308.4 | 270.2 | 337.7 | 387.3 | 416.0 | 421.2 |
| Employee benefits expense | 171.9 | 179.4 | 216.6 | 182.7 | 228.3 | 278.7 | 319.3 | 301.4 |
| Pre-provision operating profit | 145.7 | 189.2 | 254.0 | 311.5 | 345.3 | 363.4 | 426.8 | 532.1 |
| Total credit cost (ECL provisions plus write-offs) | 17.5 | 18.4 | 18.5 | 81.5 | 31.2 | 23.1 | 53.8 | 62.2 |
| Gross fees and commission income (statutory) | n.r. | 82.5 | 144.9 | 112.3 | 106.1 | 100.8 | 181.9 | 155.4 |
| Depreciation and amortisation | n.r. | n.r. | 28.5 | 24.7 | 26.1 | 28.1 | 30.7 | 28.8 |
| PAT attributable to owners of parent | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Statutory other expenses excluding fee expense | 63.2 | 66.0 | ||||||
| Statutory fees and commission expense | 37.5 | 46.3 | ||||||
| Statutory total income before finance cost and fee netting | 958.0 | 1,388 | ||||||
| Other income outside revenue from operations, statutory | 0.70 | 2.69 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 32.2% | 49.7% | 74.5% | 40.4% | 45.7% |
| Net margin | 23.1% | 15.4% | 12.1% | 14.7% | 20.1% |
| Return on equity | 11.3% | 7.5% | 7.5% | 11.8% | 16.5% |
| Return on assets | 3.2% | 2.2% | 2.1% | 2.7% | 3.5% |
| Dividend payout | 3.4% | 3.9% | 3.7% | 2.6% | 2.0% |
| EPS, diluted (₹) | 2.76 | 2.54 | 3.36 | 5.77 | 10.12 |
| Book value per share (₹) | 26.18 | 44.36 | 46.51 | 52.16 | 74.87 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Capri Global Capital includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Capri Global Capital
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