Capri Global Capital Ltd Q1 FY26 – NBFC by Day, Cricket Team Owner by Night
1. At a Glance
Capri Global Capital Ltd (CGCL) is one of those NBFCs that refuses to stay in its lane. It lends to MSMEs, housing, gold, and construction — and when bored, it buys a women’s cricket team (UP Warriorz in WPL). As of Sept 24 close, the company has a market cap of ₹18,532 Cr, CMP of ₹193, and a P/E of 32x (above industry’s 23x). Its Q1 FY26 revenue came in at ₹1,004 Cr (+40% YoY), and PAT at ₹175 Cr (+131% YoY). The stock is down ~6% YoY, but up ~13% in the last 6 months, meaning Dalal Street is still swiping right occasionally. With AUM at ₹12,359 Cr (Q2 FY24) and a target of ₹30,000 Cr by FY28, management dreams of “mid-teen ROE.” The debt pile is chunky at ₹15,577 Cr, debt-to-equity is 3.6x, and promoter holding has slipped to 60% (from 70% a year ago) thanks to a ₹2,000 Cr QIP.
2. Introduction
If NBFCs were Bollywood actors, Capri Global would be that versatile supporting star who shows up in every genre. MSME loans? Done. Housing finance? Sure. Gold loans? Recently added. Construction finance? Why not. Car loan distribution? Of course. Insurance? Coming soon. And to keep itself in the headlines, they bought a WPL team. Because nothing says “financial prudence” like sponsoring sixes in Lucknow.
But behind the jazzy moves, Capri’s story is a classic NBFC hustle: raise capital, leverage it, expand AUM, rinse, repeat. Over the last 5 years, sales grew at 35% CAGR, profits at 24% CAGR, and AUM nearly doubled in 3 years. Yet ROE hovers around 12%, which is like training hard for a marathon and still walking to the finish line.
The catch? They fund long-tenor housing/MSME loans with short-term borrowings. If interest rates dance, Capri’s P&L may look like a failed dance rehearsal. Still, with capital adequacy >30% and net NPA of just 1.3%, they’ve managed to avoid the usual NBFC potholes (so far).
3. Business Model – WTF Do They Even Do?
Capri Global is basically a buffet restaurant of lending:
MSME Loans (38% AUM): Business loans against property. Avg ticket ~₹17 lakh, tenor up to 15 years.
Housing Finance (26%): Affordable housing, extensions, renovation. Avg ticket ~₹11 lakh, tenor up to 25 years.
Gold Loans (16%): New entrant, already ~₹2,000 Cr AUM within 2 years. Ticket sizes as low as ₹3,000. Rajasthan leads at 26% of portfolio.
Construction Finance (17%): Loans to mid-tier real estate developers. Avg ticket ~₹7 Cr. Tenor up to 7 years.
Indirect Lending (3%): To other NBFCs and fintechs.
Car Loan Distribution: Tie-ups with HDFC, Yes Bank, BoB etc. They don’t lend their own money here, just earn ~2% fee on originated loans.
And now, Insurance Distribution. In Dec 2023, IRDAI gave them a corporate agency license. Management expects ₹20 Cr net income from insurance in FY25.
Translation: Capri lends everywhere except maybe your cousin’s shaadi expenses.
