Capri Global Capital Ltd (Q2FY26) – When Your NBFC Starts Lending Faster Than Netflix Streams!
1. At a Glance
Ladies and gentlemen, welcome to the NBFC version of a power-packed thriller — Capri Global Capital Ltd (CGCL), where every quarter feels like a new season of “Money Heist: RBI Edition.”
At a current price of ₹209, Capri Global is flaunting a market cap of ₹20,106 crore, growing its loan book faster than politicians grow promises before elections. In Q2FY26, the company clocked ₹1,121 crore in revenue, up 49% YoY, while PAT jumped 143% to ₹236 crore. That’s not just growth — that’s caffeine-fueled capitalism.
The company’s AUM crossed ₹12,359 crore, driven by MSME loans (38%), housing (26%), and gold loans (16%). Its ROE stands at 11.8%, ROCE at 11.2%, and Net NPA a neat 1.3% — impressive control in a lending frenzy. With QIP of ₹2,000 crore and NCD issue oversubscribed, Capri is clearly having a main-character moment in the NBFC universe.
Oh, and just to prove it’s not all spreadsheets and EMIs, Capri also owns the UP Warriorz team in the WPL — because what’s better brand visibility than having your logo under floodlights on live TV while your debt-to-equity ratio sits at 3.62x?
2. Introduction – The NBFC That Refused To Nap
Capri Global Capital is not your typical sleepy NBFC that only lends to old businesses. This one’s the kid in class who’s everywhere — MSME, housing, gold loans, car loans, construction finance, indirect lending, and now insurance. If it involves lending money and collecting EMIs, Capri’s there — probably with a mobile app and a branch selfie.
Founded by Rajesh Sharma, Capri started its journey back in 2011 with a modest ₹450 crore capital raise. Since then, it’s been on a loan-disbursing marathon — MSME in FY13, Housing Finance in FY17, Car & Gold Loans in FY22, and now branching into insurance (because clearly, rest is for other people).
As of FY25, Capri operates through a network of 700+ locations, lending across 8 states, with heavy exposure in Madhya Pradesh (32%), Rajasthan (31%), Gujarat (18%), and Delhi (11%). It’s become a regional powerhouse in the Hindi heartland — or as they’d say in Indore, “loan to mil jaata hai, par Capri se hi.”
What makes Capri stand out? A blend of diversification, conservative NPAs, and expansion enthusiasm that borders on manic energy. With targets of ₹30,000 crore AUM by FY28 and mid-teen RoE, this company’s ambition is as shiny as the gold it lends against.
3. Business Model – The Lending Buffet
Capri Global’s business model is basically a lending buffet where you can find everything from gold loans to construction finance — all under one platter of NBFC excitement.
A) MSME Lending (38% of AUM): Loans secured against residential, commercial, or industrial properties. Average ticket size ₹17 lakh, tenor up to 15 years. This is Capri’s bread-and-butter — the segment that prints the EMIs every month.
B) Housing Finance (26% of AUM): Affordable home loans, average ticket ₹11 lakh, tenor up to 25 years. Capri’s subsidiary Capri Global Housing Finance Ltd (CGHFL) caters to first-time homeowners. Basically, small-town India’s dream financer.
C) Gold Loans (16% of AUM): Launched in FY22, and already the golden goose. Ticket sizes range from ₹3,000 to ₹30 lakh, with one-year tenures. Rajasthan alone contributes 26% of this segment.
D) Construction Finance (17% of AUM): Loans to small and mid-sized real estate developers — average ticket size ₹7 crore, tenure up to 7 years. Because every skyline starts with borrowed money.
E) Indirect Lending (3% of AUM): Capri funds smaller NBFCs — fintech-based, MSME-focused players. Basically, lending to lenders.
F) Car Loan Distribution: Capri acts as a sourcing partner for major banks like HDFC, BOB, Union Bank, and Yes Bank. They earn ~2.1% fee income on originated loans. Smart — low risk, pure commission income.
And because financial diversification wasn’t enough, they’ve entered Insurance Distribution with an IRDAI corporate agency license (Dec’23). Expected to add ₹20 crore to income in FY25. Capri’s becoming the “Big Bazaar” of finance — aisles full of every financial product imaginable.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹1,121 Cr
₹752 Cr
₹1,004 Cr
49.1%
11.7%
EBITDA
₹744 Cr
₹463 Cr
₹647 Cr
60.5%
15.0%
PAT
₹236 Cr
₹97 Cr
₹175 Cr
143.3%
34.9%
EPS (₹)
2.45
1.18
1.82
107.6%
34.6%
Every number here screams “momentum.” Revenue and profit both rising sharply, while margins hold steady at an OPM of ~66% — Capri is running this lending machine with ruthless efficiency.
Annualized EPS ≈ ₹9.8 → at CMP ₹209, the P/E ~21.3x, a fair premium in NBFC-land.
5. Valuation Discussion – Fair Value Range
Method 1: P/E Method Current EPS (TTM): ₹7.97 Industry P/E (avg): 22–30x Fair Value Range = ₹175 – ₹240
Method 2: EV/EBITDA Method EV = ₹34,151 Cr; EBITDA (TTM) = ₹2,541 Cr → EV/EBITDA = 13.4x Industry range: 10–14x Fair Value Range = ₹190 – ₹250
Method 3: DCF (Simplified) Assuming AUM CAGR 25% for 3 years, RoE 12–14%, CoE 10% → intrinsic value band ₹180–₹240
✅ Fair Value Range (Educational Purpose): ₹180 – ₹240 This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Capri Global’s newsroom has been busier than its loan department lately:
₹2,000 crore QIP (June 2025) – Fully subscribed and now fully deployed into growth lending and loan repayment. CRISIL confirmed: money put to use, not sitting idle.
₹2,000 crore NCD Issue (Oct 2025) – Oversubscribed within days; coupon rates up to 9.7%. Clearly, the market trusts Capri’s creditworthiness more than some sovereign budgets.
New CEO Monu Ratra – Appointed October 2025, previously from IIFL Home Finance. He’s known for scaling housing books faster than most NBFCs can fill term sheets.
Insurance Business Kickoff – With IRDAI license in hand, Capri is gearing up to sell insurance through its loan network. Think of it as EMIs meeting LIC agents.
UP Warriorz Franchise – Capri’s ownership in WPL is both branding and balance sheet flexing. Cricket is India’s advertising goldmine, and Capri knows it.
FY28 Target: ₹30,000 crore AUM, mid-teen RoE. At this pace, they might reach that before IPL 2027.
Question: With this level of aggression, will Capri become the next Bajaj Finance, or just the next season of high-growth, high-leverage drama?
