1. At a Glance – Blink and You’ll Miss the Growth
Capri Global Capital Ltd is what happens when an NBFC drinks three shots of growth capital and decides to sprint. As of Q3 FY26, the company reported AUM of ₹30,406 crore, clocking 47% YoY growth, while PAT jumped 99% YoY to ₹255 crore in the quarter. The stock trades around ₹175, with a market cap of ₹16,847 crore, P/E of ~20x, and P/B of 2.5x.
Three-month return? -11.7% (market mood swings).
Five-year CAGR? ~16% (steady runner).
Net NPAs are under control at ~0.74%, capital adequacy is chunky at ~32%, and yet… promoter holding has slipped from ~70% to ~60% over the last few years. So yes, this is one of those “numbers sexy, questions pending” stories. Curious already? Good. Let’s dig.
2. Introduction – From Construction Finance to Everything Finance
Capri Global didn’t wake up one morning and decide to become diversified. This has been a slow, deliberate buffet-style expansion.
- FY11: Raised ₹450 crore, entered construction finance.
- FY13: MSME lending.
- FY17: Housing finance.
- FY22: Car loans and gold loans.
Translation: wherever secured lending exists, Capri wants a chair at the table. The model is classic Indian NBFC playbook—collateral-heavy, geographically focused, and funded aggressively via debt markets and capital raises.
But here’s the twist: Capri is not just an NBFC. It also owns UP Warriorz, a Women’s Premier League cricket franchise. Why? Branding, optionality, or just vibes—management hasn’t quantified returns here, so treat it as a non-core passion asset for now.
3. Business Model – WTF Do They
Even Do?
Think of Capri as a secured-lending supermarket:
- MSME loans against property
- Affordable housing loans
- Gold loans
- Construction finance
- Indirect lending to other NBFCs
- Fee-based car loan distribution
Average ticket sizes range from ₹11 lakh (housing) to ₹7 crore (construction finance). Tenors are long. Collateral is real. Risk is… manageable, if underwriting holds.
The company loves Tier-2 and Tier-3 India, especially Madhya Pradesh and Rajasthan, which together account for over 60% of the loan book. That’s focus, not diversification. Is that a moat or a concentration risk? Comment section is open.
4. Financials Overview – Numbers Don’t Lie, But They Do Wink
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 1,220 | 821 | 1,121 | 48.7% | 8.8% |
| EBITDA / Financing Profit (₹ cr) | 363 | 195 | 338 | 86.2% | 7.4% |
| PAT (₹ cr) | 255 | 128 | 236 | 99.4% | 8.1% |
| EPS (₹) | 2.65 | 1.55 | 2.45 | 71.0% | 8.2% |
Annualised EPS (Q3 rule)
Average of Q1, Q2, Q3 FY26 EPS ≈ (1.82 + 2.45 + 2.65) / 3 × 4 ≈ ~9.1
That neatly matches trailing numbers. Clean math. No jugaad.
5. Valuation Discussion – Not Cheap, Not Crazy
Method 1: P/E
Annualised EPS ≈ ₹9.1
Reasonable P/E band for
