Capri Global Capital Ltd Q4 FY26: Massive PAT Surge of 98% as AUM Hits ₹366,233 Million

The numbers are out, and if you were looking for a sign that the retail lending machine in India is on steroids, Capri Global Capital Limited (CGCL) just handed you the entire pharmacy. We aren’t just talking about a “good” quarter; we are talking about a full-blown financial rampage.

1. At a Glance

Capri Global isn’t playing the safe, boring lending game anymore. This is a company that has transformed from a construction finance specialist into a diversified retail lending powerhouse. The FY26 results are nothing short of spectacular.

Profit After Tax (PAT) for the full year hit ₹9,486 million, a staggering 98% growth over the previous year. If you think that’s a fluke, look at the Assets Under Management (AUM), which rocketed 60% YoY to reach ₹366,233 million. This isn’t just growth; it’s a structural shift in how they utilize their balance sheet and co-lending partnerships.

The company has successfully pivot-steered into Gold Loans, which now make up 46.3% of their total AUM. Just a few years ago, this was zero. They’ve also managed to keep the Net NPA at a measly 0.5%, which is essentially the financial equivalent of keeping a white shirt spotless while eating spaghetti.

With a network of 1,429 branches and an “AI-first” operating model that seems to be doing the heavy lifting, Capri is betting big on the “Aspiring India” segment—the folks banks usually ignore until they become rich.

2. Introduction

Capri Global Capital Limited is a diversified Non-Banking Financial Company (NBFC) that has spent the last decade collecting lending segments like Thanos collecting Infinity Stones.

From MSME lending in FY13 to Housing Finance in FY17, and the recent explosive entry into Gold Loans and Car Loan distribution in FY22, they have built a fortress that covers almost every credit need of the Indian middle and lower-middle class.

They don’t just lend; they distribute. Their car loan originations are a fee-income machine, and their foray into Insurance distribution (Capri Care) is already contributing significantly to the bottom line without putting a single rupee of capital at risk.

Oh, and they own a cricket team (UP Warriorz). Because why just dominate the balance sheet when you can also dominate the pitch? This is a management team led by Rajesh Sharma that clearly values aggressive expansion backed by tech-enabled underwriting.

3. Business Model – WTF Do They Even Do?

At its core, Capri Global is a yield hunter. They go where the margins are fat and the collateral is solid.

• Gold Loans (46% of AUM): This is their new crown jewel. They take your gold, give you cash in 30 minutes, and keep the gold in a vault. It’s the safest bet in finance because if you don’t pay, they simply sell the gold.
• MSME & Housing (38% of AUM combined): They lend to small business owners and home buyers in Tier 2 and Tier 3 cities. These are people with “informal income”—the kind that makes traditional bank auditors cry, but Capri uses “specialized underwriting” to make it work.
• Construction Finance (16% of AUM): They lend to mid-sized real estate developers. It’s high-yield and granular, focused strictly on residential projects.
• The “Asset-Light” Side: They distribute car loans for big banks like HDFC and ICICI. They get a fee, the bank gets the loan, and Capri gets to keep their capital for other things.

It’s a “platform-centric” model. They want to be the one-stop shop for every financial need of a small businessman in Rajasthan or Madhya Pradesh.

4. Financials Overview

The latest results (Q4 FY26) show a company that is finally enjoying the fruits of its massive branch expansion.

Annualised EPS Calculation: Since this is the Q4 (March) result, we use the full-year EPS of ₹9.86.

Management Check: In the Feb 2026 concall, management promised “margin expansion and operating efficiency.” With the Cost-to-Income ratio dropping from 59.9% to 49.4% in one year, they didn’t just walk the talk—they ran a marathon.

5. Valuation Discussion – Fair Value Range

Let’s get into the weeds of what this machine is worth.

Method 1: P/E Multiplier

The current Stock P/E is 18.9x. Given the 98% profit growth and