CGCL
Small CapCapri Global Capital Limited
Financial Services
Capri Global Capital Limited (CGCL) is a retail-focused secured lender in India, operating across MSME, Gold, Housing, and Construction Finance segments. It leverages co-lending for capital-efficient growth and has a wide branch network, including dedicated gold loan branches and car loan distribution.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/9 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 85/100Rev +45% YoY · PAT +59% YoY · +13% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,385 Cr | +44.7% | +13.3% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹283 Cr | +59.0% | +11.0% |
| PAT margin | 20.4% | +183 bps | -42 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CGCL reports strong Q4FY26 and FY26 performance with AUM up 60% YoY, PAT up 59% YoY for the quarter, and significant improvements in asset quality (NNPA 0.5%). Cost-to-income ratio improved to 49.4%.
The company demonstrated robust financial and operational growth in Q4FY26 and FY26, driven by strong AUM expansion across segments, improved asset quality, and enhanced cost efficiency. Management's strategic focus on capital-efficient co-lending and geographic expansion supports future growth targets.
Composition of AUM (Q4FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Co-lending for Capital Efficiency
Co-lending AUM grew to ₹77,831 mn in FY26, representing 21.3% of consolidated AUM, up from 17.8% in FY25.
Gold Loan Business
Gold AUM grew 60% YoY to ₹169,646 mn in Q4FY26, with live accounts reaching 1,018,080.
Geographic Expansion
Total branch network of 1,429 branches, with 999 Gold Loan branches and 430 Non-Gold branches, net addition of 98 branches in Q4FY26.
Insurance Distribution
Insurance distribution premium grew 142% YoY to ₹1,519 mn in FY26, an asset-light income stream.
Branch Network Expansion
Net addition of 98 branches in Q4FY26, bringing total to 1,429. Gold Loan network increased by 89 branches to 999.
Dedicated Tech Centers
Dedicated tech centers in Gurgaon, Noida, and Bangalore to leverage technology and data science.
Underpenetrated Retail Secured Lending
Systemic retail credit is projected to grow at ~16% CAGR, with significant credit gaps in MSME, Gold, and Housing loans.
NBFC Sector Growth
NBFC credit is expected to grow at 15-17% between FY24 and FY27, with increasing share in high-growth segments.
Digital Innovation
Leveraging tech & data science leadership, implementing Agentic AI tools for efficiency, productivity, and customer experience.
Rising Cost of Borrowings
Cost of Borrowings increased to 7.1% in Q4FY26 from 6.7% in Q4FY25, indicating potential pressure on margins.
Increase in Credit Costs
Credit Cost as a % of Avg. Total Assets increased to 0.7% in Q4FY26 from 0.4% in Q4FY25, and ECL provisions rose 112% YoY.
Asset Quality Management
While NNPA improved, ECL provisions increased significantly (112% YoY in Q4FY26), requiring close monitoring.
Competition in Retail Lending
The retail credit market is growing but also competitive, requiring continuous differentiation and efficient customer acquisition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for NBFCs. YoY highlights long-term growth and seasonal trends, while QoQ shows sequential momentum in disbursements, asset quality, and operational efficiency, which are key for financial services.
AUM Growth
PositiveConsolidated AUM up 60% YoY to ₹366,233 mn in Q4FY26. AUM grew 20% QoQ from ₹304,065 mn in Q3FY26.
Net Interest Income (NII)
PositiveNII increased 56% YoY to ₹5,956 mn in Q4FY26 and 17% QoQ from ₹5,103 mn in Q3FY26.
Net Interest Margin (NIM)
MixedNIM was 9.2% in Q4FY26, showing a slight QoQ decline from 9.4% in Q3FY26 but up from 8.9% in Q4FY25.
Cost of Borrowings
NegativeCost of Borrowings was 7.1% in Q4FY26, up from 7.0% in Q3FY26 and 6.7% in Q4FY25.
AUM Growth Target
Target of ₹550 bn AUM by FY28 and ₹1,000 bn+ by FY32, growing at 25%-30% CAGR.
ROE/ROAA Targets
Target to deliver 16.0-18.0% RoAE and 4.0%-4.5% RoAA by FY28, driven by margin expansion, cost efficiency, and underwriting.
Geographic Expansion
Plan to open 750-800 new branches over the next 2 years, expanding across Telangana, Karnataka, TN, AP, Orissa, UP.
Diversify Borrowings
Focus on raising NCD/CP, widening lender base, and strengthening co-lending partnerships to reduce cost of funds.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | ₹366,233 mn (Q4FY26) | Sustained 25-30% CAGR towards FY28 target of ₹550 bn. |
| NNPA % | 0.5% (Q4FY26) | Continued improvement or stability, especially with increasing credit costs. |
| Cost-Income Ratio | 49.4% (Q4FY26) | Further reduction through operating leverage and tech implementation. |
| ROAE | 16.0% (Q4FY26) | Achieving the 16.0-18.0% target by FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is expanding its footprint to accelerate customer acquisition.
"Expanding footprint to accelerate customer acquisition"
Trend score and candlestick chart
60BullishSMA20 +9.2% / mo · near 52W high
Technical chart
CGCLweekly · 1Y+18.7%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 63.
- SMA20 rising (~8.4% over last month) — short-term momentum positive.
- RSI(14) at 63 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 37.5%.
- Growth contributes 21/25 to the score.
- Quality contributes 8/20 to the score.
Main drags
- Altman Z is 0.8, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 15th percentile of the scored universe and 29th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter holding is 59.9%. Key concern: Operating cash flow is negative at ₹-8728 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 29th pctile, median 62 · Small: 17th pctile, median 65
189 documents indexed, but claim history is not strong enough yet.
9 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.9%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8728 Cr.
- ▸Debt/equity is 3.35.
- ▸Altman Z is 0.84.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.20
- P/B
- 2.66
- EV/EBITDA
- 393.37
- Market Cap
- 19159.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 11.70%
- ROA
- 2.90%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 67.00%
Balance Sheet
- Debt/Equity
- 3.35
- Interest Coverage
- —
- Altman Z
- 0.84
- Book Value
- 74.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -8728.00 Cr
- EPS TTM
- 9.86
Shareholding
- Promoter Hold
- 59.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.