Capri Global Capital Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Capri Global Capital Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Capri Global Capital reported consolidated AUM of INR40,112 crores for Q1 FY27, up 62% year-on-year and 10% quarter-on-quarter, with profit after tax of INR353 crores, up 102% year-on-year. Gold loan AUM grew 111% year-on-year while MSME and housing loans grew 24% and 42% year-on-year respectively, and gross Stage 2 assets rose to 3.8% from 2.8% in the previous quarter mainly due to gold loans. Management revised its AUM target upward to INR65,000 crores by FY28 and discussed branch expansion, technology initiatives with AI and collections, and asset quality trends across segments.
Numbers mentioned
Profit after tax: INR353 crores (Q1 FY27)
p. 4
“achieving highest ever quarterly profit after tax of INR353 crores, a 102% increase year-on-year basis.”
Rajesh Sharma, page 4 of the filed PDF · View the filing
Consolidated AUM: INR40,112 crores (Q1 FY27)
p. 4
“Our consolidated AUM stood at INR40,112 crores, reflecting a robust 62% year-on-year and 10% quarter-on-quarter growth.”
Rajesh Sharma, page 4 of the filed PDF · View the filing
Gold loan AUM: INR19,179 crores (Q1 FY27)
p. 4
“Gold loan AUM saw robust growth to INR19,179 crores, a sequential increase of 13% quarter-on-quarter.”
Rajesh Sharma, page 4 of the filed PDF · View the filing
Disbursements: INR11,114 crores (Q1 FY27)
p. 4
“Disbursements for the quarter rose 31% year-on-year to INR11,114 crores on account of growing customer base and widening distribution networks.”
Rajesh Sharma, page 4 of the filed PDF · View the filing
MSME AUM: INR6,779 crores (Q1 FY27)
p. 5
“Our MSME AUM grew to INR6,779 crores, up 24% year-on-year and disbursements stood at INR616 crores for Q1 FY27, up 32% year-on-year, led by steady execution and network expansion.”
Rajesh Sharma, page 5 of the filed PDF · View the filing
Housing AUM: INR7,815 crores (Q1 FY27)
p. 5
“On our housing business side, AUM stood at INR7,815 crores, delivering a year-on-year growth of 42%.”
Rajesh Sharma, page 5 of the filed PDF · View the filing
Construction finance AUM: INR6,332 crores (Q1 FY27)
p. 6
“Our construction finance AUM saw healthy growth of 40% year-on-year to INR6,332 crores spread across 291 active projects with an average sanction ticket size of INR41 crores and outstanding portfolio ticket size of INR20 crores.”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Net interest income: INR736 crores (Q1 FY27)
p. 6
“Our net interest income for Q1 FY27 is to date INR736 crores, up 79% year-on-year driven by strong loan book growth and margin expansion.”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Non-interest income: INR217 crores (Q1 FY27)
p. 6
“Non-interest income grew 28% year-on-year to INR217 crores, contributing 23% on our net total income for the quarter.”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Cost-to-income ratio: 44.2% (Q1 FY27)
p. 7
“our cost-to-income ratio further improved to 44.2% in Q1 FY27 compared to 49.4% in Q4 FY26”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Pre-provision profit: INR532 crores (Q1 FY27)
p. 7
“our pre-provision profit surged 71% year-on-year to INR532 crores for the quarter.”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Return on average equity: 19.1% (Q1 FY27)
p. 7
“Our return ratio considerably improved during Q1 FY27 with return on average equity at 19.1% versus 13% a year before.”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Return on average asset: 4.1% (Q1 FY27)
p. 7
“And return on average asset at 4.1% versus 3.2% a year before.”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Gross Stage 2 ratio: 3.8% (Q1 FY27)
p. 8
“our gross Stage 2 ratio for the quarter increased to 3.8% from 2.8% in previous quarter.”
Rajesh Sharma, page 8 of the filed PDF · View the filing
Gross Stage 3 ratio: 1.1% (Q1 FY27)
p. 8
“At consolidated level, our gross Stage 3 ratio stood at 1.1% and net Stage 3 ratio stood at 0.6%, which is amongst the top quartile in the industry.”
Rajesh Sharma, page 8 of the filed PDF · View the filing
Blended yield: 17% (Q1 FY27)
p. 6
“Our blended yields and spreads on net advances improved further in the quarter to 17% and 7.8%, respectively, driven by increasing share of high-yield products, increase in our gold loan yields and improvement in costs of borrowing.”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Capital adequacy ratio (CGCL): 24.7% (Q1 FY27)
p. 8
“capital adequacy ratio for both entities remain quite healthy at 24.7% for the Capri Global Capital and 27.8% for Capri Global Housing Finance, thus providing headroom to support growth across business segments.”
Rajesh Sharma, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
AUM — INR65,000 crores · FY28
stated firmly by Rajesh Sharma
p. 10
“confident of revising our AUM target to INR65,000 crores by FY28 and consistent return on average equity of 19% to 21% and return on average asset about 4.2% to 4.7%.”
Rajesh Sharma, page 10 of the filed PDF · View the filing
AUM — INR50,000 crores · FY27
stated firmly by Rajesh Sharma
p. 13
“So, I think for FY27, we are on course to achieve INR50,000 crores and by FY28, INR65,000 crores.”
Rajesh Sharma, page 13 of the filed PDF · View the filing
Gold loan branch additions — 400 branches · by December 2026
stated firmly by Rajesh Sharma
p. 12
“now we have revised target upward to 400 branches, and that will be completed on or before December 2026.”
Rajesh Sharma, page 12 of the filed PDF · View the filing
Gold loan yield — another 50 to 75 basis points · next quarter
stated conditionally by Rajesh Sharma
p. 12
“I think next quarter also, we'll see some improvement in the yield and current improvement have happened to about 18.5%. I think another 50 to 75 basis further improvement will happen in the yield.”
Rajesh Sharma, page 12 of the filed PDF · View the filing
Cost of funds — FY27
stated firmly by Rajesh Sharma
p. 12
“So, I think FY27, we don't see much scope in the cost of fund reduction from this level.”
Rajesh Sharma, page 12 of the filed PDF · View the filing
Spreads — about 8%
stated conditionally by Rajesh Sharma
p. 15
“I think we believe that a spread will remain in this region only; in the range of about 7.8% and maybe around 8% at some point of time when gold loan proportion cross 50%, 53%.”
Rajesh Sharma, page 15 of the filed PDF · View the filing
Cost-to-income ratio — 44%-45% · next 12 to 18 months
stated firmly by Rajesh Sharma
p. 15
“So, I think over next 12 to 18 months, cost-to-income ratio should remain in this range.”
Rajesh Sharma, page 15 of the filed PDF · View the filing
Return on average equity and return on average asset — ROE 19% to 21%, ROA 4.2% to 4.7% · FY28
stated firmly by Rajesh Sharma
p. 14
“By FY28. I think we are quite confident to deliver this on a consistent basis despite remaining on the expansion phase with 400 to 500 branch openings a year.”
Rajesh Sharma, page 14 of the filed PDF · View the filing
Gold loan mix in AUM — about 55% · medium term
stated as an aspiration by Rajesh Sharma
p. 13
“So, I think in the medium term, gold loan in the overall AUM mix should be about 55%.”
Rajesh Sharma, page 13 of the filed PDF · View the filing
AUM CAGR — 30% plus CAGR · through FY28
stated firmly by Rajesh Sharma
p. 17
“are glad to revise our AUM guidance upwards to INR65,000 crores by FY28 with 30% plus CAGR with return on average equity of 19% to 21% and return on average assets of 4.2% to 4.7%.”
Rajesh Sharma, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed most of the increase to gold loans due to lower gold prices during the quarter.
Answered by Rajesh Sharma
Asked by Krina Shah: Split of Stage 2 increase by segment and reasons
p. 11
“Gold loan, it has increased by INR373 crores. Thus, total increase in Stage 2 is by INR385 crores. Gold loan primarily has gone up because the gold prices have been on the lower side.”
Rajesh Sharma, page 11 of the filed PDF · View the filing
Management said weaker monsoon could increase gold loan demand from micro finance and marginal farmers but normal growth of about 25% would continue regardless.
Answered by Rajesh Sharma
Asked by Rushi Bagul: Impact of weaker monsoon on gold loan demand
p. 11
“I think the normal growth will keep coming. And in any case, we have seen that on a stable basis, gold loan growing at 25% is absolutely possible.”
Rajesh Sharma, page 11 of the filed PDF · View the filing
Management confirmed a revised target of 400 branches to be completed by December 2026.
Answered by Rajesh Sharma
Asked by Suhani Singh: Update on gold loan branch rollout plan for FY27
p. 12
“So, our rollout plan will be in the quarter 2 about 150 branches. And then by balance Q3 we will add another 250 branches.”
Rajesh Sharma, page 12 of the filed PDF · View the filing
Management confirmed FY27 target of INR50,000 crores with quarterly additions of about INR3,000-3,500 crores.
Answered by Rajesh Sharma
Asked by Nivedita Choudhary: Whether FY27 AUM target has also been raised alongside FY28 target
p. 13
“So, I think for FY27, we are on course to achieve INR50,000 crores and by FY28, INR65,000 crores.”
Rajesh Sharma, page 13 of the filed PDF · View the filing
Management stated there is no CEO position vacant and no plan to appoint one.
Answered by Rajesh Sharma
Asked by Kanishk Gupta: Whether CEO position remains vacant and future plans
p. 14
“There's no CEO position vacant. And there is no plan to bring any CEO.”
Rajesh Sharma, page 14 of the filed PDF · View the filing
Management said asset quality remains protected through automated margin call and auction mechanisms, though growth could be affected by further gold price falls.
Answered by Rajesh Sharma
Asked by Payal Sharma: Sustainability of gold price volatility impact on asset quality and growth
p. 16
“So, despite price fluctuation, we don't see any risk on the asset quality side. The further fall in the gold prices might affect a growth, but we are still operating at 1,000 branches and intend to add more.”
Rajesh Sharma, page 16 of the filed PDF · View the filing
Management attributed it to one account slipping into NPA with 70% provision taken, and said recoveries typically occur within 6-9 months.
Answered by Rajesh Sharma
Asked by Siddhant: Reason for construction finance GNPA rise from 0.3% to 0.7%
p. 16
“there is one particular account that has slipped in the NPA, and we have also taken the provision of about 70% in that account.”
Rajesh Sharma, page 16 of the filed PDF · View the filing
Risks flagged
Weaker monsoon could increase demand for gold loans among micro finance and marginal farmers but macro softness noted generally
p. 3
“Uncertain global geopolitical situation, energy security, oil & gold price volatility, rupee depreciation and volatile capital markets led to overall macro environment being soft for the quarter.”
Rajesh Sharma, page 3 of the filed PDF · View the filing
Gold price correction leading to increase in Stage 2 assets in gold loan book
p. 11
“Gold loan primarily has gone up because the gold prices have been on the lower side. And quarter-on-quarter basis, we have seen a 4% decline in the price, and that has resulted in more Stage 2 cases.”
Rajesh Sharma, page 11 of the filed PDF · View the filing
Construction finance account slippage into NPA
p. 8
“During the quarter, our gross Stage 3 assets increased by INR74 crores quarter-on-quarter, mainly on account of the INR31 crores increase in Construction Finance.”
Rajesh Sharma, page 8 of the filed PDF · View the filing
Co-lending volume slowdown due to new regulatory guidelines
p. 7
“Co-lending volume slowed down during the quarter to 4% growth quarter-on-quarter on account of new co-lending guidelines coming into effect and requirement of partner banks to move to CLM1 model.”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Further fall in gold prices could affect growth
p. 16
“The further fall in the gold prices might affect a growth, but we are still operating at 1,000 branches and intend to add more.”
Rajesh Sharma, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.