Capri Global Capital Ltd (CGCL.NSE), a diversified Indian NBFC specializing in secured retail, MSME, and affordable housing lending, continues to expand its footprint while strengthening its product and service offerings. The company’s Q3 FY26 operational and strategic initiatives demonstrate a disciplined growth approach, robust governance, and a focus on under-penetrated credit segments.
Management Summary and Corporate Governance
Capri Global is led by a distinguished Board of Directors, with six of seven members independent, bringing expertise in banking, finance, IT, and public policy. Key members include Chairman Mr. L.V. Prabhakar, former MD & CEO of Canara Bank, and Promoter & MD Mr. Rajesh Sharma, who has nearly three decades of finance experience. Other notable directors include Mr. Shishir Priyadarshi, former IAS officer and WTO Director, and Ms. Nupur Mukherjee, ex-leadership roles at Standard Chartered and Barclays.
The company maintains nine specialized committees, covering Risk, ESG, Information Security, and CSR. A notable update involved Mr. Hardik Doshi, Head of Corporate Finance & Investor Relations, who ceased to be classified as Senior Management Personnel (SMP) effective January 29, 2026, following internal reporting changes.
Strategic Views and Long-Term Targets
Management aims to achieve a consolidated AUM of ₹55,000 crore by FY28 and ₹1,00,000 crore by FY32, implying a CAGR of 25%–30%. The growth strategy emphasizes technology adoption, data science, and Agentic AI tools to enhance operational efficiency and customer experience.
The company plans to focus on high-yield, 100% secured lending, targeting 16%–18% RoAE and 4.0%–4.5% RoAA by FY28. Management also emphasizes risk discipline and operational efficiency to sustain long-term profitability.
Product Update and Performance Verticals
Capri Global’s diversified portfolio spans several high-growth segments:
- Gold Loans: Fastest-growing vertical, AUM of ₹12,799 crore, backed by 140.7 tonnes of gold collateral across 910 branches.
- MSME Lending: Geographically diversified, 97% self-employed borrowers, Gross NPA improved to 3.0%.
- Affordable Housing (CGHFL): Focuses on self-employed customers (72% of portfolio), with average ticket size of ₹2.1 million.
- Insurance Distribution: Partnerships with 20 insurers, generating ₹34 crore in net fee income in Q3 FY26.
- Car Loan Origination: Pan-India presence across 821 locations, originations of ₹3,290 crore in Q3 FY26.
Subsidiary Investments and M&A Activity
Capri Global continues to strengthen subsidiaries:
- CGHFL: ₹200 crore rights issue investment at ₹274 per share (including ₹264 premium), 100% ownership retained.
- Other Subsidiaries: Investments included ₹100 million in Capri Global Capital Markets, ₹600 million in Capri Global Securities, and ₹7.5 million in Capri Global Insurance Brokers.
No new acquisitions were reported in Q3, but management remains open to strategic inorganic growth.
Competitive Analysis and Industry Opportunity
The company operates in massively under-penetrated segments:
- MSME Credit Gap: ₹103 trillion, fewer than 15% of ~70 million MSMEs have formal access.
- Gold Financing: 88% of household gold (~₹148–152 trillion) remains unfinanced.
- Housing Shortage: 100 million units lacking, representing ₹57 trillion in potential financing.
- NBFC Advantage: Credit growth projected at 15%–17% FY24–FY27, outpacing many systemic segments.
Capri Global leverages secured lending focus, fee diversification, and branch expansion to differentiate from competitors like Bajaj Finance, Shriram Finance, and Muthoot Finance.
Credit Ratings and Debt Security
The firm maintains strong credit and ESG credentials:
- Security Cover: Listed NCDs backed by 1.26x first pari-passu charge on book debts and immovable property.
- Omkara PS Trust: Security receipts rated IVR RR 1 by Infomerics.
- ESG Ratings: Sustainalytics “Low Risk” 19.7; S&P DJSI score 71, above industry average of 30.
Geographical Expansion and Network Growth
The company added 107 branches in Q3 FY26, taking total to 1,331 branches, targeting 750–800 new branches over three years. Expansion is focused on Telangana, Karnataka, Tamil Nadu, Andhra Pradesh, Odisha, and Uttar Pradesh. Tech centers in Gurugram, Bengaluru, and Noida support a digital-first infrastructure.
Government Schemes, CSR, and Regulatory Impact
- Labor Codes: The company accounted for ₹4.78 million consolidated incremental employee cost following four new codes notified November 21, 2025.
- CSR Initiatives: Capri Foundation has impacted 1 million lives, targeting 200,000 women beneficiaries by 2030, supporting education, healthcare, rural empowerment, and 681 SHGs for community development.
Bottom Line
Capri Global demonstrates a strategically diversified growth model, combining strong governance, risk discipline, and operational innovation. Its focus on secured lending, fee-based income, technological adoption, and geographic expansion positions the company to capture under-penetrated segments, optimize efficiency, and maintain long-term sustainable growth.