Capri Global Capital is a retail-focused NBFC lending across gold loans, MSME, affordable housing finance and construction finance, with gold loans now nearly 48% of its Rs. 40,112 Cr AUM. The Q2 print will speak to whether the gold-led growth engine kept its AUM run-rate, and how the book's asset quality holds up after gold prices fell about 7% in September following the August rally.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,576.48 Cr |
| Previous quarter PAT | Rs. 353.38 Cr |
| Previous quarter NIM | 9.6% / 9.7% |
| Market cap | Rs. 22,840.39 Cr |
| CMP | Rs. 237.0 |
The Board will meet on Tuesday, October 27, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, subject to limited review by the Joint Statutory Auditors. The trading window remained closed from October 1, 2026 until 48 hours after results declaration.
The quarter's central test is whether Capri Global's gold-led growth held its pace while asset quality absorbed a sharp gold-price swing — gold peaked at Rs. 162,603 per 10g on August 25, then fell about 7% in September to exit at Rs. 147,400, a move that mirrors the 4% QoQ price decline management blamed for the Q1 Stage-2 build-up of Rs. 385 Cr (Rs. 373 Cr of it in gold loans). Demand context stayed strong: RBI data showed NBFC credit against gold jewellery growing 68.5% YoY in July, the fastest-growing retail category, and management had guided full co-lending resumption by September 2026 after fee income fell 14.6% QoQ in Q1. On funding, short-term rates moderated in August-September (3-month CP average 6.91%), consistent with the guided 30-40 bps cost-of-funds decline against the 9.1% cost of borrowings, though the RBI's October 7 hike to 5.50% with a calibrated tightening stance turns the funding-cost direction hawkish for Q3 onward. The reaffirmation tests on the call are the FY27 AUM target of Rs. 50,000 Cr (needing about Rs. 3,296 Cr of additions per quarter from Q1's Rs. 40,112 Cr), the FY28 marker of Rs. 65,000 Cr, and the RoAE 19-21% / RoAA 4.2-4.7% ranges versus Q1 prints of 19.1% and 4.1%.
Guidance scorecard: AUM run-rate and returns bands: The Q1 FY27 call raised targets; Q2 is the first checkpoint.
Gold-linked Stage 2 and coverage question: The dominant asset-quality overhang from Q1.
Gold branch expansion and mix path: Directly testable with the Q2 branch count.
Co-lending recovery and fee income: Fee income was the Q1 soft spot.
Capital plans: Rs. 4,000 Cr envelope and USD bonds: Balance-sheet expansion agenda announced post-Q1.
Gold loans were nearly 48% of overall AUM in Q1 FY27, with gold loan AUM at Rs. 19,179 Cr, up 111% YoY. Management has said the medium-term gold mix should be about 55% of AUM.
Gross Stage 2 rose to 3.8% from 2.8% QoQ — an increase of Rs. 385 Cr, of which Rs. 373 Cr came from gold loans. The MD attributed this to a 4% quarter-on-quarter decline in gold prices, which created more Stage 2 cases.
On LTV breaches of the 75% norm, customers are asked to pay down the loan or pledge additional gold; failing which a 14-day notice precedes auction rights. Portfolio LTV was 66% with disbursement LTV at 70% as of Q4 FY26.
The MD has said: "I do not think that our credit cost will go up more than 1% ever", noting credit cost arises only from the mortgage business. FY26 credit costs were Rs. 1,895 mn, or 0.7% of average assets.
The Board approved fundraising of up to Rs. 4,000 crore on October 14, 2026 via equity, debt, convertibles or warrants, subject to approvals. Separately, the Management Committee approved up to USD 30 million of 36-month USD bonds at 240 bps over 6-month CME Term SOFR on October 19, 2026.