Capri Global Capital Q3FY26: Profit up 99%, AUM +47%

Record quarterly profit lifts focus on growth engine

Capri Global Capital Limited reported its strongest quarterly performance on record for the quarter ended December 31, 2025 (Q3FY26), led by sharp growth in assets, fee income, and operating leverage. The company’s consolidated net profit rose to ₹255.44 crore, up 99.4% year-on-year (YoY), marking a record quarterly profit. Consolidated assets under management (AUM) reached ₹30,406 crore as of December 31, 2025, up 47% YoY and about 12% sequentially. Management commentary in the provided data positioned the quarter as a reflection of strong execution across lending verticals and resilient fundamentals.

The numbers matter because they combine two themes investors track closely in NBFCs: sustained balance-sheet expansion and improving profitability. Capri Global’s Q3FY26 print also highlighted a higher contribution from fee-led income streams and a faster-growing co-lending book, alongside continued scale-up in gold loans.

Key financial performance in Q3FY26

Capri Global reported total income from operations of ₹1,220.31 crore for the quarter ended December 2025, versus ₹820.78 crore in December 2024. Another figure cited for the quarter is total income of ₹1,225.40 crore, reflecting similar reported revenue momentum in Q3FY26. Net interest income (NII) rose 47.8% YoY to ₹510 crore, supported by loan growth and a stable blended yield of 16.4%. Non-interest income stood at ₹240 crore, up 124% YoY, indicating a stronger fee and other income contribution.

Pre-provision operating profit (PPOP) was reported at ₹363 crore, up 92% YoY. Profit before tax (PBT) came in at ₹340.28 crore in Q3FY26, up 99.3% YoY from ₹170.72 crore in Q3FY25, and up 8.3% quarter-on-quarter (QoQ) from ₹314.09 crore in Q2FY26. Profit after tax (PAT) of ₹255.44 crore increased 8.2% QoQ from ₹236.00 crore in Q2FY26.

Profitability ratios and margin indicators

For Q3FY26, return on assets (RoA) was reported at 4.00%, while return on equity (RoE) was reported at 15.00%. In the narrative data, the quarter was also described as showing improved cost efficiency and operating leverage. Net interest margins improved, with spreads widening by 36 basis points to 7.0% from a year earlier, as per the provided details.

The company’s EPS (basic) rose to ₹2.66 in December 2025 from ₹1.55 in December 2024, based on the consolidated quarterly results table. EBITDA was reported at ₹799.76 crore in December 2025, up 51.36% from ₹528.37 crore in December 2024.

AUM crosses ₹30,000 crore, led by gold loans

Capri Global’s consolidated AUM reached ₹30,406 crore as of December 31, 2025. Growth was broad-based across secured retail and MSME-focused products. The gold loan portfolio was the largest contributor to incremental AUM, expanding 80.2% YoY to ₹12,799 crore. Affordable housing loans increased 39.6% YoY to ₹6,490 crore, while MSME AUM grew 19.5% YoY to ₹5,886 crore.

Construction finance AUM stood at ₹5,109 crore, up 37% YoY. Co-lending AUM was reported at ₹7,138 crore, rising 93% YoY, highlighting the rapid scale-up of the partnership-led book.

Segment-wise AUM snapshot

The AUM mix shows the company’s tilt towards secured products, with gold loans growing fastest after the company’s foray into the segment in August 2022 (as stated in the provided data). Housing and construction finance continue to be meaningful contributors, while MSME growth was described as selective amid tighter credit conditions for small businesses.

Disbursements jump 87% as customer base expands

Disbursements for the quarter rose 87% YoY to ₹10,879 crore, supported by an expanding distribution network. The customer base was stated to have crossed 6.3 lakh, indicating a growing retail franchise. Higher disbursements typically translate into faster AUM build-up, though portfolio seasoning and collections remain important for asset quality outcomes.

The data also flagged operating expenses rising, framed as a question of whether it is a concern or growth-led. The quarter’s profitability expansion alongside higher scale suggests that operating leverage remains a key part of the story highlighted in the results narrative.

Quarterly comparison: Q3FY26 vs Q2FY26

Sequentially, Capri Global showed steady improvement across key profit lines. PAT rose to ₹255.44 crore in Q3FY26 from ₹236.00 crore in Q2FY26, while PBT increased to ₹340.28 crore from ₹314.09 crore. Total income for Q3FY26 was also reported at ₹1,225.40 crore, up 9.0% QoQ from ₹1,123.89 crore in Q2FY26.

This QoQ progression matters because it indicates growth momentum was not limited to a low base effect. The company also reported total income from operations of ₹1,220.31 crore for Dec’25 versus ₹1,121.38 crore for Sep’25 in the consolidated quarterly table.

Outlook: FY26, FY27, and revised FY28 target

Management expects to achieve AUM of ₹33,000-34,000 crore for FY26 and ₹43,000-44,000 crore for FY27. The long-term target has been revised to ₹55,000 crore AUM by FY28, up from an earlier target of ₹50,000 crore. Separately, the narrative data reiterated a medium-term aspiration of more than ₹1 trillion in AUM by FY32 (over ₹100,000 crore), implying a 25%-30% compound annual growth rate (CAGR) over that period.

These targets place emphasis on maintaining growth across gold loans, affordable housing finance, MSME lending, and co-lending partnerships, while sustaining profitability metrics such as RoA and RoE.

Market context and what investors may track

Capri Global Capital is described as an Indian NBFC focused on secured retail and MSME lending. The data cited the company’s market capitalization at about ₹17,280 crore, while another snapshot listed market cap around ₹16,193 crore, with a current price of ₹168 and a high/low of ₹232/₹151. These figures provide context on market positioning but do not change the quarter’s operating outcomes.

From the Q3FY26 disclosures provided, investors are likely to focus on the durability of spreads (reported at 7.0% with 36 bps widening YoY), the trajectory of non-interest income (up 124% YoY), and whether disbursement-led growth translates into consistent asset quality and profitability through FY26.

Conclusion

Capri Global Capital’s Q3FY26 results showed record profit, strong AUM growth, and faster expansion in gold loans and co-lending. With FY26 and FY27 AUM targets and a revised FY28 milestone of ₹55,000 crore, the next updates will be watched for delivery against these guidance ranges and continued profitability momentum.