Capital Trust Limited is a publicly listed NBFC that historically focused on unsecured MSME lending and is now transitioning to a dual model with a new secured gold‑loan vertical alongside business correspondent and co‑lending MSME sourcing using a 250+ branch footprint across semi‑urban and rural India, leveraging four decades of lending experience and technology‑enabled processes.

The company strengthened its capital base via a ₹23.8 crore rights issue in Q3FY26, raising solvency and increasing capital adequacy to 31%, while fully provisioning legacy 90+ DPD and reporting Net NPA of zero—actions designed to de‑risk the balance sheet and provide borrowing headroom for funded growth and co‑lending initiatives.

Capital Trust initiated gold loan operations in October 2025 and built ₹5 crore gold AUM in four months, achieved a ₹25 crore co‑lending agreement and registered rapid MSME BC disbursement growth to ₹11.7 crore in January 2026, signalling product‑market fit and early commercial validation for the strategic pivot toward secured lending.

Operational advantages include a technology‑driven, paperless workflow with 20‑minute disbursal promise, strong physical security and HO‑controlled custody for collateral, a cluster expansion go‑to‑market model and a proven branch management capability that together aim to deliver higher velocity, lower credit risk and improved RoA relative to historical unsecured exposures.

Key constraints are meaningful: AUM contracted 57% YoY to ₹104.1 crore, Q3FY26 operating losses and negative PBT of ₹2.3 crore, and borrowing costs near 16.2%, implying that execution of the new strategy must quickly scale yields and funded flows while maintaining tight asset quality to restore profitability.