Capri Global Capital Limited · NSE:CGCL
Capri Global Capital — Q3 FY26 Earnings Presentation
65 slides from Capri Global Capital's earnings presentation, Jan 29, 2026
Slide 1: Exchange intimation letter for Investor Presentation Q3FY26
January 29, 2026 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Pheeroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Dalal Street, Fort Plot No- 'C' Block, G Block Mumbai - 400 001 Bandra-Kurla Complex, Bandra (East) Scrip Code: 531595 Mumbai – 400 051 Scrip Code: C
Slide 2: Q3FY26 Earnings Presentation
Q3FY26 Earnings Presentation 29th January 2026
Slide 3: Table of Content
Table of Content 1 Business Updates 2 Quarterly Financial Performance 3 Strategic Outlook 4 Board and Management 5 ESG 6 Yearly Financial Performance 7 Annexure
Slide 4: Performance Highlights
Performance Highlights (In ₹ mn unless stated otherwise) Q3FY26 Q3FY25 YoY Q2FY26 QoQ AUM 304,065 206,726 47% 270,401 12 % Net Interest Income 5,103 3,453 48% 4,795 6% Non Interest Income 2,404 1,074 124% 2,034 18% Operating Expenses 3,873 2,636 47% 3,377 15% Operating Profit 3,634 1,892 92% 3,453 5
Slide 5: Performance Highlights
Performance Highlights (In ₹ mn unless stated otherwise) 9MFY26 9MFY25 YoY AUM 304,065 206,726 47% Net Interest Income 14,054 9,508 48% Non Interest Income 6,099 3,196 91% Operating Expenses 9,952 7,903 26% Operating Profit 10,201 4,801 112% PAT 6,663 3,008 122% Cost-Income Ratio (%) 49.4% 62.2% 1,2
Slide 6: Business Updates
1 Business Updates
Slide 7: Business Update
Business Update Consolidated AUM Up 47% YoY AUM Break Up (₹ mn) Composition of AUM (%) 304,065 1.2% 0.9% 0.6% 0.3% 0.4% 270,401 1,222 18.1% 18.1% 18.3% 18.4% 16.8% 247,538 903 51,090 228,602 1,600 206,726 2,042 49,690 21.3% 22.5% 22.8% 22.2% 22.1% 2,553 45,206 64,900 41,329 37,423 59,723 54,903 52,0
Slide 8: Retail AUM
Retail AUM Co-Lending AUM showing Steady Growth Co-Lending AUM (₹ mn) MSME AUM (₹ mn) CLM AUM/Cons.AUM 58,862 17.9% 17.8% 18.9% 21.0% 23.5% 54,779 56,019 49,258 52,789 10,923 11,908 71,383 10,025 10,319 56,772 9,710 9,296 46,808 40,795 8,247 36,909 7,547 5,492 5,963 50,179 42,764 44,460 45,096 46,95
Slide 9: Gold Loan Business Update
Gold Loan Business Update Strong Customer Acquisition Momentum Driving Portfolio Growth Average Ticket Size Collateral Weight in Custody (On Portfolio) (₹ ‘000s) Live Accounts (in Tonnes) 146 138 139 128 917,892 17.2 112 16.0 16.4 14.4 15.1 714,459 633,428 629,627 658,030 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Slide 10: MSME Business Update
MSME Business Update Well-Diversified Book by Geography Average Ticket Size (Incr. Disbursals) (₹ mn) Live Accounts 49,017 1.9 45,505 1.8 1.8 1.8 43,568 1.7 40,127 34,190 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Loan to Value (%) (Incremental Disbursals) Geographical Dis
Slide 11: Housing Finance Business Update
Housing Finance Business Update Expanding Customer Base with a Diversified and a Self-Employed Led Portfolio Average Ticket Size (Incr. Disbursals) (₹ mn) Live Accounts 2.2 42,399 2.1 2.1 40,188 2.0 2.0 36,939 38,244 34,591 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Loan t
Slide 12: Construction Finance Business Update
Construction Finance Business Update Strong Pipeline of New Accounts; AUM Growth of 37% YoY Average Ticket Size (₹ mn) Live Accounts Outstanding Sanction 287 286 521.0 413.9 282 376.2 365.5 280 279 268.3 161.4 173.0 182.0 130.4 146.6 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3F
Slide 13: Insurance Distribution - Asset Light Income Stream
Insurance Distribution - Asset Light Income Stream Strategic Partnerships with 20 Insurance Companies Policies | Key Statistics Gold 29% 9 7 4 Cross Sell 21% Housing 39% Direct 79% MSME 31% Life Insurance General Insurance Health Insurance Car Loan 2% Companies Companies Companies • Life Insurance •
Slide 14: Car Loan Origination
Car Loan Origination Pan-India Presence 02 Partner Banks & Financial Institutions Pan-India coverage through presence 15 in 821 locations in 31 States & UTs 26 04 23 36 04 04 04 80 09 62 39 02 03 03 27 01 52 05 69 29 05 17 16 57 24 417 01 44 75 Total Locations (Branches + Feet-on-Street) 34 43 Q3FY2
Slide 15: Car Loan Origination
Car Loan Origination 15% YoY Increase in the Value of Loan Originations Consistently Rising Loan Originations (₹ mn)^ Loan Originations (₹ mn) and Volume Full Year Basis (Nos.)^ 32,898 Originations Volume 105,519 29,693 28,304 97,415 100,744 28,700 94,636 22,978 56,939 51,384 17,338 14,918 Q3FY25 Q4
Slide 16: Branch Network
Branch Network Widening Reach, Strengthening Presence Nationwide MSME, Housing Finance, Gold Loan Branches 01 Construction Finance and Car Loan Distribution 10 910 Branches in 15 States & UTs 07 421 Branches in 18 States & UTs 109 01 25 11 73 167 133 97 47 10 01 132 65 01 01 116 47 ➢ Total branch ne
Slide 17: Network
Network Expanding Footprint to Accelerate Customer Acquisition Steady Growth in Branch Additions 1,331 1,224 1,111 1,138 1,066 • Increased branch network with a net addition of 107 branches during Q3FY26. Total branch network stood at 1,331 branches 910 842 vs. 1,224 branches in Q2FY26. 776 803 821
Slide 18: Quarterly Financial Performance
2 Quarterly Financial Performance
Slide 19: Segmental Yields
Segmental Yields Robust Yields Sustained Alongside AUM Growth MSME (%)* Housing Finance (%)* 13.3% 13.3% 13.2% 16.8% 12.9% 12.9% 16.1% 16.4% 15.8% 14.7% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Construction Finance (%)* Gold Loans (%)* 19.9% 17.7% 17.6% 19.0% 18.6% 17.3%
Slide 20: Loan Yields and Margins
Loan Yields and Margins Yield on Net Advances (%) Cost of Borrowings (%)1 9.7% 9.7% 9.7% 9.6% 16.5% 16.5% 9.4% 16.3% 16.2% 16.4% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Note: Yield calculated as interest income including INDAS adjustments for processing fee, Note: Calcu
Slide 21: Financial Highlights
Financial Highlights Total Income grew 66% YoY; Momentum Picks in Fee Income Net Interest Income (₹ mn) Non-Interest Income (₹ mn) 5,103 2,404 Treasury 4,795 2,034 148 4,156 342 3,812 1,813 1,661 46 Insurance Fee Income 3,453 278 183 81 549 239 253 1,074 653 Other Non-interest 595 389 Income 162 137
Slide 22: Financial Highlights
Financial Highlights Profitable Growth Backed by Improved Cost Ratios and Credit Discipline Operating Expenses (₹ mn) Cost-Income (%) & Cost / AAUM excl. CLO (%)* Cost excl. CLO/AAUM Cost-Income 3,873 58.2% 3,377 54.8% 3,084 1,086 2,702 51.6% 2,636 49.4% 1,094 918 46.5% 842 875 5.7% 5.4% 5.3% 5.2% 2
Slide 23: Profitability and Key Ratios
Profitability and Key Ratios PAT rises 99% YoY PAT (₹ mn) Earnings per Share and Book Value per Share (₹) 2.5 2.7 2.1 2.0 2,554 1.5 2,360 72.0 69.4 50.0 52.2 67.0 1,777 1,749 1,281 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Return on Avg. Assets (% annualized) Return on Av
Slide 24: Robust Capital Position
Robust Capital Position Well Capitalized for Medium Term Growth Consolidated Networth (₹ mn) Capital Adequacy (%) 34.5% 69,272 32.9% 66,730 64,380 30.3% 29.3% 28.9% 26.9% 26.1% 24.8% 22.9% 22.8% 43,041 41,269 59,290 55,011 57,105 32,848 33,906 5,250 5,750 5,750 5,750 6,458 3,171 3,385 3,619 3,875 3,
Slide 25: Liability Mix
Liability Mix Increase led by Bank Borrowings Diversified Funding Profile (₹ mn) Consolidated Borrowings Break-up (₹ mn) 194,212 194,212 8,319 340 159,790 167,860 19,326 159,790 167,860 155,768 155,768 46,357 8,180 13,453 140,921 330 302 140,921 8,785 8,779 18,038 270 8,112 19,124 18,180 9,504 700 4
Slide 26: Asset-Liability Position
Asset-Liability Position Cumulative Surplus Across Buckets All amount in ₹ million 90,000 80,000 83,626 81,636 80,000 68,694 70,000 66,705 73,327 70,000 66,443 58,046 60,000 60,462 60,000 50,000 50,000 45,180 41,699 40,000 40,000 29,939 38,137 32,900 30,000 24,523 29,478 30,000 27,688 23,471 18,895
Slide 27: Liquid and Overnight funds
Liquid and Overnight funds Comfortable Liquidity Position Particulars (₹ mn) (31st Dec 2025) CGCL (Standalone) CGHFL Consolidated Cash and Bank Balances 20,764 1,425 22,188 Investment in fixed deposits 600 - 600 Investment in Mutual Funds or corporate bonds 11,493 - 11,493 Undrawn Bank Lines 2,963 5
Slide 28: Segmental NPAs
Segmental NPAs Disciplined Underwriting Driving Sustained Improvement in Asset Quality MSME Housing Finance GNPA NNPA GNPA NNPA 4.1% 4.3% 3.9% 3.0% 3.0% 1.7% 2.4% 1.4% 1.5% 1.5% 1.4% 2.2% 2.0% 1.6% 1.1% 1.5% 0.9% 0.9% 0.9% 0.9% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Go
Slide 29: Asset Quality
Asset Quality Adequate Provision Coverage ₹ mn except stated ECL Analysis As Per IndAS Q3FY26 Q2FY26 Q1FY26 Q4FY25 Q3FY25 Stage 1 - Gross 220,712 202,607 189,118 175,797 156,044 Stage 1 - ECL Provisions 1,054 1,067 1,013 779 674 Stage 1 - Net 219,657 201,540 188,106 175,019 155,370 Stage 1 - ECL Pro
Slide 30: Consolidated Income Statement
Consolidated Income Statement Quarterly Comparison ₹ mn except stated Particulars Q3FY26 Q3FY25 Y-o-Y (%) Q2FY26 Q-o-Q (%) 9MFY26 9MFY25 YoY (%) Interest earned 9,416 6,783 39% 8,854 6% 26,366 18,663 41% Interest expense 4,314 3,330 30% 4,059 6% 12,312 9,155 34% Net interest income 5,103 3,453 48% 4
Slide 31: RoAA Tree
RoAA Tree Quarterly Comparison Calculated as % of Average Assets (%) Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 9MFY25 9MFY26 Interest income 14.9% 14.9% 14.7% 14.8% 14.5% 14.6% 14.6% Interest expenses 7.3% 7.2% 7.1% 6.8% 6.7% 7.2% 6.8% Net interest income 7.6% 7.7% 7.5% 8.0% 7.9% 7.4% 7.8% Net Car Loan Fee
Slide 32: Consolidated Balance Sheet
Consolidated Balance Sheet Quarterly Comparison ₹ mn except stated Particulars Q3FY26 Q3FY25 YoY (%) Q2FY26 QoQ (%) Paid-up Equity 962 825 17% 962 0% Reserves and Surplus 68,310 40,444 69% 65,769 4% Total Equity 69,272 41,269 68% 66,730 4% Bank Borrowings 180,760 136,433 32% 158,356 14% Debt Securit
Slide 33: Strategic Outlook
3 Strategic Outlook
Slide 34: Key Initiatives to Accelerate Growth
Key Initiatives to Accelerate Growth Focus on dedicated strategic initiatives to drive scale • Offer customized products to underserved high growth markets and focus on revenue diversification Diversify our Product Offerings • Scale and expand product suite Geographic Expansion and Deepening • Open
Slide 35: … and Deliver Sustainable Returns…
… and Deliver Sustainable Returns… Key levers for RoE expansion Growth Margin High Quality Cost Efficiency Underwriting Opportunity + Expansion + Fee Income + + Efficiency Drive AUM Increase in Operating share of high Expansion of leverage from growth through Reduction in yield products; Car Loan ex
Slide 36: Board & Management
4 Board & Management
Slide 37: Strong Corporate Governance
Strong Corporate Governance Distinguished and Qualified Board Comprised Majorly of Independent Directors Lingam Venkata Subramanian Rajesh Sharma Ajit Mohan Sharan Desh Raj Dogra Nupur Mukherjee Shishir Priyadarshi Prabhakar Ranganathan Chairman & Managing Independent Independent Independent Indepen
Slide 38: Experienced and Stable Management Team (1/2)
Experienced and Stable Management Team (1/2) Proven Track Record of Scaling Businesses CORPORATE FUNCTIONS Divya Sutar Kishore Lodha Sanjeev Srivastava Director — Business Strategy Chief Financial Officer Chief Risk Officer GMP (Harvard Business School), Ex-UGRO Finance, Hinduja Finance, Ex-IIFL Fin
Slide 39: Experienced and Stable Management Team (2/2)
Experienced and Stable Management Team (2/2) Proven Track Record of Scaling Businesses RETAIL BUSINESS RETAIL CONSTRUCTION FINANCE FEE BASED BUSINESS Ravish Gupta Vijay Kumar Gattani Rohit Chugh Chief Business Officer — Gold Director – Credit – CF Head - Insurance Ex-IIFL, GE Money, HDFC Bank, BCA E
Slide 40: ESG
5 ESG
Slide 41: Pillars of Our ESG
Pillars of Our ESG • Environment Management System-like • Expanding financial access for underserved • Strong governance foundation with Top processes for monitoring energy, water, waste, communities, women, and first-time borrowers Management-level ESG Steering Committee and emissions with measurab
Slide 42: ESG Snapshot & Ratings for FY 2024/25
ESG Snapshot & Ratings for FY 2024/25 Environmental (E) Social (S) Governance (G) 23% Reduction of 15,519 Beneficiaries 100% DEI training for E-Waste Compared Reached Including senior management To FY2023-24 13,287 Women Name of the ESG Ratings Rating Provider ~500+Kg of waste 6 out of 7 Independent
Slide 43: Our SDG Compass
Our SDG Compass Partnerships for the Goals No Poverty Collaboration with rating agencies, NGOs, digital partners and Providing accessible credit to underserved communities and government schemes for inclusive finance. first-time borrowers, especially in rural India. Peace, Justice and Strong Institu
Slide 44: Corporate Social Responsibility
Corporate Social Responsibility • Strategic Vision: Deploying capital to uplift underserved communities through impactful, scalable interventions. • Proven Model: Need-based, multi-stakeholder approach with strong M&E governance, enabling replication and sustainability. • High Impact: Over 1 million
Slide 45: Corporate Governance Framework
Corporate Governance Framework Board of Directors Nomination & Board Credit Risk Remuneration Committee 6 Independent Board of Directors including one woman Director Information Asset Liability Audit Committee Security Committee COMMITTEES Separate Chairman and Managing Director Stakeholder ESG CSR
Slide 46: Shareholding
Shareholding ₹ 176bn ₹ 69.3bn ₹ 961.6mn ₹1 US$ 2.0bn2 Market capitalisation1 Cons. Net worth3 (Q3FY26) Paid-up Equity Face Value NOTES 15.46% 1. Market capitalization NSE on 31st Dec‘25. 2. 1 US$ = ₹ 90.0 Promoter Group 3. Not adjusted for DTAs. Institutional Shareholders 4. AMFI classifies CGCL as
Slide 47: Yearly Financial Performance
6 Yearly Financial Performance
Slide 48: AUM and Loan Growth
AUM and Loan Growth Consolidated AUM Up 51% CAGR FY22-25 AUM Break Up (₹ mn) Gross Loans Break Up (₹ mn) CAGR CAGR 228,602 185,178 51% 42% 2,042 2,039 41,329 48% 40,524 48% 136,744 156,540 3,138 3,152 52,019 38% 44% 25,775 45,181 26,213 96,527 103,205 3,404 38,458 3,412 42,091 17,943 64,415 18,301 8
Slide 49: Co-lending
Co-lending Additional Funding Source & High RoE Accretion CGCL retains 20-30% CGCL earns spread and Additional source of 1 while co-lending partners (CLPs) retain 2 loan servicing fee on the co-lending loans 3 funds while conserving capital and boost RoE 4 Diversification of borrowings the balance C
Slide 50: Financial Highlights
Financial Highlights High share of non-interest income Net Interest Income (₹ mn) Non-Interest Income^ (₹ mn) 13,320 30.0% 27.9% 27.3% 19.5% 5,009 9,857 3,821 48% 2,720 6,361 45% 5,087 1,231 36% 20% 27% 33% 64% 14% 22% 43% 28 % 19% FY22 FY23 FY24 FY25 Other Non-interest Income Co-Lending Income FY22
Slide 51: Financial Highlights
Financial Highlights Improving Return Metrics Operating Profit (₹ mn) Credit Costs* (₹ mn) 7,341 1,057 1,008 913 4,569 3,783 1.6% 642 3,325 4.1% 0.7% 0.6% 3.5% 3.4% 5.8% 0.7% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Operating Profit as a % of Avg. Total Assets Credit Cost As a % of Avg. Total Assets
Slide 52: Prudent Risk Management
Prudent Risk Management Healthy Asset Quality and Adequate Provisioning NPA (%) PCR (%) 2.4 45.2 41.7 1.9 1.7 1.7 1.5 30.5 30.9 1.2 1.1 0.9 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gross Net Healthy Asset Quality (GNPA/NNPA/PCR) 3.9% / 2.0% / 49.1% 1.4% / 0.9% / 36.8% 0.8% / 0.7% / 15.7% 0.2% / 0.1%
Slide 53: Segmental NPAs
Segmental NPAs MSME Loan Housing Finance GNPA NNPA GNPA NNPA 4.0% 3.9% 3.9% 3.4% 1.5% 2.9% 1.3% 1.4% 2.5% 1.1% 1.2% 2.1% 2.0% 0.9% 0.8% 0.8% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gold Loan Construction Finance GNPA NNPA GNPA NNPA 1.0% 0.9% 0.8% 0.8% 0.7% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% NA NA 0.0% 0.
Slide 54: Asset Quality
Asset Quality Maintained Adequate PCR ₹ mn except stated ECL Analysis As Per IndAS FY22 FY23 FY24 FY25 Stage 1 & 2 - Gross 63,627 96,028 135,567 184,917 Stage 1 & 2 - ECL Provisions 1,231 1,268 1,364 1,481 Stage 1 & 2 - Net 62,396 94,760 134,202 183,436 Stage 1 & 2 - ECL Provisions % 1.93% 1.32% 1.0
Slide 55: Consolidated Income Statement
Consolidated Income Statement All figures in ₹ mn except stated otherwise Profit and Loss A/c FY21 FY22 FY23 FY24 FY25 FY21-25 CAGR Interest income 6,735 8,396 11,678 18,229 26,055 Interest expenses 2,887 3,308 5,317 8,372 12,736 Net interest income 3,848 5,087 6,361 9,857 13,320 36.4% Other income
Slide 56: Consolidated Balance Sheet
Consolidated Balance Sheet All figures in ₹ mn except stated otherwise Balance Sheet FY21 FY22 FY23 FY24 FY25 FY21-25 CAGR Liabilities Paid-up equity 351 351 412 825 825 Reserves 16,822 18,873 35,242 37,541 42,216 Networth 17,173 19,225 35,655 38,366 43,041 25.8% Borrowings 37,689 48,084 75,113 104,
Slide 57: RoAA Tree
RoAA Tree RoAA Tree (%) FY21 FY22 FY23 FY24 FY25 Interest income 13.1 13.0 12.3 13.5 14.5 Interest expenses 5.6 5.1 5.6 6.2 7.1 Net interest income 7.5 7.8 6.7 7.3 7.4 Other Income 1.2 1.9 2.9 2.8 2.8 Net Car Loan Fee - 0.4 1.2 0.8 0.5 Co-lending Income - 0.3 0.6 0.8 0.9 Other income 1.2 1.2 1.0 1.3
Slide 58: Annexure
7 Annexure
Slide 59: Retail Secured Lending Has Massive Under Penetration
Retail Secured Lending Has Massive Under Penetration Capri Global is a Retail Focused Secured Lender – >80% Retail and 100% Secured Book Retail credit to grow on a faster pace compared to overall credit MSME Loan remains underpenetrated with significant credit gap Retail1 Overall Credit Demand: (% o
Slide 60: NBFCs Well Positioned to Address the Credit Gap and Grow Strongly
NBFCs Well Positioned to Address the Credit Gap and Grow Strongly Unique Proposition to cater to the “Aspiring” and T2/T3 segment Rural Reach – Access to geographies outside Understanding of Micro Markets – Nuances of the ambit of Bank’s customer segment the geography & services business High Touch
Slide 61: Significant Growth Opportunity in the Focus Segments
Significant Growth Opportunity in the Focus Segments Capri Global is focussing on providing loans in high growth segments to underbanked & underserved customers Industry MSME Loan Industry Housing Loan NBFC Share: 24% HFC Share: 20% Capri Market Share: <0.5% Capri Market Share: 0.5% 58 - 60 49.9 35
Slide 62: Building the Brand Capri Loans
Building the Brand Capri Loans #TarrakiKeHaath We launched our latest Brand campaign with Pankaj Tripathi to create strong awareness and recall for the brand and establish its position as a brand that is focused on making a difference on the ground while being inclusive. Campaign is being promoted
Slide 63: Awards
Awards "Best Brands – 2024" award at the ET Now Best "Best BFSI Brands” by the Economic Times in 2021 Most promising Leader of Asia in 2020 - 21 Brands Conclave 2024 Company of the Year (2018) – Zee Business Dare to dream award The Economics Times – Best BFSI Brands 2019 India’s Most Inspirational L
Slide 64: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Capri Global Capital Limited (the “Company”), have been prepared solely for information purposes only and does not constitute any offer or invitation, directly or indirectly, in any manner, or
Slide 65: For Further information, please contact
For Further information, please contact : Hardik Doshi Rajat Gupta hardik.doshi@capriglobal.in rajat@goindiaadvisors.com M: +91 81083 45011 M: +91 99718 97739