CAPRI GLOBAL CAPITAL Q3 FY26 results: net profit up 99.4% to ₹255.44 crore, revenue up 48.7%

How did CAPRI GLOBAL CAPITAL perform in Q3 FY26?

Capri Global Capital's consolidated revenue for Q3 FY26, the October–December 2025 quarter, was ₹1,220 crore, up 48.7% from ₹820.78 crore in Q3 FY25 and 8.8% from ₹1,121 crore in Q2 FY26. Total income was ₹1,225.40 crore, against ₹821.83 crore a year earlier and ₹1,123.89 crore in the previous quarter.

Profit before tax was ₹340.28 crore, up 99.3% from ₹170.72 crore in Q3 FY25 and 8.3% from ₹314.09 crore in Q2 FY26. Net profit was ₹255.44 crore against ₹128.08 crore a year earlier and ₹236 crore in the previous quarter, while basic EPS was ₹2.66 against ₹1.55 and ₹2.45 respectively. Profit margin was 20.9%, 5.3 percentage points higher than the year-ago quarter and 0.1 percentage points lower than Q2 FY26. The company did not report an EBITDA or EBITDA margin for the quarter. On a standalone basis, revenue was ₹940.5 crore and net profit was ₹220.53 crore, against profit before tax of ₹108.12 crore.

What changed in CAPRI GLOBAL CAPITAL's costs and profit?

Total expenses were ₹885.12 crore in Q3 FY26, up ₹234.01 crore or 35.9% from ₹651.11 crore in Q3 FY25 and ₹75.32 crore or 9.3% from ₹809.80 crore in Q2 FY26. Employee cost was the largest increase, rising ₹99.30 crore or 55.4% from ₹179.38 crore to ₹278.68 crore, and finance costs rose ₹99.24 crore or 29.9% from ₹332.13 crore to ₹431.37 crore.

Depreciation was ₹28.10 crore, up ₹2.59 crore or 10.2% from ₹25.51 crore a year earlier, and other expenses were ₹80.54 crore, up ₹20.94 crore or 35.1% from ₹59.60 crore. Against the previous quarter, depreciation rose ₹2.02 crore or 7.7% while other expenses fell ₹2.81 crore or 3.4% from ₹83.35 crore.

Other income was ₹5.09 crore, up ₹4.03 crore or 380.2% from ₹1.06 crore in Q3 FY25 and ₹2.57 crore or 102.0% from ₹2.52 crore in Q2 FY26. There was no exceptional item in the quarter. Tax was ₹84.84 crore, up ₹42.20 crore or 99.0% from ₹42.64 crore a year earlier and ₹6.74 crore or 8.6% from ₹78.10 crore in the previous quarter. The filing did not state reasons for the changes in cost lines.

How did the first nine months of FY26 go?

For the first nine months of FY26, consolidated revenue was ₹3,345.47 crore, up 46.1% from ₹2,290.05 crore in 9M FY25, while total income was ₹3,354.31 crore against ₹2,292.68 crore.

Profit before tax for 9M FY26 was ₹884.38 crore, up 122.3% from ₹397.8 crore, and net profit was ₹666.34 crore, up 121.5% from ₹300.79 crore. Basic EPS was ₹7.20 against ₹3.65 for 9M FY25.

How has CAPRI GLOBAL CAPITAL done over the last 8 quarters?

Revenue rose in each of the last eight quarters on a year-on-year basis, and profit also rose year-on-year in each of the last eight quarters. Revenue moved from ₹648.63 crore in Q4 FY24 to ₹1,220.31 crore in Q3 FY26, while net profit went from ₹82.59 crore to ₹255.44 crore over the same period.

Q3 FY26 was the highest of the reported quarters for both revenue and net profit. The lowest revenue in the series was ₹648.63 crore in Q4 FY24 and the lowest net profit was ₹75.72 crore in Q1 FY25. Both measures continued to rise through the December 2025 quarter, with revenue up 8.8% and net profit up 8.2% from the previous quarter.

What else did the company announce?

The board met on 29 January 2026 and approved the unaudited standalone and consolidated financial results for the quarter ended 31 December 2025, along with the limited review report. The joint statutory auditors issued an unmodified opinion in that review report, and the board also approved a statement on utilisation or variation in the use of proceeds from non-convertible securities and enclosed a security cover certificate.

The board approved the establishment of a Global Medium Term Note programme for an aggregate amount not exceeding USD 1 billion, covering secured or unsecured foreign currency denominated bonds, debentures or other debt securities in one or more tranches through external commercial borrowings. The securities will not be offered or sold to any investor in India, and terms will be intimated once finalised. The board also approved further investment of Rs. 200/- crore in the equity shares of Capri Global Housing Finance Limited, a wholly owned subsidiary, by way of subscription to a right issue, and noted that Mr Hardik Doshi would no longer be classified as Senior Management Personnel because of a change in internal reporting structure.

What did CAPRI GLOBAL CAPITAL's management say?

Management said consolidated AUM was INR30,406 crores, up 47% year-on-year and 12% quarter-on-quarter, and that Gold Loan AUM was INR12,799 crores, up 26% quarter-on-quarter and 80% year-on-year. Management said the cost-income ratio improved to 51.6% from 58.2% a year earlier, Q3 ROE was 15% and ROA was 4%, and the spread rose 10 bps to 7%. Gold loan branches were expected to end FY26 at 999, with FY27 second-half expansion to be announced after RBI approval.

Rajesh Sharma, Managing Director of Capri Global Capital, said: "Our performance is not just the outcome of incremental manpower, it is also the product of scaling our systems. Our in-house technology stack delivers higher disbursement, sharper credit selection and shorter cycle times, all without a proportional rise in cost." He also said: "We are quite comfortable to achieve our target AUM for FY '28 with the current capital."

Management flagged gold price volatility, mitigated by a 60% portfolio loan-to-value ratio, dynamic margin monitoring and a 14-day restoration window. Management also cited geopolitical issues, global market volatility and currency movements as macro headwinds, and said higher government borrowings could lift the cost of funds for NBFCs with pass-through expected to borrowers.

How did CAPRI GLOBAL CAPITAL shares react?

The stock was down 4.0% five minutes after the filing appeared, down 3.7% after 15 minutes and down 3.1% after 30 minutes. From the pre-results close of ₹180.3, the reaction-day close was 2.9% lower, while by the next day's close the stock was down 6.0% and by the fifth session it was down 4.3%.

Over the reaction day, the median move for the industry's other stocks was 0.5% lower, so the stock underperformed the NBFC sector median by 2.3 percentage points. By the next day's close the sector median was down 1.2%, a gap of 4.8 percentage points, and by the fifth session the sector median was unchanged, with the stock 4.3 percentage points lower. The Nifty Smallcap 250 moved up 0.9% on the reaction day, down 0.8% by the next day and up 1.5% by the fifth session.

Past results-day moves were mixed: the stock was down 0.9% on 29 October 2025, down 5.7% on 1 August 2025, down 3.8% on 24 April 2025 and up 8.8% on 23 January 2025. Earlier moves included gains of 10.1% on 29 October 2024 and declines of 2.3% on 3 August 2024 and 4.8% on 8 May 2024.

How did other Non Banking Financial Company (NBFC) companies do?

Among the other Non Banking Financial Company (NBFC) companies that have filed this quarter, the median revenue growth was 15.1%. Of the peers compared on revenue growth, 155 grew slower than Capri Global Capital and 62 grew faster. Of the 253 peers compared on profit, 163 reported higher profit.