Capital Trust Limited has expanded its gold loan business from a pilot phase to a scalable platform, achieving ₹35 Cr in assets under management (AUM) across six dedicated branches. The NBFC reported a monthly disbursement run-rate of ₹5–6 Cr as of October 2026, marking a significant shift in its lending strategy.

The company launched the initiative in October 2025 with two branches in Aligarh and Delhi. Within twelve months, the footprint grew to six branches, serving over 1,800 customers. Cumulative disbursements have exceeded ₹45 Cr, driven by a standardized operational playbook replicated across all locations. The first branch in Aligarh disbursed over ₹19 Cr in eleven months and turned profitable by its fourth month.

Technology-driven risk management

The expansion is underpinned by an AI system named A-Eye, which addresses three inherent risks in gold lending: valuation, custody, and cash. The technology operates independently of branch staff to ensure control integrity.

Valuation and custody controls

A-Eye performs independent valuation checks on every ornament, comparing results against two blind human testers. Any variance triggers a flag before disbursement. For custody, the system verifies packet numbers and placement continuously. It maintains a time-stamped visual record of the strong room, flagging any off-pattern access to Head Office in real time. Daily reconciliation ensures that every sealed packet is accounted for, with return verification requiring a live photo and Aadhaar match.

Zero-cash operational model

The branches operate on a zero-cash model, eliminating cash counters entirely. All repayments are collected through a mobile application, which also allows customers to top up against pledged gold 24/7. This digital-first approach supports a designed turnaround time of 20 minutes for both disbursement and release of collateral.

Financial position and funding

Provisional figures for Q2FY27 indicate total AUM stood at approximately ₹300 Cr, up from ₹239.6 Cr in Q1FY27. Approximately 80% of this portfolio is secured or carries zero credit risk. The company reported a Gross NPA of about 2.5% and a Net NPA of 0.0%, with debt to tangible net worth remaining below 1x. These figures are unaudited and subject to Board approval.

To support this growth, Capital Trust has secured term loan sanctions from IDFC FIRST Bank and Shriram Finance. The company also operates two live co-lending partnerships for its gold book, utilizing escrow flows and real-time tracking on its platform.

What the numbers show

The rapid profitability of the initial Aligarh branch highlights the efficiency of the centralized control model. By shifting approval, disbursement, and security monitoring to Head Office, the company mitigates local operational risks while scaling volume. The divergence between the 2.5% Gross NPA and 0.0% Net NPA suggests robust provisioning against secured assets, reinforcing the low-risk profile of the gold loan segment.

Capital Trust Limited held its 40th Annual General Meeting on September 18, 2026, via video conferencing. The event included remote e-voting for shareholders.

The meeting commenced at 9:00 am and concluded at 9:49 am. Mr. Yogen Khosla, Chairperson of the meeting, presided over the proceedings. Mr. Vinod Raina, CFO, welcomed the members. The company confirmed that the requisite quorum was present to conduct business.

Shareholder Participation

As on the record date of September 11, 2026, the company had 12,973 shareholders. A total of 58 members participated in the meeting through video conference. This included 2 promoters and 56 public shareholders. No shareholders attended in person or through proxy.

Voting Process

The company facilitated remote e-voting in partnership with National Securities Depository Limited (NSDL). Remote voting was open from 9:00 am on September 15, 2026, until 5:00 pm on September 17, 2026. Members who had not voted earlier could cast their votes during the meeting. The e-voting facility remained open for an additional 15 minutes during the AGM.

Mr. Shashank Sharma, Practising Company Secretary, served as the Scrutiniser for the voting process. The Chairperson informed members that consolidated voting results and the Scrutiniser's Report would be submitted to BSE Limited and the National Stock Exchange of India Limited within two working days.

Regulatory Compliance

The meeting was conducted in accordance with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and applicable Secretarial Standards. Members raised queries during the session, which were addressed by the Chairperson and CFO. Unresolved queries were directed to the Company Secretary via email.