Capri Global Capital delivered a record quarterly performance in Q4 FY26, reporting its highest-ever quarterly profit after tax of INR283 crores, a 59% increase year-on-year. The full-year PAT for FY26 stood at INR949 crores, almost double compared to the previous year. The company also reported a marked improvement in asset quality, with consolidated gross NPA declining to 0.9%, underscoring the effectiveness of its risk management framework. Management guided FY27 PAT at approximately INR1,300 crores and AUM of INR46,000 crores, while reiterating a long-term AUM target of INR57,000 crores by FY28.

Financial Performance Highlights

The company's earnings for Q4 FY26 and the full year FY26 reflected strong momentum across key financial metrics. Net interest income for Q4 FY26 stood at INR596 crores, up 56% year-on-year, while full-year NII reached INR1,998 crores, up 50% year-on-year. Pre-provision operating profit rose 68% year-on-year to INR427 crores for the quarter and 97% year-on-year to INR1,446 crores for the full year. Non-interest income grew 36% year-on-year to INR247 crores, contributing 29% of net total income for the quarter, largely driven by commission on insurance distribution and co-lending fee income. Insurance distribution generated net fee income of INR65 crores during the quarter and INR153 crores for the full year.

AUM Growth and Business Segment Performance

Consolidated AUM stood at INR36,623 crores in Q4 FY26, reflecting 60% year-on-year and 20% quarter-on-quarter growth. Disbursements for the quarter rose 116% year-on-year to INR18,145 crores. The customer base now exceeds 6.9 lakhs, with growth described as granular, diversified, and retail-led. The total branch network expanded to 1,429 locations in Q4 FY26, with a net addition of 98 branches during the quarter and 318 branches during the year. Blended yields and spreads on net advances stood at 16.3% and 7.1%, respectively.

Gold loan AUM saw a sequential increase of 33% quarter-on-quarter, supported by healthy customer demand and branch expansion, particularly in Southern and Eastern India. Net addition of 89 new branches during the quarter included 36 in Telangana, 18 in Andhra Pradesh, 8 in Karnataka, and 20 in Odisha. Aggregate branch productivity improved from INR14 crores per branch in the previous quarter to INR17 crores per branch, with 90% of branches now operating above the breakeven threshold of INR5 crores AUM per branch. Employee productivity in the gold loan segment improved from INR1.6 crores AUM per employee to INR3.1 crores, with the employee base growing only 10% year-on-year. Gross NPA in the gold loan segment stood at 0.3%. Within MSME, the micro-LAP business recorded AUM of INR824 crores as at the end of Q4 FY26, with MSME disbursements for FY26 standing at INR2,550 crores, up 65% year-on-year. The housing finance segment now has 25 branches in Southern India, with self-employed customers comprising 74% of AUM. Construction finance AUM of INR5,708 crores was spread across 282 active projects, with an average sanction ticket size of INR48 crores and outstanding portfolio ticket size of INR20 crores.

Co-lending and direct assignment income for the quarter stood at INR97 crores, up 76% year-on-year. The car loan distribution business recorded origination of INR3,492 crores in Q4 FY26, up 18% year-on-year, and INR11,910 crores for FY26, up 13% year-on-year, across 14 partner banks and financial institutions.

Asset Quality and Liability Management

Asset quality improved across all business segments during Q4 FY26. Gross Stage 2 assets decreased by INR100 crores, driven by reductions of INR22 crores in MSME, INR18 crores in gold, and INR53 crores in construction finance. The gross Stage 2 ratio improved to 2.8% from 4% in the previous quarter.

Impairment cost for the quarter stood at INR54 crores, which included a management overlay of INR16 crores to account for evolving macroeconomic conditions. Management noted that sustainable credit costs are expected to remain in the range of 0.7% of average total assets. On the liability side, borrowings increased by 55% year-on-year, with incremental borrowing sanction limits for the full year at approximately INR10,950 crores. The company added 15 new lender relationships during the year, taking active relationships to 35 plus. During the year, INR2,187 crores was raised through non-convertible debentures and commercial papers, and a second public NCD issuance of INR489 crores with an average tenure of 4 years was closed. Cost of borrowings declined by 18 bps quarter-on-quarter, with management targeting a further reduction of approximately 20 bps over the course of the year, with an additional 20 bps possible upon a credit rating upgrade. The balance sheet leverage ratio stood at 3.3x, with standalone capital adequacy ratio at 25.8% for CGCL and 27.7% for the housing finance subsidiary. Liquidity remained comfortable with over INR3,964 crores in cash, bank balances, investments, and undrawn credit lines across CGCL and CGHFL. Portfolio-level loan-to-value for gold loans stood at approximately 66%, with new disbursement LTV at approximately 70%.

Technology, ESG, and Strategic Milestones

Capri Global Capital highlighted significant advances in its technology and AI capabilities during FY26. The company processed over 115,000 customer interactions through a speech-to-text pipeline and executed more than 40,000 multilingual AI voice interactions in Q4 alone. The bureau rule engine processed over 61,000 applications in Q4, while the automated bank statement analysis pipeline completed over 29,000 assessments without human intervention. The Capri Loans customer app recorded over 31.5 lakh digital customer engagements in Q4 FY26, facilitating transactions of approximately INR784 crores during the quarter. For the full year FY26, the app delivered over 85 lakhs customer engagements with an aggregate transaction value exceeding INR1,700 crores. The company's collections platform triggered approximately 145,000 automated nudges every month driven by AI-led action models, and its API-first micro services-driven architecture handled over 310 million actionable API calls in a single month.

The company also deployed its own specialized small language model (SSLM), purpose-built for financial services use cases in India, operating in collection communication across voice and messaging channels. On the ESG front, Capri Global Capital achieved an S&P ESG score of 70, ranking 20th globally within its industry and seventh in the Asia Pacific region. The company was recognized in the S&P Global Sustainability Yearbook and received the Industry Mover Award. It has also been assessed as low ESG risk by Morningstar Sustainalytics and established a sustainable financing framework rated "good" by Sustainable Fitch. The company secured long-term issuer default ratings of BB- with a stable outlook from Fitch Ratings and Ba3 Corporate Family Ratings with a stable outlook from Moody's Ratings.

Management Guidance and Strategic Outlook

During the earnings call Q&A, management provided detailed guidance across business segments and strategic priorities. On AUM mix, gold loans are expected to reach approximately 50% of total AUM, while MSME, housing finance, and construction finance are each expected to range between 16% to 18%. MSME is guided to grow at 20% to 25%, while construction finance and housing finance are each targeted to grow at 25% to 30%. Gold loan branch additions are targeted at approximately 350 branches in the current financial year, with a total of 700 to 800 branches planned over the next two years.

On co-lending, management noted that new RBI co-lending guidelines effective from January 2026 may cause a temporary slowdown in volumes for a couple of quarters, with full business volume expected to resume from the July to September quarter. The company also intends to explore the direct assignment route given strong demand from partner banks for its PSL-eligible and gold loan portfolio. Co-lending and DA combined are targeted to remain at approximately 20% of overall AUM. Management also indicated plans to enter the capital markets segment, with a license application pending and expected by end of June, targeting gross fee income of INR40 crores to INR50 crores from this vertical. International bond issuance remains under consideration to diversify borrowing sources, subject to hedging cost conditions stabilizing.

Capri Global Capital Limited has announced the successful closure of its Tranche I public issue of secured, rated, listed, redeemable non-convertible debentures (NCDs), which was oversubscribed and received strong investor response across all categories. The issue opened on Wednesday, April 15, 2026 and closed on Tuesday, April 28, 2026, drawing participation from institutional investors, non-institutional investors, high-net-worth individuals, and retail individual investors.

Issue Structure and Subscription Details

The Tranche I NCD Issue was structured with a base issue size of ₹1,000 million and a Green Shoe Option of ₹4,000 million, aggregating up to ₹5,000 million. The issue attracted robust demand, with key investor categories demonstrating strong conviction in the offering.

Tenure Options and Fund Utilisation

The Tranche I NCD Issue offered investors multiple tenure and payout options, providing flexibility to suit varying investment horizons. The key terms of the issue are outlined below:

• Tenure options: 24 months, 36 months, 60 months, and 120 months
• Interest payout choices: Monthly and annual
• Coupon rates: Up to 9.50% per annum

At least 75% of the funds raised through the issue will be utilised for onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company. The balance is proposed to be utilised for general corporate purposes, subject to such utilisation not exceeding 25% of the amount raised, in compliance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

Management Commentary

Mr. Rajesh Sharma, Managing Director, Capri Global Capital Limited, commented on the successful closure: "The oversubscription of our Tranche I NCD issue is a strong testament to the trust and confidence that investors place in our business model, robust execution capabilities, prudent risk management, and sound corporate governance. This being the 2nd successful Public NCD issuance, it gives us greater flexibility in fund raising that helps us effectively reach the underbanked and underserved customers across Bharat. The issue has also helped us expand our reach among retail bondholders and further strengthen our investor franchise. This fund raise will further strengthen our balance sheet and enable us to deepen our outreach and continue creating long-term value for all our stakeholders."

About Capri Global Capital Limited

Capri Global Capital Limited is a well-diversified, retail-focused Non-Banking Financial Company listed on BSE Limited and NSE Limited. The company has an AUM of over Rs 36,000 crores and serves a customer base of over 6.9 Lakhs through more than 13,700+ employees and 1,400+ branches as of March 31st, 2026 across pan India. The company offers a wide range of secured and collateralized loans across four primary lending segments:

• MSME Loans
• Gold Loans
• Construction Finance
• Housing Loans — offered through its 100% subsidiary, Capri Global Housing Finance Limited (CGHFL)

Capri Global Capital Limited also operates fee-based businesses including distribution of car loan products and holds a composite license for distribution of Life, General, and Health insurance policies.

*Basis the Bid File received from the Stock Exchange. **For further details refer to section titled "Issue Related Information" on page 76 of the Tranche I Prospectus dated March 30, 2026.