Capri Global Capital Limited

Financial Services — Credit Services · NSE

₹246.70−₹0.45 (−0.18%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, small-cap size, which brings sharper price swings.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Capri Global Capital Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Capri Global Capital Limited, a non-banking financial company, provides financial services in India.

IndustryCredit Services

SectorFinancial Services

Employees9,747

Annual revenue₹4,710 Cr

How does it make money?

Turns over ₹4,710 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹33 left at the operating level before interest, tax and depreciation. Each of its 9,747 employees supports ₹48.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹48.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

4 analysts covering the stock expect revenue to grow about 19.5% and earnings to grow about 20.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+19.5%

Est. earnings growth+20.6%

Analysts4

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +236% while net margin moved +38% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+236%

Margin effect+38%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.01 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

84/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

21.1x

3Y Median

51.4x

40 monthly readings · mean 82.0x · range 24.4x–314.8x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 59% below its 3y median of 51.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 24% above the peer median of 17.0x.

vs. its own history

Cheap

51.4x median over 40 months · -59%

vs. sector peers

Expensive

17.0x median of 4 peers · +24%

vs. generic bands

Fair

15x–35x

EV/EBITDA

29.1x

PEG

0.32

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 28.0% to 33.4% over 3 years.
Return on equity is rising
ROE has improved from 5.7% to 13.2%.
Return on capital is rising
ROCE has improved from 3.1% to 5.4%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 28.0% to 33.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 59% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 24% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 37% a year✓ 49.7% CAGR
Latest reported year was 85.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 31%✓ 33.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 11%✓ 13.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 51.4x✓ 21.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 5 neutral · 3 weak

Market Cap

₹23,736 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.1x

Fair

Fairly valued against the generic band

P/B Ratio

3.30x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹11.68

Profitable

Profitable on a per-share basis

ROE

13.2%

Moderate

Moderate capital efficiency

ROCE

5.4%

Weak

Low return on total capital employed

Debt/Equity

3.35x

High

High leverage

Revenue Growth (YoY)

85.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

79.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.08%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹8,787 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

12.7x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

50.4%

Good

Healthy core-business profitability

Net Margin

35.0%

Good

Strong bottom-line conversion

Current Ratio

1.28

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.01

Defensive

Steadier than the market

52W Range Position

70%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

252.1 / 249.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

41.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,403 Cr	₹2,225 Cr	₹3,214 Cr	₹4,710 Cr	+49.7%
EBITDA	₹393 Cr	₹580 Cr	₹836 Cr	₹1,573 Cr	+58.7%
EBITDA Margin	28.0%	26.1%	26.0%	33.4%	—
PAT (Net Profit)	₹205 Cr	₹279 Cr	₹479 Cr	₹949 Cr	+66.8%
EPS	₹2.54	₹3.36	₹5.77	₹10.12	+58.5%
ROE	5.7%	7.3%	11.1%	13.2%	—
ROCE	3.1%	2.6%	4.2%	5.4%	—
Total Debt	₹7,511 Cr	₹10,407 Cr	₹15,577 Cr	₹24,112 Cr	+47.5%
Free Cash Flow	-₹3,138 Cr	-₹3,766 Cr	-₹4,378 Cr	-₹8,787 Cr	—

🟢 Revenue has grown at 49.7% a year over 3 years.

🟢 EBITDA has grown at 58.7% a year over 3 years.

🟢 EBITDA Margin has risen from 28.0% to 33.4% over 3 years (+5.4 pts).

🟢 PAT (Net Profit) has grown at 66.8% a year over 3 years.

🟢 EPS has grown at 58.5% a year over 3 years.

🟢 ROE has risen from 5.7% to 13.2% over 3 years (+7.4 pts).

🟢 ROCE has risen from 3.1% to 5.4% over 3 years (+2.3 pts).

🔴 Total Debt has grown at 47.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹32,676 Cr

Total Liabilities

₹25,473 Cr

Cash & Equivalents

₹2,035 Cr

Operating Cash Flow

-₹8,728 Cr

Capex

-₹60 Cr

Shareholding (proxy)

Institutional Holding

23.2%

Insider Holding

62.3%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

04 Sept 2026

Analyst Consensus

Recommendations

5 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹243.33

-1.4% vs CMP

Target Range

₹190 – ₹280

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

5 mixed1 general

Capri Global Capital issues postal ballot notice for ₹4,000 crore fund raise

scanx.trade, 18 OctFunding

🟡Mixed / dependsNew funding changes the capital structure. Debt raises leverage; an equity raise dilutes existing holders.

Capri Global Capital Share Price Rise in Finance Sector

Univest, 23 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Capri Global Capital board clears up to Rs 4,000 crore fundraise as expansion plans gather pace

Dalal Street Investment Journal, 15 OctCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Capri Global Capital shares pop 9% on strong volumes, hit highest level in over a month

TradingView, 26 Aug

Earnings call transcript: Capri Global Capital posts strong Q1 2026 growth

Investing.com, 29 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Capri Global Capital Profit Doubles to Rs 353 Cr in Q1

HDFC Sky, 29 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑