Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on September 30, 2025
- This is the maiden debt issue from the company.
• The company is a well-diversified retail focused systemically important NBFC operating in India.
• It marked steady progress in its financial performances for the reported periods.
• The debt offer has AA/Stable rating from Acuite with attractive coupon rates.
• The company is providing all financial related services under one roof.
• Well-informed investors may park funds for regular income.
ABOUT COMPANY:
Capri Global Capital Ltd. (CGCL) is a well-diversified retail-focused systemically important non-deposit taking non-banking financial company (“NBFC”) operating in India. It offers a wide range of secured and collateralized loans through its four primary lending segments, comprising MSME loans, housing loans, gold loans and construction finance.
Under our MSME loans, the company has recently launched micro loans against property (“Micro LAP”) and indirect lending, following the phasedown of rooftop solar loans and digital lending. It also holds a corporate agent composite license for the distribution of life insurance, general insurance and health insurance policies. The company received a certificate of registration as a housing finance company in July 2016 from the NHB, and started Housing Finance business through wholly owned subsidiary Capri Global Housing Finance (“CGHFL”) in December 2016.
Further, through its wholly-owned Subsidiary, Capri Loans Car Platform Private Limited (“CLCPPL”), it is also a corporate selling agent for third-party new car loans. The company has incorporated two new Subsidiaries, Capri Global Securities Private Limited (“CGSPL”) and Capri Global Capital Markets Private Limited (“CGCMPL”) in July 2025 to enter the stock broking and financial services business. Its customers, particularly in relation to MSME loan, housing loan and gold loan segments, primarily comprise of self-employed non-professionals and salaried individuals, who may not have adequate formal income proof or may lack access to formal credit channels.
Its total number of branches has increased considerably from 736 branches as at March 31, 2023 to 1,111 branches as at March 31, 2025 and 1,138 branches in the three month period ended June 30, 2025. Its branches comprised of 821 gold loan branches across 10 states and union territories, 205 branches for MSME, including construction finance and housing loans across 9 states and union territories, 93 branches for micro LAP loans and 19 branches for car loan origination. As of March 31, 2025, it had 785 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its maiden debt offer of 4000000 listed, rated, secured, redeemable, non-convertible debentures of face value of Rs. 1000 each, to mobilize over all Rs. 400 cr. The issue consists of Rs. 200 cr. for base size and a green shoe option of retaining oversubscription of Rs. 200 cr. The issue opens for subscription on September 30, 2025, and will close on or before October 14, 2025. The minimum application to be made is for 10 NCDs (Rs. 10000) and in multiple of 1 NCD (Rs. 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE.
The company has allocated 25% for Institutional investors, 25% for non-institutional investors, 20% for HNIs and 30% for Retail investors.
This debt offer is solely lead managed by Trust Investment Advisors Pvt. Ltd., and MUFG Intime India Pvt. Ltd. is the registrar to the issue. IDBI Trusteeship Services Ltd. is the debenture trustee.
The company is spending Rs. 7.06 cr. for this debt issue and from the net proceeds, it will utilize at least 75% for the purpose of onward lending, investment in its various schemes, repayment/prepayment of certain borrowings, and maximum up to 25% for general corporate purposes.
This debt offer has tenors of 18 months, 36 months, 60 months and 120 months and interest payment frequency is monthly and annual. This debt offer carries a coupon rates ranging from 8.55% to 9.70%, based on selection of the applicant.
ISSUE RATING:
This debt offer is rated Acuite AA / Stable outlook by Acuite Ratings & Research Ltd. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk. The rating is not a recommendation to buy, sell
or hold securities and investors should take their own decision. The rating may be subject to revision or withdrawal at any time by the assigning rating agencies and each rating should be evaluated independently of any other rating. The rating agencies have a right to suspend or withdraw the rating at any time on the basis of factors such as new information.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted a total income/net profit of Rs. 2314.27 cr. / Rs. 279.41 cr. (FY24), Rs. 3250.84 cr. / Rs. 478.53 cr. (FY25). For Q1 of FY26 ended on June 30, 2025, it earned a net profit of Rs. 174.90 cr. on a total income of Rs. 1005.02 cr. Its debt equity ratio stood at 2.53 as of June 30, 2025.
Conclusion / Investment Strategy
This is the maiden debt issue from the company. CGCL is a well-diversified retail focused systemically important NBFC operating in India. It marked steady progress in its financial performances for the reported periods. The debt offer has AA/Stable rating from Acuite with attractive coupon rates. The company is providing all financial related services under one roof. Well-informed investors may park funds for regular income.
Review By Dilip Davda on September 30, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
