Capri Global Capital April 26 - Trance I NCD issue review - (Not Rated)

•    This is the 2nd debt issue from the company since September 2025.
•    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 Ratings and IVR AA/Positive.
•    The company has changed its lead manager for this debt offer and has added one more rating agency.
•    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. 

As at December 31, 2025, it had 1,331 branches, including 910 gold loan branches, 254 MSME, housing finance and construction finance branches, 148 Micro LAP branches and 19 car loan origination branches with presence across 20 states and union territories in India. In addition, the company has also established dedicated technology centres in Gurugram, Bengaluru and Noida, focused on developing its technology and data science capabilities in-house. As at December 31, 2025, the Company had total employee strength of 13,066 and total customer base of 626,161 million, on a consolidated basis.

ISSUE DETAILS:
The company is coming out with its 2nd debt offer of 5000000 listed, rated, secured, redeemable, non-convertible debentures of face value of Rs. 1000 each, to mobilize over all Rs. 500 cr. The issue consists of Rs. 100 cr. for base size and a green shoe option of retaining oversubscription of Rs. 400 cr. It has a shelf limit of Rs. 2000 cr. The issue opens for subscription on April 15, 2026, and will close on or before April 28, 2026. 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 20% for Institutional investors (Category I), 30% for non-institutional investors (Category II), 30% for HNIs (Category III), and 20% for Retail investors (Category IV). 

This debt offer is solely lead managed by Nuvama Wealth Management 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. 10.61 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 24 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 9.00% to 9.50%, based on selection of the applicant. 

ISSUE RATING:
This debt offer is rated Acuite AA / Stable outlook by Acuite Ratings & Research Ltd. and IVR/AA Positive by Infomerics Valuation and Rating 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 ratings given by Acuite Ratings and Infomerics Valuation and Rating Limited remain valid as on the date of this Tranche I Prospectus and shall remain valid as on the date of issue, allotment and listing of the NCDs on BSE Limited.

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 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 666.34 cr. on a total income of Rs. 3354.31 cr. Its debt equity ratio stood at 3.06 based on post-issue basis.