High Yield | AA/Stable | Minimum Investment: 10k Only

 

Capri Global Capital Limited is issuing the Non-Convertible Debentures. These NCDs are AA/Stable rated by ACUITE. The NCDs are being issued in six series: coupon ranges from 8.55% to 9.70% p.a. and different tenures of 18 months, 36 months, 60 months and 120 months. The NCDs are secured and redeemable in nature. 

Capri Global Capital Limited NCD IPO: Coupon rates and effective yield for each of the series 

Allocation Ratio

The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI.  Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Capri Global Capital Limited NCD-IPO. 

Investment Process for Capri Global Capital Limited NCD IPO

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Financial Overview

Snapshot stating the Revenue, Expenses, Net Worth and PAT (In crores)

Cash flow for last few years (In crores)

Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.

• • *Cash flow from operating activities reflects the amount a company generates through its product of services.
  • **Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.
  • ***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects the net flows of cash that are used to fund the company.

 

 

Ratio Analysis

Issue analysis

Pros:

• Strong Credit Rating
  Rated ACUITE AA | Stable and IVR AA/Positive, indicating high safety and low credit risk.
• Secured NCDs
  Backed by receivables, loan book, and bank balances with 1.10x security cover.
• Listed on BSE
  Provides potential liquidity for investors via stock exchange.
• Trusted NBFC
  Capri Global has operated since 1994, serving MSME, housing, gold & construction finance.
• Clear Fund Usage
  Funds raised will go towards lending, financing, and working capital — core NBFC activities.

Cons:

• Interest Rate Risk
  Fixed returns may underperform if market interest rates rise.
• Limited Liquidity
  Secondary market for NCDs can be illiquid, resale may be difficult.
• Sector Vulnerabilities
  NBFC business is exposed to asset quality (NPAs), interest rate spreads, and regulatory changes.
• Pari-Passu Charge
  In case of default, recovery is shared with other secured lenders — no priority for this issuance.

To get better returns than Bank FDs, invest in NCD-IPOs online. 

About Capri Global Capital Limited

Capri Global Capital Ltd., incorporated in 1997 and listed on NSE & BSE, is a systemically important non-deposit taking NBFC (NBFC-ND-SI) registered with the RBI. Headquartered in Mumbai, CGCL operates through 254 branches across India (as of June 30, 2025).

The company has built a diversified lending portfolio spanning:

• MSME loans (core segment)
• Affordable housing finance (via Capri Global Housing Finance)
• Construction finance (real estate developers)
• Gold loans (fastest-growing vertical with ₹6,211 Cr book as of Jun 2025)

CGCL is positioned as a retail-focused NBFC addressing India’s large credit gap for MSMEs, affordable housing, and emerging retail borrowers. Its recent ₹2,000 Cr QIP equity raise (Q1FY26) from marquee investors (MFs, FIIs, insurers) underscores market confidence in its growth trajectory.

Strengths:

• Strong Rating: ACUITE AA / Stable on ₹7,800 Cr borrowings, reflecting high credit quality.
• Robust AUM Growth: AUM rose 46% YoY – ₹15,653 Cr (FY24) → ₹22,860 Cr (FY25); Q1FY26 at ₹24,754 Cr.
• Profitability Surge: PAT more than doubled – ₹279 Cr (FY24) → ₹479 Cr (FY25); RoAA at 2.67% vs 2.08% last year.
• Improving Asset Quality: GNPA declined to 1.53% (FY25) vs 1.92% (FY24); NNPA at 0.90%.
• Capital Support: Net worth of ₹4,304 Cr (FY25); QIP equity raise of ₹2,000 Cr in Q1FY26 from MFs, FIIs & insurers strengthens buffers.
• Diversified Portfolio: MSME, housing finance, construction finance, and fast-scaling gold loan book of ₹6,211 Cr (Jun 2025) with 821 branches.
• Liquidity Adequate: Cash & equivalents of ₹1,507 Cr (FY25); increased to ₹2,606 Cr (Q1FY26).

Weaknesses:

• Rising MSME Stress: MSME GNPA rose to 3.94% (FY25) and further to 4.32% (Q1FY26), mainly in Madhya Pradesh.
• Construction Finance Risk: ~20% of AUM exposed to cyclical real estate; delays could pressure asset quality.
• Moderate Earnings vs Peers: Though improving, RoNW only at 11.8% (FY25); Opex/earning assets high at 6.75%.
• Leverage Elevated: Debt/equity increased to 3.7x (FY25) vs 2.8x (FY24) despite capital infusion.
• Young Loan Book: Rapid expansion in gold/MSME loans = limited seasoning; asset quality stability remains to be tested.

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Source- Prospectus September 22, 2025

Disclaimer- The information is published as on date 25/09/2025 based on information available on Prospectus September 22 , 2025. The information may be subject to change in case of change in terms of prospectus or any other reason as the case maybe. Contents which are exclusively for educational information/knowledge sharing on capital market concepts and has no influence the investment/sale decisions of any investors