More Stories

Informist, Friday, Mar. 20, 2026

--Moody's assigns 'Ba3' long-term corp family rtg to Capri Global Capital 

MUMBAI – Moody's Ratings Friday assigned "Ba3" long-term corporate family rating to Capri Global Capital Ltd. based on its diversified business operations, strong capital, and profitability, the rating agency said in a press release. The rating is also based on improved capitalisation after the company raised funds last year, the agency said.

Capri Global is a non-banking finance company with on-balance-sheet loans of INR 232.7 billion as of Dec. 31. Its assets under management, which include INR 71.4 billion of loans originated through bank partnerships, have grown strongly since the COVID-19 pandemic, Moody's said.

"Growth has been led by the gold loans segment, which represented the largest share of AUM (assets under management) at 42.0%, followed by housing finance (21.3%), MSME (micro, small, and medium enterprise) loans (19.4%), and construction finance (16.8%) as of 31 December 2025," the rating agency said in the press release. Moody's expects Capri Global's growth momentum to remain strong over the next 2-3 years supported by expansion in its gold loan portfolio.

The non-performing loan ratios of the company have declined in the past few years because of its strong loan growth, Moody's said. It expects the non-performing loan ratios of Capri Global to gradually rise in the next 12-18 months. As of the end of December, the company's non-performing loan ratio stood at 1.2%, lower than 1.5% as of the end of March 2025 and 1.9% as of the end of March 2024.

The rating agency flagged a liquidity risk for Capri Global since the company relies primarily on wholesale funding, which exposes its credit profile to market fluctuations. Moody's expects banks to remain the primary source of funding for the company. Bank borrowings accounted for 79% of on-balance-sheet funding for the company as of Dec. 31. "Liquidity buffers are modest covering about three months of debt repayments. Liquidity risk is partly mitigated by its short behavioural tenor of the gold loan portfolio," Moody's said in the release.

Friday, shares of Capri Global closed 1% higher at INR 170.08 on the National Stock Exchange. For the December quarter, the company had reported a net profit of INR 2.21 billion on a revenue of INR 9.41 billion.  End

Reported by Diksha Tripathy

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.