Capri Global Q1: consolidated PAT doubles YoY to ₹353 Cr as NIM-led income drives margin expansion

Capri Global Capital opened FY27 with a strong print: consolidated net profit more than doubled year-on-year to ₹353.4 Cr (from ₹174.9 Cr in Q1 FY26), on revenue from operations of ₹1,576.5 Cr, up ~57% YoY. The result is clean — there are no exceptional items on either side of the comparison, so the ~102% YoY PAT jump is fully underlying, not flattered by one-offs. Net profit margin expanded to ~22.4% of total income, from ~17.4% a year ago and ~20.4% last quarter, confirming the operating-leverage story management has been building toward. Sequentially, profit rose ~25% QoQ and revenue ~14% QoQ. The engine is core lending: consolidated interest income climbed to ₹1,322.9 Cr from ₹806.4 Cr a year ago (+64%), reflecting the aggressive AUM build (FY26 consolidated AUM had already grown to ₹36,623 Cr from ₹22,860 Cr). Fee and commission income rose to ₹155.4 Cr (from ₹112.3 Cr). The margin bridge held despite finance costs rising to ₹586.5 Cr (+49% YoY) and employee costs to ₹301.4 Cr (+65%, the cost of branch expansion) — because impairment on financial instruments actually fell to ₹62.2 Cr from ₹81.5 Cr, i.e. lower credit cost even as the book grew, keeping asset quality benign (standalone GNPA 1.02%, NNPA 0.56%). Against the FY27 guidance given on the Q4 concall — ~₹1,300 Cr PAT for the year, 25–30% AUM growth toward ₹46,000 Cr, ROE 16–18% — the quarter tracks ahead: ₹353 Cr in Q1 annualises to ~₹1,410 Cr, and the +57% topline outpaces the guided AUM trajectory. Standalone tells the same story (PAT ₹314.1 Cr, +109% YoY), so the consolidated and standalone growth reads are aligned (no material divergence). The concurrent board actions — appointing Nayanthara as brand ambassador for the South India expansion, and reappointing the CRO plus new CHRO/Chief Collection Officer hires — dovetail with the distribution-led growth and collections focus underpinning the low credit cost. No published Street consensus for the quarter was locatable ahead of the print, and the analyst call is scheduled for July 29; management gives PAT/AUM guidance but no formal quarterly EPS guidance.