Capri Global Q2 FY27: Consol PAT up 77% YoY to ₹418 Cr, NPM expands to 23.4%

Capri Global Capital's consolidated PAT for Q2 FY27 came in at ₹418.33 Cr, up 77.3% YoY from ₹235.99 Cr and 18.4% QoQ from ₹353.38 Cr, comfortably ahead of the ₹340-360 Cr pre-result Street range. Consolidated total income rose 59.2% YoY to ₹1,787.93 Cr, with revenue from operations at ₹1,785.60 Cr. Net interest income (interest income less finance cost) was approximately ₹812 Cr, also above the ₹720-750 Cr pre-result estimate. Net profit margin expanded to 23.4% of total income from 21.0% a year ago and 22.35% last quarter — matching almost exactly the ₹418 Cr PAT and 23.4% NPM the company itself cited in its post-results press note. No exceptional items appear in either period, so the growth is on a clean, like-for-like basis. On a standalone basis, the parent posted PAT of ₹353.31 Cr, up 66.9% YoY on 61.2% revenue growth — solid, but roughly 10 percentage points slower than consolidated PAT growth. The gap stems from the five subsidiaries (housing finance, car-loan platform, capital markets, securities broking and insurance broking), which together added pre-consolidation PAT of ₹60.88 Cr for the quarter and ₹104.51 Cr for the half-year, growing faster than the parent book. Standalone PBT margin improved modestly to 33.7% of total income from 32.5% a year ago, essentially flat sequentially versus 33.9% last quarter — the margin story this quarter is driven more by the consolidated mix (NPM 21.0% → 22.35% → 23.4%) than by a standalone-level step-up. Against management's FY27 guidance of ROE 19-21% and ROA 4.2-4.7% (set on the Q1 FY27 call), annualized figures computed from this quarter's balance sheet put consolidated ROE at roughly 20.4% and ROA at roughly 4.25% — both inside the guided bands, so the quarter is tracking guidance rather than beating or missing it outright. The consolidated on-book loan portfolio grew 21% in the half-year to ₹34,079 Cr from ₹28,150 Cr at FY26-end, consistent with the scaling implied by the ₹50,000 Cr FY27 AUM target, though this filing does not disclose a separate total-AUM figure (including assigned/co-lent exposure) to check directly against the ₹42,000-43,500 Cr pre-result estimate. Asset quality stayed healthy — standalone GNPA 1.26%, NNPA 0.85%, CAR 22.72% — showing no sign of the stress flagged as a pre-result watch item. The quarter's funding actions — a USD 300 million, 7.55% senior secured note issued September 9, 2026, ₹160 Cr of NCDs at 9.75% (October 13), board approval for a fund-raise of up to ₹4,000 Cr (October 14), and an ESG rating upgrade to "Leadership" (October 13) — together roughly doubled standalone debt securities to ₹4,993.5 Cr from ₹2,273.3 Cr at FY26-end, funding the branch and AUM expansion management has guided toward. No separate management press release or post-results commentary beyond the board outcome letter was available in this filing to cross-check framing against the numbers. With NPM, ROE and ROA all tracking at or inside the top end of guided ranges and PAT beating the Street's pre-result range, the quarter keeps Capri Global on the growth and margin trajectory management laid out in August, leaving gold-loan yield durability and AUM mix shift — the watch items flagged pre-result — as the main unresolved questions heading into Q3.