CP Capital: consol PAT ₹13.3 Cr, +23% YoY — but a fair-value swing, not lending, drove it
PAT +23.5% YoY · revenue +13% · margins expanding
₹21.95 Cr
+13% YoY
₹13.31 Cr
+23.5% YoY
60.56%
+5pp YoY
₹7.32
CP Capital Limited (formerly Career Point Limited) reported consolidated Q1 FY27 revenue of ₹21.95 Cr (+13.0% YoY against the filing's own restated ₹19.42 Cr base; +18.8% QoQ) and consolidated PAT of ₹13.31 Cr (+23.5% YoY, +45.7% QoQ), with basic EPS of ₹7.32. Standalone PAT was ₹11.48 Cr on revenue of ₹19.39 Cr. Both statements are unaudited, reviewed under SRE 2410 by S. P. Chopra & Co., and were approved by the board on August 14, 2026.
Q1 FY-2027 vs prior quarters
NPM rose to 60.6% (from 55.5% a year ago and 49.1% last quarter), but almost all of the headline earnings growth traces to one line: "Net gain on fair value changes" swung from a ₹1.23 Cr loss in Q4 FY26 and a ₹0.03 Cr gain a year ago to a ₹3.36 Cr gain this quarter. That ₹3.33 Cr YoY swing alone explains most of the ₹3.94 Cr YoY rise in consolidated PBT; stripping the item out of both periods, adjusted consolidated PBT grew only ~4.4% YoY (₹14.52 Cr vs ₹13.91 Cr) versus the +28.3% reported PBT growth — adjustedPatYoYPct is roughly +4%, not the +23.5% headline. The core interest income line, the NBFC's true operating driver, was nearly flat YoY at ₹14.42 Cr, with the rest of the reported growth coming from fee income (+197% YoY to ₹1.33 Cr, off a small base) and the fair-value swing.
The stock went into the print at ₹137, up 24.3% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Standalone and consolidated diverge materially here: standalone PBT grew 47.7% YoY (adjusted for the same fair-value item, +15.7%), well ahead of the consolidated adjusted growth of ~4.4%, because the Infra Division (rental/infra income, ₹2.84 Cr this quarter) fell 37.2% YoY from ₹4.53 Cr — a drag visible only at the group level. Asset quality improved sharply on paper: Gross NPA ratio fell from 18.76% to 8.9% and gross NPAs from ₹79.90 Cr to ₹35.21 Cr quarter-on-quarter, but this is largely mechanical — the board approved a technical write-off of a fully-provided ₹43.97 Cr loan to Proseed Foundation Trust during the quarter, with zero PBT impact since it was already 100% provided; the company retains its legal claim (Case No. 81/2026, pending). Residual NPAs are 99.9% secured with ~2.5x collateral coverage.
W1
Whether the ₹3.36 Cr fair-value gain reverses next quarter — it swung from a ₹1.23 Cr loss in Q4 FY26, so it's a volatile, non-core line worth tracking
W2
Gross loan book trajectory: fell to ₹394.2 Cr from ₹442.12 Cr this quarter (write-off driven); management claims 5.6% QoQ underlying growth and cites 0.14x debt/equity headroom to scale
W3
Recovery on the ₹43.97 Cr technically written-off PFT loan under the pending Case No. 81/2026 — any recovery would be booked as income in the year received