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Capital Trust Limited (CAPTRUST)

₹21.66 -0.46% last close, 16 Oct

📊 NSE: CAPTRUST 🏢 Finance & Investments 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Capital Trust's net interest income was ₹2.3 Cr (-71.5% year on year, -67.4% on the previous quarter), and net profit ₹0.2 Cr (against a loss a year earlier).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹2.3	-71.5%	-67.4%
Operating profit	₹0.1	—	—
Net profit	₹0.2	from loss	from loss
EPS (₹)	0.06	from loss	from loss

Full quarterly financials → Results calendar →

CAPTRUST exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 8 sessions in about the last 20.

₹21.66NSE close · -0.46%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Capital Trust Scales Gold Loan Business to ₹35 Cr AUM; Q2FY27 Total AUM Reaches ~₹300 Cr

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 05 Oct 2026, 12:37 PM

Capital Trust has expanded its AI-powered gold loan platform ('A-Eye') from a 2-branch pilot to 6 operational branches, achieving a monthly disbursement run-rate of ₹5–6 Cr. Cumulative gold loan disbursements exceeded ₹45 Cr across 1,800+ customers, with gold and secured loan AUM reaching ₹35 Cr. The company released provisional Q2FY27 metrics showing total AUM increased to ~₹300 Cr (up 25% QoQ from ₹239.6 Cr), with ~80% of assets secured or zero credit-risk. Asset quality remained stable with provisional Gross NPA at ~2.5% and Net NPA at 0.0%, alongside term loan sanctions from IDFC FIRST Bank and Shriram Finance.

Gold and secured loan AUM reached ₹35 Cr with cumulative disbursements exceeding ₹45 Cr across 6 live branches
Current monthly gold loan disbursement run-rate stands at ₹5–6 Cr, with pilot Aligarh branch disbursing over ₹19 Cr in 11 months
Provisional Q2FY27 total AUM grew to ~₹300 Cr, up from ₹239.6 Cr in Q1FY27, with ~80% secured or zero-credit risk
Asset quality reported provisional Gross NPA of ~2.5% and Net NPA of 0.0% with Debt to Tangible Net Worth below 1x
Secured term loan sanctions from IDFC FIRST Bank and Shriram Finance to support gold loan book expansion

💡 Track the upcoming audited Q2FY27 earnings release to verify the provisional AUM and NPA figures, as well as the pace of new branch rollouts beyond the initial six locations.

Capital Trust Concludes 40th AGM; 58 Shareholders Attend via Video Conferencing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 12:46 PM

Capital Trust Limited concluded its 40th Annual General Meeting on September 18, 2026, held via Video Conferencing. A total of 58 shareholders attended, including 2 from the promoter group and 56 public shareholders, representing a base of 12,973 shareholders as of the September 11, 2026 record date. Remote e-voting took place from September 15 to September 17, 2026, alongside instameet voting. The consolidated scrutiniser results will be declared within two working days.

40th Annual General Meeting conducted on September 18, 2026, from 9:00 a.m. to 9:49 a.m.
58 shareholders attended the AGM via Video Conferencing (2 Promoter, 56 Public)
Total shareholder count stood at 12,973 as of the record date September 11, 2026
Consolidated voting results to be submitted within 2 working days

💡 Track the formal scrutiniser report and voting results filed with the exchanges within two working days to confirm the approval of tabled resolutions.

Capital Trust Q1 FY27 AUM Surges 52% QoQ to ₹240 Cr; Posts PAT of ₹0.20 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 18 Aug 2026, 03:48 PM

Capital Trust Limited reported its Q1 FY27 investor presentation, highlighting a 52% QoQ growth in total Assets Under Management (AUM) to ₹239.6 Cr, up from ₹158.0 Cr in Q4 FY26. Total quarterly disbursements grew 24% QoQ to ₹111.6 Cr, surpassing the combined disbursements of H2 FY26. The company sustained operating profitability for the second consecutive quarter with a Net Profit of ₹0.20 Cr compared to a net loss of ₹18.2 Cr in Q4 FY26 and ₹8.3 Cr in Q1 FY26. Portfolio risk improved materially, with secured and zero-credit-risk loans comprising 72% of total AUM while Gross NPA dropped to 2.7% with Net NPA at 0%.

Total AUM grew 52% QoQ to ₹239.6 Cr, driven by scaling gold loans and partner-led MSME financing.
Quarterly disbursements reached ₹111.6 Cr (+24% QoQ), with 99.5% collection efficiency on the new portfolio.
Secured and zero-credit-risk AUM expanded to 72% (₹173.4 Cr) compared to 56% in Q4 FY26.
Gross NPA declined to 2.7% (vs 9.1% in Q1 FY26) with Net NPA at 0% and Capital Adequacy at 39.8%.
Net profit stood at ₹0.20 Cr on total income of ₹12.3 Cr (+28% QoQ).

💡 Track the ongoing expansion of the gold loan network from the current 6 branches and monitor whether the off-book partner-led MSME model sustains fee income and credit cost stability in upcoming quarterly results.

52% AUM Growth to ₹240 Cr; Capital Trust Reports Positive PAT in Q1FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 07:03 PM

Capital Trust Limited (CTL) has reported a return to profitability with a Q1FY27 PAT of ₹0.20 Cr, following a strategic pivot to secured lending. Assets Under Management (AUM) surged 52% QoQ to ₹240 Cr, driven by quarterly disbursements of ₹112 Cr. The company has significantly de-leveraged, reducing external borrowings to ₹15.3 Cr from ₹93.2 Cr in March 2025, resulting in a low Debt/Equity ratio of 0.6x. Notably, 72% of the portfolio is now secured or zero-credit risk, up from 56% at the end of FY26.

Total AUM grew 52% QoQ to ₹240 Cr, which is approximately 2.7x the company's current market capitalization
Secured Gold Loan AUM increased 68% QoQ to ₹34.7 Cr, moving beyond the pilot stage with 6 operational branches
Asset quality remains stable with Gross NPA at 2.7% and Net NPA at 0%
External borrowings reduced by 83% from ₹93.2 Cr in March 2025 to ₹15.3 Cr in June 2026
Capital Adequacy Ratio (CRAR) strengthened to 40%, providing significant room for future growth

💡 Investors should monitor the scalability of the partner-led MSME model, which now accounts for ₹211 Cr of the total AUM, and track if the 0% Net NPA is maintained as the gold loan book expands.

Capital Trust Approves Q1 Results and Recommends New Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 12 Aug 2026, 06:37 PM

Capital Trust Limited (CAPTRUST) held a board meeting on August 12, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The current statutory auditors, M/s. JKVS & Co., have completed their mandatory 5-year tenure as per RBI guidelines. Consequently, the board has recommended the appointment of M/s. SGR & ASSOCIATES LLP as the new statutory auditors for a five-year term spanning FY 2026-27 to FY 2030-31. The outgoing auditors issued an unmodified opinion on the standalone financial results for the June quarter.

Completion of 5-year mandatory tenure for existing statutory auditors M/s. JKVS & Co.
Recommendation of M/s. SGR & ASSOCIATES LLP for a new 5-year term until the 44th AGM.
Unmodified audit opinion received for the standalone financial results for the quarter ended June 30, 2026.
The company continues to operate through a network of 250+ branches in rural and semi-urban regions.
The board meeting concluded within approximately 2 hours and 45 minutes (03:30 p.m. to 06:15 p.m.).

💡 Investors should review the detailed Q1 FY27 financial statements once fully published to track the progress of the 'Strategic Shift' toward secured gold loans and Micro LAP.

Trading Window Closure for Q1 FY2026-27 Results starting July 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 04:36 PM

Capital Trust Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the board approves and declares the quarterly financial results. The specific date for the board meeting to discuss these results has not yet been disclosed.

Trading window closure commences on Wednesday, July 01, 2026
Restriction applies to the quarter ended June 30, 2026
Window to reopen 48 hours after the official declaration of financial results
Board meeting date for result approval to be intimated in due course

💡 Investors should wait for the upcoming announcement of the board meeting date to assess the company's financial performance for the first quarter.

Capital Trust Promoters Declare Zero Share Encumbrance for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Jun 2026, 07:37 PM

Promoter Yogen Khosla, representing the promoter group of Capital Trust Limited, has filed a formal declaration under SEBI Takeover Regulations. The disclosure confirms that no encumbrances, such as pledges or liens, were created or invoked on the shares held by the promoter group during the financial year ended March 31, 2026. This annual filing is a standard compliance requirement to ensure transparency regarding the status of promoter-held equity. The confirmation of zero encumbrances indicates that promoters have not leveraged their holdings for external financing during the period.

Annual declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoter group confirms zero encumbrances created or invoked during the financial year ended March 31, 2026.
The disclosure covers all direct and indirect holdings of the promoter and promoter group.
Declaration has been formally submitted to the Audit Committee of Capital Trust Limited and the stock exchanges (NSE and BSE).

💡 No immediate action is required as this is a routine regulatory filing confirming the absence of promoter share pledging. Investors should view the lack of encumbrances as a positive sign of promoter financial stability.

Capital Trust Returns to Profitability in Q4 FY26; GNPA Drops to 2.8% as AUM Grows 52% QoQ

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 May 2026, 07:55 PM

Capital Trust Limited (CTL) has successfully transitioned its business model from unsecured MSME lending to a secured gold loan and partner-led architecture. In Q4 FY26, the company returned to profitability with a PBT of ₹0.13 crore, following a period of heavy provisioning for legacy assets. Asset quality improved significantly with Gross NPA falling to 2.8% from 8.3% QoQ, while Net NPA remained at 0%. The company is now well-capitalized with a 35% capital adequacy ratio and low leverage, positioning it for secured growth in FY27.

Achieved a turnaround in Q4 FY26 with a Profit Before Tax of ₹0.13 crore versus a loss of ₹2.3 crore in Q3 FY26.
Gross NPA reduced from 8.3% to 2.8% QoQ through disciplined resolutions and write-offs, maintaining Net NPA at 0%.
Quarterly disbursements surged 357% QoQ to ₹90 crore, driving total AUM to ₹158 crore (+52% QoQ).
Successfully completed a ₹23.8 crore Rights Issue, which was 1.33x oversubscribed, strengthening the capital base.
Strategic shift completed with 56% of AUM now comprised of secured or zero-credit risk assets.

💡 Investors should view the return to profitability and the sharp reduction in NPAs as a sign of a successful turnaround. Monitor the company's ability to scale the new gold loan vertical and maintain collection efficiencies in the partner-led MSME segment.

Capital Trust Returns to Operational Profitability in Q4FY26; GNPA Drops to 2.8%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 06:01 PM

Capital Trust Limited reported a return to operational profitability in Q4FY26 with a PBT of ₹0.13 Cr, marking the completion of its transition to a secured and partnership-led lending model. The company significantly improved its asset quality, with Gross NPA falling from 9.1% in Q1FY26 to 2.8% in Q4FY26 and Net NPA reaching 0%. While PAT was impacted by a one-time non-cash deferred tax asset write-off of ₹19 Cr, Q4 disbursements surged 4.5x QoQ to ₹89.4 Cr. The balance sheet is now highly resilient with a Capital Adequacy Ratio above 35% and leverage below 1x.

Achieved positive PBT of ₹0.13 Cr in Q4FY26, the first profitable quarter since the provisioning cycle began.
Gross NPA reduced significantly to 2.8% from 9.1% earlier in the fiscal year, with Net NPA at 0%.
Total disbursements for Q4 reached ₹89.4 Cr, representing a 4.5x increase over Q3FY26 levels.
Portfolio transformation completed with 56% of AUM now consisting of secured or zero-credit risk assets.
Strong capital position with CRAR above 35% and Debt-to-Equity leverage reduced to under 1x.

💡 Investors should view the operational turnaround and cleaned-up balance sheet as a positive signal for future growth. Monitor the scalability of the new gold loan franchise and the sustainability of the partnership-led MSME model in FY27.

Capital Trust Reports Massive FY26 Net Loss of ₹46.82 Cr as Loan Book Shrinks 62%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 05:48 PM

Capital Trust Limited reported a severe downturn for the fiscal year ended March 31, 2026, posting a net loss of ₹46.82 crore compared to a profit of ₹1.11 crore in FY25. Total income plummeted by 55.9% YoY to ₹42.36 crore, primarily due to a sharp decline in interest income as the company intentionally slowed disbursements. The loan book contracted significantly to ₹31.28 crore from ₹82.95 crore a year ago, reflecting management's cautious stance amid collection challenges in the unsecured lending segment. Surging impairment costs and write-offs, which rose to ₹12.33 crore, further eroded the company's capital base.

Net Loss of ₹46.82 Cr for FY26 against a Net Profit of ₹1.11 Cr in FY25.
Total Income for the year fell to ₹42.36 Cr from ₹96.00 Cr in the previous fiscal.
Loan assets shrank by 62.3% YoY, ending at ₹31.28 Cr as of March 31, 2026.
Impairment and write-offs on financial instruments surged to ₹12.33 Cr from ₹2.05 Cr YoY.
The company reported a negative EPS of ₹18.40 for the full year.

💡 Investors should exercise extreme caution as the company is in a state of significant business contraction and financial distress. Avoid fresh exposure until there is clear evidence of stabilized collections and a sustainable turnaround in the lending book.

Capital Trust Q3 FY26: Net Loss of ₹2.43 Cr as Total Income Declines 55% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 21 Apr 2026, 12:23 PM

Capital Trust Limited reported a weak Q3 FY26 with a net loss of ₹2.43 crore, a sharp reversal from the ₹0.06 crore profit in Q3 FY25. Total income plummeted 55% YoY to ₹11.30 crore as the company intentionally slowed disbursements due to collection hurdles in unsecured lending. Despite the losses, the company strengthened its balance sheet by raising ₹23.81 crore through a Rights Issue in November 2025. Management is now pivoting towards a secured Gold Loan model to stabilize future earnings and mitigate risks in the small loan sector.

Total Income dropped to ₹1,129.61 lakhs in Q3 FY26 from ₹2,519.82 lakhs in Q3 FY25.
Net loss for the nine-month period ended Dec 2025 widened significantly to ₹2,863.80 lakhs.
Successfully completed a Rights Issue of ₹2,381 lakhs at ₹14 per share to bolster capital.
Exceptional loss of ₹91.47 lakhs recorded due to the impact of New Labour Codes on gratuity liabilities.
Strategic shift initiated towards 'Secured Loans' (Gold Loans) to counter challenges in the unsecured lending sector.

💡 The company is in a high-risk transition phase with significant bottom-line pressure; investors should wait for signs of operational stability in the new gold loan segment. While the successful capital raise provides a liquidity buffer, the sharp decline in income metrics remains a major concern.

Capital Trust Limited Announces Trading Window Closure from April 01, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Mar 2026, 11:10 PM

Capital Trust Limited has informed the stock exchanges that its trading window will be closed starting April 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of financial results for the quarter and full year ending March 31, 2026. The restriction applies to all designated persons and their immediate relatives. The window will reopen 48 hours after the financial results are officially announced to the public.

Trading window closure effective from Wednesday, April 01, 2026.
Closure is for the purpose of approving financial results for the quarter and year ended March 31, 2026.
Restriction remains in place until 48 hours after the declaration of financial results.
The date for the Board Meeting to approve the results will be announced separately in due course.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the company's year-end financial performance.

Capital Trust Promoter Yogen Khosla Increases Stake to 36.96% via Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 16 Mar 2026, 04:09 PM

Promoter Yogen Khosla has significantly increased his shareholding in Capital Trust Limited through a recent Rights Issue. His stake has risen from 23.35% to 36.96%, involving the acquisition of approximately 8.6 million shares. This transaction is exempt from open offer requirements under SEBI (SAST) Regulations as it was part of a Rights Issue. Such a substantial increase in promoter holding typically signals strong internal confidence in the company's future trajectory.

Promoter Yogen Khosla's stake increased by 13.61% to reach a total of 36.96%
Total shares held by the promoter rose from 3,972,431 to 12,572,346 shares
Acquisition was executed via a Rights Issue allotment, exempting it from open offer mandates
Disclosure filed under Regulation 10(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations

💡 The significant increase in promoter skin-in-the-game is a positive signal for long-term investors. Shareholders should monitor the company's utilization of the Rights Issue proceeds for growth.

Capital Trust Pivots to Gold Loans; Completes ₹23.8 Cr Rights Issue with 0% Net NPA

🔵 WATCH ⭐ 7/10

EXPANSION 📅 16 Feb 2026, 11:42 AM

Capital Trust is undergoing a strategic transformation, pivoting from unsecured MSME lending to secured gold loans and capital-light BC partnerships. The company successfully raised ₹23.8 Cr through a rights issue in Q3FY26, boosting its capital adequacy to 31.4% and reducing leverage to 0.4x. While total AUM contracted 57% YoY to ₹104.1 Cr due to deliberate de-risking, the new gold loan segment reached ₹5 Cr AUM within four months of launch. The balance sheet has been cleaned with 100% provisioning for legacy NPAs, resulting in a 0% Net NPA.

Successfully raised ₹23.8 Cr via Rights Issue (1.33x oversubscribed) to strengthen the capital base.
Achieved 0% Net NPA by fully provisioning the legacy unsecured MSME portfolio.
Launched Gold Loans in Oct 2025, reaching ₹5 Cr AUM and signing a ₹25 Cr co-lending agreement.
Total AUM declined 57% YoY to ₹104.1 Cr as the company moderated unsecured disbursements.
Capital Adequacy Ratio improved to 31.4% with a very low debt-to-equity ratio of 0.4x.

💡 Investors should monitor the scalability of the new gold loan vertical and BC partnerships to see if they can drive a return to bottom-line growth. The clean balance sheet and high capital adequacy provide a strong safety buffer during this transition phase.

Capital Trust Opens New Gold Loan Branch in Gurugram; Starts Co-lending Operations

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 14 Feb 2026, 07:30 PM

Capital Trust Limited has announced the opening of its third operational Gold Loan branch, located in Gurugram, Haryana. The company is focusing on the Delhi NCR region for its next phase of physical expansion to capture the high-growth gold loan market. In a strategic move to scale efficiently, the company has also commenced co-lending for its Gold Loan business with an NBFC partner. Management indicated that further co-lending partnerships are currently in the pipeline to support growth in this segment.

Opened a new branch in Gurugram, Haryana, bringing the total Gold Loan branch count to 3.
Initiated co-lending operations with another NBFC to drive capital-efficient growth in the segment.
Announced plans for further branch expansion within the Delhi NCR region in the near future.
Confirmed that additional co-lending partnerships are currently in the pipeline for the Gold Loan business.

💡 Investors should monitor the scaling of the Gold Loan portfolio and the impact of co-lending on the company's return on equity. This diversification into secured lending is a positive step for the company's overall risk profile.

View All CAPTRUST Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income for H1 FY26 stood at INR 25.11 Cr, representing a significant decline compared to the FY25 total of INR 96.00 Cr. Interest income, the primary segment, contributed INR 15.03 Cr in H1 FY26 (approx. 60% of total income), while Fees and Commission income contributed INR 7.27 Cr (approx. 29% of total income). The decline is driven by a strategic reduction in the unsecured MSME loan book.

Geographic Revenue Split

Operations are geographically concentrated with 96% of business originating from six states as of September 30, 2024. Bihar represents the largest single-state exposure, though the company operates a total network of 250+ branches across 10 states, primarily in Hindi-speaking regions of Northern India.

Profitability Margins

The company reported a Net Loss of INR 34.22 Cr in H1 FY26, compared to a Profit After Tax of INR 1.29 Cr in H1 FY25. This downturn is attributed to a massive 4,200% increase in impairment provisions, which rose from INR 0.41 Cr in H1 FY25 to INR 17.54 Cr in H1 FY26 as the company front-loaded losses to transition its business model.

EBITDA Margin

Core profitability is currently negative due to the strategic shift; Operating Profit before working capital changes was INR -16.68 Cr in H1 FY26. ROTA (Return on Total Assets) was 1.6% in FY24 and 1.3% in H1 FY25, but has since turned negative following the aggressive provisioning in Q2 FY26.

Capital Expenditure

The company successfully closed a Rights Issue of INR 23.8 Cr on November 11, 2025, which was oversubscribed 1.33 times. Additionally, INR 8 Cr was infused in Q1 FY25 to bolster the capital base for the new Gold Loan segment and digital expansion.

Credit Rating & Borrowing

The company maintains an 'Adequate' liquidity profile with a Negative outlook from CARE Ratings due to asset quality stress. Borrowing costs are high, with some digital business loans priced at a 32% interest rate to borrowers. Gearing was 3.0x as of September 30, 2024.

⚙️ Operational Drivers

Raw Materials

Not applicable as CAPTRUST is a financial services provider; its primary 'raw material' is capital/debt, which constitutes 100% of its lending capacity.

Import Sources

Not applicable; capital is sourced from domestic Indian banks (54% of borrowings in FY23) and private financial institutions.

Key Suppliers

Key lenders and partners include Suryoday Small Finance Bank (for BC partnerships) and various private institutions that provide 52% of current borrowings.

Capacity Expansion

Current infrastructure includes 250+ branches. Expansion is focused on converting existing branches to handle Secured Gold Loans, with the first 2 branches already operational in Western UP and Delhi, crossing INR 0.75 Cr in disbursements in the first month.

Raw Material Costs

Finance costs (cost of borrowing) were INR 7.58 Cr in H1 FY26, representing 30% of total income. This is a decrease from INR 19.17 Cr in FY25, reflecting a reduced debt load as the company repays long-term borrowings.

Manufacturing Efficiency

Turnaround time (TAT) for repeat borrowers was reduced by 40% through full integration with India's Account Aggregator ecosystem, enhancing digital lending efficiency.

Logistics & Distribution

Distribution is handled through 250+ physical branches and a digital lending platform. Employee benefits expense, a proxy for distribution cost, represents 55% of total income in H1 FY26.

📈 Strategic Growth

Expected Growth Rate

15-18%

Growth Strategy

CTL is executing a 'Strategic Shift' from unsecured MSME lending to a lower-risk, higher-velocity model. This includes launching Secured Gold Loans, expanding Micro Loans Against Property (targeting a 50:50 mix with digital loans), and leveraging BC partnerships with banks like Suryoday SFB to grow off-book AUM (which was 71% of total AUM in March 2023).

Products & Services

Micro Finance Loans (MFL), Micro Enterprise Loans (MEL), Micro Business Loans (MBL), Secured Enterprise Loans (SEL), Secured Gold Loans, and Micro Loans Against Property.

Brand Portfolio

Capital Trust Limited (CTL).

New Products/Services

Secured Gold Loans (launched Oct 2025) and Micro Loans Against Property are expected to contribute 50% of the digital portfolio revenue in the medium term.

Market Expansion

Focusing on Western UP and Delhi for the initial Gold Loan rollout, utilizing the existing 250+ branch network in rural and semi-urban Hindi-speaking regions.

Market Share & Ranking

Mid-sized NBFC; currently undergoing consolidation and scale-down of on-book assets to improve RoA visibility.

Strategic Alliances

Active Business Correspondent (BC) partnership with Suryoday Small Finance Bank across 47 branches; co-lending partnerships with 5 entities.

🌍 External Factors

Industry Trends

Digital finance is growing at a 35% CAGR (2020-2024). The industry is shifting toward 'Scale-Based Regulation' by the RBI, which imposes stricter capital adequacy and liquidity buffers on NBFCs.

Competitive Landscape

Faces intense competition from banks and fintechs like Paytm, BharatPe, and Lendingkart, which have forced a 40% improvement in CTL's digital turnaround times.

Competitive Moat

Durable advantages include a 40-year operating history and an extensive 250+ branch network in underserved rural markets. Sustainability depends on successfully migrating this network from unsecured to secured lending.

Macro Economic Sensitivity

Highly sensitive to inflation and rural economic health, as borrowers are primarily small businesses and individuals in semi-urban areas.

Consumer Behavior

Shift toward digital, paperless, and personalized loans; CTL responded by integrating with the Account Aggregator ecosystem.

Geopolitical Risks

Low direct impact; however, socio-political intervention in micro-lending (e.g., loan waivers or local regulations) remains an inherent industry risk.

⚖️ Regulatory & Governance

Industry Regulations

RBI Scale-Based Regulation (SBR) framework and a 5% cap on First Loss Default Guarantee (FLDG) for digital lending partnerships limit the risk CTL can offload to fintech partners.

Taxation Policy Impact

Effective tax rate impacted by deferred tax assets; the company recognized a deferred tax credit of INR 8.70 Cr in H1 FY26 due to reported losses.

Legal Contingencies

The company faces inherent risks from the 'legacy portfolio' (JLG model) which was severely impacted by demonetization; INR 82.88 Cr of this portfolio was written off in FY23 to address asset quality stress.

⚠️ Risk Analysis

Key Uncertainties

Asset quality of the new digital portfolio is a major uncertainty; 90+ dpd rose from 0.02% in March 2021 to 2.53% in June 2022, a 125x increase in delinquency rates.

Geographic Concentration Risk

96% of revenue is concentrated in 6 states, with Bihar being a primary market, creating high vulnerability to state-specific regulatory or economic shocks.