Capital India Finance Limited (CIFL)
₹19.06 -1.40% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Capital India's revenue was ₹128 Cr (+4.2% year on year, +2.1% on the previous quarter), and net profit ₹-9.6 Cr (a bigger loss than a year earlier); the operating margin was 18.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹128 | +4.2% | +2.1% |
| Operating profit | ₹23.9 | — | — |
| Net profit | ₹-9.6 | loss widened | loss widened |
| EPS (₹) | -0.08 | loss widened | — |
| Operating margin | 18.7% | — | — |
CIFL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 71.25% of the CIFL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.01%. That is close to its usual level. Turnover was only ₹9 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 65.5% · 41.2% · 65.4% · 19.3% · 71.2%
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 India Finance Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent, KFin Technologies Limited, confirms that dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within 15 days. The physical security certificates were verified, mutilated, and cancelled as mandated. This is a regular quarterly regulatory filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA KFin Technologies confirmed demat requests processed within 15 days of receipt
- Pertains to share dematerialization activities conducted from July 1, 2026, to September 30, 2026
Capital India Finance Limited has announced key appointments to its compliance and secretarial leadership effective October 5, 2026. Mr. Hitesh Kumar has been appointed as Company Secretary & Compliance Officer (designated KMP) bringing approximately 12 years of experience. Additionally, Mr. Simarjeet Singh has been appointed as Chief Compliance Officer (CCO) for RBI regulatory compliance with over 11 years of experience. The appointments ensure regulatory adherence under SEBI and RBI frameworks as the NBFC navigates its portfolio shift toward MSME lending.
- Appointment of Mr. Hitesh Kumar as Company Secretary and Compliance Officer effective October 5, 2026
- Mr. Hitesh Kumar brings ~12 years of experience across listed companies, NBFCs, and infrastructure firms
- Appointment of Mr. Simarjeet Singh as Chief Compliance Officer for RBI regulations effective October 5, 2026
- Mr. Simarjeet Singh possesses over 11 years of experience in regulatory compliance and financial-sector regulations
Capital India Finance Limited has announced key appointments to its compliance and secretarial leadership effective October 5, 2026. Mr. Hitesh Kumar has been appointed as Company Secretary & Compliance Officer (designated KMP) bringing approximately 12 years of experience. Additionally, Mr. Simarjeet Singh has been appointed as Chief Compliance Officer (CCO) for RBI regulatory compliance with over 11 years of experience. The appointments ensure regulatory adherence under SEBI and RBI frameworks as the NBFC navigates its portfolio shift toward MSME lending.
- Appointment of Mr. Hitesh Kumar as Company Secretary and Compliance Officer effective October 5, 2026
- Mr. Hitesh Kumar brings ~12 years of experience across listed companies, NBFCs, and infrastructure firms
- Appointment of Mr. Simarjeet Singh as Chief Compliance Officer for RBI regulations effective October 5, 2026
- Mr. Simarjeet Singh possesses over 11 years of experience in regulatory compliance and financial-sector regulations
Capital India Finance Limited has announced key appointments to its compliance and secretarial leadership effective October 5, 2026. Mr. Hitesh Kumar has been appointed as Company Secretary & Compliance Officer (designated KMP) bringing approximately 12 years of experience. Additionally, Mr. Simarjeet Singh has been appointed as Chief Compliance Officer (CCO) for RBI regulatory compliance with over 11 years of experience. The appointments ensure regulatory adherence under SEBI and RBI frameworks as the NBFC navigates its portfolio shift toward MSME lending.
- Appointment of Mr. Hitesh Kumar as Company Secretary and Compliance Officer effective October 5, 2026
- Mr. Hitesh Kumar brings ~12 years of experience across listed companies, NBFCs, and infrastructure firms
- Appointment of Mr. Simarjeet Singh as Chief Compliance Officer for RBI regulations effective October 5, 2026
- Mr. Simarjeet Singh possesses over 11 years of experience in regulatory compliance and financial-sector regulations
Capital India Finance Limited has announced key appointments to its compliance and secretarial leadership effective October 5, 2026. Mr. Hitesh Kumar has been appointed as Company Secretary & Compliance Officer (designated KMP) bringing approximately 12 years of experience. Additionally, Mr. Simarjeet Singh has been appointed as Chief Compliance Officer (CCO) for RBI regulatory compliance with over 11 years of experience. The appointments ensure regulatory adherence under SEBI and RBI frameworks as the NBFC navigates its portfolio shift toward MSME lending.
- Appointment of Mr. Hitesh Kumar as Company Secretary and Compliance Officer effective October 5, 2026
- Mr. Hitesh Kumar brings ~12 years of experience across listed companies, NBFCs, and infrastructure firms
- Appointment of Mr. Simarjeet Singh as Chief Compliance Officer for RBI regulations effective October 5, 2026
- Mr. Simarjeet Singh possesses over 11 years of experience in regulatory compliance and financial-sector regulations
Capital India Finance Limited (CIFL) has raised ₹100 crore via private placement of listed, rated, senior, secured NCDs with a 27-month tenure at a 10% annual coupon payable quarterly. The issue includes a base issue of ₹50 crore and a greenshoe option of ₹50 crore, which will be listed on the BSE. The funds will be utilized to diversify CIFL's borrowing mix and support expansion in secured MSME and retail lending. Operationally, CIFL reported an AUM of ₹1,227.37 crore (up 22% YoY in FY26) and branch network growth to 46 branches across nine states.
- Raised ₹100 crore through senior, secured NCDs (base ₹50 crore + ₹50 crore greenshoe option)
- Fixed coupon rate set at 10% per annum payable quarterly, with a 27-month tenure
- AUM increased 22% YoY to ₹1,227.37 crore in FY26, with FY26 disbursements rising 62% to ₹753.54 crore
- Capital adequacy ratio stood healthy at 43.58% as of June 30, 2026
- Branch network expanded to 46 branches across 9 states compared to 29 branches at FY25 end
Capital India Finance Limited (CIFL) has approved the allotment of 1,00,000 senior, secured, rated Non-Convertible Debentures (NCDs) raising ₹100 Crore via private placement. The issuance has a face value of ₹10,000 per NCD and carries a fixed coupon rate of 10% per annum payable quarterly. The debentures have a tenure of 27 months, maturing on December 29, 2028, and will be listed on BSE. The proceeds support CIFL's ongoing pivot and balance sheet liquidity following an AUM of ₹1,004.52 Crore reported as of FY25.
- Total fundraise of ₹100 Crore through the issue of 1,00,000 NCDs (face value ₹10,000 each)
- Base issue of ₹50 Crore exercised with a green shoe option of ₹50 Crore
- Fixed coupon rate of 10% per annum, with quarterly interest payout
- Tenure of 27 months, maturing on December 29, 2028
- Asset cover secured at a minimum of 1.10x over present and future standard loan receivables
Capital India Finance Limited (CIFL) has received a new credit rating from Acuite Ratings & Research Limited for its proposed Non-Convertible Debentures (NCDs) of ₹100 Crore. The agency assigned an 'ACUITE A-' rating with a 'Stable' outlook on September 17, 2026. The ₹100 Crore proposed issuance represents approximately 9.95% of CIFL's AUM of ₹1,004.52 Crore reported as of March 31, 2025. This rating facilitates the company's borrowing plans to support its ongoing loan book expansion.
- Acuite Ratings & Research assigned a new long-term rating of 'ACUITE A-' with a 'Stable' outlook
- Rating applies to proposed Non-Convertible Debentures (NCDs) of INR 100 Crore
- Rating action confirmed and verified as of September 17, 2026
- Proposed issue size equals ~9.95% of CIFL's FY25 AUM of ₹1,004.52 Crore
Capital India Finance Limited (CIFL) has approved the issuance of listed, secured Non-Convertible Debentures (NCDs) aggregating up to ₹100 crore via private placement. The issue consists of a base size of ₹50 crore with a green shoe option of ₹50 crore, carrying a 27-month tenure at a 10% fixed annual coupon paid quarterly. This represents nearly 10% of its March 2025 AUM of ₹1,004.52 crore, supporting its ongoing portfolio transition into MSME lending. The debentures will be listed on the BSE and backed by a minimum 1.10x asset cover over standard loan receivables.
- Issue size up to ₹100 crore (₹50 crore base plus ₹50 crore green shoe option)
- Fixed coupon of 10% per annum, payable quarterly
- Tenure of 27 months with principal redemption on maturity
- Asset cover maintained at a minimum of 1.10x on standard loan receivables
- Fundraise represents ~9.95% of the company's FY25 AUM of ₹1,004.52 crore
Capital India Finance Limited (CIFL) has announced the resignation of Mr. Sulabh Kaushal from his position as Chief Compliance Officer & Company Secretary and Key Managerial Personnel (KMP). The resignation takes effect from the close of business hours on September 07, 2026, as he steps down to pursue his own professional venture. The company is currently transitioning towards MSME lending following a Q1 FY27 (Jun 2026) revenue of ₹127.74 cr and a net loss of ₹9.63 cr.
- Sulabh Kaushal ceased to be Chief Compliance Officer & Company Secretary effective September 07, 2026
- Cessation is effective as of the close of business hours on September 07, 2026
- Resignation cited to pursue his own professional venture
- CIFL reported Q1 FY27 revenue of ₹127.74 cr and net loss of ₹9.63 cr
Capital India Finance Limited held its 32nd Annual General Meeting on September 7, 2026, where shareholders approved all tabled resolutions. Key approvals include raising funds via debt securities and executing material related-party transactions with its subsidiary, RapiPay Fintech Private Limited. Additionally, shareholders approved the re-appointment and remuneration revision of Managing Director Keshav Porwal effective April 1, 2026. A total of 32.69 crore votes were polled for the debt fundraise resolution, passing with near 100% majority.
- Shareholders approved debt securities issuance with 32,68,86,211 votes in favor (100.00% of votes polled)
- Approved material related-party transactions with subsidiary Rapipay Fintech Private Limited with 4,17,57,611 votes in favor
- Revision in remuneration of MD Keshav Porwal approved effective April 01, 2026
- AGM concluded on September 07, 2026, with 102 public members attending via video conferencing
Capital India Finance Limited held its 32nd Annual General Meeting on September 07, 2026, where shareholders approved all five proposed resolutions. Key approvals included the raising of funds via debt securities and material related party transactions with subsidiary Rapipay Fintech Private Limited. The resolution for debt fundraising received 100% approval from votes polled (representing 83.59% of total outstanding equity), while related party transactions passed with 100% approval among non-interested voting shares (10.68% of outstanding equity polled).
- AGM approved raising funds via the issuance of debt securities with 32,68,86,211 votes in favor (100% of votes polled).
- Material Related Party Transactions with subsidiary Rapipay Fintech Private Limited approved with 4,17,57,611 votes in favor (100% of non-interested votes polled).
- Shareholders approved the revision in remuneration for Managing Director Keshav Porwal effective April 01, 2026.
- Total voting participation stood at 83.59% of total outstanding shares (39,10,56,300 shares) for the general resolutions.
Capital India Finance Limited (CIFL) has approved the transfer of certain assets from its Forex division (RemitX brand) to Kanji Forex Private Limited, a subsidiary of travel fintech platform Niyo. RemitX currently has a presence across 32 locations in over 16 states. The divestment allows CIFL to focus capital and management bandwidth entirely on secured MSME and retail lending. CIFL reported a 32% YoY increase in Q1 FY27 standalone total income to Rs 69.53 crore, with AUM reaching Rs 1,227.37 crore as of FY26.
- Approved asset transfer of RemitX Forex division (32 locations in >16 states) to Kanji Forex (Niyo).
- Q1 FY27 standalone total income grew 32% YoY to Rs 69.53 crore with disbursements rising 36% YoY.
- FY26 total AUM stood at Rs 1,227.37 crore (up 22% YoY) with full-year disbursements of Rs 753.54 crore (up 62% YoY).
- Capital Adequacy Ratio remained strong at 43.58% as of June 30, 2026 (40.99% as of March 31, 2026).
- Lending distribution network expanded from 29 to 46 branches across 9 states.
Capital India Finance Limited (CIFL) has signed an Agreement for Purchase of Assets to sell its foreign exchange business assets ('RemitX') to Kanji Forex Private Limited for ₹11.40 crore (INR 1,140 lakhs). In FY26, the RemitX business generated revenue of ₹24.93 crore (INR 2,492.81 lakhs), accounting for 4.68% of CIFL's consolidated revenue, with deployed net assets of ₹28.26 crore (4.20% contribution). The transaction is slated for completion by October 31, 2026, after which CIFL will surrender its Authorised Dealer Category-II (AD-II) license to the RBI.
- Sale of RemitX forex business assets agreed for a total consideration of INR 1,140 lakhs (₹11.40 Cr).
- RemitX contributed INR 2,492.81 lakhs (4.68%) to consolidated turnover in FY26.
- Target completion date is October 31, 2026, subject to regulatory approvals.
- Out of INR 2,825.50 lakhs in net assets deployed in the business, INR 2,777.83 lakhs are excluded from this transaction.
- CIFL will surrender its Authorised Dealer Category-II (AD-II) license to the RBI post completion.
Capital India Finance Limited (CIFL) has dispatched letters to shareholders whose email addresses are not registered, providing web links to the FY 2025-26 Annual Report and AGM Notice. The 32nd Annual General Meeting is scheduled to be held virtually on Monday, September 07, 2026, at 11:30 AM IST. No physical copies of the Annual Report will be dispatched unless specifically requested by members. The filing is standard procedural compliance under SEBI LODR Regulations.
- 32nd Annual General Meeting scheduled for September 07, 2026, at 11:30 AM IST via Video Conferencing
- Web links dispatched to shareholders without registered email IDs for FY 2025-26 Annual Report and Notice
- Shareholders reminded to update PAN, KYC, and bank details to receive corporate benefits electronically
Financial Performance
Revenue Growth by Segment
Total income for CIFL on a standalone basis declined by 8.02% YoY to INR 113.24 Cr in FY25 from INR 123.11 Cr in FY24. Segmentally, lending operations contributed approximately 87% of total income, while forex services accounted for 13% as of 9MFY25.
Geographic Revenue Split
CIFL operates through a network of 29 lending branches across 7 states and 39 dedicated forex branches under the 'RemitX' brand. Specific percentage revenue contribution per state is not disclosed.
Profitability Margins
Net Profit Margin (NPM) stood at 6.39% for FY25. Profit After Tax (PAT) declined by 41.39% to INR 11.78 Cr in FY25 from INR 20.10 Cr in FY24, primarily due to losses in the forex business segment. Return on Average Assets (RoAA) decreased from 1.60% to 0.91% YoY.
EBITDA Margin
Net Interest Margin (NIM) remained stable at 6.38% in FY24 compared to 6.29% in FY23. Core profitability was impacted in FY25 by the forex division's performance, leading to a drop in Return on Average Net Worth (RoNW) from 3.37% to 1.92%.
Capital Expenditure
While specific CapEx for infrastructure is not detailed, the company concluded a major disinvestment by selling its 100% stake in Capital India Home Loans (CIHL) for INR 267 Cr in August 2025 to boost liquidity and capital for lending operations.
Credit Rating & Borrowing
CIFL maintains an 'Adequate' liquidity profile with a Stable outlook. The company has a strong Capital Adequacy Ratio (CRAR) of 36.08% as of March 31, 2025, significantly above the 15% regulatory requirement. Borrowing costs are reflected in an Interest Coverage Ratio of 1.38x (FY24).
Operational Drivers
Raw Materials
As a financial institution, CIFL's primary 'raw material' is capital/debt. Interest expense on borrowings is the major cost driver, with a Debt/Equity ratio of 1.15x as of March 31, 2025.
Import Sources
Not applicable for financial services; capital is sourced from domestic banks, NCD issuances, and internal accruals.
Key Suppliers
Key financial backers and equity suppliers include Capital India Corp Private Limited (73% stake), Dharampal Satyapal Group (12%), and RJ Corp Limited (5%).
Capacity Expansion
Current operational capacity includes 29 lending branches and 39 forex branches. AUM grew to INR 1,004.52 Cr as of March 31, 2025, up from INR 913.04 Cr in FY24, representing a 10.02% increase.
Raw Material Costs
Interest costs are the primary expense. The company maintains a low gearing of 1.15x (FY25) to manage cost of funds. Procurement strategy involves shifting from wholesale to granular MSME lending to improve yields.
Manufacturing Efficiency
Efficiency is measured by collection efficiency and asset quality. Gross NPA stood at 1.83% and Net NPA at 0.98% as of March 31, 2025, with a Provision Coverage Ratio (PCR) of approximately 47%.
Logistics & Distribution
Distribution is handled via 616 professionals across 68 total branches (lending and forex) to ensure credit delivery efficiency.
Strategic Growth
Expected Growth Rate
32%
Growth Strategy
CIFL is pivoting from wholesale lending (which dropped from 93% of AUM in FY20 to 9% in 9MFY25) to MSME lending. The strategy involves deploying the INR 267 Cr proceeds from the CIHL stake sale into granular MSME portfolios, leveraging its AD-II license for forex expansion, and utilizing its 52.5% stake in RapiPay Fintech for digital reach.
Products & Services
MSME Business Loans, Loan Against Property (LAP), Money Changing, Foreign Exchange Services, and Remittances.
Brand Portfolio
RemitX (Forex), RapiPay (Fintech/Neo-banking), Capital India.
New Products/Services
Expansion into digital financial services through RapiPay and potential commencement of operations for NYE Insurance Broking Private Limited.
Market Expansion
Focusing on increasing penetration in the 7 states where lending branches currently exist, targeting a 32% CAGR seen in the broader NBFC MSME lending segment.
Market Share & Ranking
CIFL is classified as a 'Middle Layer' non-deposit taking NBFC by the RBI. Specific market share percentage is not disclosed.
Strategic Alliances
Strategic partnership with RapiPay Fintech Private Limited (52.5% subsidiary) to integrate fintech capabilities with traditional NBFC lending.
External Factors
Industry Trends
NBFCs are seeing a surge in MSME credit, with the segment's share in overall loan portfolios rising from 5.9% in FY21 to 9.1% in H1 FY25. The industry is evolving toward digital-first delivery and granular credit.
Competitive Landscape
Faces severe competition from traditional banks and specialized NBFCs in the MSME and LAP segments.
Competitive Moat
Moat is built on a diversified revenue stream (Lending + Forex) and a strong capital base (CRAR 36.08%). The shift to granular MSME lending (81% of portfolio) provides a defensive cushion against large-ticket wholesale defaults.
Macro Economic Sensitivity
Highly sensitive to MSME sector health; the segment is vulnerable to downward economic cycles and macro-economic shifts which impact borrower cash flows.
Consumer Behavior
Increasing demand for inclusive credit and digital-led neo-banking services among MSME borrowers.
Geopolitical Risks
Trade barriers or global travel restrictions would directly impact the 'RemitX' forex business, which contributed to the subdued performance in FY25.
Regulatory & Governance
Industry Regulations
Regulated as a Middle Layer NBFC by the RBI; holds an AD-II license for forex. Compliance includes mandatory KYC, RBI-aligned modules, and CRAR maintenance above 15%.
Environmental Compliance
The company issues a Business Responsibility & Sustainability Report (BRSR) in accordance with Regulation 34(2)(f) of Listing Regulations.
Taxation Policy Impact
Standard corporate tax rates apply. Provision for tax for subsidiaries like RapiPay was INR 23.20 Cr in the reporting period.
Legal Contingencies
The Secretarial Audit Report for FY25 confirms compliance with the Companies Act and SEBI regulations. Specific values for pending litigations are not disclosed in the available documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to deploy the INR 267 Cr cash surplus profitably while maintaining asset quality. Forex business volatility remains a risk to consolidated PAT.
Geographic Concentration Risk
Operations are concentrated in 7 states for lending, creating regional economic sensitivity.
Third Party Dependencies
Dependency on the Narvar Family (promoters) and key institutional investors for capital support.
Technology Obsolescence Risk
Mitigated by investments in RapiPay and the formation of an IT Strategy Committee to oversee digital transformation.
Credit & Counterparty Risk
Credit risk is concentrated in the MSME segment (82% of AUM), which has lower cash flow buffers compared to corporate borrowers.
