Date: May 27, 2026

Financial Performance Summary

Capital Trust Limited reported its unaudited/audited financial results for Q4 and full year ended March 31, 2026, approved by the Board of Directors on May 27, 2026.

Profitability Metrics

  • Q4FY26 PBT: ₹0.13 Crore (positive, first profitable quarter since provisioning cycle began)
  • PAT was impacted by a one-time non-cash deferred tax asset write-off of ₹19 Crore

Asset Quality and Portfolio Composition

  • Total AUM: ₹158 Crore
  • Own Book AUM: ₹32.8 Crore
  • Managed AUM: ₹125.2 Crore
  • Secured/Gold Lending AUM: ₹20.6 Crore
  • Secured/Zero-Credit-Risk AUM: ₹89.0 Crore (56% of total portfolio)
  • Gross NPA: Reduced from 9.1% in Q1FY26 to 2.8% in Q4FY26
  • Net NPA: 0%

Disbursement Activity

  • Q4FY26 Total Disbursements: ₹89.4 Crore (4.5x increase from Q3FY26 levels)
  • Driven by gold loan branch launches and progressive rollout of BC partnerships

Balance Sheet and Capital Position

  • Total Borrowings: Reduced from ₹93.2 Crore in Q4FY25 to ₹24.2 Crore in Q4FY26
  • Leverage (Debt/TNW): <1×
  • Capital Adequacy Ratio (CRAR): Now above 35%

Capital Raising Activity

  • Rights Issue: ₹23.8 Crore, closed November 2025
  • Oversubscription: 1.33×
  • Promoter subscribed in full
  • Funds used for complete provisioning of legacy book

Business Transformation Highlights

During FY26, the company underwent a significant business model transformation:

Strategic Shift

  • Transitioned from 100% unsecured own-book lending to secured and partnership-led model
  • Built two simultaneous business lines:
  • Secured Gold Loans on own book
  • BC/co-lending MSME origination off-balance sheet
  • Accelerated recognition and provisioning of legacy stress

FY26 Achievements

  • Completed year-long transformation program
  • Strengthened capital base through successful rights issue
  • By March 2026, 56% of total AUM carried zero credit risk or fully secured collateral
  • Q4FY26 marked return to profitability

Management Commentary

Mr. Yogen Khosla, Managing Director, commented: \"At the start of FY26, Capital Trust carried a ₹294 crore legacy portfolio of unsecured MSME loans with full risk. The company made a deliberate choice: we accelerated recognition of legacy stress, strengthened the balance sheet through a successful rights issue, and built two scalable business lines in parallel - secured gold loans and partnership-led MSME lending. Q4FY26 demonstrates that the transition is now visible, with profitability restored at the PBT level, disbursements compounding, leverage below 1x, and CRAR above 35%. We enter FY27 with a cleaner balance sheet, stronger capital base, and a lower-risk growth model.\"

FY27 Outlook

Capital Trust enters FY27 with:

  • Strengthened capital position
  • Low leverage
  • Business model focused on secured own-book lending and partnership-led MSME distribution
  • Plans to continue scaling gold loan franchise
  • Intent to deepen BC/co-lending partnerships
  • Commitment to maintain disciplined risk controls while rebuilding growth

Company Background

  • Established: 1985
  • Business: Secured Gold & MSME Lending Franchise
  • Listed: BSE & NSE