Press Release September 11, 2025 CAPRI GLOBAL HOUSING FINANCE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2125.00	ACUITE AA | Stable | Reaffirmed	-
Total Outstanding	2125.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­A­cuité has reaffirmed its long-term rating of ‘ACUITE AA’ (read as ACUITE Double A)  on the Rs. 2125.00 Cr. bank facilities of Capri Global Housing Finance Limited (CGHFL). The outlook is 'Stable'. Rationale for the rating The rating reaffirmation takes into consideration the sustained improvement in the earning profile, capital position and asset quality of Capri Global Group.The AUM of CGCL (consolidated) increased to Rs. 22,860.20 Cr. as on March 31, 2025 from Rs.15,652.94 Cr. as on March 31, 2024. The group had an AUM of Rs 24,753.80 Cr. for Q1FY26. The PAT has also improved from Rs.279.41 Cr. in FY24 to Rs. 478.53 Cr. in FY25. CGCL on a consolidated basis reported Net non-performing assets (NNPA) of 0.89 percent as on March 31, 2025 against 1.06 percent as on March 31, 2024. The rating continues to drive support from CGCL’s comfortable capitalization levels marked by networth of Rs. 4304.10 Cr. with a leverage at 3.70 times as on March 31, 2025 (consolidated). CGCL’s (standalone) CRAR stood at 22.84 percent as on March 31, 2025. The company had a QIP equity raise of Rs. 2000 Cr during Q1FY26 through investors which included Mutual Funds, Domestic and Foreign funds and insurance companies which has helped them augment their capital position. The rating also considers the AUM composition shifting towards more secured and safer assets like Gold Loan & Housing finance Loan along with diversification of revenue into fees based services.The rating is however constrained by the deterioration in asset quality majorly from the MSME and construction finance protfolio. Further, the rating also factors in moderate seasoning of the scaled-up loan book and its incremental contribution to the profitability indicators, high operating expenses on account of addition of new branches and susceptibility to risk inherent in the MSME and construction finance segment. Going forward, the group’s ability to profitably continue the scale-up in business, particularly the gold loan segment, raising resources at competitive rates and maintenance of asset quality of its growing portfolio shall remain key monitorable.

About the Company

­­Capri Global Housing Finance Limited. (CGHFL) received certificate of registration from NHB on September 28, 2015, to commence operations as a Housing Finance Company. The company is a 100% subsidiary of Capri Global Capital Limited. (CGCL). The company started its operations from December 2015 which is based out of Mumbai. Mr Rajesh Sharma is the primary promoter of the group.

About the Group

­­Capri Global Capital Limited (CGCL) is the flagship company of Capri Group which was incorporated in 1994 which is based in Mumbai. It is non- deposit taking systemically important non-banking finance company(NBFC-ICC) engaged in extending loans to MSMEs loans secured against property and construction finance. CGCL has a subsidiary Capri Global Housing Finance Limited (CGHFL). CGCL’s equity is listed on BSE and NSE with the promoter and promoter group holding ~60 percent as on March 31, 2025. CGCL is promoted by Mr. Rajesh Sharma (Managing Director) and the day-to-day operations are managed by the team led by Mr. Rajesh Sharma.

Unsupported Rating

­­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated the business and financial risk profiles of Capri Global Capital Limited (Parent Company) and its wholly owned subsidiaries. This consolidation is in the view of the common promoters, shared brand name and strong financial and operation synergies.

Key Rating Drivers

Strength

­­Experienced management & healthy resources raising ability Capri group, through its flagship company CGCL, forayed into lending business in 2010, primarily focusing towards wholesale lending and gradually shifted towards a retail book. The Group’s flagship company CGCL is listed on both BSE and NSE. Capri Group is promoted by Mr. Rajesh Sharma, with an experience of around three decades in financial services sector. CGCL has a board comprising of seven members with an experience of more than three to four decades in the banking, financial services, public administration sectors. The promoter group holds ~60 percent and the remaining 40 percent is held by public, which includes mutual funds, foreign portfolio investors, individuals, bodies corporate etc. CGHFL, the housing finance arm of Capri Group is a wholly owned subsidiary of CGCL. On a consolidated basis, CGCL’s Networth stood at Rs. 3836.57 Cr. and AUM of Rs.15,652.94 Cr. as on March 31, 2024. CGCL’s (standalone) CRAR stood at 22.84 percent as on March 31, 2025. The company had a QIP equity raise of Rs. 2000 Cr. during Q1FY26 through investors which included Mutual Funds, Domestic and Foreign funds and insurance companies which has helped them augment their capital position. The Group is moderately levered and its consolidated gearing stood at 3.70 times as on March 31, 2025. Sustained growth in AUM through focus diversification of portfolio Over the last few years, the group has been diversifying its portfolio towards granular MSME and housing loans and into gold loans. The Group’s portfolio comprises of four product verticals namely, loans to MSMEs which are secured against property, housing finance, construction finance, gold loans and indirect lending to smaller NBFCs and MFIs. The company had forayed into the gold loan vertical during FY2023 as a conscious attempt to increase their focus towards diversification of the loan book. CGCL has 821 dedicated branches in Q1FY26 which has helped them scale up the gold loan book to Rs 5561.27 Cr. (as on March 31, 2025) in a short span of time. The gold loan portfolio has increased to Rs 6210.98 Cr. (as on June 30, 2025). The consolidated Asset Under Management (AUM) increased to Rs. 22,860.20 Cr. as on March 31, 2025 from Rs. 15,652.94 Cr. as on March 31, 2024.The group had an AUM of Rs 24,753.80 Cr. for Q1FY26. The growth in AUM was driven by growth across all product verticals. The Group has adopted cautious strategy towards its Construction Finance segment and intends to limit the exposure to Construction Finance to under 20 percent of AUM going forward. Under the construction finance vertical, the company majorly lends to small and medium sized developers with an average ticket size of Rs,7-10 Cr. amidst a range of Rs. 2 Cr. to Rs. 60 Cr. exposure towards a project. Acuité believes that the management’s philosophy of focusing on the retail segment and lending towards granular assets is likely to augur well from a risk standpoint.

Weakness

Susceptibility of asset quality to inherent risks in MSME segment and real estate sector Capri Group has a presence in the lending space since 2010. The company’s primary focus of lending is MSME & Housing Finance segment which jointly contributes ~44.3 percent of the overall portfolio as on June 30, 2025. The Group primarily caters to borrowers who are self employed and are engaged in small businesses and trading activities. The cashflows of these borrowers are dependent on the overall economic activity in the region. The Gross NPAs in the MSME vertical stood at 3.94 percent as on March 31, 2025. The GNPA increased to 4.32 percent in Q1FY26. The company mentioned the increase in NPA is stemming from the state of Madhya Pradesh due to delinquencies in small businesses in the state. The company has taken cognizance of this in its MSME book and has taken corrective action to reduce further exposure to the particular geography.Through its construction finance segment the company continues to be exposed to the vagaries of the real estate industry. Though these exposures are secured by way of an exclusive mortgage of immovable properties with an escrow mechanism. Additionally, a sustained slowdown in funding to the wholesale segment over the near to medium term may adversely impact the developer’s ability to complete the existing projects in a timely manner as well as launch new projects. Acuité has observed that the group’s initiated steps to take on granular exposures by focussing on housing finance. However, since MSME and Construction finance segments comprise considerable portion of the portfolio, the risk of slippage in asset quality will be a key monitorable. Moderate earning profile albeit improving On a consolidated basis, Capri Group’s profitability indicators have improved during FY2025 marked by Return on Average Assets (RoAA) at 2.67 percent as on March 31, 2025 from 2.08 percent as on March 31, 2024. However, there has been a reduction in Operating Expenses, the Operating Expenses to Earning Assets (Opex) stands at 6.75 percent as on March 31, 2025 from 7.48 percent as on March 31, 2024. Net Interest Margins (NIM) also improved to 9.74 percent as on March 31, 2025 from 9.68 percent as on March 31, 2024. The group’s PAT levels have also improved in FY25 as the group reported PAT of Rs 478.53 Cr. as against Rs. 279.41 Cr. in FY 2024 and sizeable income is derived from CSA (Corporate Selling Agent) business for car loan origination indicating contribution of fee based revenue in the overall revenue stream. Going forward ability of the company to build its loan portfolio while improving its profitability and sustain the growth in its fee based income will remain a monitorable.

ESG Factors Relevant for Rating

­­Capri Global Capital Limited (CGCL) belongs to the Non-Banking Financial Companies (NBFC) sector which complements bank lending in India. Some of the material governance issues for the sector are policies and practices with regards to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, sustainable financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. CGCL has been focusing on extending loans to MSMEs loans secured against property and construction finance. The Capri group board comprises of six members with an experience of more than three to four decades in the banking, financial services, public administration sectors. The group companies maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. The group companies also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, CGCL is actively engaged in community development programmes through its CSR activities.

Rating Sensitivity

­ Movement in incremental cost of borrowing Movement in ROAA and profit levels Movement in asset quality indicators Movement in liquidity buffers

Liquidity Position

Adequate

CGCL (standalone) has adequately matched asset liability profile with no negative cumulative mismatches in the maturity buckets based on ALM as on March 31, 2025. The liquidity including cash and cash equivalents stood at Rs 1506.54 Cr. as on March 31, 2025 on a consolidated level. For Q1FY26, the group had cash and bank balances that stood at Rs 2605.7 Cr.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 4843.96 4468.54 Total Income* Rs. Cr. 292.88 269.95 PAT Rs. Cr. 61.87 71.70 Net Worth Rs. Cr. 852.00 790.16 Return on Average Assets (RoAA) (%) 1.33 1.97 Return on Average Net Worth (RoNW) (%) 7.54 10.95 Debt/Equity Times 4.47 4.15 Gross NPA (%) 1.39 1.31 Net NPA (%) 0.92 0.80 *Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 20746.57 15079.54 Total Income* Rs. Cr. 1976.48 1476.69 PAT Rs. Cr. 478.53 279.41 Net Worth Rs. Cr. 4304.10 3836.57 Return on Average Assets (RoAA) (%) 2.67 2.08 Return on Average Net Worth (RoNW) (%) 11.76 7.55 Debt/Equity Times 3.70 2.78 Gross NPA (%) 1.53 1.92 Net NPA (%) 0.90 1.06 *Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

­None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 30 Apr 2025 Proposed Long Term Bank Facility Long Term 953.83 ACUITE AA | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 44.80 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 146.17 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 342.80 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 87.40 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA | Stable (Reaffirmed) 24 Sep 2024 Term Loan Long Term 94.60 ACUITE AA | Stable (Reaffirmed) Term Loan Long Term 371.40 ACUITE AA | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 1300.00 ACUITE AA | Stable (Assigned) Proposed Long Term Bank Facility Long Term 359.00 ACUITE AA | Stable (Reaffirmed) 31 Aug 2024 Term Loan Long Term 94.60 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Proposed Long Term Bank Facility Long Term 359.00 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Term Loan Long Term 371.40 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) 16 Jan 2024 Proposed Long Term Bank Facility Long Term 825.00 ACUITE AA- | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 412.31 Simple ACUITE AA | Stable | Reaffirmed LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 21 Dec 2024 Not avl. / Not appl. 01 Jan 2032 95.65 Simple ACUITE AA | Stable | Reaffirmed Bank of India Not avl. / Not appl. Term Loan 27 Sep 2024 Not avl. / Not appl. 30 Jun 2031 50.00 Simple ACUITE AA | Stable | Reaffirmed UCO Bank Not avl. / Not appl. Term Loan 27 Nov 2024 Not avl. / Not appl. 31 Dec 2031 192.85 Simple ACUITE AA | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 27 Sep 2024 Not avl. / Not appl. 31 Dec 2031 92.86 Simple ACUITE AA | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 29 Apr 2025 Not avl. / Not appl. 23 Aug 2032 150.00 Simple ACUITE AA | Stable | Reaffirmed Bank of Maharashtra Not avl. / Not appl. Term Loan 10 Jun 2025 Not avl. / Not appl. 10 Jun 2032 200.00 Simple ACUITE AA | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 18 Dec 2023 Not avl. / Not appl. 31 Dec 2030 300.00 Simple ACUITE AA | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 18 Dec 2023 Not avl. / Not appl. 31 Dec 2030 314.20 Simple ACUITE AA | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 29 Dec 2023 Not avl. / Not appl. 31 Mar 2031 81.48 Simple ACUITE AA | Stable | Reaffirmed LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 28 Aug 2024 Not avl. / Not appl. 27 Sep 2031 139.50 Simple ACUITE AA | Stable | Reaffirmed Bank of Maharashtra Not avl. / Not appl. Term Loan 05 Sep 2024 Not avl. / Not appl. 20 Sep 2031 96.15 Simple ACUITE AA | Stable | Reaffirmed

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr.No. Company Name 1 Capri Global Housing Finance Limited 2 Capri Global Capital Limited 3. Capri Loan Car platform Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.