Whalesbook
Ab dekho, yeh $1 billion wala plan koi chhota mota nahi hai. Company ne officially bol diya hai ki unki Management Committee ne March 25, 2026 ko isko approve kar diya hai. Pata hai yeh paisa kahaan se aayega? Bahar ke markets se, U.S. regulations ke under (Regulation S aur Rule 144A). Aur important baat yeh hai ki yeh offer sirf international investors ke liye hai, India mein nahi bech sakte. Pehle toh $300 million ka plan chal raha tha, ab seedha $1 billion!
NBFCs Abroad Kyun Bhage Ja Rahe Hain?
Yeh Capri Global ka move koi ajeeb nahi hai, aajkal bahut saari Indian NBFCs abroad se funding utha rahi hain. Reason? India mein credit milne mein thodi dikkat ho rahi hai aur abroad mein shayad interest rates bhi kam mil rahe honge. Pata hai 2025 mein Indian NBFCs ne $3.67 billion abroad se uthaye the, jo pichhle saal se double se bhi zyada hai. Muthoot Finance jaise companies ne bhi dollar bonds kam interest par issue kiye hain. India ki rating improve hone aur U.S. rates kam hone se yeh aur attractive ho gaya hai, par exchange rate ka risk toh hai hi.
Stock Price Aur Valuation Ka Kya Scene Hai?
Jab yeh news aayi, toh Capri Global ka stock jo lagbhag ₹167.50 par trade kar raha tha, woh 0.39% gir gaya. Investors ko lagta hai ki itna zyada leverage ka problem ho sakta hai. Company ka market cap around ₹16,328 crore se ₹16,549 crore ke beech mein hai, aur P/E ratio 18.86x se 23.34x ke range mein hai. Yeh numbers Repco Home Finance (P/E 5.4x) ya Satin Creditcare Network (P/E 12.8x) se thode zyada hain, matlab valuation thoda premium hai. Analysts ki rai alag alag hai; 10 mein se sabhi keh rahe hain 'Buy' aur target ₹234.6 de rahe hain, par kuch analysts ko valuation mehenga lag raha hai.
Leverage Aur Risk Ka Factor
Ab $1 billion ka GMTN program announce karne ka matlab hai ki company par leverage ka risk badh gaya hai. Grow karne ke liye theek hai, par is bade debt ko manage karna mushkil ho sakta hai. Company ka interest cover ratio bhi thoda kam hai, jo ek concern hai. Is program ko execute karne mein bhi risks hain – market timing, pricing, aur paisa time par nikal paana.
Future Growth Plans
Par company ka future outlook acha hai. Unka target hai FY28 tak Assets Under Management (AUM) ko ₹50,000 se ₹55,000 crore tak le jaane ka. Iske liye unka gold loan business, co-lending services, aur insurance distribution sab kaam aayega. South India mein bhi expansion plan hai. Yeh GMTN program aur baki funding unke expansion ke liye hi hai. Analysts ko AUM growth aur margin improve hone ki umeed hai.