Capri Global Capital Ltd.

“Capri Global Capital operates in India's structurally underpenetrated MSME credit and affordable housing markets with a genuine niche in Tier 2–4 geographies, but it is a mid-tier operator — ROE below cost of equity, thin provisioning coverage, a replicable moat, and a 20–25% decade-probability of NBFC funding seizure during an MSME credit cycle make this a fair-value stock with no margin of safety, not a high-conviction compounder; capital is better deployed in higher-quality Indian financial sector businesses where moat durability and ROE trajectory are already demonstrated.”