Dar Credit & Capital Ltd(DCCL)

NSE: DCCL

₹ 35-2.23%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 50 crUpdated: 24 Oct 2026

About

Dar Credit & Capital Ltd is an NBFC that lends to underserved communities through three divisions: municipality employee personal loans, secured MSME loans and unsecured MSME loans. Its AUM was ₹229.55 crore as of March 2026, up 34.95% year-on-year. As of March 2026 it ran 35 branches across 6 states and served more than 22,500 active customers. Its credit rating is BBB (-) Stable.^[1][2]

Lending divisions

Three divisions: municipality employee loans (personal loans), secured MSME loans and unsecured MSME loans (FY26 annual report).^[1]
Municipal employee personal loan book: INR82.5 crores in Q3 FY26 vs INR76.5 crores at FY25 close. This is a 25-year-old product, with collections made through a lien on salary.^[3]
Secured MSME (micro-LAP) book: ₹69.47 crore in FY26 vs ₹29.69 crore in FY25.^[2]

Loan book and asset quality

Own-portfolio AUM: ₹229.54 Cr in FY26, +34.95% YoY; ₹202.31 Cr in Q3 FY26.^[2][3]
Managed portfolio: ₹8.55 Cr in FY26 vs ₹10.73 Cr in Q3 FY26.^[2][3]
GNPA: 1.01% in FY26 vs 1.54% in Q3 FY26. NNPA was 0.96% in Q3 FY26.^[2][3]
Total provisions: ₹1.34 Cr in FY26.^[2]
Capital adequacy ratio: 40.08% in FY26 vs 43.84% in Q3 FY26.^[2][3]

Yields and funding

Yield on average term loans (gross): 21.21% in FY26 vs 21.53% in FY25.^[2]
Average cost of borrowings: 13.07% in FY26 vs 11.49% in FY25.^[2]
Total borrowings: ₹184.46 Cr in FY26 vs ₹159.34 Cr in Q3 FY26.^[2][3]
Two NCDs totalling around INR20 crores were issued up to December 2025 at coupons of around 12% to 12.5%, compared with bank borrowing rates of 12%-13%.^[3]

Branches and reach

As of March 2026: 35 branches across 6 states (West Bengal, Rajasthan, Bihar, Jharkhand, Madhya Pradesh, Gujarat), over 22,553 active customers and 260+ employees.^[2]
As of FY26, six branches originate only micro-LAP loans, and other branches have separate teams for secured lending.^[2]

Co-lending and managed portfolio

As of FY26, the managed portfolio is run through co-lending arrangements with ESAF Small Finance Bank and Kaleidofin Capital. Business with SIDBI is currently moving slowly.^[2]

Expansion plans

Target: AUM of ₹260-275 crore and a balance sheet of ₹350-370 crore in FY27, up from ₹294 crore.^[2]
Plans to add 5-7 branches in FY27 within its existing 6 states. No new states are planned in the near term.^[2]
Target loan mix over 3-4 years: personal loans 30-35%, secured MSME 35-40%, with unsecured MSME making up the rest.^[2]
Plans NCD issuance of INR100-125 crores in the coming years (stated in Q3 FY26).^[3]

Technology

The personal loan module was moved to the in-house Vijay software in FY26. RiseMoney is to be phased out in FY27, leaving Vijay as the single LOS/LMS platform.^[2]
In Q3 FY26, an in-house app that lets field staff complete loan entries at the borrower's location was in trial run.^[3]

Recent developments

IPO proceeds were fully used during FY 2025-26 to strengthen the capital base and for general corporate purposes, with no deviation from the stated objects.^[1]
Credit rating: BBB (-) Stable, per the FY26 annual report.^[1]

Market Cap

₹50 Cr

High / Low

₹60 / 33

Stock P/E

7.3

Price / Book

0.5

Book Value

₹73

EPS

₹4.9

No. of Shares

1.43 Cr

ROE

7.9%

Debt / Equity

1.78

Sales

₹40 Cr

Net Profit

₹7 Cr

Promoter holding

69.1%

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