Over the last two decades, psychological capital has gained prominence in the literature on positive organisational behaviour. However, further investigation is still needed in relation to this issue, particularly in the context of educational organisations. Accordingly, this study aimed to examine the contributing and damaging factors relating to the psychological capital of teachers. The researchers followed a qualitative approach and conducted a basic interpretative study to determine the perceptions of 14 teachers, who were selected for participation using a maximum variation approach. Deductive content analysis was then carried out to analyse the raw data. According to the findings, a supportive organisational climate, collaboration, communication, convenient physical conditions of the school, parent engagement, professional characteristics and positive experiences emerged as contributors to teachers' psychological capital. On the other hand, a strict bureaucratic focus and ongoing interference by school principals; inadequate physical conditions of the school; negative attitudes of parents and colleagues; the poor reputation of the teaching profession; and negative experiences of teachers were identified as damaging to psychological capital.