Vivriti Capital Ltd.. Sep '28 Corporate Bonds - INE0P1407067

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AAA, AA+, AA, AA-, A+, A, A-

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BBB+, BBB, BBB-, BB+, BB

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The rating agency for this Bond is CRISIL.

About

Vivriti Capital Limited (VCL; formerly named as Hari and Company Investments Madras Limited) is an NBFC-Investment and Credit Company, operating as a wholly-owned subsidiary of Vivriti Next Limited (VNL). Founded by Mr. Vineet Sukumar and Mr. Gaurav Kumar, the company provides institutional loans, supply chain financing, retail loans via co-lending partnerships, and leasing and factoring solutions. As part of a corporate scheme of arrangement effective April 1, 2026, the lending business of the erstwhile VCL was transferred to the current entity. As of March 31, 2026, the Vivriti group managed a consolidated AUM of ~Rs 16,600 crore, comprising Rs 11,851 crore in lending AUM housed under VCL and Rs 4,750 crore managed by its asset management subsidiary, Vivriti Asset Management (VAM).;

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Crisil Ratings assigned a 'Crisil A+/Positive' rating to the company's Rs. 500 crore Non-Convertible Debentures and reaffirmed its 'Crisil A+/Positive/Crisil A1+' ratings on existing bank facilities and debt instruments.

The group maintains a healthy capitalization profile, supported by a consolidated net worth estimated at Rs 2,694 crore, a Capital Adequacy Ratio (CAR) of ~21.0%, and a moderate on-book gearing of 3.4 times as of April 1, 2026.

The company exhibits strong equity raising capabilities, having cumulatively raised Rs 1,399 crore from marquee institutional investors such as Lightrock Group, Creation Investments LLC, and TVS Capital Funds, along with a recent Rs 200 crore promoter infusion as subordinated debt.

Operations continue to scale rapidly with a 5-year lending book CAGR of 44% up to FY26, supported by adequate risk management practices, single-borrower exposure caps (3%), and First Loss Default Guarantee (FLDG) arrangements on co-lending pools.

Profitability metrics remain stable, with VCL reporting a profit after tax of Rs 265 crore for FY26 (RoMA of 2.2%) and Rs 73 crore for Q1 FY27 (annualized RoMA of 2.3%), benefiting from expanding net interest margins.

Vivriti Capital Ltd.. Sep '28

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