INE01HV07635 | 10.35% | VIVRITI CAPITAL LIMITED

10.35%

YTM

₹9,852.41

Minimum investment

Quarterly

Payout

04 May 2028

Maturity

9.25%

Coupon Rate

₹10,000

Face Value

Currently subscribed50 Units available

0% Sold

10.35% / +110 bpsYTM vs coupon

yield above stated coupon

98.8789 / 98.5241Clean / dirty price

Excluding / including accrued interest

About the Issuer

Hari and company investments Madras Private Limited is a non-deposit taking NBFC registered with RBI. It provides debt finance through enterprise lending, co-lending, supply chain finance, securitisation/direct assignment and related retail products.

Debenture trustee: Beacon Trusteeship Ltd
Issuance date: 04 Sep 2025

Why this bond?

CARE A+; Stable rating for the proposed NCD programme.
Three fixed-coupon series with 14-32 month tenors.
1.05x cover over identified book debt receivables.
Quarterly coupons; BSE WDM listing proposed.

Quarterly Interest PayoutPrincipal Paid at Maturity

₹9,852.41Principal Invested

₹1,539.15Interest earned

₹11,539.15Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
04 Dec 2026	₹230.62	--
04 Mar 2027	₹228.08	--
04 Jun 2027	₹233.15	--
04 Sep 2027	₹233.15	--
04 Dec 2027	₹229.99	--
04 Mar 2028	₹229.99	--
04 May 2028	₹154.17	₹10,000
Total	₹1,539.15	₹10,000

Key Strengths

Scale Growth

AUM rose from 5,836 Cr in FY23 to 9,302 Cr in FY25.

Capitalisation

CAR stayed above 20%; TNW was 2,079 Cr at FY25 and 2,122 Cr at Jun-2025.

Resource Mix

Over 45 lender relationships with banks forming 56% of borrowings at FY25.

Management Depth

Promoter and team have financial services experience; institutional investors back VCL.

Product Diversity

Enterprise, co-lending, supply chain, DA and other products across 300+ enterprises.

Key Risks

Asset Quality

Gross Stage 3 rose to 1.89% at FY25 and 2.49% at Jun-2025.

Unseasoned Book

Rapid AUM growth leaves a significant part of the loan book unseasoned.

Unsecured Share

Unsecured co-lending loans were 37% of AUM at FY25 and 34% at Jun-2025.

Concentration

Top 20 exposures excluding co-lending were 12% of AUM at Jun-2025.

HAC Transfer

NBFC business transfer to HAC is not expected to materially affect credit, but is monitorable.

CARE A+ | StableAUM 9,301 CrCAR 21.02%GNPA 2.49%

A+/ StableCARE A+ | Stable

Rating rationale summary

CareEdge assigned/reaffirmed CARE A+ | Stable. The rating reflects AUM growth, earnings improvement, comfortable capitalisation, experienced management and diversified portfolio/resources, offset by limited track record, unseasoned book, enterprise concentration and unsecured loan share.

Summary points

CARE A+ | Stable rating for proposed NCDs.
AUM grew to 9,302 Cr at FY25 and 9,301 Cr at Jun-2025.
Capitalisation remains comfortable with FY25 CAR of 21.02%.
Asset quality and unsecured co-lending book remain monitorables.

Rating history timeline

CARE A | Stable

Earlier rating history shows CARE A | Stable in 2022.

CARE A | Positive

Rating history shows CARE A | Positive during 2022-23.

CARE A+ | Stable

Rating history shows CARE A+ | Stable from Dec-2023.

CARE A+ | Stable

Aug-2025 letter assigned CARE A+ | Stable to proposed NCDs.

Outlook implications

Stable outlook expects the NBFC business, post transfer to HAC after scheme completion, to continue AUM growth while maintaining profitability, asset quality and capitalisation.

Implications for investors

The rating supports investment-grade credit quality, while enterprise concentration, GNPA trajectory, gearing and restructuring progress should be monitored during the tenor.

Rating Drivers

AUM up to 9,302 Cr

CAR 21.02% at FY25

Over 45 lenders

GNPA trigger above 2.5%

37% AUM unsecured

How this issuer compares to peers

Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.

Where it stands out

Enterprise lending NBFC with 9,301 Cr AUM

Financial services Enterprise lending Supply chain financeCareEdge cites 300+ enterprise clients and 14 lakh+ retail clients through co-lending as on Jun 30, 2025.

Invest

Units

Trade & Settlement

Settlement date

21 Aug 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹9,852.41

Investment amount

₹9,852.41

Total Interest

₹1,539.15

Total Receivable

₹11,539.15

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VIVRITI CAPITAL LIMITED