INE04HY07294 | 11.55% | Vedika Credit Capital Limited

11.55%

YTM

₹98,823.85

Minimum investment

Quarterly

Payout

31 Jul 2028

Maturity

10.25%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed15 Units available

0% Sold

11.55% / +130 bpsYTM vs coupon

yield above stated coupon

98.6834 / 98.8238Clean / dirty price

Excluding / including accrued interest

About the Issuer

Vedika Credit Capital Limited is a Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) registered under the RBI. Established in 2007 with its head office in Ranchi, it provides small ticket loans to women in rural and semi-urban areas through Joint Liability Groups (JLG) and MSME loans.

Debenture trustee: Catalyst Trusteeship Limited
Issuance date: 31 Jul 2025

Key terms

Comfortable capitalisation with CRAR of 28.06%.
Consistent AUM growth reaching Rs 1,560.89 crore.
Experienced management team in MFI sector.
Strong liquidity profile and adequate MIS systems.

Quarterly Interest PayoutPrincipal Paid at Maturity

₹98,823.85Principal Invested

₹17,923.49Interest earned

₹1,17,923.49Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
31 Jan 2027	₹2,583.56	--
30 Apr 2027	₹2,499.32	--
31 Jul 2027	₹2,583.56	--
31 Oct 2027	₹2,583.56	--
31 Jan 2028	₹2,576.5	--
30 Apr 2028	₹2,520.49	--
31 Jul 2028	₹2,576.5	₹1,00,000
Total	₹17,923.49	₹1,00,000

Issuer and structure highlights

Capitalisation

The company maintains a strong capital adequacy ratio of 28.06%, supported by regular equity infusions.

Financial Growth

VCCL has demonstrated consistent growth in its loan book, with AUM reaching Rs 1,560.89 crore in Q2FY26.

Asset Quality

Stringent credit appraisals and collection systems have kept GNPA at 1.69% and NNPA at 0%.

Key Risks

Leveraged Structure

Despite regular capital infusions, the company's reliance on external debt keeps the gearing relatively high at 3.83x.

Industry Risks

The microfinance segment is inherently exposed to socio-political and operational risks which can impact collections.

Geographic Mix

The loan book is heavily concentrated in the Eastern and Northern states, exposing it to localized disruptions.

Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.

Capital Adequacy Ratio (CRAR) of 28.06% as of Q2FY26.Total AUM expanded to Rs 1,560.89 crore in H1FY26.Promoters plan to raise an additional Rs 100 crore in FY26.

LOW CREDIT RISKACUITE A

Rating agencyACUITE

Senior Secured

Rating as of 4 Nov 2026

The Credit risk-o-meter is based on evaluation of the credit risk of the issuer and does not constitute investment advice or a recommendation to invest. Investments in debt securities are also subject to market and liquidity risks.

Rating rationale summary

Infomerics assigned IVR A- Stable rating to VCCL, factoring in its comfortable capitalisation, proven track record of capital raising, improved financial profile, and adequate systems and processes.

Summary points

Comfortable capitalisation levels
Consistent AUM and loan book growth
Adequate systems and processes
Experienced management team

Rating history timeline

Oct 2023

Rating assigned with stable outlook

Dec 2023

Rating reaffirmed with stable outlook

Jun 2024

Rating reaffirmed with stable outlook

Dec 2025

Rating reaffirmed with stable outlook

Outlook implications

The stable outlook reflects the company's consistent growth in its loan book while maintaining a comfortable capitalisation, healthy asset quality, and sustained profitability.

Implications for investors

The subordinated debt structure qualifies as Tier II capital, thereby strengthening the company's overall capital adequacy ratio to support future growth.
Investors benefit from the company's healthy asset quality, with GNPA improving to 1.69% and NNPA at nil, mitigating inherent microfinance sector risks.

Watch for: Adverse movements in collection efficiency and substantial deterioration in AUM or capitalisation levels.

Rating Drivers

Comfortable capital adequacy

Consistent growth in AUM

Highly leveraged capital

Vulnerable to external shocks

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

Robust Capital Adequacy and Strong AUM Growth

NBFC-MFI Microfinance Joint Liability GroupVCCL has maintained a strong CRAR of 28.06% and achieved an AUM of Rs 1,560.89 Cr, supported by steady equity infusion and an expanding network.

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