INE04HY08011 | 13.60% | Vedika Credit Capital Limited

13.60%

YTM

₹98,825.56

Minimum investment

Monthly

Payout

05 Dec 2031

Maturity

12.50%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed15 Units available

0% Sold

13.60% / +110 bpsYTM vs coupon

yield above stated coupon

98.7571 / 98.8256Clean / 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: 05 Jan 2026

Why this bond?

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.

Monthly Interest PayoutPrincipal Paid at Maturity

₹98,825.56Principal Invested

₹65,616.34Interest earned

₹1,65,616.34Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
05 Oct 2026	₹1,027.4	--
05 Nov 2026	₹1,061.64	--
05 Dec 2026	₹1,027.4	--
05 Jan 2027	₹1,061.64	--
05 Feb 2027	₹1,061.64	--
05 Mar 2027	₹958.9	--
05 Apr 2027	₹1,061.64	--
05 May 2027	₹1,027.4	--

Key Strengths

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.

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.

A-Dec 2025

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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Vedika Credit Capital Limited

About the Issuer

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Returns & Cashflow

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Strengths & Risk

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Trade & Settlement

Totals (For Selected Units)

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