Vivriti capital bonds: Price, ISIN, Yield (YTM), rating & key risks

Quick Overview

Vivriti Capital Limited (VCL) is a systemically important non-deposit-taking Non-Banking Financial Company (NBFC-ND-SI) registered with the Reserve Bank of India (RBI). Founded in 2017 by financial industry veterans Vineet Sukumar and Gaurav Kumar, the Chennai-headquartered enterprise functions as a specialized tech-enabled credit platform catering to mid-market corporates, emerging enterprises, and financial institutions across India. Backed by global institutional private equity investors including Creation Investments, Lightrock, and TVS Shriram Growth Fund the company provides term loans, working capital facilities, co-lending structures, supply chain financing, and debt securitization solutions.

To diversify its liability profile, lower blended borrowing costs, and support ongoing loan book growth, the lender regularly accesses the debt capital market through Non-Convertible Debentures (NCDs). This analytical guide provides an in-depth breakdown of Vivriti capital bonds, evaluating primary and secondary tranches including ISIN INE01HV07569, ISIN INE01HV07452, and ISIN INE01HV07593. Carrying contractual coupon rates ranging from 9.65% to 10.40% per annum and supported by a Vivriti capital bond rating of CARE A+ / Stable and CRISIL A+ / Stable, these Vivriti capital NCD issues may provide retail and institutional investors with a combination of regular quarterly cash flows, high capital adequacy, and senior secured asset backing, subject to the terms of the issue.

What Is Vivriti Capital Limited?

Incorporated to bridge the credit gap for mid-market Indian enterprises, Vivriti Capital Limited operates as a differentiated wholesale and retail-focused NBFC. Operating alongside its tech platform affiliate CredAvenue (Yubi), the institution leverages digital underwriting engines and financial engineering to structure customized debt solutions.

The company's primary lending operations are organized across four core verticals:

● Mid-Market Corporate Credit: Providing structured working capital debt, project loans, and capex term loans to enterprises across manufacturing, logistics, healthcare, and retail sectors.

● Financial Institutional Lending: Extending senior secured debt facilities, pooled loan issuances, and co-lending lines to partner NBFCs, microfinance institutions (MFIs), and fintech lenders.

● Supply Chain & Trade Finance: Delivering anchor-led invoice discounting and vendor financing solutions for commercial supply chains.

● Retail Co-Lending Partnerships: Originating MSME and retail consumer loan portfolios in collaboration with regional lending partners and commercial banks.

Supported by institutional equity participation and a diversified lender base of commercial banks, mutual funds, and development finance institutions, Vivriti Capital has an established presence within India's structured debt marketplace.

Vivriti Capital Bonds: Key Technical Specifications

Fixed-income investors examining corporate debt opportunities should review the structural terms across active debenture series. The table below outlines the core technical parameters of vivriti capital bonds:

*Note: Secondary market metrics including clean/dirty prices, accrued interest windows, and dynamic Yield to Maturity (YTM) adjust continuously based on benchmark macroeconomic interest rates and platform liquidity.

Deep-Dive Analysis: Key NCD Tranches (ISIN Showcase)

1. ISIN INE01HV07569 (9.65% Quarterly Payout, Due Feb 2027)

This debenture tranche carries a nominal face value of Rs 10,000 per unit and matures on February 5, 2027. With a contractual 9.65% annual coupon rate distributed quarterly, it provides for scheduled periodic interest payments. . For an investor holding 10 units (Rs 1,00,000 total face value), the bond generates approximately Rs 2,412.50 pre-tax every quarter across four annual payment dates, making it a medium-term fixed-income instrument.

2. ISIN INE01HV07452 (9.90% Quarterly Payout, Due Mar 2026)

Structured with a nominal face value of Rs 1,00,000 per unit, this short-duration tranche features a contractual 9.90% coupon paid quarterly. Maturing in March 2026, this security provides conservative treasury desks with a short holding horizon that insulates portfolios from multi-year interest rate volatility while maintaining an investment-grade A+ credit rating.

3. ISIN INE01HV07593 (10.00% Quarterly Payout, Due Jul 2028)

For investors seeking a longer duration with enhanced coupon lock-in, ISIN INE01HV07593 carries a contractual 10.00% annual coupon rate with a nominal face value of Rs 10,000 per unit. Expiring in July 2028, this tranche may provide higher cumulative returns and scheduled quarterly distributions for passive income seekers and family wealth desks, subject to the terms of the issue.

Secondary Traded Price vs Yield to Maturity (YTM)

Understanding how secondary market trade quotes impact effective returns is important when evaluating corporate debentures:

● Contractual Coupon Baseline: The fixed interest rate established at issuance on the unit face value. For example, a 9.65% coupon on a Rs 10,000 bond provides for Rs 965 in annual interest payments distributed according to the applicable quarterly payment schedules.

● Discounted Secondary Market Quotes: On exchange trading platforms and digital bond platforms, debentures trade dynamically based on market demand and prevailing interest rates. When units trade at a slight discount to par value (e.g., ~Rs 9,850 to Rs 9,920 for a Rs 10,000 face value bond), the effective purchase price is lower than the face value.

● Yield Compression & Enhancement: Purchasing a bond below its face value may increase the effective return. In addition to receiving the applicable coupon payments, an investor may realise a capital gain if the bond is redeemed at its full face value at maturity. This price difference may result in a higher secondary market Yield to Maturity (YTM), indicated at ~9.95%–10.45% per annum.

At an indicative secondary YTM of ~10.00%+, Vivriti Capital NCDs have a higher indicated yield than the referenced tenure-matched bank fixed deposits (approximately 6.50%–6.70%). The difference in yields should be considered alongside the credit, liquidity, interest-rate and other risks associated with corporate debt.

Credit Rating Safety Validation: What A+ Means

The long-term debt issuances of Vivriti Capital Limited hold assigned credit ratings of CARE A+ / Stable and CRISIL A+ / Stable.

[AAA Tier: Highest Safety] -> [AA Tier: High Safety] -> [CARE / CRISIL A+ (Adequate Safety Grade)] -> [BBB Floor]

Instruments rated inside the A category are defined by credit rating agencies as carrying an adequate degree of safety regarding the timely servicing of financial obligations, with low credit risk under standard economic conditions. The plus (+) modifier positions the issuer at the upper tier of the "A" rating band. The "Stable" outlook reflects rating agency confidence that the company's capitalization, experienced management, and diversified resource profile will remain solid over the medium term.

Senior Secured Collateral Safeguards

To protect bondholders, these debentures are structured as Senior Secured NCDs. The issues are secured by a specific first pari-passu charge over designated performing corporate loan receivables and book debts of the company. Monitored by independent debenture trustees (Beacon Trusteeship Limited / Catalyst Trusteeship Limited), the lender maintains a contractually mandated security cover ratio (typically 1.10x to 1.25x). In an adverse liquidation scenario, senior secured bondholders hold priority repayment claims ahead of unsecured creditors and equity shareholders.

Financial Snapshot & Mid-Market Scale

Evaluating the financial profile of a specialized wholesale and enterprise NBFC requires reviewing key balance sheet and operating indicators:

● AUM Footprint: Vivriti Capital manages Assets Under Management (AUM) exceeding Rs 9,400+ crore, across corporate loans, enterprise credit, and financial institution financing.

● Net Worth & Capital Buffers: Supported by institutional private equity participation , the firm’s net worth stands past Rs 2,240 crore, providing a capital base to support its lending operations. .

● Capital Adequacy (CRAR): The company maintains a Capital Adequacy Ratio (CRAR) of ~20.10% to 21.00%, above the applicable Reserve Bank of India’s statutory 15% minimum mandate.

● Asset Quality: Gross Non-Performing Assets (GNPA) stand at ~2.40% to 2.50%, with Net NPA below ~0.95%, alongside active risk monitoring and security mechanisms.

● Profitability: The lender has reported positive net earnings, with annual Profit After Tax (PAT) exceeding Rs 200+ crore.

Key Risks of Investing in Vivriti Capital NCDs

While a 9.95%–10.45% secondary YTM presents the indicated yield range for A+ rated paper, fixed-income investors should evaluate several structural risk factors:

● Wholesale & Mid-Market Enterprise Exposure: A significant portion of the loan book comprises loans to mid-market corporates and emerging enterprises. Adverse macroeconomic shifts, sector-specific slowdowns, or liquidity stress in the SME sector could impact borrower debt servicing capability.

● Moderate Portfolio Seasoning: Because the enterprise has expanded its loan book significantly over recent years, portions of the portfolio may have moderate seasoning, requiring ongoing asset quality monitoring.

● Cost of Funds & Interest Rate Shifts: As an NBFC reliant on institutional debt markets, sustained high interest rates can increase borrowing costs, potentially compressing net interest margins (NIMs) if borrowing costs rise faster than asset yields.

● Secondary Market Trading Liquidity: While listed on the BSE and NSE debt platforms, trading volumes on specific private placement ISINs can fluctuate. Investors considering an exit prior to maturity should account for potential bid-ask spread variations.

Taxation Framework on Indian Corporate NCDs

Tax treatment for coupon income and capital gains earned from listed corporate debentures follows statutory provisions under the Indian Income Tax Act:

1. Taxation on Periodic Interest Inflows: Quarterly interest distributions received by bondholders are classified under Income from Other Sources and taxed at the investor's applicable individual income tax slab rate.

2. Tax Deducted at Source (TDS): Pursuant to Section 193 of the Income Tax Act, a mandatory 10% TDS deduction applies at the time of interest payment on listed corporate debentures. Investors can claim this deduction as a tax credit when filing their annual Income Tax Return (ITR).

3. Capital Gains on Secondary Market Sales: If debentures are traded on an exchange prior to maturity:

○ Holding Period Under 12 Months: Treated as Short-Term Capital Gains (STCG) and taxed at standard individual income tax slab rates.

○ Holding Period Over 12 Months: Treated as Long-Term Capital Gains (LTCG) and taxed at a flat rate of 12.5% without indexation benefits under current tax regulations.

Investor Evaluation Checklist Before Allocation

Before considering an allocation in Vivriti Capital debentures on a digital bond platform, verify these key transaction parameters:

● Verify the Target ISIN: Confirm whether the order corresponds to INE01HV07569 (Feb 2027), INE01HV07452 (Mar 2026), or INE01HV07593 (Jul 2028) to ensure tenure and coupon terms match your portfolio plan.

● Check Clean vs. Dirty Price Quotes: Confirm whether the secondary market price includes accrued interest accumulated since the last quarterly distribution date.

● Confirm Quarterly Cash Flow Fit: Ensure that receiving interest payouts four times per year aligns with the desired liquidity and income management strategy.

● Maintain Portfolio Diversification: Balance the overall fixed-income holdings across multiple sectors, issuers, and credit rating tiers to manage single-entity concentration risk.

Frequently Asked Questions (FAQs)

What is the specific instrument structure of Vivriti Capital bonds?

Vivriti Capital bonds are senior secured, rated, and exchange-listed Non-Convertible Debentures (NCDs) offering fixed coupon rates between 9.65% and 10.40% per annum with quarterly or monthly payout cadences.

What is the credit rating of Vivriti Capital bonds?

Vivriti Capital debt instruments hold an investment-grade credit rating of CARE A+ / Stable and CRISIL A+ / Stable, signifying an adequate-to-high degree of safety regarding timely debt servicing.

What is the indicative secondary market yield (YTM) on Vivriti Capital NCDs?

Secondary market yields to maturity (YTM) for Vivriti Capital bonds typically trade between 9.95% and 10.45% per annum, depending on the remaining tenure and price quote.

How frequently is interest paid on Vivriti Capital bonds?

Depending on the selected ISIN, interest is disbursed on a quarterly frequency directly to the investor's linked bank account until terminal maturity.

Where can investors track live quotes and buy Vivriti Capital NCDs?

Fixed-income investors can review clean/dirty price quotes, calculate yields, and trade listed corporate bonds through SEBI-registered Online Bond Platform Providers (OBPPs) such as BondScanner.

Published By

BondScanner, a SEBI-registered Online Bond Platform Provider (OBPP). Links to BondScanner's bond listing page, Android app, and iOS app referenced in this article are for informational purposes only.

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Disclaimer

This blog is intended solely for educational and informational purposes. The instruments, issuer categories, yield ranges and examples mentioned herein are illustrative and should not be construed as investment advice or recommendations.

BondScanner is a SEBI-registered OBPP and does not provide personalised investment advice. Nothing in this article is a solicitation to buy or sell any security. Investments in debt securities are subject to risks, including delay and/or default in payment. Investors must read all offer-related documents carefully before investing.