Vivriti Capital Ltd
Chennai NBFC lending to mid-market enterprises with ₹9,300 Cr AUM, 0.24% gross NPA and ₹359 Cr of FY25 profit; April 2026 demerger sets up separate listable entities.
Market cap
₹9,599 Cr
11.30 Cr shares
P/E ratio
40.51
Sector average 22
Book value
₹190.00
P/B 4.47
1-year return
+0.00%
52w ₹850 – ₹899
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹850 → ₹850
52-week band in this window: ₹849.50 – ₹849.50. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 total income about ₹1,364 Cr and PAT about ₹358.78 Cr; net worth about ₹2,147 Cr.
- AUM above ₹9,300 Cr with gross NPA of 0.24% and NIM of 5.84%.
- Altius quote on 21 September 2026: buy ₹899, sell ₹800.
About Vivriti Capital
Vivriti Capital Limited is a systemically important non-deposit-taking NBFC founded in June 2017 by Vineet Sukumar and Gaurav Kumar. It lends to mid-market enterprises — term loans, supply-chain finance, structured and co-lending programmes, leasing and factoring — across 45-plus sectors, and manages third-party private-credit funds through Vivriti Asset Management. Group AUM crossed ₹9,300 Cr in FY25, up 25%, with the NBFC's gross NPA at 0.24%.
FY25 group total income was about ₹1,364 Cr (up 30%) and profit after tax about ₹358.78 Cr; net worth stood near ₹2,147 Cr. Net interest margin widened to 5.84% and pre-provision operating profit reached ₹484 Cr. Ratings are A+ (Stable) from CARE and CRISIL. Investors include LGT/Lightrock, Creation Investments and TVS Capital alongside the founders.
In April 2026 a demerger scheme separated the lending NBFC from the platform and asset-management businesses into distinct entities, each described by the company as independently listable; dealers report the group has been preparing an IPO, though no DRHP had been made public as of September 2026. Altius Investech quoted buy ₹899 and sell ₹800 on 21 September 2026; other dealers have quoted ₹1,000–1,050 during 2026.
Figures preliminary; verify from MCA filings. Income, profit, AUM and net worth are from the group's FY25 release and rating reports; FY23 and balance-sheet line items are reconstructed and the post-demerger share structure must be confirmed before trading.
Where the revenue comes from
- Enterprise and mid-market lending80%
Term loans, structured finance and supply-chain finance to mid-market companies
- Co-lending and retail programmes10%
Partnerships with smaller NBFCs and fintechs
- Asset management and fees10%
Vivriti Asset Management private-credit funds; leasing and factoring
Products & services
Enterprise term loans and structured finance
Secured and structured lending to mid-market companies across 45-plus sectors.
Supply-chain finance
Vendor and dealer financing programmes anchored on large corporates.
Co-lending and partnerships
Retail and MSME loans originated with partner lenders and fintechs.
Vivriti Asset Management
Private-credit AIFs investing in performing mid-market debt for institutional investors.
What works
- • Asset quality: gross NPA of 0.24% in FY25 on a ₹9,000 Cr-plus book, with provisioning to match.
- • Diversified funding from 60-plus lenders including public NCD issues, backed by A+ ratings from CARE and CRISIL.
- • Fee income from Vivriti Asset Management's private-credit funds supplements lending spreads.
What to watch
- • The April 2026 demerger changes what a Vivriti Capital share represents; entitlement to the demerged platform entity must be confirmed.
- • Mid-market corporate lending is cyclical, and the loss history is short given the FY19 start.
- • At about ₹900 the implied market value is roughly 4–5x FY25 net worth, well above listed mid-size NBFC multiples.
- • Dealer quotes ranged from ₹800 to ₹1,050 through 2026, showing thin and uneven liquidity.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Vivriti CapitalThis page | ₹849.50 | ₹9,599 Cr | 40.51 | 4.47 | +44.53% |
| InCred | ₹150.00 | ₹9,713 Cr | 26.04 | 2.22 | +45.91% |
| Arohan | ₹233.00 | ₹3,355 Cr | 37.28 | 1.77 | +18.96% |
| Hero FinCorp | ₹980.00 | ₹12,642 Cr | 9.52 | 1.35 | +15.82% |
Latest reported year: FY25 ending 31 Mar 2025.