Vivriti Finance Limited

The Short Version :

Vivriti Finance Limited (formerly Vivriti Capital Limited) was a Middle-Layer NBFC (Non-Deposit Taking, RBI-registered) engaged in mid-market corporate lending and supply chain financing. FY26 consolidated revenue from operations grew 22.63% to Rs 1,726.70 crore from Rs 1,408.05 crore. Consolidated PAT (Total, including non-controlling interest) fell sharply to Rs 36.78 crore from Rs 358.78 crore, though FY25's figure was inflated by one-off items (a Rs 81.57 crore gain on dilution of control and a large deferred tax credit) that didn't repeat in FY26. Basic EPS was Rs 3.82 versus Rs 37.35, and ROE fell to 1.06% from 10.55%.

Why It Trades Where It Does :

The headline profit collapse is mostly a one-off-versus-one-off story, not a core business deterioration: FY25's Rs 358.78 crore profit included a Rs 81.57 crore gain on dilution of control and a Rs 285.81 crore net deferred tax credit, neither of which recurred in FY26. Stripping tax and the associate line out, core pre-tax operating profit was nearly flat (Rs 366.17 crore FY26 vs Rs 366.66 crore FY25). What did hit FY26 hard was a continuing large share of loss from an associate company (Rs 235.27 crore in FY26, Rs 200.27 crore in FY25), which has dragged group profit down in both years. None of this changes the more important fact above: this lending business is no longer inside this entity as of April 1, 2026.

Top Risks :

• The entity's core NBFC lending business has been demerged out effective April 1, 2026; these financials do not represent what the company holds going forward.

• A large, recurring loss from an associate company (Rs 235.27 crore in FY26 alone) has been a persistent drag on group profitability across both years shown.

• RBI NBFC registration surrender is in process; regulatory and operational identity of the residual entity is unclear from this filing.

Top Opportunities :

• Core lending operations (before one-offs and the associate drag) were broadly stable year-on-year, suggesting the underlying loan book performed consistently.

• Revenue from operations grew 22.63%, indicating continued business momentum right up to the point of the restructuring.

• Shareholders received consideration shares in the new holding structure (Vivriti Next Limited) as part of the scheme, so value may have migrated rather than disappeared, worth investigating what that structure holds.

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