Viviana Power Tech Limited has informed the Exchange about Credit Rating- New
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ACER Credit Rating has assigned an ACER BBB (Stable) rating to Viviana Power Tech's proposed Non-Convertible Debenture (NCD) issue of INR 100 crore. The NCDs will be privately placed at a 12% coupon with a 24-month tenure, to be issued in three tranches: INR 25 crore in March 2026, INR 25 crore in Q1FY27, and INR 50 crore in Q2FY27, with proceeds earmarked for working capital and general corporate purposes. The issue is secured by a promoter personal guarantee and a pari passu charge on receivables at 1.25x cover. The company has a healthy order book of around INR 1,408 crore (about 7x 9MFY26 revenue) mainly from government clients, with FY25 revenue of INR 218.96 crore, EBITDA margin of 14.70%, interest coverage of 8.58x, and net adjusted leverage of 1.55x. The company also plans a debt-funded capex of around INR 240 crore for BESS projects at its subsidiaries, which the agency flagged as a key monitorable.
The BBB (Stable) rating provides moderate headroom for fundraising, and the INR 100 crore NCD raise will support working capital and expansion. Shareholders should watch the planned INR 240 crore debt-funded BESS capex and the gradual increase in leverage (from 1.55x to 1.64x in 9MFY26) as potential pressure points on future credit metrics.