Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has assigned the long term rating of 'ACUITE BB+' (read as ACUITE Double B Plus)' on the Rs 25.00 Cr. bank loan facilities of Shivaya Capital Private Limited (SCPL). The Outlook is "Stable"
Rationale for Rating
The rating assigned to Shivaya Capital Private Limited (SCPL) reflects its moderate scale of operations, geographical concentration and weak asset quality. The company’s assets under management stood at Rs. 131.00 Cr. as on March 31, 2026 (Prov.) compared to Rs. 111.42 Cr. as on March 31, 2025, indicating growth albeit at a relatively moderate scale. The rating also factors in the company’s weak asset quality, with GNPA and NNPA at 5.10 percent and 2.85 percent, respectively, as on March 31, 2026 (Prov.) compared to 7.35 percent and 7.24 percent, respectively, as on March 31, 2025. The rating is supported by the experience of the management team and improving earnings profile. The Profitability has improved and PAT stood at Rs. 7.11 Cr. in FY2026 (Prov.) against Rs. 5.43 Cr. in FY2025. Going forward, the company’s ability to scale up operations while maintaining asset quality will be key monitorable.
About the company
Raipur based, Shivaya Capital Private Limited was incorporated in 2020. The company is engaged in the lending business and specializes in Vehicle financing. Mrs. Tara Dwarkani, Mr. Pratham Dwarkani, Mr. Indar Krishan Raina are directors of the company. The portfolio is secured in nature, and company is engaged in Vehicle financing.
Unsupported Rating
Not Applicable
Analytical Approach
Acuité has considered the standalone financial and business risk profile of Shivaya Capital Private Limited(SCPL) to arrive at the rating.
Key Rating Drivers
Strength
Experienced management and promoters
SCPL is promoted by the Dwarkani family with full ownership and control. The promoters have experience in financial services, with Akhil Dwarkani having over 25 years of experience in lending and financial activities. The management is further supported by Indar Krishan Raina, who has more than 35 years of experience in SBI across credit, audit, compliance and risk management functions. The presence of experienced management has supported steady growth in AUM from Rs. 58.99 Cr. in FY24 to Rs. 131.00 Cr. in FY26 (Prov.).
Improving profitability
The profitability profile has improved over the last two years supported by growth in earning assets and net interest margin. RoAA stood at 5.44% in FY26 (Prov.) compared to 6.05% in FY25 and 4.54% in FY24, remaining at comfortable levels. Return on average net worth (RoTNW) improved to 9.47% in FY26 (Prov.) from 9.46% in FY25 . The improvement in profitability is also reflected in increase in PAT to Rs. 7.11 Cr. in FY26 (Prov.) from Rs. 5.43 Cr. in FY25, supporting net-worth of SCPL.
Weakness
Moderate scale of operations with Geographical concentration
The scale of operations remains moderate despite growth, with AUM at Rs. 131.00 Cr in FY26 (Prov.) compared to Rs. 111.42 Cr in FY25. The net worth of SCPL stood at Rs. 84.90 Cr in FY26 (Prov.) and Rs. 65.19 Cr in FY25 and this net worth includes inter corporate deposits and loans & advances from related parties until maturity. The company operates with 12 branches and has presence concentrated in the state of Chhattisgarh as of March 31 2026, though it is expanding into new regions.
Weak asset quality
Asset quality remains weak, with GNPA at 5.10% in FY26 (Prov.) compared to 7.35% in FY25 and NNPA at 2.85% in FY26 (Prov.) compared to 7.24% in FY25, though both have shown improvement. Provisioning Coverage Ratio (PCR) has been increased in FY26 (Prov.) to 44.17% from 12.45% in FY25 and 12.05% in FY24. SCPL operates primarily operates in Tier-II and Tier-III cities.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Consistent improvement in Profitability.
Sustained improvement in asset quality parameters.
Potential triggers (individual or collective) for a downward rating action:
Consistent deterioration in asset quality: GNPA above 7.00 percent
Decline in RoAA
Liquidity Position
Adequate
The liquidity position of SCPL is adequate, supported by internal accruals and access to funding lines. Cash and cash equivalents stood at Rs. 2.86 Cr as on March 31, 2026 (Prov.). As per the asset liability management (ALM) statement dated March 31 2026, SCPL has no negative cumulative mismatches in up to a period of one year. As per the ALM statement dated March 31, 2026, total debt obligations stood at Rs. 18.54 Cr. up to the one-year period against expected inflows of Rs. 51.18 crore over the same period, resulting in a cumulative positive mismatch of Rs. 32.64 Cr. up to one year.
Outlook:
Stable
Other Factors affecting Rating
None
Key Financials - Standalone / Originator
Particulars
Unit
FY26(Prov.)
FY25(Actual)
Total Assets
Rs. Cr.
141.75
119.64
Total Income*
Rs. Cr.
20.95
12.98
PAT
Rs. Cr.
7.11
5.43
Net Worth
Rs. Cr.
84.90
65.19
Return on Average Assets (RoAA)
(%)
5.44
6.05
Return on Average Net Worth (RoNW)
(%)
9.47
9.46
Debt/Equity
Times
0.53
0.66
Gross NPA
(%)
5.10
7.35
Net NPA
(%)
2.85
7.24
*Total income equals to Net Interest Income plus other income.
**Ratios are as per Acuite's calculations.
Status of non-cooperation with previous CRA (if applicable):
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Contacts
List of instruments and names of regulators of the instruments
