Vaibhav Vyapaar holding fees reached 14.5% in FY26

Vaibhav Vyapaar paid Rs 5.3378 crore in management fees to Capfront Technologies Private Limited, its holding company, in FY26, equal to 14.51% of revenue from operations. At 31 March 2026, disclosed balances with Capfront included Rs 3.5617 crore of claims receivable and Rs 27.93 lakh of service fees payable.

How large were Vaibhav Vyapaar's holding fees in FY26?

Vaibhav Vyapaar paid Rs 5.3378 crore in management fees to Capfront in FY26, and the charge represented 14.51% of revenue from operations. Management fees were the largest recurring transaction disclosed with the holding company during FY26. The related-party transactions are disclosed under Accounting Standard 18, or AS 18, on related-party disclosures and the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations.

The FY26 management fee increased from Rs 4.4737 crore in FY25 and was above Rs 4.612 crore in FY24. Its share of revenue, however, declined from 17.86% in FY25 and 18.26% in FY24 to 14.51% in FY26. The change means revenue from operations grew more quickly than the management-fee charge between FY25 and FY26; the lower percentage would persist only if fee growth remains below revenue growth or fees decline relative to revenue.

For the period ended 31 July 2026, Vaibhav Vyapaar disclosed Rs 1.4782 crore of management fees paid to Capfront, equal to 8.21% of revenue from operations for that period. This is a four-month period rather than a completed financial year, so its 8.21% percentage is not a direct full-year measure against FY26's 14.51%.

What other operating payments did Vaibhav Vyapaar make to Capfront?

Vaibhav Vyapaar paid Rs 37.90 lakh in rent expense to Capfront in FY26, equal to 1.03% of revenue from operations. Rent was nearly unchanged from Rs 37.78 lakh in FY25, while it exceeded the Rs 25.99 lakh recorded in FY24. The source separately classifies rent as an operating expense and management fees as a related-party service charge.

Management fees and rent together totalled Rs 5.7168 crore in FY26, compared with Rs 4.8515 crore for the same two categories in FY25. Vaibhav Vyapaar also reported no corporate guarantee commission paid to Capfront in FY26, after Rs 31 lakh in FY25 and Rs 18.55 lakh in FY24. A corporate guarantee commission is a charge associated with a guarantee provided by the parent, making it distinct from rent and management fees.

For the period ended 31 July 2026, rent expense paid to Capfront was Rs 11.10 lakh, or 0.62% of revenue from operations. Combined with the Rs 1.4782 crore management fee, the disclosed operating charges for that partial period were Rs 1.5892 crore. The source does not state the services covered by the management-fee arrangement or a future pricing plan.

What balances did Vaibhav Vyapaar have with its holding company at FY26-end?

Vaibhav Vyapaar had Rs 4.4491 crore of disclosed receivable, advance and deposit balances with Capfront at 31 March 2026, plus Rs 27.93 lakh of service fees payable. Claims receivable of Rs 3.5617 crore were the largest balance, followed by a Rs 76.07 lakh advance to supplier and a Rs 12.67 lakh security deposit. The payable is a liability, whereas the claims, advance and deposit are amounts receivable or recoverable, so the disclosed items are not a net settlement position.

Including the service-fee payable, the gross disclosed balances at 31 March 2026 totalled Rs 4.7284 crore. Claims receivable represented 9.68% of FY26 revenue from operations, while the supplier advance represented 2.07% and service fees payable represented 0.76%. These percentages show the reported scale of individual balance categories relative to annual revenue, not the timing or certainty of collection or settlement.

The Rs 3.5617 crore claims receivable was lower than Rs 4.0512 crore at 31 March 2025 and Rs 4.6283 crore at 31 March 2024. The supplier advance moved in the opposite direction in FY26, rising from Rs 43.95 lakh at 31 March 2025 to Rs 76.07 lakh. The security deposit remained Rs 12.67 lakh at each of 31 March 2024, 31 March 2025 and 31 March 2026.

How did the Capfront balances change after FY26?

Vaibhav Vyapaar's claims receivable from Capfront declined to Rs 3.0753 crore at 31 July 2026, while service fees payable increased to Rs 1.2712 crore. The supplier advance fell to Rs 1.22 lakh from Rs 76.07 lakh at 31 March 2026, and the Rs 12.67 lakh security deposit did not change. The movements altered the mix of balances during the four-month period, reducing disclosed claims and advances while increasing the disclosed payable.

The receivable, advance and deposit balances at 31 July 2026 totalled Rs 3.2142 crore, and the service-fee payable added Rs 1.2712 crore, producing gross disclosed balances of Rs 4.4854 crore. Claims receivable equalled 17.08% of revenue from operations for the period ended 31 July 2026, while service fees payable equalled 7.06%. As the denominator covers only that stated period, neither percentage should be treated as an annual ratio.

The rise in service fees payable from Rs 27.93 lakh at 31 March 2026 to Rs 1.2712 crore at 31 July 2026 occurred alongside the reduction in claims receivable of Rs 48.64 lakh. The disclosure identifies the balances and their related-party classification, but it does not provide a settlement timetable, netting arrangement or explanation of the underlying claims.

What does the disclosure show about related-party funding links?

Vaibhav Vyapaar's related-party disclosures show funding links beyond Capfront's operating charges and balance-sheet items. For the period ended 31 July 2026, Vaibhav Vyapaar paid Rs 9.92 lakh of interest to Capfront on unsecured loans, inter-corporate deposits or non-convertible debentures. An inter-corporate deposit is funding between companies, while a non-convertible debenture is a debt instrument that does not convert into equity.

The same interest category totalled Rs 16.15 lakh for all disclosed related parties in the period ended 31 July 2026, making Capfront's Rs 9.92 lakh the largest identified component. In FY26, the category total was Rs 41.37 lakh, but the disclosure reports no interest payment to Capfront for that full year. This comparison indicates that a holding-company interest charge was recorded in the later partial period, while the FY26 related-party interest total arose from other disclosed parties.

At 31 July 2026, Vaibhav Vyapaar also reported Rs 1.30 crore of outstanding unsecured loans, inter-corporate deposits and non-convertible debentures with related parties. Of that total, Rs 35 lakh related to Neofront Technologies Private Limited, Rs 19 lakh to Venkata Subbarao Ietha, Rs 6 lakh to Itha Venkata Ram Charan and Rs 70 lakh to Anuradha Ravindra Pavaskar. The source does not identify an outstanding Capfront balance in this funding category at that date.

Conclusion

Vaibhav Vyapaar's FY26 disclosure establishes that Capfront was an operating counterparty as well as a party to material receivable, advance, deposit and payable balances. Management fees of Rs 5.3378 crore accounted for 14.51% of FY26 revenue from operations, while claims receivable of Rs 3.5617 crore remained the largest identified balance at 31 March 2026. Compared with FY25, management fees increased, their revenue share declined and claims receivable reduced.

The next disclosed update to watch is whether the 31 July 2026 balance movement continues: claims receivable had fallen to Rs 3.0753 crore, but service fees payable had risen to Rs 1.2712 crore. Vaibhav Vyapaar's disclosure does not state a plan or timetable for settling the claims, advances or service fees, leaving subsequent related-party transaction and balance disclosures as the available measure of change.