Vaibhav Vyapar's FY26 debt write-offs were Rs 9.59 crore

Vaibhav Vyapar Limited (Formerly Vaibhav Vyapar Private Limited) wrote off Rs 9.59 crore of irrecoverable debts in FY26, while standard unsecured short-term loans increased to Rs 58.84 crore at 31 March 2026 from Rs 31.36 crore a year earlier. The disclosures show that realised debt losses remained a material cost alongside rapid lending-book expansion.

How much did Vaibhav Vyapar write off in FY26?

Vaibhav Vyapar recorded Rs 9.59 crore of irrecoverable debts written off in the year ended 31 March 2026. The FY26 charge was Rs 16.61 lakh below the Rs 9.76 crore reported in FY25, but Rs 3.01 crore above the Rs 6.58 crore recorded in FY24. The accounts present the charge within other expenses rather than as an exceptional or extraordinary item; both those categories were reported as nil for FY26.

The write-off was one of several expense lines associated with the lending business in FY26. Other expenses totalled Rs 22.02 crore, including Rs 5.34 crore of management fee, Rs 1.33 crore of provision on standard assets and Rs 61.61 lakh of non-performing asset, or NPA, provision. An irrecoverable-debt write-off is a separately disclosed expense, while provisions are separate accounting entries, so the note does not support treating the write-off alone as the full cost of credit.

How quickly did Vaibhav Vyapar's lending book grow?

Vaibhav Vyapar's standard unsecured short-term loans rose to Rs 58.84 crore at 31 March 2026, an increase of Rs 27.48 crore from Rs 31.36 crore at 31 March 2025. The FY26 balance was also above the Rs 33.95 crore recorded at 31 March 2024. The balance therefore changed from a Rs 2.59 crore decline between FY24 and FY25 to a substantial expansion in FY26.

The disclosed book increased further to Rs 65.32 crore of standard loans at 31 July 2026. Sub-standard unsecured loans were Rs 2.91 crore at both 31 March 2026 and 31 July 2026, while the note reported no doubtful assets and no loss assets at either date. Standard and sub-standard loans together were Rs 68.23 crore at 31 July 2026, of which sub-standard loans represented about 4.3%; this calculation excludes employee advances, prepaid expenses and vendor advances included in total short-term loans and advances.

What does the FY26 write-off show beside loan growth?

Vaibhav Vyapar's Rs 9.59 crore FY26 write-off was equivalent to about 16.3% of its Rs 58.84 crore standard-loan balance at 31 March 2026. This is an analytical comparison between a full-year expense and a closing balance, not a ratio disclosed by Vaibhav Vyapar. It is not a borrower-default rate because the accounts do not identify the loan vintages, customers or balances from which the written-off debts arose.

The juxtaposition is relevant because standard loans expanded by Rs 27.48 crore in FY26 while the write-off declined by only Rs 16.61 lakh from FY25. For that pattern to change, subsequent results would need to show changes in collections, loan classifications or credit-cost entries. The supplied notes do not disclose recoveries of written-off debt, collateral, loan-level ageing, delinquency thresholds or the reasons for the FY26 charge.

Which other credit costs and operating items changed in FY26?

Vaibhav Vyapar reported an NPA provision of Rs 61.61 lakh in FY26 after recording a Rs 3.42 crore reversal of provision in FY25. NPA refers to a non-performing asset, although the supplied accounts do not define the classification threshold used for the provision. The movement from a reversal to an expense added Rs 4.04 crore to the year-on-year change in this line, independently of the Rs 16.61 lakh reduction in debt write-offs.

Provision on standard assets increased to Rs 1.33 crore in FY26 from Rs 59.32 lakh in FY25 and Rs 85.82 lakh in FY24. The combined FY26 amount of write-offs, NPA provision and standard-asset provision was Rs 11.54 crore, compared with Rs 6.93 crore in FY25 after including the reported NPA reversal. This comparison identifies separately reported expense lines and does not establish a total expected-loss measure because Vaibhav Vyapar does not provide that definition in the supplied notes.

How did revenue and funding costs move with the book?

Vaibhav Vyapar's revenue from operations rose to Rs 36.80 crore in FY26 from Rs 25.05 crore in FY25, while finance cost increased to Rs 6.64 crore from Rs 5.09 crore. Processing fees rose to Rs 16.53 crore from Rs 9.89 crore, and interest from loans and advances rose to Rs 10.95 crore from Rs 10.12 crore. The notes state that all revenue from operations was derived domestically and that Vaibhav Vyapar had no export-services revenue.

Interest on financing arrangements other than inter-corporate deposits was Rs 5.19 crore in FY26, compared with Rs 3.29 crore in FY25. Interest on inter-corporate deposits fell to Rs 88.46 lakh from Rs 1.16 crore over the same period, while total finance cost increased by Rs 1.56 crore. The persistence of the lending expansion therefore depends not only on future loan classifications and collections, which are not detailed in the notes, but also on the financing costs recorded against the business.

Conclusion

Vaibhav Vyapar's FY26 accounts show a Rs 9.59 crore irrecoverable-debt write-off alongside a Rs 27.48 crore increase in standard unsecured short-term loans. The broader credit-cost picture also changed: the NPA line moved from a Rs 3.42 crore reversal in FY25 to a Rs 61.61 lakh provision in FY26, and provision on standard assets increased to Rs 1.33 crore.

The next disclosed balance-sheet update is 31 July 2026, when standard loans had reached Rs 65.32 crore and sub-standard loans remained Rs 2.91 crore. Vaibhav Vyapar has not disclosed a recovery plan, loan-vintage data or a forecast for write-offs and provisions in the supplied notes, leaving later financial disclosures to show whether the higher loan balance is accompanied by changes in classifications or credit costs.