One97 Communications lifts DLG limits for two lenders and adds two more

Agreement
digital payments

Blacklitt Research26 October 20262 min read

One97 Communications (NSE: PAYTM) has revised its Default Loss Guarantee (DLG) limits for Piramal Finance Limited and Kisetsu Saison Finance (India) Private Limited to up to ₹150 crore each, and set new limits of up to ₹100 crore each for Vivriti Capital Ltd and UGRO Capital Limited, it said in a filing on 26 Oct 2026. The DLG covers loans disbursed by these lending partners.

Key highlights

Piramal Finance and Kisetsu Saison Finance: up to ₹150 crore each, up from ₹90 crore
Vivriti Capital and UGRO Capital: up to ₹100 crore each, new limits
Earlier DLG to SMFG India Credit: up to ₹350 crore, disclosed 20 Jan 2025
Earlier DLG to Muthoot Fincorp: up to ₹90 crore, disclosed 4 Jun 2026
Guarantees given as fixed deposits or bank guarantees

The DLG limits in numbers

Item	Detail
Piramal Finance Limited	Up to ₹150 crore, up from ₹90 crore
Kisetsu Saison Finance (India) Private Limited	Up to ₹150 crore, up from ₹90 crore
Vivriti Capital Ltd	Up to ₹100 crore, new
UGRO Capital Limited	Up to ₹100 crore, new
Form of guarantee	Fixed deposits or bank guarantee
Earlier DLG disclosures	SMFG India Credit up to ₹350 crore (20 Jan 2025); Muthoot Fincorp up to ₹90 crore (4 Jun 2026)

Revised and new limits under the Board's cap

The filing raises the DLG limit for Piramal Finance Limited and Kisetsu Saison Finance (India) Private Limited to up to ₹150 crore each. Their previously approved limits were up to ₹90 crore each, disclosed on 16 Apr 2026 and 4 Jun 2026 respectively.

New limits of up to ₹100 crore each are set for Vivriti Capital Ltd and UGRO Capital Limited. These limits sit under a lender-ceiling cap approved by the Board, the filing says.

What the DLG covers

A DLG is a guarantee against losses on loans that lending partners disburse. The approval is described in the filing as in line with the company's existing business model of facilitating loan distribution.

The guarantees will be provided as fixed deposits or bank guarantees. The company had earlier disclosed DLG of up to ₹350 crore to SMFG India Credit Co. Ltd on 20 Jan 2025, and up to ₹90 crore to Muthoot Fincorp Limited on 4 Jun 2026.

What the DLG update means for One97 Communications' shareholders

The update sets the maximum guarantee amounts for the named lenders, and the cash flow statements show financial guarantee expense of ₹180 crore for the half year ended 30 Sep 2026, against ₹64 crore a year earlier. How much of these limits is in use, and what fees the guarantees earn, are not stated.

No date is given for when the new guarantees will be provided.

Reference: Original filing (PDF)

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