Sawai Capital has executed structured credit transactions in excess of ₹300 crore in Q4, reinforcing its position in India’s structured real estate credit segment. The quarter reflects a continued focus on consistency, disciplined underwriting, and scaled execution in a market where capital has become increasingly selective.
The quarter unfolded against a volatile global backdrop. Heightened geopolitical tensions, including the Iran–US conflict, led to a spike in crude prices and a broader repricing of risk, followed by a partial easing after the ceasefire. In India, the Reserve Bank of India’s decision to maintain the repo rate signalled a calibrated approach to balancing growth and inflation amid ongoing uncertainty.
In this environment, the gap between available capital and deployable capital has widened, with greater emphasis now being placed on the quality of structuring, downside protection, and cash flow visibility. Structured private credit, particularly in asset-backed opportunities, has continued to attract investor interest for its ability to offer both yield certainty and capital protection.
During the quarter, Sawai Capital focused on luxury and urban mid-market residential real estate, structuring transactions with ticket sizes of ₹100 crore and above. Each transaction was anchored in strong collateral cover, clear visibility on cash flows, and alignment with developers demonstrating proven execution capabilities.
The firm closed two marquee structured credit transactions with established developers, reflecting its ability to structure bespoke capital solutions in complex, high-value situations. These transactions were designed to unlock project-level liquidity while maintaining strong downside protection through robust collateral frameworks and defined exit mechanisms.
Vickrant Singh, Co-Founder, Sawai Capital, said, “In periods like these, consistency matters more than momentum. Our focus has remained on disciplined underwriting and strong collateral structures, ensuring that every transaction is built with clarity on both risk and outcome. That approach has allowed us to stay steady, even as the broader environment remains uncertain.”
Kajal Singh, Co-Founder, Sawai Capital, added: “At this scale, structuring becomes critical. It’s not just about identifying opportunities, but about designing transactions where investor protection is built into the framework from the start. That’s what gives investors’ confidence, especially in a market where visibility and risk assessment have become far more important.”
The portfolio continues to perform with zero delinquencies and timely repayments, reflecting disciplined underwriting and careful asset selection. The firm delivered 18–24% secured yields across transactions, providing investors with predictable, risk-adjusted returns in a market characterised by volatility and fragmented liquidity.
The quarter underscores Sawai Capital’s ability to scale with discipline while maintaining a clear focus on risk, reinforcing its position as a trusted partner for both investors and developers in India’s evolving private credit landscape.
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